Why Market Research Is the Most Important Part of Branding

Why Market Research Is the Most Important Part of Branding

You have created an impressive brand. The colors look appealing. The brand’s logo is stylish, and your product is perfect for the intended audience and even comes in classy packaging.

But wait a minute… your products come in rather bright colors, and the packaging is filled with colorful flowers and stars. Even the logo is slightly overdone. Your sales are falling, and you don’t know why. After all, you had a great product. So what was the issue? It was branding, or rather lack thereof.

At the heart of successful branding lies a well-defined brand identity that resonates with your target audience. Your brand identity encompasses more than just a catchy logo or a memorable tagline; it’s the embodiment of your values, mission, and unique story you wish to convey to the world. This identity serves as the foundation upon which your branding efforts are built. It guides the tone of your communications, the design of your visual elements, and the overall perception that customers hold about your business.

As you work diligently to craft this identity, safeguarding it becomes paramount. This is where registering your trademark comes into play. Your trademark is a legal protection that ensures your brand’s distinct elements remain exclusively associated with your business. It encompasses your logo, name, and other identifying features, preventing others from using them in a way that could cause confusion or dilute your brand’s impact.

Depending on your industry, a trademark can be one of the most important signs of your business identity. To give you an idea, in the newly forming cannabis industry, seeking guidance from a knowledgeable cannabis trademark lawyer can provide specialized insights into the unique considerations surrounding trademarks in the cannabis industry. This expert can assist you in navigating the complex legal landscape, ensuring your brand identity is effectively protected within the context of cannabis-related regulations. The same goes for other industries where product identity and distinctiveness drive market sales.

Furthermore, trademark registration grants you exclusive rights to your brand’s elements within the territories you’ve registered in. This exclusivity not only safeguards your brand identity but also provides a competitive edge in the market. Customers associate your trademark with a certain level of quality, and your registered trademark becomes a symbol of trust and authenticity.

In the ever-evolving landscape of branding, market research remains indispensable. It allows you to delve into consumer preferences, market trends, and competitor landscapes, ensuring that your brand identity aligns with the expectations and desires of your target audience. Market research informs your branding strategies, enabling you to position your business effectively and communicate your unique value proposition.

Your brand identity serves as the bedrock of your branding efforts, shaping how your audience perceives and interacts with your business. These efforts may include creating a social media presence, adding a signage st kilda (or wherever you are based) or two outside your store or around town, building a website, attending trade shows, and more. On the other hand, registering your trademark provides legal protection and preserves the integrity of your brand. When combined with thorough market research, these steps lay the groundwork for a powerful and enduring brand presence in the market.

Market research as a solution

Coming back to the problem mentioned in the introduction, let’s say your product is a kind of lipstick. Now, you could have created a long-lasting lipstick with a perfect matte finish, but your packaging was designed for a teenager who would care less about it. She likes the colors, she like the bold logo and the extra-long wear is an added advantage to her.

Do you think something went wrong here? Yes, it did. Your market research was either absent, or you designed a product with a different product audience in mind which led to dropping sales. This is why market research is the most critical part of your branding. 71% of businesses believe that being aware of their audience brings better benefits to the company.

It is high time your business invests in some quality market research too. To begin with, talk to a reliable market research company like MPP Global. They will first understand your business, then your product, and finally the audience that you have in mind.

The company will then research your audience extensively, find their likes and dislikes, what they prefer in lipsticks, which colors are their favorite, and what they do or don’t like about lipsticks. Several tools that are able to pinpoint consumer preferences like surveys that make use of monadic testing or other kinds of concept testing may be used to get responses from your specific demographic. Gathering the data and converting that into useful information for you might make it easier to understand consumer behavior. The company will also find out the branding that will get you the most profits in addition to the places where you can advertise to them.

Doesn’t that solve all your marketing troubles in a jiffy? Of course, it does. Understand more about market research with the help of this infographic and let us know how exactly you plan to launch your next big idea.

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