The Pros and Cons of Brand Research
Why Conduct Brand Research?
The best way to grow your brand is to know your brand. Typical marketing ROI measures have their benefits, but brand research is the best way to follow through on business objectives, cement positioning and inform future marketing strategies.
Imagine using a bow and arrow blindfolded. Even the best archer would likely miss the mark without being able to see the target. Brand research is like taking off the blindfold. With a clear vision and a targeted goal, organizations can take full advantage of their marketing strengths.
Pros of Brand Research
Build Better & Sustain Stronger
It is possible to conduct research at any stage of developing and growing a business. During the first steps of brand creation, research can provide the tools needed to make informed decisions regarding developing a launch strategy. New studies can also refine concepts for a new product and define the ideal target audience.
Established brands can periodically conduct research to evolve with changing consumer attitudes. Similarly, brands can reevaluate their target audience to shift messaging, polish positioning, and further develop brand assets.
Customize Every Aspect
Branding research can be completely tailored to the company’s needs. The brand can commission as much or as little research as needed and pick any combination of qualitative and quantitative methods. The business and research objectives will determine the best combination. For example, brand tracking research follows your organization’s strategies and outlook over time, while thought leadership research boosts engagement.
If your organization is unsure where to start, market research professionals can determine the best design to meet the objectives.
Cons of Brand Research
Cost
Though branding studies is important, commissioning it is an additional cost for your business. Furthermore, it may take a while to see the return on investment. That being said, these projects can help save money by avoiding branding errors and making informed decisions. It can also project sales and engagement down the road. Therefore, it is definitely worth considering when putting together your annual budget.
Time
The time commitment for brand research can range from a few weeks to a few months. It takes time not only to decide on research strategies, but also to design the questionnaire/guide, field the research, and analyze findings. To avoid running up against marketing/advertising deadlines, companies should integrate such projects into long-term strategies.
Constantly Changing Market
It’s no secret that the market is constantly evolving. This is certainly the case in the age of COVID-19. The pandemic disrupted consumer habits and business operations around the world in 2020. Pandemic aside, consumer habits can change at a whim. Additionally, brands should consider unforeseen events. It is important to update research at regular intervals.
Ultimately, though this kind of research comes at an extra cost, additional time, and a need to be updated, your organization will see a return on investment in the long term. Like an archer with a clear vision, with brand research, your organization can hit the target!
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