Digitalisation has changed the trend of marketing and market research. It is an era of digital marketing where promotion of brands, products, or services is done through electronic media, such as the Internet, mobile instant messaging, social media and mobile apps. Market research has also evolved from pen-and-paper surveys, one-on-one interviews, and focus group discussions into something more mobile, instant and convenient. Market Researchers have adapted to innovations in technology and the corresponding ease with which information is available.
Digital marketing technology and techniques enable businesses to analyse their marketing campaigns in real time and figure out what works and what needs to be improved and helps to develop brand affinity in a customer. Market research has likewise made use of social media for collecting and analysing millions of situations across several social networking programs to identify trends and discover more information about consumers. This allows the market researchers to anticipate more or less how a consumer will behave and help to boost up business brand equity.
Measurement of Brand equity mainly depends upon two aspects:
· Brand awareness
· Brand knowledge
Market researcher assists to inflict those brand knowledge and brand awareness in the minds of the consumer which is powered by digital technology and techniques.
Market researchers use leading edge brand equity research models and quantitative marketing research tools to tailor each client firm's research analysis study. The goal of brand equity research is to:
· Track - Track band equity strength by comparing it to prior periods, competitive brands, and out-of-category leaders.
· Discover - Discover brand decision options such as renaming or repositioning the brand.
· Extend - Evaluate brand equity power for brand extensions in existing product line or the new category.
Many research agencies have developed their own brand equity models that are executed in partnership with end-user researchers with a common objective of brand awareness.
There may be an occurrence of negative brand equity in which a company’s brand actually has a negative impact on its business – such as a wide product recall or continued negative press attention. Market researchers can prevent such catastrophic events.
For example: In the Nineties when Skoda discovered to its horror that it could not get British consumers to buy its cars despite spending millions on advertising. Consumer research later confirmed that two-thirds of its target market would literally not consider anything at any price that carried the Skoda badge.
There is no other way of actually knowing if the brand is gaining progress in matching the brand equity goals unless a company conduct research to gather real consumer opinions which can help to shape business brand value.
Digital World enables the firms to offer market researcher with game changing new research strategies by utilizing modern technology and techniques, such as Computer Assisted Qualitative Data Analysis Software (CAQDAS), qualitative models that integrate cross-platform primary research with secondary data sources. Market researcher can now provide game changing insights to the firms, regarding their consumer behavior and competitors, which can serve to differentiate their brand in present dynamic market and boost up business brand equity.