Every business wants repeat customers from its target audience. In today's competitive landscape, brand preference plays a crucial role in helping businesses create awareness and build a strong reputation in the market.
In the absence of effective branding, most products will remain in the competitors' shadow as consumers will choose the more popular alternatives due to a lack of awareness.
So establishing brand preference empowers businesses to boost revenue, maximize profit, and expand market share in the long term. Moreover, it helps to build brand equity too that discovers the strength and popularity of a brand among the leading competitors in the market.
By conducting in depth research using market research tools, it becomes easy to understand customers' needs & requirements, and their purchasing motivations. This enables businesses to seamlessly shape their brand to align with their target audience.
Unveiling the power of a brand
There are various aspects of a business that overall contribute to making a brand. This involves packaging, marketing & sales communications, customer touch points, and advertising claims.
In today's competitive scenario, it has become crucial for businesses to focus on establishing branding as customers usually relate a brand to the specific product it provides. The well-known brands experience several benefits like:
Increased customer preference: Customers prefer selecting a product from a popular brand (that they are aware of) and often become loyal to it in case they find that the products align with their specific needs.
Expanded market share: A robust brand is likely to stand out among competitors in the market, leveraging its differentiation to increase market share by providing customers with a vision that most other brands do not have.
Streamlined product launches: For an established brand, it's easier to introduce and launch a new product into the market. The reason for this is that not many resources are needed for building awareness as well as trust among the customers. For a relatively new brand, extensive research using various online survey tools is needed before they can launch a new product.
Brand equity and Brand preference: A look inside
Brand equity can be defined as the customer perception of a specific brand's value. For instance, a highly popular brand known for offering top-notch quality products is likely to have a "positive brand equity".
In order to attain positive brand equity, it's imperative for businesses to establish brand preference with the help of promotional, marketing, and sales strategic techniques that attract their target audience. Brand equity comprises three elements mainly:
Are customers aware of the brand? It's important for businesses to draw their customers' attention and ensure that customers know what their brand stands for. With increased visibility, there is a rise in familiarity which promotes the intent to purchase.
What do customers feel about a certain brand? Every brand is known to evoke some feelings and attitudes which must be communicated accurately to their target audience. This plays a key role in differentiating their product from the competitors.
Are customers going to buy the brand in the future? In todays' time, customers prefer to purchase from brands that they can stick to, making it more crucial for businesses to focus on brand loyalty. To gain brand loyalty, it's important to make sure that the branding elements are consistent and resonate well with the target audience.
Leveraging brand preference in the field of market research
Branding makes use of effective market research for ensuring it caters to the needs and desires of the intended target audience. So, businesses should perform market research for gaining insights into their competitors' branding and make optimum use of this information for differentiating their brand accordingly.
Survey research using survey software is a great way of uncovering customer preferences like brand perception, psychographic data, desired brand values, etc. This plays a pivotal role in creating customer profiles and segments effortlessly.