When it comes to brands it can be easy to get stuck, to miss opportunities, and to be stagnant in growth. With the use of these three studies, you can elevate your brand and really understand where you stand as a brand. Here are the top three brand studies from a Market Researcher.
1. Brand Tracker: At MDRG (Market Dynamics Research Group), we are called on by various brands to perform a brand tracker. It is basic quantitative study that measures your brand and its competitor's performance. Using key metrics like prominence, affinity, and commitment we can provide your brand with a brand health score. Setting up a tracker is super useful over time to see how your brand performs against competitors. We tend to evaluate a brand’s tracker monthly, giving insights on where a brand stands.
2. NPS (Net Promoter Score) Program: This is an ongoing assessment of your brand’s customer satisfaction. It is useful in determining where you need to make tweaks to keep your customer engaged and happy. I used to work in retail, and NPS was a daily topic amongst leadership. We wanted our customers to have the best experience in-store, and we wanted to keep them coming back. NPS helped us coach our employees in giving the luxury experience to our customers.
3. Concept Testing: We use this to test messages or creative for your brand. Whether it is for a new campaign or an older campaign, message testing can help you see how to talk to your customer and how to talk about your brand in a more effective way. One way to perform this test is through focus groups. We get our target audience together and show them messages or concepts. Through this we can measure if the message or concept strengthens the brand and increases a person’s intent to purchase, a person’s loyalty to the brand, and a person’s affinity to the brand.
These are just some of the ways to strengthen, evolve, and elevate your brand. In the market research world, there are several ways to dig into your brand. We do not need to know if a person likes your strategies, ads, or logos - we need to know if they all add value and strengthen your brand. In these studies, we can reveal deeper insights to act on.