Brand Research & Analysis: Understand Its Importance & Application

By Anpar Insights

Learn the importance of brand research and analysis and the steps you need to follow to get the most out of it. Discover how to develop key questions and find the answers to better understand your brand along with the methods of research you should use with examples to make your brand stand out. Get the most out of your brand research and analysis with this easy-to-follow guide.

• Language: English
• Publisher: Anpar Insights
• Release date: Oct 22, 2023
• ISBN: 9798223114314

Anpar Insights

With over two decades of dedicated expertise in the dynamic world of brand and consumer insights, Anpar Insights can draw from a wealth of experience from the ever-evolving landscape of finance, FMCG, sport, entertainment, and the digital/technological sectors to share with you the core fundamentals of branding and consumer insights that enable businesses to become successful.

Book preview

PART 1: BRAND RESEARCH

Introduction

Businesses are often in search of the perfect formula for success – but the reality is that there truly is no magic bullet. Crafting a successful brand requires considered effort and understanding – from researching the market, to the ongoing analysis of your brand’s performance. Knowing how to research and analyse your brand takes effort, and an eye for detail – but it can pay off in spades.

In this book, we’ll look at the fundamentals of brand research and brand analysis, and how you can use this information to nurture and refine your business. More specifically, we’ll provide practical tips on getting the most out of market research, understanding what a brand audit is and how to use data-driven insights to drive business growth. Through this, you’ll gain a better understanding of why investing in brand research and analysis is crucial for measured success.

What is brand research?

Brand research is the collection of information and data from both internal sources and research conducted externally to inform businesses of where they stand in the market place compared to their competitors in meeting customer needs and their perceptions of the brand. This will help to form or change brand strategies to be more effective.

The main types of areas covered by this research is brand awareness, brand perceptions, usage, customer advocacy, advertising effectiveness, purchase channels, audience profiling and whether or not the brand is within the top consideration set of consumers.

The main uses of brand research

The following are the main uses why companies utilise brand research for their business:

1. In understanding consumer perception

Brand research helps in understanding how consumers perceive your brand. It provides insights into what they think about your brand, its strengths, weaknesses, and how it stands against competitors. This understanding can help to formulate strategies to improve brand image and positioning.

Also, it can help you determine if your brand message aligns with your target audience’s understanding.

Take Tesla, for example, they might conduct brand research to gauge how consumers perceive their brand. The findings could show that consumers view Tesla as a pioneer in electric vehicle innovation. However, if Tesla wants to highlight their dedication to sustainable energy beyond just electric vehicles, they would need to modify their messaging to give these aspects greater prominence.

2. Identifying market opportunities

Brand research can uncover potential market opportunities. It can reveal gaps in the market that your brand could fill,