The Value of Market Research
In 2005 I used to be made up our minds to check the effectiveness of my new logo identify by way of a qualified marketplace analysis corporate. Knowing how a lot I assumed in it was once now not sufficient; I needed to in finding out what goal customers would take into consideration it when seeing it for the primary time. By this time my trademarked identify was once authorized within the United States and filed or registered in over thirty overseas nations. The identify was once legally secure in addition to it will were in that many nations on account of my world imaginative and prescient of this outstanding identify. However, wouldn’t it catch the patron’s eye, or extra importantly, their pocketbook? Here is a case find out about of my reviews in actual global marketplace analysis.
In 2005, I had already created a brand new product logo identify and had to understand how to raised succeed in my target market. So I gotten smaller with two firms: one a internet building to create an informational website online and the second one was once a marketplace analysis corporate. The center of attention was once to get the phrase out about my new logo identify.
While the product website online was once beneath building, we began with the advance of a web based survey. This survey was once deployed nationally to get the broadest client reaction conceivable. Some of the fascinating highlights that the survey printed had been that:
64% of the respondents had been open and receptive to the brand new logo identify – This was once vital to me, as it intended that folks favored the identify.
The 3 in all probability product classes to narrate the logo identify with had been:
(a) protection and primary help merchandise;
(b) non-public well being/hygiene merchandise, and
(c) over the counter prescribed drugs.
Over 50% of the respondents decided on the logo identify to seem on bandages, joint ache ointments, sports activities/power beverages and chilly drugs/allergic reaction aid.
They even equipped 9 descriptive phrases that buyers selected:
These adjectives arrived at via our marketplace analysis are connotations that almost all producers would like to have related to their product identify!
Why was once it vital to resolve adjectives? Because those connotations turned into the key phrases we utilized in developing all advertising fabrics. We sought after to make use of phrases that resonated with customers.
Based upon the marketplace analysis findings, we created a PowerPoint slide display for example the best way wherein customers interfaced with the logo identify. This was once efficient as it blended visuals – together with graphics for example the product settings together with the robust advertising phrases that touched the patrons. This PowerPoint additionally served as nice unmarried ‘level and click on’ visuals at the website online. The advertising findings had been written up into a handy guide a rough reality sheet that website online guests may obtain and look at at their comfort.
The maximum comforting outcome from my marketplace analysis funding was once that the survey supported my principle that this outstanding identify was once a “certain logo identify strongly related to more than one product classes.” Was it definitely worth the expense to spend money on marketplace analysis? Yes, as it gave me perception into my customers’ minds plus treasured wording for long run advertising efforts in print, on-line and shows. It additionally stored me cash via making an investment in flyers and a web based website online presence that will hook up with my attainable shoppers.
I strongly counsel, in case you are an inventor, you should definitely put aside cash for an unbiased marketplace analysis for your product concept in addition to your product identify. You will likely be happy that you simply did!