Market Research: The Antidote to Rude Awakenings

Market Research: The Antidote to Rude Awakenings

If Sony Pictures had conducted market research for ‘The Interview’, they’d have been ready for the onslaught of objections-turned-threats that forced them to yank the movie from theaters. And they’d have saved themselves a truckload of headaches, embarrassment, and, oh yes … major money.

While neglecting market research typically doesn’t produce such adverse reactions, it does leave your brand vulnerable to more than a few rude awakenings. And these will COST YOU! Far better to test the waters and make adjustments before diving in with a brand campaign.

Market research has served brands for many decades. Some forms dating back as far as the 1920’s — and quite possibly earlier. But the practice really took flight after WWII when processes such as depth psychology helped marketers better understand consumer behavior. Then, as now, market research helps steer brands clear of many a hidden reef.

The power of market research stems from its connection to your company boss. Apologies to CEOs everywhere – it’s not you; it’s your customers. Consumer needs, hopes, and desires are what run the buying machine and form the stuff of a sound marketing strategy. Market research gives businesses a pipeline to the preferences and opinions of its customers, allowing advertisers to cross-reference the info with current trends, patterns, and marketplace stats.

Market research also provides an early warning system that flags consumer objections and disagreements. Advertisers can use this info to modify brand image and campaigns as needed, thereby minimizing the chances of unwelcome surprises.

Here at The Young Company, market research is fundamental to our branding process. We’re pleased to say it has proven immensely valuable every step of the way.

If you have any questions or comments about conducting market research for your brand, or about any other brand-related topic, feel free to send them our way.

You can connect with the Young Company team at 949-376-8404 #4033 or bart@youngcompany.com. And be sure to follow us for the latest brand marketing news and tips.