Branding Research – Building Your Brand
During Super Bowl XLIX, aka the “battle of the brands”, a 30-second ad cost about $4.5 million! Companies have historically paid such astronomical prices to reach an enormous audience with a message about their brands. Similar expenditures may be seen during the World Cup finals or the Olympics where signage and logos are also used extensively to promote a brand.
The goal is always to break through clutter, gain awareness of a brand name and establish its value proposition. It can easily be argued that marketing dollars could be better spent over the course of a year, but the money spent on these events highlights how important branding can be.
To gain loyal repeat customers and to gain a premium price, the market must be aware of and have a positive perception of your brand.
When should Branding Research be conducted?
Once a brand has been launched, there are many ongoing marketing issues that deserve attention. Whether you call it brand research, branding research or brand equity research, following are some examples, all of which may be addressed and answered with a solid market research program.
Is your target market aware of your brand/your logo?
What competitive products or services are in the consideration set of your customers and prospects?
Here is just one instance where a foreign manufacturer of power storage products (that does not offer a search engine) has copied the look, colors and even the sound of a well-known U.S. company.
How to do Branding Research
A mix of qualitative and quantitative methods can be used to conduct a post-launch study of a brand.
What is the impact of Social Media?
For branding to succeed, there are many ways to expose the product’s name and benefits. Social media can no longer be ignored or considered a communications stepchild. Facebook and twitter in particular have gained staggeringly high daily usage around the world. Though not necessarily representative of offline discussions and actions, online word of mouth or buzz can nevertheless have a significant impact on the success or failure of a brand.
- Do your customers talk about your brand?
- Where do these conversations mostly take place?
- How frequently?
- Do they, or would they, recommend your product to friends, colleagues or family members?
- Knowing the Net Promoter Score (NPS) for your brand provides a quick snapshot of how it is performing.
Online mentions of your product, as well as significant market trends that may be correlated with sales of your products, should be monitored, captured and analyzed along with other market research findings.
Whether positive or negative in nature, comments about your brand (and competitors) may be tracked over time to determine the impact of your marketing efforts.
To be a global winner: