Research is the key to success

Research can do wonders for your advertising campaign.

Research can do wonders for your advertising campaign.

It can measure the reputation of your company and product among consumers, security analysts, government officials, editors and academics. These are important people to pay attention to if you are an entrepreneur.

Using mathematical models, research can estimate sales of new products and advertising expenditure required to achieve maximum profits.

Research is good in getting consumer reactions to a new product when it is in the conceptual state. Research can tell you how consumers rate your product compared to the products they are already buying. If consumers find your product inferior, send it back to your research and development team.

Research can tell you what formulation, flavour, fragrance and colour will appeal to most consumers. It will also tell you which package designs will sell best. And while you are at it, find out if consumers can open your packages.

Research can help you decide the optimum positioning for your product. It can define your target audience according to their categories, namely men or women, young or old and rich or poor.

It can find out what factors are most important in the purchase decision and what vocabulary consumers use when talking about your kind of product.

Research can determine what "line extension" is likely to sell better.

For example, after Dove carved out a profitable niche in the soap market, Unilever researched what other products could be marketed under the same name. Research revealed that a liquid for washing dishes stood the best chance and it was successfully introduced.

Research can warn you when consumers show signs of finding an established product less desirable than it once was. Perhaps they have been using cheaper ingredients, as they usually do.

Research can save you time and money by reading your competitor's test markets, even his cost of goods and profit margin. All the information is there, if you know where to find it.

Research can determine the most persuasive promise. Consumers are always looking for a benefit in your product. A large promise is the soul of an advertisement and it can sell your product.

Remember how OMO became popular because of the tagline which promised that the washing powder can wash even with cold water.

Research can tell you whether your advertising communicates what you want it to. When you say something, make sure you did say it.

Research can tell you which television commercial will sell the most. It will tell you how many people read your advertisements and how many remember them and you will be able to tell how many sales to expect.

Research can settle arguments. If you can prove that your product can do this and that after research has shown that it can, there are less chances for you to argue with your partners about whetheror not the product will succeed.