Brand research is a crucial aspect of any organization. Every narrative, image, and characteristic around your business and how your customers perceive them should be a part of brand research. According to research, 70% of emotionally engaged consumers spend up to two times or more on brands they are loyal to, compared to less than half (49%) of consumers with low emotional engagement. This is where brand research comes in. It can help you create and manage perceptions around your brand that can help drive business and brand value.
You can use brand research at each stage of your business. From gaining insight into your brand’s product or service to re-branding through:
Happy customers can market your business more effectively since they actively recommend your company; researching them and being part of your brand community can be highly useful. According to a study, 88% of consumers trust recommendations from friends and family over any other form of advertising.
Would you like to know how famous your brand is? Do your customers know you, or are you spending on blank marketing? Brand awareness research refers to inspecting if the market recognizes your brand. Should you want to be on the tongue of most of your targeted audience, brand awareness research shall get you to places. . Consumers prefer to buy products from a brand they know.
Knowing if you’ve repeated customers using market surveys shall help you organize loyalty programs. These can be administered through using mobile data collection and panel of respondents, brands can track custom metrics across multiple countries at once, enabling them to immediately get data about their loyal customers.
After all, you want to reward your customers for being loyal. Don’t you? According to a study, acquiring a new customer costs five times more than retaining an existing one. According to a Bain & Company study, increasing customer loyalty by just 5% can increase profits by 25% to 95%, and loyal customers are worth up to 10 times the amount of their first purchase.
You may think you’re serving A to your customers with your brand. But you never know; they’re receiving B. It’s your customers’ perception of you. Not what you claim to be or market on your sales channel. Researching your brand perception can help you clear the mess around your brand and project your ideal image.
This is the art of strategically defining and communicating a brand’s unique place in the market, highlighting the distinct value it offers to its target audience. This process often involves thorough brand research to understand the market, competitors, and consumer preferences.
You know how much you want to spend on a particular brand. It’s called brand value. Brand value is The amount a consumer is willing to pay to gain a brand experience. According to a study, 86% of consumers prefer to pay more for a brand that provides a better customer experience.
How to do it?
Researching your brand perception can be done through market research surveys. These surveys will help you understand your customers.
GeoPoll’s Brand Research
GeoPoll works with leading brands throughout Africa, Asia, and the Middle East who must reach particular audiences to track ongoing brand health. Using GeoPoll’s mobile data collection and a panel of respondents, brands can track custom metrics across multiple countries, enabling them to immediately view changes in brand health, product awareness, competitor positioning, and more. Contact us to discuss your brand goals.