The Value of Market Research

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In 2005, I was determined to test the effectiveness of my new brand through a professional market research company. Knowing how much I believed in it wasn’t enough; I needed to know what objective consumers would think of it when they first saw it. At that time, my brand name was approved in the United States and filed or registered in over thirty foreign countries. The name was legally protected as well as it could have been in many countries because of my holistic view of this remarkable name. However, would it grab the consumer’s attention or, more importantly, their wallet? Here is a case study of my experiences in real world market research.

In 2005, I had already created a new product brand name and needed to know how to better reach my target audience. So I contracted with two companies: one was a web development to create an information website and the second was a market research company. The objective was to make my new brand known.

While the product website was under construction, we started with the development of an online survey. This survey was rolled out nationwide to get the widest possible response from consumers. Here are some of the interesting highlights the survey revealed:

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

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

Over 50% of respondents chose the brand name to appear on bandages, joint pain ointments, sports / energy drinks, and cold medicine / allergy relief.

They even provided nine descriptive terms chosen by consumers:
Healing
Comforting
Support
Sure
Reassuring
Reliable
Soothing
Secured
Sure

These adjectives obtained through our market research are connotations that most manufacturers would like to associate with their product name!

Why was it important to determine the adjectives? Because these connotations have become the keywords we have used in the creation of all marketing materials. We wanted to use words that resonated with consumers.

Based on the results of the market research, we created a PowerPoint slideshow to illustrate how consumers interacted with the brand name. This was effective because it combined visual elements – including graphics to illustrate product metrics with powerful marketing words that reached out to consumers. This PowerPoint also served as some great unique point-and-click visuals on the website. Marketing results were captured in a quick information sheet that website visitors could download and view at their convenience.

The most comforting result of my investment in market research was that the survey supported my theory that this remarkable name was a “positive brand name 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 as well as valuable words for future marketing efforts in print, online, and presentations. It also saved me money by investing in flyers and an online website presence that would connect my potential clients.

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



Source by John B Williamson

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