Market Research Critical To Brand Management
The most successful brands in the world rely on market research to stay in tune with customers and competitors. They understand that the market is dynamic and evolving. These companies understand that they must stay relevant with a moving target. These brands leave nothing to chance.
The best brands have a firm pulse on the direction and momentum of each market segment. They know what their customers want and need. Successful brands position—and reposition—themselves in the minds of customers and prospective customers constantly based on market feedback. Most of these companies perpetually position themselves as problem-solvers in the market.
Brands that are struggling are often disconnected from their customers.
These companies produce what they want to produce and they sell what they want to sell. The market can take it or leave it. Some of these brands can survive bad management, but not forever. These companies are leaving the door wide open for the competition to steal market share with a superior product or service.
Market research can help a company identify issues and opportunities. It can help you build relationships with allies, employees, suppliers, distributors, regulators, legislators and other stakeholders.
Keep your consumers at the center of brand management. If you lose the hearts and minds of your customers, you risk losing the foundation of your business. Customers are the ones who control the success of any product or service in a competitive market. Market research pays for itself in numerous ways, which is why market research should be an ongoing process. Listen to your clients, especially the ones who walk away. Exit surveys can help you identify problems before they escalate.
Advocacy organizations can use market research to build relationships, build coalitions, boost membership recruitment and retention, and increase financial support.
Listening is a strategic tool that can build your brand and your bottom line. Read the full story about brand management and market research. For more information, please contact Gary Chandler at firstname.lastname@example.org
Gary Chandler is the CEO of Crossbow Communications.