Finding a winning formula for your company can be a legitimate goal and a milestone in your career. However, in a highly competitive world, sticking to the same list of attributes can lead to a foreboding end. This is because people and the prevailing system are often under constant renewal, which doesn’t forgive being stuck in the past. Prestige and traditions aren’t burdens in and of themselves. The important thing is knowing how to adapt them to new market needs and conditions.
Until a few decades 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 media to virtual media, which has driven so many innovations even to this day. Therefore, we list four ways Market Research can help you when considering renewing your brand.
Proof of concept. You may already have a rebranding plan that includes a series of sample elements such as your image and slogan. Before considering implementing a clothing transformation across the entire company, it’s a good idea to check with a group of people representing your target population to see what they think about it. It’s possible that what looks spectacular on the desktop is a disaster in reality. This is usually measured quantitatively.
Trend Summary. There are many competitors and other players in the market who, while not directly part of your segment, are at the forefront when it comes to innovation. If your company isn’t part of this small group, you can choose to conduct research on ideas that have already been implemented and that consumers have liked. Although you may not be able to fully implement them due to limitations inherent to your offering, it will provide you with actionable guidelines that can help you plan your own changes.
Segmentation. As time goes by, there are more and more people on the planet. For this reason, it’s also not surprising that minorities aren’t as small in number as they once were. This has resulted in the fact that one target consumer in the past now numbers several. They have distinct characteristics and needs that are well worth identifying so that your offer and image adaptation projects match those sought by each group.
Focus groups. This renowned qualitative analysis technique allows you to gain firsthand insights that other quantitative alternatives may miss along the way. When you bring together consumers with similar characteristics, it’s possible to delve deeper into strategic topics such as aspirations and ideas not expressed in other contexts. By comparing these findings with more data and information, you can gain a deeper understanding of the concerns and motivations that you absolutely must include in your reinvention.
Rebranding is a challenging task that can unnerve even the most experienced expert in the field. These processes are often part of companies that have managed to remain popular for decades. This is because they have the ability to adapt to changes 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 conducting, among other projects, studies that support brand change decisions. We have a team of analysts and strategic suppliers who will support you when you have needs in our field. Put those research ideas to work in LATAM now. Write to us today and we’ll tell you how together we can make your next success story a reality.
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