A successful brand launch or relaunch is built upon one crucial element – extensive research. While digging into reports and conducting surveys isn’t the most glamorous part of the job, there is nothing that will help you reach your goals better than a thorough understanding of the marketplace and your customer. Here are a few areas to get you started:
1) Research Your Competition:
Before you even enter the marketplace, do some background digging to figure out where your brand will fit in. The biggest mistake many business owners make is developing a product or service where there’s no need in the marketplace. What areas does your competition already have covered? What opportunities are there to position your brand? To better visualize the competitive landscape, try building a war room. Assemble everything from the physical collateral to the online reviews of competitors in one place, and you’ll have a better idea of how to successfully position your product or service.
Secret shopping is another great way to gain knowledge of your competitors. By going to physical store locations or speaking with your competitors’ staff, you can learn where they’re performing well and what could use improvement. These improvement areas are something for you to do better or differently, so pay attention!
2) Conduct a Digital Audit:
To build off your competitor research, undergo a digital audit. Your business’ online presence is extremely important to the success of your brand – no slick TV spot can compensate for a poorly designed website or lackluster social media strategy. If you’re relaunching a brand, take stock of your current website and social presence. Do you have an SEO strategy? Is your site mobile optimized and organized so key information is easy to find? Do you have a social media strategy? Assess the effectiveness of your competitors’ digital habits as well. Do they have great websites? What keywords are they targeting in paid search? What is their average post rate and engagement rate on social media? All of these questions can help you dig a little deeper into both your own online marketing strategy and that of your competitors.
3) Talk to Your Current/Potential Customers:
Whether you’re launching or relaunching your brand, getting to know the people who will be patronizing you is key to tailoring your offerings. If you’re relaunching your brand, you need to interview both current and potential customers. What resonates with current customers might not be important to your potential customer base. Likewise, if either group has a recurring concern or suggestion that you hadn’t considered, it is better to identify it early on so that you can address it now.
To that end, conduct both surveys and one-on-one interviews. Surveys help you understand customer behaviors on a more general level, while individual interviews allow for more unusual questions – and potentially surprising insights. Find out what makes your customers tick beyond their interaction with your brand and you’ll have a better understanding of how to effectively market to them.
With these tips in mind, you’ll be fully prepared for what you may encounter when launching your new brand. Still confused as to where to start begin? Contact Launch today and we can get you started!