7 Costly Mistakes That Can Be Avoided By Brand Research

Branding strategies can make or break an organization. There’s a lot that goes into developing a successful brand, and the best companies around the world put substantial time and effort into brand development and image. Creating a successful brand requires time and research commitment and is an ongoing strategy that can yield amazing results.

However, small businesses at the start of their inception can potentially create crucial branding mistakes during their initial stages of development that costs them a lot of customers, money, and time. Even major brands make big branding mistakes, like Nintendo’s Virtual Boy and Amazon’s Fire Phone.

Brand research services for positioning strategies, brand mapping, and perceptual mapping can help you, whether you’re a small business or a long-time market player, to avoid pitfalls and the costly mistakes of failed brand positioning.

Common Branding Mistakes by New Businesses and Entrepreneurs

Do you remember Nintendo’s Virtual Boy in 1995? You might not because it’s one of Nintendo’s biggest failures in the history of the company. It didn’t offer what it promised, a true VR experience, resulting in incredibly low sales and quick removal from the market. What about Amazon’s Fire Phone in 2014? It only lasted one year because of its limited availability and features that didn’t resonate with audiences. Even major companies like Nintendo and Amazon have to be careful about product or service branding that can tarnish their reputation and result in massive profit loss.

Even small branding mistakes can cost a company. Not only will your efforts and time spent towards planning to be lost, but you will have cost your business a lot of money and even potentially tarnish your reputation permanently, which can be completely devastating for the longevity of a brand.

Below are seven mistakes that you can avoid when it comes to brand positioning so that you learn more about them and avoid them altogether:

  1. Lack of Competitor Research
    You have to learn about your competitors if you want to be successful. How do they position their brand? What types of products and services do they offer? How are they perceived in their respective industry? How are they succeeding? Do you have a potential opportunity in the market where they do not? You don’t want to identically replicate your competitor’s strategies. But you do have to learn everything there is to know about the successes and failures of your competitors so that you know how to uniquely position yourself in the market.
  2. Brand Messaging Doesn’t Suit Target Audience If you can’t develop a brand message that fits with your target audience, nobody is going to buy from you. You have to learn everything about your target audience like demographics, what they like to buy, where they shop, what times of the day or times of the year do they make purchases related to your offerings, what colors motivate and drive them to make purchases, what parts of the world are they located, how does culture affect purchasing, and many more.
  3. Failed Market Study
    Effective market research needs to be obtained about how people are reacting to your brand, products, or services. Survey analysis can be obtained to further your market research and understanding, or a complex study of social media research and analysis can help you to understand how people review or perceive you in the market. If you don’t analyze feedback from your customer base, you will be making a costly mistake in your brand research initiatives.
  4. Association or Dissociation with Events and Motives Just because you want to create a product or service or build your brand around a particular design or niche space in the market, doesn’t mean it will be successful. You can’t just build and sell tablets just because iPad’s are popular, create a bottled water company because you feel people will always need to drink water, or design makeup and cosmetics because there is a popular trend in that space this year. You have to delve deeply into your brand research strategy to truly understand the reasoning behind purchasing decisions and product and service popularity.
  5. Inconsistent Corporate Identity Everything about your brand identity has to make sense, from the colors that you choose to represent your company, to the logo and fonts that you use throughout your campaigns, to the style of writing, tone and messaging that you implement to speak to and reach audiences. Everything has to remain consistent so that people understand your brand values and what you are offering them. If you fail, you could spend a lot of time rebranding and causing confusion to your audience and miss a lot of opportunities.
  6. Poor Product Packaging

    Product packaging is the first thing people see when looking at your brand, whether they are online or physically in store locations. Everything from materials, graphics, size, shape, and color all are important elements of packaging designs. You could spend a lot of money rebranding your packaging if your product performs poorly. On the other hand, you might spend money rebranding your packaging when it isn’t even necessary and have to revert back to the way it was. Effective brand research is going to help you understand the best elements and packaging designs that will help your company thrive.
  7. Making the Wrong Impression If you are selling premium services, you don’t want to use commodity branding. You will deter audiences from your brand. There is a reason why so many fast food restaurant chains use the colors red and yellow, like Burger King, MacDonald’s, Wendy’s, and Carl’s Jr., and software companies use blue and black like Intel, IBM, Apple, or Google. People associate certain attributes to particular products and designs. People won’t understand what you are offering them if you make the wrong impression. Pay particular attention to detail and use the right research and analysis to make a lasting impression that makes sense with audiences.

How Brand Research Can Help

Brand marketing research is integral to the success of organizations in the modern world. In fact, no business out there that is successful in today’s market leaves home without brand research.

Brand research improves your competitiveness, visibility, and messaging and can help your business take a strategic position in the market using proven data from effective research and analysis services. Here are some of the major benefits of effective brand research:

  • Integrated Metrics: You can see the impacts of your project decisions and forecasts with measurable and tangible results.
  • Allocate Market Spend: Understand how to make investments that will lead to successful outcomes.
  • Identify Competition: You can not only find out who your competition is, but you can find out how and why they are successful in the market, or even discover how to position your brand in areas where your competition is lacking.
  • Develop Accurate Strategies: Create informed decisions built on a foundation of research and analytics with a better understanding of market developments, pricing, and positioning.
  • Capture Target Audience: Better understand consumer behavior and create effective marketing and advertising strategies.
  • Brand Perception: Truly understand how audiences feel and react to your brand, products and services.

Effective Brand Research for Organizations Across Industries

Research Optimus (ROP) has top research and analyst specialists who are tenured in market research, business research, customer analysis, and brand research services that provide the required insights to take the appropriate steps towards building effective and long lasting business brand awareness, brand marketing, and positioning strategies. Apart from services like market research, product research, and risk analysis, contact our team today to jump start or further advance your journey into brand research and obtain the targeted insights you need to avoid branding mistakes.

By: https://www.researchoptimus.com/

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Decision Analyst

An introduction to brand strategy, and the tangible and intangible elements that make up a brand. And a brief discussion of the questions of to ask in order to focus and improve your brand strategy. Learn More: https://www.decisionanalyst.com/servi…

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5 Product Marketing Strategies to Get Customers to Take Action

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When it comes to , has a significant impact on individual purchasing decisions, but ultimately it is the products that create an overall impression. Brand marketing is an important component in raising your brand’s prestige and overall favorable perception, but customers want to be part of the picture and feel that is as much about them as it is about the brand. Smart product marketing engages consumers and focuses on products or services that will be useful to them. Your brand will only be as strong as the customers who feel a strong connection to what you are offering. These five strategies will help you revamp your product marketing strategy.

1. Research new products with existing data

A product launch can be as exciting as the announcement of a personal milestone, but the sad fact is that most will fall short of their expected goals. You can save yourself and your company from disappointment by leveraging the data you already have about your customers and visitors to refine the products and features you are offering. Existing data will tell you your leads’ buying and browsing habits, what they click on and which emails they open. This data should give you significant clues on creating products and features that will get a response and create a successful product launch.

Related: 4 Strategies That Drive Brand Loyalty

2. Increase demand with existing customers

It is important not to underestimate the value of repeat . Not only are people more likely to take action and purchase a product if someone they know is using it, but drumming up repeat business is easier on your marketing budget. According to the Harvard Business Review, marketers spend between five and 25 times less to secure purchases from repeat customers than from new customers. Providing excellent customer service is one of the keys to keeping customers long-term. Another strategy is to offer them special promotions and deals to reward their loyalty.

3. Spy on your existing competitors

Although it is crucial to focus mainly on your customers, to keep an edge and stay on your customers’ radars, it is imperative to know what your competitor is doing and how they are performing. This is not difficult to do and can be as intuitive as paying attention to their performance on , how many likes they are getting and what strategies they are using. Using to track what happens after a click can help give you more information on how to update your own strategies. Ensure the sample size you are evaluating is large enough to give you a full picture of what actions to take in closing the gap between you and your competitors.

 

Related: 3 Reasons You Should Spy on Your Competition

4. Improve your existing listings

Your listings don’t just convey information about the product. A good listing lets your customer know why he or she needs the product. Revise product listings to emphasize convenience, time savings, reliability and . In addition, incorporating valuable keywords in the listings can make sure your they are seen by those who are most likely to make purchases — the people who are searching and ready to buy. Keywords can also drive traffic from those who are just browsing the web looking for more information about a product, and an attractive and catchy listing can transform an inquiry into a purchase.

5. Dare to take huge risks

It is worthwhile to achieve a balance between obeying the data and knowing when to take risks. If you are knowledgeable about the risks, you can go out on a limb now and again, especially if your intuitive move is in line with the kind of thing your customers respond to. Past failures, such as lackluster product launches, can be a strong indication of where you can go with future efforts. “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking any risks,” says none other than Facebook CEO Mark Zuckerberg.

Related: 5 Brand Marketing Tips Every Brand Can Learn From the NBA

If your product listings aren’t getting the response expected, there are many ways you can fine-tune your approach. involves the big picture, but getting specific and offering customers things they clearly value can move the needle more quickly. Updating data on a constant basis is essential, but using data you already have provides a valuable roadmap to developing and improving your products and features. Leveraging success with your existing customers is an effective way to get repeat business, especially if you encourage them to refer your product to others.

Gathering information about competitors on social media and by using AdWords can give you pointers on how to update your offerings and enrich your marketing strategies. Even the phrasing of your listings can be dry and uninspiring or can create an immediate desire to acquire your product or service. In addition, using keywords has the ability to automatically attract potential customers to your listing. Finally, don’t be afraid to follow your intuition and take educated risks when you feel you have a clear picture of what your customers want.

By: Alon Ghelber Entrepreneur Leadership Network Writer

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