Brand Research with Krenium
Brand research is a critical input for any marketing campaign. It provides the foundation for your messaging, advertising strategy, and more. When conducting brand research, companies would want to know if they have a good product, but they would also want to know if consumers will buy the product.
3 Major Components of Brand Research
When conducting brand research, there are three major components that you would want to keep an eye out for. These are:
1. Product tests – seeing if the average consumer likes the product enough to buy it themselves. This can be real-life testing (focus groups) or virtual (online surveys). The goal with this portion is to make sure that the consumers' answers match up with what they say in focus groups. If there is a difference between what they say and how they act, then you've got some problems to sort out! It's important to test as many different variations as possible because there could be other reasons why consumers aren't buying your product besides just liking it. Maybe it's the price, the physical appearance of it, or maybe they haven't heard about it yet. These are all things that you need to investigate before making any drastic changes.
2. Image analysis – getting an idea of how people perceive your product through their interactions with it during focus groups and surveys. This goes hand-in-hand with product testing because there could be discrepancies between what people say will happen when they interact with the product and how often they use/interact with the product themselves. If there is a huge difference between those two numbers, then there may be some issues to work out before you finish up development on your new logo design or marketing campaign.
3. Market analysis – looking at how other brands are doing in the same industry as your product to see what you can learn from them. This is extremely useful because it allows for a breakdown of where your brand stands in relation to all of the others out there. For example, is your market standing rising? Or are you falling behind? Why do you think that is? What are your competitors doing well that you could incorporate into what you are doing now?
Combined with this information, the data collected through these three components will give you a very good idea of whether or not consumers will like and buy your product, which should ultimately help guide development and marketing campaigns!
Brand positioning is a concept that's unique to marketing. It's the place where a brand is in the marketplace in relation to its competition. How you set up your brand in relation to your competitors will determine how consumers see and perceive your products from theirs. For example, say you are selling shoes. What are the benefits of your brand over your competitors?
Brand research can be very helpful when trying to establish what makes your brand different in relation to its competition because it provides data about how consumers see your products and what they like/dislike about them in comparison to similar brands. It also gives you a good idea of where you stand in the marketplace when compared with other companies that supply something similar. This information is crucial when it comes to marketing because you want to be able to show people how much better your products are than all of the others so that they will choose yours over everyone else's!
As you can see, there are many different branches of research. However, these methods all overlap and work together to give a good idea as to where your brand stands and what needs development (if any) before bringing it to the market.
You've done your research, and you have a product that's ready. But how will the average consumer feel about it? What do they think of it? Will they buy it? These are all brand research questions that companies want to know about their brand, that’s where we come into the picture.
How Krenium Does It?
We employ a wide range of methodologies and tools from neuroscience, experimental psychology, and the cognitive, consumer, and decision sciences to aid you in determining your brand's positioning.
Krenium has been pioneering neuromarketing for almost a decade. In conjunction with our virtual lab, we have the capacity to analyze and interpret psychophysiological responses to advertising, marketing, and communications. We use body and brain responses to stimuli to make suggestions for you in order to create the most effective and engaging messages possible as a brand research firm.
Questions about your Brand
To understand how to go about your brand research, you need to ask yourself some brand research questions. These are just a few to get the wheels turning:
What personality traits does your brand have, and how strongly do people unconsciously link these to your brand?
How can your communications change the strength of these associations and attitudes?
Which touchpoints fit well with your brand identity?
Does your brand have mobility, or is it stuck in a category, and if so, why?
These questions will come up in any type of branding research that you conduct because they are all important factors when it comes to the success of your product in the marketplace. However, there are many more questions and concerns specific to your brand and company based on your product and the market you are trying to enter.
Once you have answers from diving deep into a customer's unconscious level about how they feel about your branding, you can identify where improvements need to be made so that there is more of a focus on the things that people like and less on the things they don't. Identifying these strengths and weaknesses will give you a much better idea of why someone should buy from your brand rather than any other.
This is vital information to guide your future research and development of new products. Therefore, it is important to take this into consideration when starting any brand identity project.