Market research can provide you with unparalleled insights, from drivers and barriers to strategic message and concept testing. However, to obtain the answers, you must know what the right questions are for your brand. In today’s volatile landscape, moving past conventional standards means asking the right questions. If your business or research metrics are not proactive and meaningful, surviving in a highly competitive landscape can become significantly more difficult. So, what does this mean for your brand?
Let’s take a look at an example of a brand that dared to be different and discovered a new target by considering parts of the market which competitors deemed were not worthwhile. Cialis was launched in 2003 and was third to market in the US, following Viagra and Levitra in the erectile dysfunction space. Rather than taking a directly competitive strategy against Viagra by emphasizing the fact that it stays in the system longer, Cialis decided to take an interesting approach and target differently by focusing on market circumstances versus a science first approach. They asked the right questions about the market and consumers to discover that their partners are one of the main reasons why men seek out treatment from their physicians. Cialis’ strategy directed messaging towards the partners of men rather than the men themselves who were traditionally the main target and additionally emphasized romance over sex which differentiated them from Viagra or Levitra. Looking at the market through a different lens while understanding key Customer Performance Indicators allowed them to outsell Viagra by almost a billion dollars before Viagra lost patent protection.
Reaching the relevant customers and buyers should be the ultimate goal and choosing appropriate metrics will give you an advantage. Adopting Customer Performance Indicators (CPIs) as well as Key Performance Indicators (KPIs) will allow you to optimize and predict your growth. CPIs are more customer centric and are established to measure factors which consumers value such as time, convenience, or money saved. KPIs on the other hand measure how customers are performing for the company and give insights into how effectively the company in turn achieves their business goals.
A great example in the healthcare industry regarding the importance of relevant customers is how physicians determine the right patient for the product. In multiple myeloma, physicians determine performance status and biological age as key drivers to prescribe a product. In reality however, patients are judged on the way they look and behave as well which ultimately plays the biggest role in deciding which product is appropriate for the consumer. Exploring these nuances to look past the front of mind responses and into the complex paradigm of decision making is what will give your brand a competitive advantage in the market.
Although CPIs may not be the traditional metrics used to measure success, they give remarkable insights into what is important to customers which can be beneficial when targeting a differentiated group. Consumer outcomes will ultimately impact business performance therefore establishing CPIs and connecting them to KPIs will provide advanced, differentiated and precise results for your brand to assess. Every brand deserves a customized approach to ensure success.
Ultimately, your brand is what you measure so it is essential to measure what matters.