The Anchor: 7 reasons to never ignore research analytics. Ever

16 Nov,2011

By V Balasubramanium

 

The word “dynamism” has left a strong impression in the mind as we, like other consumers, have also embraced “dynamism”.  We experience the pace of this accelerating dynamism on a continuous basis. Dynamism in consumer behaviour as a result of a plethora of factors leads to the dynamism in the market. Given this increased pace, any brand – whether small or big, weak or healthy – needs to monitor its performance not only on a day-to-day basis but practically minute by minute. This monitoring and thus implementing quick course correction as required by changing consumer tastes is the biggest catalyst for any brand’s sustenance and growth. Research analytics come into play at this juncture. Without a proper and systematic research analytics strategy, brands, irrespective of size, will find the going tough. Thus the reasons for not ignoring research analytics are mainly connected with the word “dynamism”.

#1 Consumer needs are evolving. Thanks to the increased exposure of the consumer to the globe through media, or through increased affluence, the attitudinal shift is the main driver to this ever-changing need. The resultant effect is tuning the mind for more brand messages, increased trial, and reduced loyalty.

#2 The market is getting filled with more and more brands with varied offerings along with evolving needs. This crowding will lead to a greater effort by brands to gain increased consumer connect. Too many brands thus try to get consumer mindspace through various mechanisms.

#3 Increasing knowledge of brands for the consumer. Consumers in this dynamic society try to get more knowledge of brands and switch decisions without any lag. This leads to expansion of the consideration set basket and reduction of loyalty.

#4 Media is proliferating. Increased choice of connect points leads to more information being provided to the consumer, thus expanding the consumer’s knowledge base and aspiration levels. This results in increased brand trials.

#5 Innovative distribution strategies of brands lead to more consumer brand interactions that influence changing brand choices.

#6 Given all these complexities in markets and consumer behaviour patterns, marketers are increasingly looking for not only marketing RoI estimation but management of effective marketing RoI, the resultant benefit thus in monitoring the bang for the buck behind brands.

#7 Static is an old word now. All brands are passing through this dynamic phase. To constantly gear to new challenges and create a proactive strategy for the win, brands need to look into present and past trends. Without proper ongoing marketing research analytics, brands of any size will find it difficult to face a new challenge.

 

V Balasubramanium is the Director at RainMan Consulting.

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