Research is a first step towards every creative and influential work because without research it is not possible to identify mandatory requirements of the projects and correct tools suitable for removing errors and adding value to it. The importance of marketing research is as simple to understand as importance of identify the diseases before recommending the cure.
Here are few steps that marketers must to revamp company’s brand identify:
• Business/Industrial Research
Business and industrial research is conducted to find out the current situation of the market and scope of the business according to its nature. Research analyzes the present condition of the industry along with all existing and forthcoming problems. It could involve an examination of all internal and external factors through analytical tools such as, SWOT. SWOT gives an explicit idea about strengths, weaknesses, opportunities and threats. Pre-business research with reference to similar existing business’ report, we can understand customer demands, gap in demand and supply, and probably tactics of some most successful businesses in the market. With a well-planned business research, a company can set realistic targets and goals for areas where there is more potential for the company to grow and secure a stronger position in the business world.
• Competitors Analysis
Competitors’ analysis is a part of corporate strategy and before conducting an analysis, direct and indirect competitors are important to identify along with their respective markets. It helps understand how much a certain organization imposes a threat to your popularity or sustainability in the market. Competitors’ analysis does not only insight the information related to profits, prices, costs, losses and growth of competitors, but it helps insight the unique selling point of the company through which it can make particular position in the market. Gathered information about the competitors is compared with the company’s current situation and then a proper formulation is possible to beat them.
• Target Market/ Audience
Identification of correct target market/audience is another whole important part of corporate strategy because if a business entity would not know about its correct target market then there is no chance of sustainability in the competitive market. To find out the target audience through research there are a few questions that need clear answers such as what product/service you are selling, what makes it so unique? Whom you want to sell you product? Why people would want to buy it? While target market research a number of factors can be considered to help find the potential customers. Such as, age group, gender, location, interest, ethnicity, language. These all factors are important for identification of potential, otherwise your product or service should be attributed with such flexible characteristics that it appeal a large group of consumer, possible at the global scale.
• Strategy and Planning
Strategic planning is the key to business success as it involves deep thoughts behind setting vision, mission statement and out of the box thinking. There was a time when only big companies and global organizations go with strategic and planning processes to make a distinct position, but now it is obligatory for all organizations if they want to sustain in the industry.
• Revamp Project
Revamping projects are again based on research and observations from on-going project that have either lost charm in consumers’ eyes or they need some renovation to gain back the or upgrade the reputation (demand). While revamping projects, our professionals focus on 4 important factors such as optimize productivity, minimize investment cost, improvement in product quality and secure investment.