Written by: Rachael Ryan
Whether you’re launching a new product or service for the first time, launching an existing brand in a new country, or rebranding an already successful brand… There is one common denominator – you have to do your research!
Market research is often overlooked in launching a brand. Unfortunately, many a brand has failed due to lack of market research or conducting market research too late. Timing is everything in every aspect of a product launch and research is not exempt from that statement. If market research is too far down on your ‘To-Do list’ then you might be setting yourself up for failure – this isn’t just my opinion, this has been a mistake made by brands as big and bad as Coca Cola, P&G and Microsoft in the past. And it’s easier to just do the research than it is to rectify any damage caused by an ill-thought out or ill-researched brand launch. We have decided to put together a series of blog posts to discuss the importance of research in launching a brand, in today’s post we are going to discuss where to start.
So, when should you start your market research?
In this case, there’s no such thing as too soon. Once you have a clear idea of what you want your product to be and where you want it to go – even in theoretical terms – you need to be researching. Market research at this early stage will mean that your product answers all of your customer’s needs and the outcome will have been determined by the customer/market rather than simply creating your brand from your own opinions or from a handful of opinions within your brand.
Where can you start with market research?
Well, we have to go back to basics. You have to gather market intelligence. Both the market and the consumers need to be understood.
Secondary research is vital here. What is secondary research? It is information that is already out there. You would be surprised as to how much information is available before running to do a survey or focus group. Why is this type of research vital for a brand launch? It indicates;
It is also important that you use the already existing research that is out there before your start conducting your own primary research because you don’t want to double up on research and if the information is out there, then be resourceful and use that information instead of having to find it out yourself.
So how do you gain access to this information? This type of marketing intelligence is more than a simple Google search. Some free sources include Census, Pew Research and Statista. However, several sources are more costly and analyzing all the data may be tedious and difficult. Often brands reach out to firms, like Provoke Insights, to help with this important research.
Keep an eye out on Provoke Insights blog for the next part in this series or sign up for our newsletter here.