Market Research is the best thing to do before starting any kind of advertising or branding any product, services or person. We will find how much competition in the marketing for that particular product or person. Branding or advertising is the important part of every business.
You’ve heard of Frito Lay chips before! People in the American South use these chips to make a savory and meaty dish called Frito Lay Pie. In any case, Frito Lay may be a widely recognized brand. However, that doesn’t necessarily mean that everyone in this world will buy it. So how was Frito Lay so successful? Well, they did market research before creating their branding and marketing campaigns.
So, what does mean by market research?
Before explaining why market research is so important from the branding standpoint, it’s time to give you a brief explanation as to what market research is. When you do market research you gather as much information as possible about a particular market niche. You can do either primary or secondary market research.
This information is invaluable because it tells you many things. For one thing, it tells you exactly who is interested in your brands. It also tells you why they’re interested in your brands. But you’ll also learn what they like to see in brands. This is invaluable because it will give you insights regarding creating a name and a particular image for what you sell (in case you were wondering, this is called branding!)
Oh, and market research can also give you key insights regarding the competition. You’ll know who your competitors are, and where they are located. How is this important in terms of branding? Well, here’s an example, suppose you and other companies sell the same types of candles. These other companies are located near where your home office and factory are.
Suppose that the competition is saying that their candles have great scents for a great price. Well, you did market research and you found out some important things:
Some Important things to do Market Research
- Customers are not just looking for candles with a good fragrance. They are looking for candles that look beautiful and will burn for a long time.
- People tend to prefer candles at certain parties and special occasions.
- Sometimes, people will burn candles for entertainment purposes during the cold winter months.
- People are willing to pay a much higher price for candles that they perceive are of higher quality.
- People in developed nations and certain states tend to buy candles.
Do you know just how much of competitive advantage this gives you over your competition? You know more about what your customers are looking for in your products. Of course, you can always make your candles more customized and include the things that they’re looking for in candles.
However, the important point to be picked up here is that you can brand your candles as being long-lasting, better smelling, and safer to use than those of the competition. You can also emphasize that your decorative candles are in the shape of certain cartoon characters and would be perfect to use during certain months out of the year and on certain days in those months like Halloween and Christmas. Of course, you should also emphasize that your candles are priced slightly lower than those of the competition!
You can go to greener pastures
What this means is that market research done correctly will help you identify lucrative new opportunities in the form of new markets that you can sell your brands. In the example of the candles, suppose that you learned that young people in developed and developing nations increasingly prefer decorated and scented candles.
Now, you can market your candles by branding them as being decorated and scented candles that are also fun and chic. You can even brand them as being the perfect substitute for bling. The younger generation is crazy about bling things!
You must change as the environment does
Have you ever noticed that it’s only those animals that can adapt to a changing environment that end up surviving in nature? Well, the same is true in the business world! With the case of your candles, you can continue to change your branding strategies as peoples’ wants and needs change.
For example, your market research may tell you that there is a certain shift in consumer preferences. People now prefer candles that look like light bulbs. So, you can tweak your candle brands accordingly. You can also market and brand your candles as being substitutes to the light bulb. You can say that they are just as useful as the light bulb and they last just as long, but they look prettier and smell nicer.
Market research tells you everything in terms of branding
As you saw, the examples of market research gave the person selling candles more insights regarding branding them. In this sense, market research really does tell you everything in terms of branding. When you are going to brand any product, person, firms, services then you need to do before this a proper Market Research and then you find that how much completion in the market among these. If you are enjoying this kind of blog then visit again and again. Trotons Tech Magazine is the best blog for Digital Marketing and SEO news and updates.