It can be easy to fall into a space of comparison as a small product based brand.  If you’re in the early stages of product development, about to launch your first product or collection, or looking to re-evaluate your current strategies this article is for you. 

Looking at other brands in your product space can certainly feel like full on comparison sometimes.  For some brand founders I have spoken to they have even said they feel Imposter Syndrome starts to kick in.

BIG TIP: 

Market Research is not about comparing your brand to other brands but a tool for helping to identify gaps and opportunities within your product’s market. 

This opportunity is often referred to as White Space.  The space where brands can innovate, improve, and upsell products within their market.

Market Research, sometimes referred to as a Competitive Brand Analysis helps you establish your brands competitive advantage.  This research becomes the basis for establishing the white space and developing sales strategy that is rooted in research vs. blindly trying something. 

5 Tips For How Market Research Will Grow Your Brand & The Key Data to Collect:

  1. Competitive Brands – make a detailed list of your competitors.  This will give you a clear understanding of the options your target audience has when purchasing.
  2. Price Points – make note of the price range your competitors are offering their products.  Is there an option for a new customer to enter at a lower price?  Is there a standard price range for the type of product you are selling?
  3. Packaging – what type of packaging are your competitors investing in?  Does the packaging tell a brand story, it is more basic with less information?  It is very design forward but less informative?  How does the packaging pop a boutique shelf, is there something unique about it, does it stand out?
  4. Merchandising – this is a HUGE OPPORTUNITY for when you pitch your dream retailers and boutiques.  How are your competitors’ products displayed in the store?  Are they solo, cross merchandised with complimentary brands?  Articulating a unique display for how your products can be mechanized will set you apart when pitching boutiques. 
  5. Product Variety – what products are being offered by your competitors.  Do they offer multiple sizes, a sample pack, or bundles?  Use this information to determine if your collection is offering a variety of products for customers to engage with. 

Having a clear understanding of your brand’s competitive advantage in the marketplace will help in establishing a successful sales strategy for positioning your product and pitching for creative brand partnerships. 

Retail + Customer Experience Expectation changes rapidly in today’s world of goods and commerce. By staying on top of market research, you offer your brand an opportunity to create a competitive advantage that is crafted as a direct response to what you have observed as missing in your products market space.

Ava Ghiotti is a NYC based Brand Consultant helping small product brands strategically approach creative pitching + the ever-changing landscape of retail.

Market Research vs. Comparison: 5 Tips How Research Will Grow Your Brand

October 30, 2023

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