Market research is an effective tool to strengthen a company’s brand as it helps in gaining a comprehensive understanding of the target consumers and their preferences. This leads to the construction of relatable and powerful product messaging.
So, when you are in the stage of launching your brand or a new product of your brand, it becomes extremely crucial to check if there is a proper product-market fit. This essentially means making sure that there is a favourable and promising market for your brand’s product and that it is filling a valid need gap that will compel the consumers to opt for the product.
Here are a few ways through which market research can help you build a strong brand:
Testing your product messaging and visuals: Understand your brand’s taglines and messaging, logo and visuals, fonts, website interface, etc. instils in the minds of potential consumers. Even the slightest, most minor changes to the visual elements of your logo could create a vastly different impact.
To check your brand awareness: How known and recognized your brand and its product is an important measure to understand your success. Regular brand awareness surveys can help you evaluate how familiar consumers are with your brand as compared to your competitions.
To understand your brand’s weakness: There’s always room for improvement and market research can be an extremely useful tool to figure out any ongoing drawbacks of your brand and the strategies you implement. For example, tools like the Net Promoter Score survey can help you gauge the satisfaction levels of your loyal, existing customers.
Now, there are functionally two ways that branding market research can be done to see if your brand is a good fit for the market you are going for.
Secondary research: You can start your research with secondary sources to get a preliminary understanding of your market as well as the prevalent consumer preferences and behaviour. For instance, if you’re launching a tech product like Bluetooth headphones, you would want to check out all the popular tech news portals, look at your competition’s product marketing strategies and understand who are the people that buy Bluetooth headphones at the price range you are offering.
Primary research: In the next stage, you would need to conduct your own primary research through channels like focus groups, interviews and surveys. This will enable you to understand your potential customers on a personal level and will help you to determine if they would be willing to spend money on your product.
Before you go for market research, there are certain things to keep in mind like having a definitive object and who your competition is. The data collected from the research can then be leveraged to make the next strategic move. Having a holistic understanding of your market and the consumers shall provide you with the confidence needed to scale up and build a brand.
Whether you’re trying to build a new brand altogether or rejuvenating an already existing brand, market research can make your life much easier. Effective market research that provides precise insights and consumer data will help you save money on misguided marketing efforts. A well done research shall open up new avenues for your brand, helping to discover new segments where your product has the potential to be successful.
As a market research partner, Torfac ensures that you get precise, most accurate insights, presented in the most comprehensive manner that you can leverage to make your next strategic move when building your brand.
Connect with us to find out how our category-leading market research solutions can help you torque up your business.