How Do Companies Use Market Research to Improve Their Brand?

Branding and success in the marketplace go hand-in-hand for every company. Companies with well-known, respected brands are certainly in a tier above similar companies with brands that are not as fully developed. The goal of building a brand is to increase your visibility and consumer preference in the marketplace, but before any building begins, you need a solid foundation on which to build. This foundation can be fortified through qualitative market research.

A brand is what separates a company from the pack. In a world where so many markets are heavily saturated, it’s important to stand out from the rest. Companies do this by offering customers an experience that they can’t get anywhere else. When customers associate your name with this experience, you have a brand. Building this relationship with customers doesn’t happen overnight, but one of the first steps is finding out what the needs and wants of the marketplace are. Essentially, in order to get noticed, you have to find out what it is that people are looking for.

Qualitative market research allows companies to do just this. Of course, quantitative data should also be part of a holistic approach to research and the implementation of research in branding, but qualitative research allows companies to connect directly with consumers in real life using methods like focus groups and in-depth-interviews. Researchers can determine both what consumers are looking for in a product or service, and more importantly, how their needs are or are not being met. They can then use this information to inform the branding team as to how to proceed.

In addition to building a brand, qualitative market research can be used to determine how the market might react to a change in a well-established brand. When a company is considering moving into a new market, research can be used to predict whether or not the gambit would be successful. In a similar vein, research can be used not only to see how the market would react to a brand, but how a brand should react to the market. The market is constantly changing as a result of many factors, including advances in technology and changes in consumer tastes just to name a few. Brands have to stay relevant in order to remain competitive in an ever-changing market place, and those who don’t will likely see their brand’s influence diminish. Staying in touch with consumers through qualitative market research allows companies to stay on top of the marketplace and to keep their brand relevant.

Qualitative market research can be a valuable tool to improve or change brand image. Please contact us at info@obaltimore.com if you are looking to conduct qualitative brand research in our Baltimore facility.

Sources

http://www.marketingprofs.com/articles/2001/4740/branding-marketing-research-strategy

http://www.greenbook.org/marketing-research/brands-at-labbrand-market-and-consumers-insight

http://www.b2bmarketing.net/blog/posts/2013/01/10/synergy-why-market-research-and-branding-are-best-buddies

This entry was posted on Wednesday, November 13th, 2013 at 7:18 pm. Both comments and pings are currently closed.

Comments are closed.