Brand Differentiation Market Research
What is Brand Differentiation?
Brand Differentiation is how you set your brand apart from your rivals. You do it by building awareness of the best aspects of your brand, showing how they will be useful to the consumer. It can relate to the physical features of your product or service. Or it can be the emotions evoked in your consumers by it, aspects of its packaging, or its price point. It can also relate to your brand story and how your customers feel when using it.
Why is Brand Differentiation Important?
Brand differentiation is a vital aspect of any marketing strategy. It allows firms to reveal profit-making features. These are the features that help them put in place a unique selling proposition. Thus, they see the attributes that make them stand out. If you offer your customers something special, it will help you build an army of loyal clients. Also, these people will love your brand for the great UX you provide.
Key Job Title – Brand Strategist
Brand Strategists advise companies that are looking to expand their brands. They gather feedback from sales. They also analyze consumer actions to define the company’s position. Another thing these do is devise a Brand Differentiation strategy. They also help guide market research analysis. They establish a company’s tone so that everything matches with campaign plans.
Why Businesses Need Brand Differentiation
High-growth firms are almost three times more likely to have something that sets them apart. Brand Differentiation allows firms to target their marketing efforts further. They can direct these efforts to their most relevant markets. Furthermore, it sets firms apart from their rivals. If you don’t have something that sets you apart, the only option is to compete on price – and that’s a race to the bottom.
Key Success Factors
Here are five strategies to consider for driving Brand Differentiation:
- Emotional Response. Brands should develop a connection with their customers. Such brands are often better positioned than those that provide great value for money.
- Shaking things up. This strategy solves an unmet need in a unique and novel fashion.
- How you present your brand. Consumers remember brands that use a character or mascot. For example, everyone knows Geico’s lizard.
- Unique Experience. Firms can manifest this experience in several ways. They can play up the brand’s physical retail presence and the novel atmosphere they create. Or they can highlight the outstanding customer service or the ease of use of their website. It can even be how people feel when using your product (for example, Coke’s “Can’t Beat the Feeling” campaign).
- Pricing. A company can strive to be a low-price leader. Or, on the other end of the spectrum, it can position itself as a premium brand at a high price.
About Brand Differentiation Market Research
Brand Differentiation Market Research can involve using Focus Groups. In-depth Interviews with your customers to explore their decision-making process is another tool. The researchers may then need to back up this Qualitative Market Research. So they’ll do Quantitative Market Research. They’ll measure the clients’ brand awareness and image compared to their rivals.
UX Market Research is also critical. You can’t work in a bubble in today’s fast-paced, tech-driven marketplace. Instead, it would be best if you faced your rivals head-on. You’ll need to develop finer features and provide a better UX than they do.
Another crucial aspect of research is Competitive Analysis. This tool will help you uncover the gaps between other products and the needs of your shared target base.
The best advantage Brand Differentiation Market Research offers is price perception. If your brand uses this service, it can desensitize its customers to higher prices. You’re no longer fighting against competitors on price. Best of all, consumers feel justified in paying more for your product or service.