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A company's brand, or the relationship it has with its customers, is one of the few things it can own for all time without the aid of patents, technological innovation, or entry hurdles. Disciplined alignment of brand strategy and plans with customer requirements yields the strongest, most resilient brands. Arrow Point as a Brand consulting company assists businesses in achieving this milestone of developing distinctive brands and brand architectures.
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ARROWPOINT-MARKET RESEARCH AND INSIGHT SOLUTIONS "The Strategic Importance of Affordable Market Research for Business Success"
"The Strategic Importance of Affordable Market Research for Business Success" Deciding on market research may seem like an additional cost that is hard to justify, but it can be viewed as insurance for your advertising efforts. While many of us may not hesitate to insure our significant investments like homes, allocating a few thousand dollars for market research can yield invaluable insights. This intelligence ensures that substantial amounts, potentially reaching hundreds of thousands of dollars, are spent wisely on creative campaigns and optimal ad placements. A recent example involves a client seeking our assistance in updating their company logo and tagline, elements ingrained in their brand for decades. Recognizing the gravity of this decision, management was well aware that these refreshed brand components would be featured on everything from stationery and business cards to signage and company vehicles. Despite the considerable investment, this brand evolution was crucial for reflecting positive changes in customer service and introducing new product lines that significantly enhanced their offerings. It was imperative, however, to leverage the existing brand equity the company held in the market.
Our clients concurred that the most effective method to ascertain their customers' genuine sentiments towards them was to actively seek feedback. To achieve this, members of our team accompanied the company's sales representatives, conducting field research interviews with a selection of their customers. The outcome yielded a significantly more defined understanding of how customers presently perceived our client. In numerous instances, the insights from our interviews caught company management off guard, providing unexpected perspectives. The findings also provided clear guidance on how to shape the creative process moving forward. • Market research can provide a great deal of extremely valuable information, for example: • Are there customer needs currently unmet by you or your competitors? • What specific ways do customers wish you would improve your products or services? How about your competitor’s product and services?
Does the new advertisement or brochure you are developing really tell customers and prospects what they need to hear to want your product? • Where do customers actually look for information on your product category (e.g. are you spending your money in the right places)? Market research doesn't have to come with a hefty price tag, yet its value to your business can be immense. Understanding your customers' opinions and identifying your competitors' weaknesses can unlock crucial opportunities for achieving new successes. In the realm of outperforming competitors in sales, knowledge stands out as the most potent asset you can possess.
