Brand Research The Fastest Route To Your Customers Hearts, Minds, And Wallets-ca1290

Increasingly, as their desire to "get closer" to customers intensifies; forward-thinking executives are conducting strategic brand research to reveal how their best customers perceive them, why those customers choose them, and how to universally express their brand. Market research is important as it benchmarks demand, identifies new products/services, and determines price elasticity. However, add a brand research overlay to your initiative and you will also discover how to create differentiation in the mind of the customer, learn why customers choose to purchase those new products/services and ultimately how to command a premium price. There are a plethora of excellent firms providing quantitative market research, which typically includes utilizing telephone, email and mail surveys. Sometimes this research is bundled with advertising services. Other times it’s conducted by an online marketing agency leveraging traffic visiting your website. Most often, market research is provided by companies that specialize in specific industries. While more specialized, there are also a handful of firms offering brand research that focus exclusively on building, strengthening and extending brands. Brand research firms tend to be populated by subject matter experts who utilize qualitative research that features intimate, extremely revealing, one-on-one interviews with customers and, on occasion, small focus groups. Brand and market research are not mutually exclusive. Quite to the contrary, by simultaneously employing both brand and market research, progressive companies can develop a multi-dimensional perspective of their business and customers. When to Conduct Brand Research There are five "tipping point moments" in the life of every company when brand research can determine its success or failure. 1. When Companies Are Launched … Brand research defines the competitive set as it exists in the minds of the target customer and then strategically positions the new brand in that set. 2. When Companies Offer a New Product of Service … Brand research determines whether the customer has an appetite for the brand to travel from the existing products to the new ones. For example, brand research convinced Caterpillar Corporation it could move from heavy road grading equipment to footwear. 3. When Two Companies Merge … Brand research reveals how to develop a brand architecture that defines how the two brands will retain their current customers and attract news. 4. When Companies Mature … Brand research maintains the health and welfare of their brands by informing brand-marketing plans that identify and measure customer choice; update tag lines and logos; guide the development of Standard Guides; educate through brand coaching and more. 5. When Markets Change and Customer Needs Evolve … Brand research ensures a brand doesn’t become diluted and that companies retain their most profitable customers. This is done by identifying the remaining equity in the diminished brand, refining the new brand promise and then repositioning the brand to key customers. What Brand Research Reveals For brand research to have substantive value, it must both provide new knowledge and be actionable. Following are five critical success questions that brand research informs. 1. Why do customers choose your product/service over competing brands? Knowing this enables you to focus on the skills that help you make and keep your promise to the customer. 2. Are your products/services competing in the right category? Knowing with certainty the category customers place your product/service enables you to strengthen your position in that category. This is accomplished by clarifying the benefits customers receives by choosing you. 3. What specific new products/services can you offer? Old Coke will not travel to New Coke. Yet Virgin can travel industry-to-industry including entertainment to travel to finance. Brand research will identify the current state of your brand in the minds of your customers and the specific steps required to move your brand to the desired future state. 4. What are the sources of trust employed by a customer when choosing a company like yours? When making a buying decision, customers seek out trusted sources including colleagues, experts, the Internet or advertising. Brand research identifies those sources and how your customer prefers to interact with them. 5. What are the key messages that resonate with your most profitable customers? Brand research will provide the specific messages that influence customers. These messages create differentiation and describe the benefits of ownership. Harnessing New Knowledge Over 350 years ago, the French philosopher Rene Descartes stated, "Knowledge is power." In today’s rapidly shifting business and brand landscape, where entire industries can evolve overnight, it is appropriate to paraphrase Descartes by stating that "Knowledge of the customer is power." About the Author: Rob Levinson is a Principal at Brand Blueprint, a Brand Consultancy located in Boston, MA. The firm’s areas of expertise include brand positioning, brand strategy and visual expression. CEOs and CMOs turn to Brand Blueprint when they seek to reposition, fortify or simply update their brand. Firm principals have decades of experience advising category-leading brands such as Allstate, Bose, DeBeers, Disney, General Electric, Gillette, JP Morgan/Chase, Pitney Bowes, Rolls Royce, Seagram and Staples. For more information, please visit . Article Published On: ..articlesnatch.. – Business 相关的主题文章: