Any brand cannot take a decision of launching a product or service in a sudden haste. Often taking such quick decision can lead the company to big problems or also to a huge loss. This is the reason, proper planning and research is required so that the brand can come up with a product that is fruitful and that can reap profits for the brand. One such research conducted quite often by the big brands has been strategic research.
Strategic Research is mainly a marketing strategy that helps the brands to analyse the situations well and then come up with the correct decision. The research is mainly conducted in three different levels and these are:
- Category level
- Product level
- Brand level
This level is mainly about the category of consumers who will be interested in having a look at the product to be launched. The level again is conducted with the help of a number of methods.
- Usage of the product is analysed along with the attitude of the consumers towards the product.
- One would also analyse the kinds of barriers in acceptance of the category.
- Most importantly, it has to be known that which segment of consumers will be interested in the product.
- Gap analysis is made to check the potential of the product in the market.
At the product level, the attributes of the product are evaluated. Here too, one analyses to figure out the correct moment or time when the product can be used or consumed by the consumers.
This level is the most important level as this takes care of the reputation of the company. This level also has a number of methods in it such as;
- Studying the image and equity of the brand,
- Examining the brand positioning
- Looking at Brand Archetypes for overall popularity,
- Customer Profiling and segmentation
Without going through all these steps, levels and methods carefully, one cannot arrive at the right decision about launching any new product or brand let alone creating a new category. And that’s why, many brands now go for strategic research for any product before launching it in the market.