How to Research a Brand: Strategies and Keys to Success
How to Research a Brand: Strategies and Keys to Success
Brand research is a fundamental aspect of understanding and leveraging a brand's identity, market position, and consumer perception. Whether you're exploring established brands or startups, an effective research approach is essential to gather the necessary insights. This guide outlines key strategies and methodologies to help you thoroughly understand a brand, including qualitative research methods, internal and external stakeholder interviews, and the importance of a purpose-driven research strategy.
Qualitative Research Methods
Effective brand research begins with qualitative methods that allow for a deep dive into the brand's perception, history, and operations. This involves interviewing both internal and external stakeholders to gather rich, qualitative data. The main goal is to achieve clear purpose, goals, and objectives for the research. Starting with employees can provide invaluable insights into the brand's internal culture and employee perception. Leaders and internal influencers should also be involved to ensure support and buy-in across the organization.
Internal and External Stakeholders
Engaging with a diverse range of stakeholders is crucial for a comprehensive brand understanding. Internal stakeholders include employees, management, and other key team members. External stakeholders encompass customers, distributors, suppliers, and industry experts. These interactions can reveal distinct perspectives and foster a holistic view of the brand.
Established vs. Young Brands
Researching well-established brands can be relatively straightforward, as there is ample information available through public records, news articles, and sometimes even official brand histories. Large brands like Cadbury in the UK have museums, and companies like Feltrinelli in Italy maintain libraries accessible to the public. However, smaller or younger brands may require more custom research efforts. These brands often lack the extensive documentation available to larger counterparts, and creating the necessary research resources may involve extensive primary research.
The Process of Understanding a Brand
Understanding a brand is a complex task that goes beyond mere facts and figures. It involves gathering a multitude of information and connecting the dots to form a complete picture. The process can be compared to solving a Rubik's Cube or putting together a jigsaw puzzle where each piece reveals more of the overall image when placed correctly.
Strategic Questions for Research
To effectively research a brand, it's essential to compile a list of strategic questions to guide the process. Key areas to investigate include:
Sales and Market Segments: Analyze sales data by category and target market to understand market share and customer preferences. Pricing and Positioning: Examine pricing strategies and compare them with competitors to determine market positioning. Market Segments and Buyer Motivations: Identify different market segments and understand the purchase drivers for each. Brand Positioning: Evaluate how the brand is positioned within each targeted market segment to ensure alignment with customer needs. Product Features and Benefits: Compare the features and benefits of the brand with those of competitors to highlight unique selling points. Cost and Profitability: Assess the cost of goods and gross profit per item to understand financial health and profitability. Distribution Channels: Study the distribution strategy and its effectiveness in reaching target markets. Distributor Profits: Evaluate the margins and motivations of distributors to better understand the brand's market dynamics. Price Strategies: Determine whether distributors adhere to manufacturer-suggested retail price (MSRP) or set their own prices. Intellectual Property: Investigate whether the product is patented or protected by other legal means.Conclusion
Conducting thorough research on a brand is a multifaceted process that requires a mix of qualitative and quantitative methods. By engaging with both internal and external stakeholders and formulating a clear research purpose and set of strategic questions, you can gain a comprehensive understanding of a brand's identity, market position, and consumer perception. This knowledge is invaluable in creating effective marketing strategies and brand management plans.