The value of market research

Digital Marketing

In 2005, I was determined to test the effectiveness of my new brand through a professional market research company. Knowing how much she believed in him wasn’t enough; I had to find out what target consumers would think when they first saw it. At that time, my trademark name was approved in the United States and filed or registered in more than thirty foreign countries. The name was legally protected as well as it could have been in so many countries as a result of my global vision of this extraordinary name. However, would it catch the eye of the consumer or, more importantly, their wallet? Here is a case study of my experiences in real world market research.

By 2005, I had already created a new product brand and needed to know how to better reach my target audience. So I hired two companies: a web development company to create an informational website and the second was a market research company. The goal was to spread the word about my new brand.

While the product website was being built, we started with the development of an online survey. This survey was implemented at the national level to obtain the broadest possible response from consumers. Some of the most interesting aspects that the survey revealed were that:

64% of respondents were open and receptive to the new brand name. This was important to me, because it meant that people liked the name.

The three most likely product categories to link the brand name were:
(a) safety and first aid products;
(b) personal hygiene / health products, and
(c) Over-the-counter pharmaceutical products.

Over 50% of respondents selected the brand to appear in bandages, joint pain ointments, sports / energy drinks, and cold / allergy relief medications.

They even provided nine descriptive terms that consumers chose:
Pain relieving

These adjectives that we came up with through our market research are connotations that most manufacturers would love to associate with their product name.

Why was it important to determine the adjectives? Because these connotations became the keywords we used when creating all the marketing materials. We wanted to use words that resonate with consumers.

Based on the results of the market research, we created a PowerPoint slideshow to illustrate how consumers interact with the brand name. This was effective because it combined visual elements, including graphics to illustrate the product configuration, along with powerful marketing words that moved consumers. This PowerPoint also served as a great “point and click” visual on the website. The marketing findings were written into a quick fact sheet that website visitors could download and view at their convenience.

The most reassuring result of my investment in market research was that the survey supported my theory that this notable name was a “positive brand strongly associated with multiple product categories.” Was it worth investing in market research? Yes, because it gave me insight into the minds of my consumers with more valuable copy for future marketing efforts in print, online, and presentations. It also saved me money by investing in brochures and an online website presence that would connect with my potential customers.

I highly recommend that if you are an inventor, be sure to set aside money for independent market research on your product idea as well as your product name. You’ll be glad you did!

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