Turns out, we live in a know-it-all age, thanks in large part to the internet. Today’s customers are bombarded with information and options, which means that they have a hard time finding the products or the services that best fit their needs. In some cases, their perceptions about a brand are influenced by online reviews, recommendations from friends, Facebook rants, and tweets. It’s very easy to get caught up in managing day-to-day operations and not put customers first. Only when your business starts to struggle, and your customers go elsewhere do you realise something is wrong.
To win customers’ loyalty, you have to earn their trust. People can’t process the overload of information they receive. If in doubt, they won’t buy. Every business decision should start with the customers. At the end of the day, brand perception is influenced by the quality of service you deliver. Maybe you’re not delivering your promise to them. The real power comes from insight and data. The more you know, the better equipped you’ll be to handle new challenges. It’s crucial to know what customers think and feel about your brand. This is where brand research comes into play.
What Is Brand Research and Why Is It So Important?
As any business, you want to get customers to buy your products and services on a regular basis. So, you struggle to bring your business into the spotlight. In this context, branding is one of the most significant aspects. Undertaking research will help you uncover the health of your brand. How you present yourself to the world is real science. A brand can’t be built on what feels right to you or a guess. You have to know for sure what is really happening with your customers.
Generating key insights for brand development requires a plan. Although brand research and market research share a lot of similarities (the use of the same tools, techniques, and approaches), brand research should be approached with a different mindset. Brand research answers the following questions:
- Is my brand appreciated?
- What are the main issues with the brand?
- How common are these issues?
The methods you use depend on several factors, including what data you’ll need, the costs of conducting research, and the pros and cons of each method. Observation, for instance, is a great tool for better understanding your customers. Some of the best ways to measure customer perception are:
- Focus groups and forums
- Brand perception surveys
- Customer satisfaction scoring
- Listening for brand mentions
- Psychographic surveys
Calling yourself an expert doesn’t mean you are one. You should better take a step back and get the points of view of the people who aren’t invested in your brand. Consider hiring a third-party market research company, such as Sapio Research. Sapio market research specifically assists when your brand is starting to get stagnant. You know what various audiences want from your brand now and in the future. You get a better understanding of your customers and your employees, investors, and shareholders.
Brand Research Can Be Broken Down into These Categories
If you’re curious to know what the different types of brand research are, keep on reading.
Positive reviews about the company help promote it to new customers. Avid supporters of your brand can include customers, influencers, employees, and business partners. They’re the people who make your brand visible to larger audiences and continue to support your company no matter what. It’s essential to get people to support your brand. By conducting surveys, you can find out who’s willing to provide testimonials, which can be used on your site and across social media channels.
A brand isn’t built overnight. Chances are that not that many people have heard about you. When they think of your product/service category, your name doesn’t necessarily come to mind. Make your brand more recognisable. It’s about the right strategy. Research should focus on brand recognition techniques. Here’s what you can do: show people several logos and ask them which ones they recognise. It’ll help you understand if your audience hears from you above your competitors.
Brand loyalty is an often overlooked market research metric despite the fact that it can grow revenues. It’s perception-based, meaning that it’s based on image and experience. Loyal customers are willing to try other products, even if they’re a tad more expensive. This tells you that they’re attached to your business. Brand loyalty can be measured with the help of the net promoter score, which in turn can be measured with a single-question survey. You can increase your score by acquiring more enthusiastic customers.
In an increasingly competitive marketplace, it can be challenging to keep customers loyal. Brand equity is the value of the brand. We don’t mean financial value. The consumer perception of the brand determines its value. If people think highly of your company, you have positive brand equity. On the other hand, if people are disappointed with you, you have negative brand equity. Have a data-driven view of how your brand is perceived. Analyse and act on data.
Your company occupies a certain place in consumers’ minds. Brand positioning describes how you’re different from competitors. You need to understand what your customers want, what your capabilities are, and the way each competitor positions its brand. To uncover your brand’s unique value proposition, you should focus on a combination of quantitative and qualitative research methods. Custom market research leads to more effective results. The aim is to identify the best way to win the hearts of consumers.
All In All: Customers Change Their Minds All the Time
Your job doesn’t end once brand research is finalised. People’s opinions keep changing. If you want to keep on top of your game, always be aware of your customers’ wants and needs. Consider personalising the shopping experience. Leverage social media, CRM, and mobile technology to create a one-of-a-kind experience. Of course, nothing should be done without the express permission of the customer. Consumers expect brands to listen. If you do this, you stand to see a solid reward.