Marketeers have often relied far too much on judgement in the past and not enough on a fact-based understanding of their marketplace. The key to building a brand is to combine a market segmentation with a greater understanding of customers and a brand’s identity. Often qualitative techniques have been used in the past but more quantitative approaches are delivering highly scientific results.
Building a brand isn’t getting any easier, especially with the sudden increase in the number of brands and the way they are being communicated via the different channels of cable and the Internet.
Rising above the ‘noise levels’ without breaking the budget requires companies to get smarter with their brand positioning. A few companies are starting to build their brands more scientifically and in doing so have pushed marketing and market research to new frontiers. The wealth of information gathered from customers and buying patterns has given rise to more sophisticated and accessible statistical tools making it possible to undertake these tasks with more precision and accuracy than ever before. Market research and statistical analysis has allowed a more information-based edge to branding that hasn’t been seen before.
Using more quantitative based techniques won’t result in creativity being compromised. Getting analytical about customer needs and the brand identity helps channel the imagination into areas in which it makes a difference. In these highly competitive times we live in isn’t it time you built a better brand?
