Market Research: Keys to Brand Success

Companies are oftentimes turned off by the idea of market research for many reasons. For one, it can be time consuming and costly. You may also be afraid that by asking consumers what they really think about your brand you may be opening up Pandora's box. But the value and importance of market insight research should never be overlooked. Performing an effective market research can be the difference between a company's brand success and failure.

Here are some points to keep in mind:

• When building your brand, begin with the end in mind. What outcome do you want? What would you measure as your success?
• Spend a day in the life of your audience. As a market researcher, you will need to become the customer. Attend events that your consumers attend. Visit places they would normally visit. Shop where they shop. Audit your competitors! With this experience, you can develop a meaningful brand experience in a tonality that speaks to them.
• What do consumers currently think about your brand? Develop a strategy to obtain unbiased information from your consumers. You can use on-line or phone surveys, facilitate test groups, or coordinate one-on-one meetings. Ensure your participants that their answers are completely anonymous.
• What do you want your consumers to think about your brand? How do you want consumers to perceive your brand? Is it the best value for their money? Is it the most technologically innovative? Is it tastier? Does it last longer? Is it brighter? Can it increase their chances of survival? Does it improve their health?
• What can you do to stimulate a change in your consumers' perception of your brand? Everyday consumers are bombarded with marketing advertisements without even knowing it! Your challenge is to develop a relevant message that stands out from the clutter! Remember that repetition and reinforcement are key to getting your message across to your consumers. Be consistent with your promise. Make sure your advertising, whether its online or print, reflects your consumers' actual experience.

Brand communication is about persuasion and marrying your organizational objectives with individual consumer behavior. The process is a continuous cycle:

1. Discover your brand perception ->
2. Execute a strong marketing campaign ->
3. Measure your results ->
4. Learn from your results and make changes if necessary ->
5. Begin step 1 again.

Market insight research is important because it reduces uncertainty, reduces risks, and reveals opportunities. For instance, you may be uncertain of your brand's success or consumer perception of your brand. Research can also prevent a financial disaster by revealing financial or branding risks you should avoid. Finally, your market insights can reveal areas where you can increase the value proposition of your brand to consumers, increase brand equity and credibility, and enhance the performance of your product.

Source: Mitch McCasland, guest speaker at DFW-AMA Marketing Research Special Interest Group. Topic: "Insights Made Easy: Connecting with Your Customer"