Finding a winning formula for your company may be a legitimate goal and the high point of your career. However, in a highly competitive world, staying with the same list of attributes can be a foregone conclusion. This is due to the fact that people and the system that prevails are usually under constant renovation that does not forgive anchoring in the past. Prestige and traditions are not a burden in themselves. The important thing is to know how to adapt them to new needs and market conditions.
Until a few years ago, no one would have imagined that a large part of our social life would depend on the Internet and electronic devices. Brands and institutions had to travel a long road from analog to virtual media, which has led to so many innovations even today. Therefore, we list four ways in which Market Research can help you when you consider renewing your brand.
Proof of concept. You may already have a rebranding plan that includes a series of sample elements such as image and slogan. Before you think about applying the entire company to the rebranding, it is advisable to check with a group of people representing your target population to see how they feel about it. It is possible that what looks spectacular on the desk is a disaster in reality. This is usually measured by quantitative means.
Summary of trends. There are many competitors and other participants in the market that, even if they are not directly part of your segment, are spearheading innovations. If your company is not part of this small group, you can choose to do research on the ideas that have already been applied and that consumers have liked. Although you may not be able to apply them completely due to limitations inherent to your offer, it will give you lines of action that can help you to plan your own changes.
Segmentation. As time goes by, there are more and more of us on the planet. It is therefore not surprising that minorities are not as small in numbers as they used to be. This has resulted in the fact that a target consumer is now several. They have well differentiated characteristics and needs that are well worth identifying so that your offer and image adaptation projects match what each group is looking for.
Focus groups. This well-known qualitative analysis technique allows you to learn first-hand findings that other quantitative alternatives may lose along the way. When you gather consumers with similar traits it is possible to delve into strategic topics such as aspirations and ideas not verbalized in other contexts. By cross-checking these findings with more data and information, you can gain a deeper understanding of the concerns and motivations that you must include in your reinvention.
Rebranding is a challenging task that can make even the most experienced rebranding expert nervous. These processes are usually part of companies that have managed to remain among people’s tastes for decades. This is because they have the ability to adapt to changes in order to remain relevant. You can do the same with the support of disciplines such as Market Research.
At Acertiva we have accumulated two decades of experience performing, among other projects, studies that support change decisions within brands. We have a team of analysts and strategic suppliers that will be your support when you have needs in our field. Put those research ideas into action in LATAM with us. Contact us today and we’ll tell you how together we can make your next success story a reality.
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