AdviceMarketing

Utilizing Market Research for Brand Development

To understand what makes a brand likable, it’s important to find out what drives the decisions of the target audience. And this is where market research plays an important role. A powerful market research is the backbone of a successful business. It allows you to understand what your target audience needs and helps you create strategies to position your brand right where it sells.In contrast to the traditional research, contemporary market research software for entrepreneurs have made not only the research quick and extensive, but the analysis reliable too.

Read on to find out how you can use market research to devise tactful brand marketing strategies.

Maximize Marketing ROI

The purpose of marketing is generating ROI. Online market research helps brands create marketing strategiesthat help them ensure that they are not throwing away the dollars. The whole point of marketing is lost if you’re targeting the wrong demographic. Market research eliminates knowledge gaps by:

  • Helping you locate your audience
  • Analyzing when is your audience most active
  • Projecting marketing efforts when and where they will create a difference

 

Identify Weaknesses

Brand market research helps you reduce risk by identifying your shortcomings and letting you work on them. For instance, the price of a product. By identifying what your audience needs, you can find out how to modify your product or services to best leverage them. This increases brand likability and customer acceptance. Other benefits include:

  • Discovering new features to make the product the right fit for the audience
  • Deciding prices that would attract more customers

 

Identify New Customers

By using online panels, you can have your audience talk about or review your brand. This not only helps brands improve their performance, but also serves as a helpful panel for people looking for a similar product or brand. Moreover, the feedback from the panel can help improve your product and fill the gap between your customers and the brand. Benefits:

  • Reach the most focused and targeted set of audience
  • Get new customers on board

 

Drive Innovation

Reputed is the one who drives innovation and the best strategy to drive innovation isunderstanding your market. By conducting an in-depth research of the market using market research software, you can ask people what they like about a particular product and what more do they expect. Understanding the current demand in the market helps you predict future needs. This places your brand in an advantageous position. Benefits:

 

Brand Expansion

Knowing your audience can help you significantly improvise your strategy. If you know what a set of audience expects and requires, you can create campaigns that use their vocabulary. You can place your brand in a vital position and directly address the pain points of your audience. Benefits:

  • Find new uses for future or existing products or services
  • Improve conversions or lead generations

Your research strategy can make or break your business. To create an effective strategy, alternate between quantitative and qualitative research, so that numbers and data are backed by reasoning and logic. Understand your audience and their buying pattern to pave the way for business development.

 

Author Bio:

Bhavika Sharma is a survey designer at Survey Sparrow, where she designs surveys that work by making them more conversational and engaging, fetching 40% more responses. When she isn’t designing killer surveys, she loves to travel in search of adventure and to meet new people. Her travel experiences have taught her the importance of conversation and that is what she brings to the table while creating surveys or content for her readers.

Mercy - CBNation

This is a post from a CEO Blog Nation writer. CEO Blog Nation is a community of blogs for entrepreneurs and business owners. Started in much the same way as most small businesses, CEO Blog Nation captures the essence of entrepreneurship by allowing entrepreneurs and business owners to have a voice. CEO Blog Nation provides news, information, events and even startup business tips for entrepreneurs, startups and business owners to succeed.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

two × 3 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

Get a FREE copy of the I AM CEO eBook . Also, get the latest from CBNation including the news, information, our weekly TOP5 and more from across our community delivered to your inbox. 

Subscribe
We're 20,000+ CBNation Members Strong & GROWINGJOIN FOR FREE
+ +
Close
Close