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 action map on which to define their strategies. Remember, you can only improve what you can measure
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.
Spontaneous knowledge in marketing refers to the level of awareness or familiarity that consumers have with a brand, product or service without the need to be directly exposed to advertising or marketing messages. It is the knowledge that arises naturally or spontaneously in the minds of consumers. as a result of their previous experience, indirect exposure to the brand or social influences.
Spontaneous knowledge can be a valuable indicator in a market study since it is possible to know the perception of the brand in the minds of consumers and generate strategies to achieve a greater emotional connection with them.
Top of Mind.
It refers to the number of respondents who mention your brand in the first place when, during a market study, they are asked about the companies in the sector. For example, think of a brand of toothpaste. Do you have it? The first one that comes to mind is probably a very well-known brand worldwide, like Colgate. This is because Colgate has managed to position itself as a leader in the toothpaste market and has built a strong presence in the minds of consumers.
In some cases the effect of the top of mind is so intense that the brand replaces the name of the product in the consumer's mind. For example, in various Spanish-speaking countries, the "Kleenex" brand of disposable handkerchiefs from kimberly clark , executed a positioning campaign so strong, effective and consistent, that for many years a significant number of people have asked for a handkerchief saying: "Excuse me, do you have a Kleenex?" Regardless of the brand, everyone calls a product by a specific brand name. Can you imagine the impact?
Market penetration.
In a market study of a company or brand, market penetration refers to the percentage of consumers, in a segmented population area, that have had a commercial relationship with your brand in a given period (for example, one year).
This indicator is important because it provides information about the reach and acceptance of a product or service in the market. A high market penetration indicates that the brand has managed to reach and attract a large proportion of consumers compared to its competitors. On the other hand, a low market penetration may indicate an opportunity for growth and expansion for the brand.
Achieving greater market penetration can be a key strategy for the growth of a company. This can be achieved through various marketing strategies, such as:
- Product promotion
- Distribution improvement
- Segmentation of specific markets
- Product or service differentiation
- Development of effective advertising campaigns
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.