Commoditization is one of the biggest challenges facing most of the small and large organizations today. Established businesses from diverse markets are specially struggling with commoditization, which includes the verticals like medicines, chemicals, commercial goods, appliances, financial services and other such industries. Value of the traditional product-based features for these businesses is turning pointless with the passing time. This scenario is directly affecting the customer loyalty and drive towards many businesses. This scenario calls for immediate redefinition of that business as a brand. Market research is one of the most popular ways to create a brand new opinion about the organization and certain products or services.
Why Redefine the Brand?
Redefining your brand is necessary, not because you as an organization have lost touch but because the business surroundings keep on changing. The policies, products, services and strategies that you found ideal for your brand once, need to be tested to check whether they are relevant with the changing times. This is why market research is cited to be the suitable tool. The biggest advantage of business analysis is that it helps you to understand all the factors that directly or indirectly affect your business. The findings from this analysis and huge market data made available by researchers helps you to form greater business strategies and marketing plans.
How to do it?
Understanding the ideal time to revamp your brand is extremely essential. this you can do with help of numerous tricks. For instance:
- Start tracking subtle changes in customer behavior by how they respond to your latest marketing ventures.
- Create various online surveys and track customer mindset on a more personal level. Social media research makes this easier.
- Seek feedback from all the possible sources. For that, you need to start communicating with the customers as much as possible.
Use Market Research to Redefine your Brand
All the aforementioned tips are related with business research, which makes you realize the magnitude of analyzing the existing and target customers that are likely to contribute to your brand loyalty ratio. Since you are reconsidering your marketing strategy, you must already have the hold of all previously gathered quantitative research reports and market data. However, using old data might hurt the current aim of your research, which is to give a fresh look to your brand and products. In this process, you have to involve your customers at every step of the way. This way, the customers will be aware of the fact that something exciting is in store for them and they will wait around. This also negates the chances of them diverting away to ‘new’ brands (read: competitors)
Use maximum amount of qualitative research. Ask question and be enthusiastic while evaluating their answers. Create peaceful communication channels with the customers, which will automatically give away clues to understand their expectation and subtle changes that you may need to make in terms of the look, quality, quantity and delivery of your products or services.