Where is your brand located? How do your customers see it? What is your assessment? Now more than ever you need to know the answers. The branding consulting team of Uzink reveals the key indicators if you want to design a market study of a company.
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From the general to the specific
Market studies of a company have traditionally been an excellent tool for detecting business opportunities. It is a common practice when we face the launch of new businesses, products or services. It is also a positive methodology to monitor the evolution of the objectives of our company. Many companies carry out annual market studies to have a better map of action on which to define their strategies.
The scope of the points to be investigated can be very varied. The methodology, both qualitative and quantitative, can also be different. However, when we talk about a market study of a company, we must be clear about the key indicators that must be analyzed.
5 key indicators in a market study of a company
There are many valid indicators to test the position and evolution of your brand. Some of the highlights:
- spontaneous knowledge. Percentage of consumers who mention your brand, regardless of the order and without offering answers to choose from, when asked about your activity.
- Top of Mind. It refers to the number of respondents who mention your brand first when asked about companies in the sector.
- Market penetration. The percentage of consumers, in a segmented population area, who have had a commercial relationship with your brand in a given period (for example, one year).
- Analysis of brand attributes. Specific, quantitative or qualitative study on the ranking of attributes that consumers associate with the brand.
- Satisfaction. Different formulas can be used to measure the rate of satisfaction or promoters that your brand has as well as the rate of detractors.
These indicators are fundamental in a market study of a company. They will let you know where you are. And, above all, they will allow you to have a guide to set new goals and measure your progress.
If you want to know more initiatives for your brand or develop a market study, we invite you to contact our branding consulting team.