Brand health check for a retail brand
Creating a brand value is one of the key reasons for the success of any large retail brand. The brand value which the consumers perceive helps the brand in getting associated with loyal customers. We conducted this study to check the brand health of a large retail brand. The focus was to help the client understand the overall market, the target consumers, the current brand health, and the competitive landscape, to assess the current opportunity size and identify the growth drivers. Also, to understand the consumer psyche towards denim brands and map the buying journey. Identifying the brand image and category-wise positioning to understand the competitive landscape and the position of the brand was a key aspect of the study.
We conducted primary research with retailers across many retail formats to understand the strength and disposition of the category. We also conducted primary consumer research to understand the consumer disposition towards category and map the buying journey. We held multiple rounds of discussions with industry experts to understand the market and trade dynamics. And, conducted secondary research from various resources including RedSeer Knowledgebase.
The retail brand was home to many products, including denim and retail brand health for the group could be gauged by a series of interviews with retail formats and distributors. The brand perception created by the consumers is based on the value that the consumers attach with a particular brand. The various outlets of the retail stores were checked, and the positioning of the group was analysed. The target audience was identified to understand their preferences and what offerings they like or dislike about the group. The brand health is an important metrics speaking about the group and how much brand equity does the group possess. The number of people aware of the brand would help increase the brand health. A good brand health is important in raising funds from the financial institutions, the ability to increase the sales of the company and to hire better employees for the brand.
The competitor landscape was also done for the client to benchmark the client’s position as per the competition available in the industry. This would help the retail brand in creating a marketing plan for the introduction of a new range of product line that could possibly revamp the whole image of the brand and help in improving the stature of the brand.
The insights and recommendations from the engagement helped the client understand market dynamics and identify the brand positioning vs competition. The findings guided the client on consumer trends and preferences and suggested the key focus categories.