Companies produce goods and services for customers and manage their brands. Some companies even have a couple of brands that worth a fortune. But, even if a brand is valuable and has storied history, it does not mean that it is protected from competition and changes in the market.
Companies need to regularly track how their brands are performing in the marketplace. This is especially true for companies that operate in markets where barrier to entry is low or when brand power is essential to maintain market leadership, such as in FMCG and pharmaceutical industry.
In one case, a national fast food chain with a strong brand, who has been consistently leading the market for years, commissioned a brand health tracking only to discover that it is under intense pressure in some local markets. Local chains and brands were challenging its position in these markets.
AcuityHub is not a technical lab. We are not going to do stress test or chemical analysis for you, but we will assist you in connecting your product development team to the marketplace. This is not as easy as it seems, design engineers and consumers usually have different perspectives and speak different lingoes.
Product samples or prototypes are tested with actual users, questionnaires can be published online, and blind tests are conducted with a group of consumers. There are many ways and stages to test a product. Feedback from each test is used to modify, calibrate and redesign a product to make sure that the new product will get accepted by its intended market.
Your company develops a new product and prepares a related advertising campaign to support its entry into the market. Before launching an ad, an exercise that could cost millions of dollars, some questions need to be addressed, such as: How will it fare with consumers? Will they respond positively? Is it going to be effective? Will it create the brand image the way the company intended?. AcuityHub online platform with panel survey is a good way to test it out.
You have your sales report on your desk, complete with charts and figures confirming your predictions and a forecast for the next few quarters. So, what is missing? The answer to the most important question: Is customer satisfied with your product and company?
Our platform is designed to help businesses measure customer satisfaction and deliver feedback quickly. The system would benefit companies trying to measure performance of existing products or new launches.
You designed your product to perform in a certain way. Your engineers wrote manuals how to use the product. Your marketers advertised to build a certain image around it. But customers may have other ideas; they are more creative and resourceful than many companies give credit for. Something that is considered staple food in one market could be just a snack in another. Many customers might ignore the recommended way of operating a new power tools in favor of the old ways they always use.
It is essential to understand customers’ usage and attitude of a product. A usage and attitude study (or U&A) could reveal frequency of purchase and use, attitude toward the brand, barriers to adoption, weaknesses and many more. Using AcuityHub platform, this study can be immediately cross-referenced with customer demographics and location.
Census might seem like something the government does, not the private sector. But a systematic survey of the population of a certain area is as important to a company as it is to government. For one thing, it would reveal demographic details of a market and therefore revealing potential customers.
Census involves a lot of data and process. Sometimes the survey is so big or complex that customers prefer to get on the omnibus, and therefore can get results faster and cheaper. We approach this issue with patience and a long view.
Market research produces a lot of data, but they are not necessarily good quality data. We try to maintain quality by inherently build layers of quality check into our survey methodology and its technology infrastructure. Even in cases where data comes from outside sources or past research, our team can use the AcuityHub system to validate its quality and filter those that are relevant for your company.
Quality checking is essential for us, because great quality of data is our top concern. Verification can be done by re-visiting respondents or by phone.
Launching a new product will always be tough exercise, even for storied companies and seasoned managers. There are many cases where a company launch a new product and then put all their resources on sales and marketing efforts, such as advertising and sales calls, and decided to skip post launch check. Maybe cost savings was the reason, perhaps it was bias in planning and execution, or it could be overconfidence. The company only discovered months—and millions of dollars—later that the product has failed in the market.
Those companies have neglected the importance of monitoring the market and product performance. In the past, monitoring might be difficult for products with large and distributed markets, but not anymore.
A company might make a lot of sales. Advertising could be well received. And customers seem to be happy.
But the marketplace can be a brutal place if you are negligent. Even when you are doing well today, you cannot take your brand and your customers for granted. New products enter the market all the time, building their brand awareness, and then pushing old brands to the side. There are many examples of how brands compete in the market, exploring opportunities in neglected segments, making the right strategy, and using their positions in niche markets to build up a strong challenge to the market leaders.
Your business could do better by digging further, asking questions like: Who are the most loyal customers? Where are they located? What are their characteristics? Is it possible to cross-sell your other products?
Our online platform and community of respondents make answering those questions easier. Our technology is designed to make sure that companies can understand the demographics of their customers better.
Data cleansing is detecting data sets that do not meet the required quality standards and then removing them. In verbatim coding, we assigned values and codes to non-numeric data such as words and pictures so they can be processed and analyzed quantitatively. Data weighting is the process of balancing and adjusting data samples to make them representative of the full population. From analysis of data, we can draw conclusions and insights and present them to our partners.
We can present results in conventional tables and charts, or in descriptive words, but also by using perceptual mapping. This visual technique is a powerful way to get your points across and more intuitive, and, therefore, very useful for managers.