Even if your brand is resonating with consumers right now, you want to keep an eye on the competitive landscape, adjust to changing consumer expectations, and make sure you stay #1, all while moving at the speed of business.
But how do you know whether or not you’re keeping up with your competitors? The answer is performing brand research within your target market. And it’s not hard to do once you know the right questions to ask.
To give you an example of brand research in action, we used SurveyMonkey Audience's Brand Pulse to survey 1075 women, ages 18 and older, about the shampoo brands they know and use. Here are just some of the competitive insights we discovered.
L’Oréal holds very high aided brand awareness but ranks lower than both Pantene and TRESemmé in overall brand awareness. Respondents were more likely to recall Pantene first than any other shampoo brand:
We also analyzed attribute performance for the top 4 brands. We found that L’Oréal and Pantene are rated most favorably for price, but TRESemmé is perceived as the highest quality and most professional of the brands. (See the attribute performance chart for each brand by downloading the report.)
We’ve reviewed a couple of key data points about L’Oréal’s awareness levels, but ultimately any brand study you do needs to look at a number of brand metrics in combination, so you can understand how consumers are moving from prospective user to user. This is an example of how we think about the consumer buying funnel.
In this example, you can see that L’Oréal needs to focus on increasing conversion from consideration to choice. (In other words, consumers are aware of them, but they’re not choosing them over their competitors.)
L’Oréal could increase sales by improving their brand image, becoming more competitive on price, and changing their messaging. That way, consumers could be come more familiar to people who are already aware of their brand:
Download the full report to get deeper insights into shampoo brands and understand how you could be bringing similar insights to your brand. This guide will help you learn how to: