When your business path starts to veer off course, you’re probably anxious to find ways to get back on track. In some cases, it means an overhaul of the way customers see your business and its products. Time and time again, worldwide companies use rebranding and repositioning as a way to rejuvenate their sales and manicure their reputations. But how do you know which path for reputation rehab is right for you? Knowing the difference between rebranding and repositioning could be the start of a new direction.
Any product research and development team can tell you that a product launch is deceptively simple to the average consumer. The final product on the shelf is usually the culmination of months of brainstorming, market research, and testing to make sure it’s absolutely perfect. Most product launches utilize the same six steps to cover bases, improve design, and make sure a product is ready for purchase.
When brands change their philosophies and target audience, it calls for a major repositioning. Repositioning occurs when a brand wants to maintain a name and product offering, but wants a new crop of potential customers to take notice. It might sound like a modern marketing strategy, but the truth is that the first major brand repositioning happened in the 1950s, thanks to the clever marketing team at Philip Morris, the father company of Marlboro cigarettes. Find out how Marlboro adapted to a changing economic landscape with a repositioning; even if you’re not a smoker, you might just learn something.
Professor Jordan Louviere of the University of Alberta was the first to name the model of discrete choice between three or more items as “MaxDiff” in 1987. Today, the model is applied to everything from vacation destinations to soda brands as a way to better predict the features for which consumers would be willing to pay top dollar. Understanding MaxDiff can make for more effective market research results, and the ability to invest in the features that will have the most impact for consumers. Get to know MaxDiff a little better to see why it’s superior to less in-depth methods.
They say that nothing in life is for free–especially when it comes to the government. But, in support of small business, the U.S. government does offer a wealth of information to help get you pointed down the right path. What better way to complete market research than to use the largest and most official databases on consumers, industries, and economic conditions?
Supermarket Freud: Ernest Dichter and the Sex of Food When you vacillate between two types of bread at the store, you might think you’re just weighing the pros and cons. But to Ernest Dichter–the father of “motivational research,” you’re actually applying your sense of self to your purchasing decisions. And though it might sound dubious, Dichter’s habit of applying Freudian … Read More
Startups are usually big on ideas and vision, but short on cash. And, with a small budget, anything outside of typical operating costs might be deemed unnecessary–it’s about a lean and mean approach to overhead. Unfortunately, for most small businesses and startups, that means skipping over one of the most crucial steps to a successful launch: Proper market research.
What is Customer-Based Brand Equity (And Why Should You Care)? Market researchers are sometimes overly fond of charts, models, and graphs–but for good reason. Charts break down some of the complexities of marketing data so they’re easier to explain to and apply to businesses. Take customer-based brand equity, for example: It’s a mouthful, but it actually depicts just how powerful … Read More
In a world that’s all about “click Yes or No” or “Slide this bar to indicate your satisfaction,” is it possible that we’ve lost the art of actually talking to consumers? The in-store survey is much maligned but often misunderstood and passed over for 2.0 versions of the same idea: Getting customer opinions.