Understand the brand assessment & segmentation
17 February 2023
Brand assessment and segmentation are two essential components of market research that help businesses understand their target market and consumer behaviour, improve their brand's performance and increase their competitive advantage. A successful brand deeply understands its target market to meet their needs and preferences effectively and have a strong connection with them. By understanding its target market, a brand can tailor its product, services, messaging, and overall branding to resonate with its audience, build trust and loyalty, and drive sales and growth, but how to know the volume of consumer segments and their behaviour, also understand the market and value? Let's do the research!
Why should you research to get to know the deeper of the brand?
Realizing a massive market for a specific product and service doesn’t mean being able to relax and take the situation for granted. An enormous market opportunity will likely attract competition from other businesses, who may try to offer similar or even better products or services. It means the company cannot simply sit back and rely on its initial success but must continue to innovate, improve and differentiate itself from its competitors.
Furthermore, just because there is an enormous market opportunity doesn’t mean that the consumers will remain loyal if the business fails to meet their expectations. Companies need to monitor continuously and are adaptive to changing customer preferences. The only way to go the extra mile is to do market research, especially brand assessment.
Refers to the evaluation of the brand’s overall performance in this market; it will measure the brand’s market share, awareness, customer loyalty, and brand equity. Doing brand assessment in market research will help businesses to get a deep understanding of how their brand is perceived in the marketplace and identify areas that need improvement. For example, if a business’s brand awareness is low, invest more in advertising and marketing to increase its visibility and attract more and more new customers. Or make extra communication for brand awareness and usage to give a better chance for a specific product to get more hype in a particular age group, besides the current tagline, such as making more highlights according to consumers’ needs.
Evaluate your brand's strengths to understand market segmentation and get more hype!
To evaluate a brand's strengths and understand market segmentation, businesses need to identify their unique selling points or strengths that set them apart from competitors. Brand segmentation can then use these strengths to segment the market and target specific customer groups most likely to benefit from those strengths.
Doing market research through identifying market segments will involve dividing a larger market into smaller segments based on shared characteristics such as demographics, geographic location, psychographics, behaviour, or needs. This helps businesses better understand their target audience and develop more effective marketing strategies that appeal to specific segments. For example, the potential target consumer is divided into three segments; the simply curious, the comfort zone, and the healthy clubber — for the sanitary napkins case study. Through these segments, we will know what the consumer wants from the product and their needs. Such as grabbing a specific part to give a higher penetration for one particular product and strengthening as the leader in their category.
Other strengths that may be useful for market segmentation include product features, brand reputation, customer service, pricing, and geographic location. By identifying these strengths, businesses can create targeted marketing strategies and tailor their messaging to appeal to specific customer groups.