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Research is to see what everybody else has seen and to think what nobody else has thought. – Albert Szent Gyorgyi
The most useful and long-lasting asset that one can create for a business is its brand. But far too often, people don’t attach enough importance to conducting research prior to developing the brand. Most assume that they already know all that there is to know about their product and its target market, or they feel that powerful marketing can compensate for what a weak brand brings to the table. Such follies are commonplace among young entrepreneurs and start-ups.
But seasoned businessmen know and advocate the importance of proper brand research prior to the conceptualization and even revamp.
So let’s take a dive into the world of Brand research.
Brand research lays the foundation stone to a brand’s future. A research helps you find and analyze the current stage your brand is at. It also helps in identifying the strengths and weaknesses that your brand carries and its impact on the economic and social graph of the market. And it is based on such research data that the firm can plan strategies that work to compensate for the weaknesses and harness the strengths. Brand research is hardly a one-time affair. More established businesses use brand research periodically or continually to track consumer awareness, perceptions and experience.
Top Brand Research Methods
Choosing the right research method is important. Equally important is to use multiple tools for the collection of data so that conclusions drawn contain minimal errors. Some methods are easier or cheaper to obtain
than others, but investing in multiple tools is always a wise decision. Some of the most commonly used research tools are surveys, workshops and focus groups, employee feedback and social intelligence.
Top Brand Research Processes
The data collected from various tools, now at our disposal need to be channelled properly so as to derive at the conclusion that can help the brand grow at its best. This is where the research process comes into
play. Entrepreneurs need to identify the topics and themes most relevant to the business that need to be tracked. The most commonly used processes are Competitive Analysis like SWOT and PEST, Brand Awareness, Brand Perception, Brand Association, Sentiments & Satisfaction and Shopping Experience.
Brand Research Tips
When trying to identify why people prefer one brand over the other, try to mix the statistical data with emotional and rational responses as well. People usually have a lot of different reasons for liking or disliking a particular product. It is always best to ask questions that are simple and direct. It is important to keep your views or opinions out of the picture while conducting research. Don’t lead a conversation to where you expect it to go, and instead let it lead you to true insights. Keep in mind that there is no one way to create the perfect brand strategy. Use a mix of data sources, analysis processes
and tools that suit your brand the most.