Market research helps businesses and organizations strengthen their reputation, increase brand awareness, understand market segments and trends in the market, and improve product marketing effectiveness.
Let’s take a look at some of the brands that developed based on market research.
Starbucks is the largest and most successful global coffee shop chain today. One of the reasons for the success of Starbucks is the application of market research to the business.
They use the My Starbucks Idea platform to collect consumer feedback. This is a handy and innovative customer feedback collection platform.
Dove is a famous beauty brand that promotes the self-love of women. Most of Dove’s commercials evoke positive comments about the body.
Thanks to market research, Dove saw that women said more negative things about themselves than positive ones on Twitter. That’s why in 2015, Dove launched the #SpeakBeautiful campaign focusing on this discovery. After the campaign, the number of people commenting negatively about themselves decreased significantly. Dove’s market research example has left a deep impression on consumers and society.
Dove has made the most of market research by partnering with Twitter. By promoting the keyword #SpeakBeautiful, Dove has made many customers more confident about their bodies.
McDonald’s is one of the largest fast-food chains in the world. Market research is also among the keys to its success.
They ask many questions and rely on customer answers to gain their insights, and assess whether customer needs are changing. They will then adjust their strategy and menu to delight customers and outperform competitors.
In particular, many McDonald’s customers are concerned about the effects of fast food. Therefore, McDonald’s considered that feedback and added healthy items to the menu, such as apple slices.
LEGO uses market research to promote inclusivity for all children playing with its toys. Over the years, LEGO has been primarily a toy company geared toward boys. However, they want to expand the market by getting all children to enjoy their products.
Over four years, LEGO conducted a study with 3,500 girls and their mothers to know their play habits. This approach helps identify opportunities when expanding into a new market. As a result of market research, LEGO has launched a new line of toys, ‘Friends’, to encourage girls to play with LEGO toys. After collecting data from market research, the company determines the bright colors of the packaging and the size of the toys.
LEGO used market research to perfect its products and thereby, expand the consumer market.