Market research can play a vital role in developing or evolving the definition of a brand. Brand owners used to conduct studies to identify the needs and priorities of different groups of category buyers. Then, they’d pick segment(s) to target and then focus their efforts on these types of people, particularly when advertising the brand.
According to a new survey from Boston Consulting Group and Worth Media Group, affluent Millennials prioritize spending on luxury goods over experiences, challenging the popular notion that the next-generation is more experientially minded.
I was lucky enough to begin my career in market research before the final curtain came down on the Mad Men era of marketing. I never knew any first-generation Mad Men, but I was tutored by their next-generation protégés and apostles. One of whom was the legendary Larry Light.
When managers ask me about guiding their metrics journey, I first ensure they start with the vision for their organization. What is the company aiming to achieve and what should we measure to track that progress? Once you have understood and translated this strategic vision to your team, you can and should explicitly link it to your measurement system. Too often, managers start from the metrics they have instead of the metrics they need. Three...
For the last 50 years CPG and retail brand building has been focused on chasing awareness. The theory is that top-of-funnel recognition will lead to consideration, and if the brand is persuasive while spiraling further down the funnel, a consumer purchase will occur. Leave it to the impact of evolving culture and the presence of existential, environmental threats to shift behaviors and push the funnel off its pedestal. A distinctive new path to brand building...
