You have created an impressive brand. The colors look appealing. The brand’s logo is stylish, and your product is perfect for working women in their 30s who want long-lasting lipsticks in classy packaging.
Wait a minute… your lipsticks come in rather bright colors, and the packaging is filled with colorful flowers and stars. Even the logo is slightly overdone for a 30-something. Your sales are falling, and you don’t know why. After all, you had a great product.
The problem was market research
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.
