This is an informative guest post by Info Trends, from the trenches of their industry, that discusses the importance of brand perception and what makes a consumer select your brand:
Most imaging and document product segments are extremely competitive, with multiple brands competing for “share of mind” in the battle for overall market share. In many cases the competing products and services have very similar feature sets and price points that are available through comparable channels. Brand can often be the key discriminating factor in a customer’s decision to select one product over another.
Brand is essentially the sum of all experiences related to the product, service, and companies that make and deliver the product. Brand perceptions are shaped by functional experiences (i.e. speed, quality, reliability, ease of use) as well as emotional experiences (i.e. make me feel better, improve my performance, make my life/job more gratifying or easier) the customer associates with the product and company.
Brand experiences and perceptions are developed over time through a variety of sources, including:
- Previous experience with the brand
- Interactions with sales, customer service, and other employees
- Recommendations from friends and colleagues
- Reviews by reputable sources
Brand managers need to understand how customers perceive and select brands in specific product categories and market segments. You also need to know what is important to customers when making a brand decision, where customers get information about products and services, and what customers think about your brand.
Most vendors are working with very tight margins and cannot afford to invest in programs that do not demonstrably improve their market position. With marketing costs increasing, you need objective input to make budget decisions for your marketing activities.
About InfoTrends: Leading worldwide market research and strategic consulting firm for the digital imaging and document solutions industry. They provide research, analysis, forecasts, and advice to help clients understand market trends, identify opportunities, and develop strategies to grow their businesses.
InfoTrends regularly conducts extensive brand decision research on the imaging and document technology markets to:
- Measure unaided and aided brand awareness
- Determine brand share
- Assess customers’ brand preference
- Determine the information sources used in making brand decisions
- Identify the key factors when selecting a brand
- Measure the brand performance by key factors (i.e. performance, price, availability)
- Quantify the strength of the brand by components
- Understand the role of sales representative in brand selection
- Measure brand loyalty and premium or discount
- Determine factors for switching brands
Does your brand perception match your brand reality?