International Marketing Research Important to a Business

When you are starting something in your country domestically you have a basic idea about your market, target audience, government rules, etc. But when you open something internationally you have to learn about everything you need to gather all the small information as you are in a new territory and you have to make sure that you do not offend people with wrong messages. That is why research before entering new territory is very important.

International marketing research important to a business

International marketing research plays a crucial role in understanding consumer behavior both psychologically and physiologically. The main role of international marketing research in a business is to understand the consumer’s wants and needs so that you can translate their behaviors into the market’s strategies and plan the future. In this ever-changing world, international market consumers have lots of choices due to globalization. International market research is responsible to maintain its approaches to enhance the market’s strategies in a way of targets markets. Hence, if the company wants to grow internationally they have to learn and understand consumers’ behavior and the quickest way to do that is by conducting proper market research.

Why is international marketing research important?

 When you conduct international market research you get an opportunity to get crucial information about the target audience of that country and focus groups of international business are revealed through market research. Market research is important as it can help you with all the information you need as a company to make a decision. International market research provides controlled information for marketers and advertisers, compares markets, products, and other market variables, and supplies new ideas for business entry or business expansion. International market analysis is essential for almost all decision-making departments of a corporation.

Why is marketing important in international marketing?

 Well, marketing is important for any brand on any given day. But international marketing is more important as when you are launching locally people can still relate with your company at some level but when you are launching something internationally you have zero connection with the customers so you have to build that connection by marketing your product in the right manner.

How does marketing research help businesses?

Marketing research helps a business in the following ways:

• Market research helps a business to realize its future.
• Market research helps a business to understand consumers’ desires.
• Market research helps a business to identify geographic regions for expansion to test the market’s readiness for your new products or services.
• Market research helps in providing numbers on the effectiveness of your marketing efforts.

Benefits of market research in international business:

• It helps a business to understand its target audience.
• Market research helps you to understand the cultural difference so that when you launch your brand internationally you do not do something that can trigger the wrong sentiments for your brand.
• Market research helps you to understand the government rules and regulations.
• Market research helps you to understand international market competition.
• Market research helps you to understand consumer behavior that would eventually lay grounds for marketing campaigns.

When you are thinking of expanding your business internationally, market research is not an option but a requirement. If you need help with conducting research and collecting data in a way that could be useful then visit ibigrs’s website and learn more about research.

The Relevance of Research in the Banking & Finance Industry

 

Every nation’s economic development is largely dependent on the banking & finance sector as it shapes regulatory frameworks, money management practices and financial systems. This industry has a significant influence on currency regulation and therefore requires a thorough understanding through market research. As a top international research company, we have led the way in offering priceless insights in a variety of industries, with a concentration on the banking & finance sector. Our proficiency in market research has enabled numerous firms to effectively tackle obstacles and realize substantial profits amidst constantly changing financial landscapes.

The Importance of Market Research in Banking and Finance:

Market research is indispensable to banking operations and other financial institutions. The sector is characterized by frequently changing regulations and shifting consumer preferences and depends on thorough research to guide choices, develop strategies and adjust to shifting market conditions. Our unparalleled expertise in market research and dedication to providing up to date insights on the latest trends specifically in banking and finance has been significantly beneficial to numerous organizations in the sector.

Providing Valuable Insights:

As a leading provider of market and business research services, we regularly provide banking & financial companies with excellent research and useful insights. Our in-depth research covers markets, goods and consumer behaviour, allowing our clients to take advantage of sales opportunities and execute well informed tactical plans. Understanding that everything is examined under a research lens, from marketing plans to internal audits, we make sure that every financial decisions is based on credible data findings.

The Impact on Decision Making:

Data analysis is essential to financial operations. The requirements, tastes and everchanging customer trends can be traced via a well structured market research study. This creates opportunities for possible worldwide investments in addition to helping businesses adjust to shifting client dynamics. Thus, market research is a driving factor behind the success of individual companies as well as the continued growth of the banking & finance sector overall.

Important study Areas: Within the broad field of banking & finance,our  study covers important areas such as business banking, credit cards, mortgages, insurance, pensions, personal loans, real estate and credit cards. These domains serve as hubs for comprehending market dynamics, spotting growth prospects and proficiently meeting customer requests.

Economic Research’s Vital Role: Economic research influences the choice of models & instruments required for monetary policies in addition to providing a conceptual framework for policy making. Working together with research driven experts makes it easier to use the most recent advancements, guaranteeing that institutions stay ahead of the curve and have a competitive advantage in the market.

Working Together for Growth: Partnering with IBI, a well-renowned market research firm, is a wise long term investment. Our seasoned team of experts and exceptional leaders provides unmatched services in market research. The caliber of our clientele speaks for us. In partnering with us you can rest assured that we leave no stone unturned in ensuring that your research needs as our client are met. We provide knowledge and perspectives our clients can take advantage of to propel their businesses to greater levels of success.

Conclusion:

In an evolving environment thorough market research has become even more essential to the banking and financial sector’s growth. In addition to enhancing judgement and promoting responsibility, market research establishes a strong basis for management procedures. Market research will undoubtedly continue to be crucial in guiding the banking and finance sector toward long term growth due to its enduring relevance.

Did you know?

– The global economy is expected to slow down in 2024, and the banking sector will face challenges due to a changing economic landscape. There will be new tests of bank’s capacity to control expenses and make money.

– A number of disruptive forces are transforming the basic structure of the banking & capital markets sector. The main forces causing this shift are rising interest rates, a shrinking money supply, stronger regulations, climate change and geopolitical conflicts.

[Source: https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/banking-industry-outlook.html]

Understanding the Importance of ESG in Real Estate Development

 In real estate development, environmental, social and governance (ESG) factors have taken center stage. These factors tackle issues such as social injustice, climate change, and ethical business practices.

Real estate professionals are now incorporating ESG considerations at every stage of a property’s lifecycle, from due diligence to asset management, in recognition of the wide-ranging impact. By analyzing current trends, innovations & regulatory requirements, this article identifies important ESG factors.

Environmental:

By addressing embodied carbon emissions during construction, real estate developers are putting more and more emphasis on combating climate change.

The drive to lower carbon footprints highlights the importance of sustainable practices in order to protect asset value. The increasing significance of sustainability in real estate valuation is highlighted by the higher rents associated with green buildings, which are frequently newer and more ecologically friendly.

Because it sequesters a significant amount of carbon during construction, timber is a more environmentally friendly option for green building materials.

Tightening regulations highlights the need for green reporting standards that lower energy use and carbon emissions. Australia’s NABERS building rating system is one example of how this is being done.

Green buildings are becoming premium assets:

Green buildings are highly valued. As a result, rental prices for buildings with superior environmental performance are typically higher than those for non-green properties.

It may take some time to determine the exact sustainability premium for green buildings but the potential for a “brown discount” or reduced value, for assets with superior environmental performance illustrates the importance of sustainability expenditures.

Green building materials:

About 40% of annual carbon emissions worldwide are attributed to the building and construction sectors with the production of steel and concrete making up the remaining 5%.

Timber’s ability to sequester carbon makes it a more environmentally friendly option. In contrast to the 1,000–2,000 metric tons of carbon dioxide emissions from an average steel and concrete building, timber structures can store 2,000–4,000 metric tons of carbon dioxide during construction.

Social:

Communities are significantly impacted by real estate which affects resident wellbeing, property values and state of the local economy.

In Australia, the housing market addresses the urgent need for affordable housing and offers significant opportunities for investing.

The importance of health & wellness in the design of buildings, emphasizing elements that improve indoor air quality and general wellbeing such as adequate ventilation, natural light and low toxicity materials.

Developers are realizing the significance of their projects for society and going above & beyond with their financial gains to produce enduring social advantages.

Governance:

In the real estate industry, governance encompasses matters such as executive remuneration, diversity in management, preventing corruption and upholding moral principles.

As it advances equity, diversity and inclusion, corporate social responsibility or CSR is becoming a crucial component of good governance. Important elements of governance practices include openness, judgment, choosing vendors, and tenant involvement.

To track and assess asset level ESG performance, benchmarking tools such as GRESB are used. These tools offer insights into stakeholder engagement, leadership, risk management and carbon emissions. Technology is essential to reaching ESG objectives as it makes data collection, reporting, and energy performance monitoring easier.

Additionally,

Resilience and Effective Risk Management: Managing disruptive events like pandemics and extreme weather is a key component of resilience in real estate development. A property’s resilience to climate related risks is increased with effective risk management that lowers vulnerability to calamities like floods & wildfires.

Impact Investing in Affordable Housing: The Australian affordable housing market not only fills housing shortages but also offers profitable opportunities for impact investing which provides both financial returns and social benefits.

Health and Wellness in Building Design: The importance of elements like adequate ventilation, access to natural light and fitness centres for resident’s well-being is recognized by developers, who are progressively incorporating health & wellness considerations into their building design.

Technology for ESG Goals: Prop Tech based platforms that improve tenant experiences and data management platforms for ESG data are just two examples of how technology is essential to reaching ESG goals. Enablement technologies support sustainability goals by tracking and optimizing energy performance.

To summarize: 

ESG considerations are crucial to real estate development, impacting decisions & actions at every turn of a property’s life. Developers are realizing that a comprehensive approach is necessary, from addressing climate change through sustainable construction to impacting communities with affordable housing.

As ESG becomes more widely recognized, it does not only lower risk and preserves asset value, but it also has positive social effects and synchronizes real estate development with global sustainability objectives.

“In order to gather and report on ESG data and make long lasting impact, benchmarking, technology, and reporting are indispensable to gather, analyze, and present ESG data, and make sustainable advancements.”

Sustainability Takes Center Stage: Reshaping Real Estate Strategies Beyond Hybrid Work Environments

Sustainability has become a transformative force in real estate industry with a great impact on strategies than the changing dynamics of hybrid work and workplace experiences.

Now, real estate and facilities managers have a wider range of responsibilities that means they must effectively prioritize a variety of market trends that are present in the sector.

The Shift Towards Sustainable and Productive Workplaces

In our research study on corporate real estate, we found out that the most important trends influencing corporate real estate strategies are sustainability and wellbeing.

Remarkably, sustainability leads the way indicating a major paradigm change. In North America, the significance of decarbonization, sustainability initiatives, environmental, social, and governance (ESG) factors are more recognized than in the EMEA region with 58% of the surveyed companies recognizing its impact.

This divergence emphasizes the maturity gap and proactive actions that European companies have taken over a long period of time.

The dedication to sustainable practices is a reflection of a growing need to provide workplaces that prioritize improved productivity and employee wellbeing in addition to their ecological impact.

Digitization, a Catalyst for Efficiency & Performance

The real estate sector that has historically been a slow-to-digitize industry is embracing technology as a way to increase efficiency and cut costs.

Technology’s incorporation into budgets and strategic planning mark a move toward data driven decision making. Technology has a significant role in addressing the skills & labor shortages in facility management, in addition to enhancing building performance.

Decision makers are using data and analytics to make better decisions in light of shrinking teams. This allows them to maximize asset performance while using fewer personnel.

Although 36% of the surveyed companies disclose that labor shortages have little to no impact on their business, it is acknowledged that skills shortages will likely have a bigger impact in the future.

Hybrid Work

Even though flexible and hybrid work policies have grown more sophisticated over the last two years, real estate strategies are still greatly impacted by this change.

In order to provide office spaces that are in line with the changing needs of the workplace, real estate and facility managers are constantly reviewing and modifying their strategies.

Navigating Market Trends for a Resilient Future

A complex web of market trends must be navigated by strategic decision makers as the real estate landscape experiences dynamic transformations.

Real estate strategies are also influenced by high interest rates, fluctuating energy prices and lack of skilled facilities managers. A nuanced strategy that takes into account regional variances and industry specific effects is needed to balance these factors.

In summary, the significance of sustainability in real estate strategies has surpassed that of hybrid work dynamics. Along with continuous adjustments to hybrid work models and technological advancements, the industry’s dedication to sustainable practices positions it for resilience and relevance in a world that is constantly changing.

Leaders of the real estate industry need to keep innovating, adapting and emphasizing sustainability in order to create workplaces that meet changing demands and international requirements.

Why Next-Generation Market Research is Important ?

 If you want to predict the future then forget what the so-called “gurus” have to say and start conducting market research. By conducting market research you not only can get an idea about what the future looks like but you can also predict the market and can plan things accordingly.

Why next-generation market research is important?

Well, as a brand or a service provider you have to understand what the coming generation expects from your company and what you can provide to them. Good market research can help you figure that out, it can help you with planning and strategizing things.

Why is it important to complete market research?

When you start research sometimes it does not lead anywhere and you might want to stop in between but trust us when we say that market research is never wasted. So, complete your market research you would never know what the end conclusion would be like and how one small conclusion can change your lookout for the entire brand.

What are the most important benefits of market research?

• Market research helps you understand your target audience.
• Market research lets you get inside the head of your audience and you can see how they behave.
• Market research helps you with predicting future patterns so that you are ready to change with time in the right direction.
• Market research is a very convenient way to get information about your customers.
• You can have a one-to-one conversation with your audience and you can understand their buying behavior.
• Market research lets you divide your audience into different categories making you as a brand decide what kind of products and services you have to launch.

What is the future of market research?

The pandemic has changed the way audience buy and see products and as a brand, you would be noticing this pattern on your sales excel sheet. So to grow as your brand grows you need to do market research to understand how people are receiving your brand/service. So, market research is here to stay it would be the future of the market and would become a compulsion rather than an option.

How can market research help me in the future?

Well, whenever you conduct research you do that for the future so that you can analyze your past as a brand, and that is how research can help you in the future to make sure that you do not repeat the same mistakes as you did previously. With market research, you can do a lot and learn a lot about yourself and your brand.

So, if you are a brand that really wants to grow then start by doing some market research, if you are new to this or want help in doing some excellent research then check https://ibigrs.us8.cdn-alpha.com/ .

Keeping Up with Trends – An Extensive Look at Corporate Real Estate Industry

 In the ever-evolving corporate real estate sector, organizations are battling with priorities that are constantly changing and new trends that are influencing their approach.

In this blog post, we are going to share with you some insights of a global study conducted by IBI Research Solutions and its partners on Smart Building Technologies where we examine the nuances of the latest developments, including how to optimize building operations, the increasing importance of sustainability and how digitization affects performance.

1. Prioritizing Building Operations

Optimising building operations is still primarily driven by cost concerns that have emerged as the top priority for a significant number of decision-makers in the real estate and facilities management industries.  construction consider prioritizing building operations to be the least important.

However, 48% in the retail sector and 35% in the public sector emphasize its importance. While cost reduction was the primary goal in 2021 & 2022, its dominance has decreased, suggesting that real estate is now seen as a critical enabler of business performance rather than just a cost sink.

2. Decarbonization Gains Prominence

This year represents a substantial   compared to 2022.  firms prioritized decarbonization, and a great number of them consider it as a top priority. Decarbonization is highly prioritized in industries with higher carbon intensity such as transportation & logistics (58%) basic materials & utilities (38%) and construction & engineering (36%). However, 43% of educators and 52% of those in the media & telecommunications industries regard it as their least important goal.

3. Buildings as a Driver of Productivity

Globally, decision-makers in the real estate industry are actively redesigning and enhancing workspaces to conform to new work procedures. In our study, we found that workplace improvements are highly prioritized by  , indicating a strong emphasis on working conditions. Workplace improvement is significant across industries as evidenced by the fact that only a small number of the surveyed companies ranked it as their least important objective.

4. Regional Focus

Building resilience is becoming more & more important to decision makers in North America; the percentage of real estate companies who consider resilience as their top goal increased from. The increasing frequency of climate related disasters in the United States is probably the cause of this surge. In spite of this, resilience is still regarded as the least important goal by 28% of real estate managers.

5. Footprint Optimization Balancing Act

Although portfolio footprint optimization is rarely the primary goal, it is nevertheless a crucial area of attention, especially when it comes to the most common second and third priorities. Even though many are trying to undo the shift to hybrid work models, respondents from the technology, media and telecoms sector (65%) and banks, insurance, and services (66%) give footprint optimization the highest priority.

6. Influence of Sustainability, Digitization, and Hybrid Work

The other important trends that continue to influence the corporate real estate landscape are sustainability, digitization and the growing influence of hybrid working.

1. Sustainability and Digitization

Sustainability and occupant experience are the key trends impacting corporate real estate strategies. Particularly, sustainability has a greater influence in North America ( , demonstrating regional differences in maturity. Businesses are using technology more and more in their strategic planning to take advantage of chances for cost & efficiency savings.

2. Hybrid Work’s Persistent Impact

Even though flexible & hybrid working policies have developed over the last 2 years, the move to hybrid working is still a significant trend influencing real estate strategies. Managers of facilities and real estate are always evaluating and modifying their spaces to make office spaces that are in line with the modern realities of work. Remarkably, a in the manufacturing sector believe that hybrid work has a significant influence on their overall real estate strategy formulation.

7. Market Trends Impacting Real Estate Strategies

1. Hybrid Working Impact

This popular trend of hybrid working is revealed to have a significant impact for 41% of the surveyed companies, while a moderate impact is noted by another 30%. However, for the industries that require employees to work from office, such as manufacturing, healthcare and basic materials & utilities, hybrid working has less impact.

2. Other Influential Trends

The digitization of real estate and facilities management have a  , according to  of the companies that we have surveyed believe that focusing on employee’s productivity, health and wellbeing is significantly impactful.

Final Word

The intersection of sustainability, digitization, and the continuous influence of hybrid working highlights the dynamic nature of corporate real estate strategies. Organizations that want to establish a productive and sustainable work environment that meet changing business requirements must adjust to these trends.

What is Big Data?

Big data is a collection of everything that is related to consumer behavior for the purpose of collecting consumer data and predicting how they will react or behave in the future. Big data collections include transactions, orders, steps taken, images, etc. Basically, it is the art and science of collecting and compiling consumer data, attitudinal data, and behavioral data and using advanced skills to produce better and faster decisions that help services and products to create products that the audience wants and that give the brand a competitive advantage.

Before Big Data, marketers just had enough data about the consumer’s wants and needs, but now researchers have gone one step ahead and started collecting behavioral and psychological data to help them understand people’s behavior and general behavior so that they can predict the future.

Advantages of Big Data:

1. It helps products and services to predict the future and help them to plan accordingly, making the chances of failure very slim.

1. Big Data helps marketers understand consumer behavior, allowing them to create products and services that are tailored to their wants and needs.
2. Big Data helps companies by giving them data that helps them to create a competitive advantage over other brands.

Challenges face by big data:

1. Time: It takes a lot of time to collect big data and sometimes by the time you collect all the data your audience has changed and the data might not be useful.
2. Cooperation: To collect Big data you have to make sure that everyone cooperates in the process to collect the data so the audience, researcher, company, etc have to be aligned so that the data can be collected.
3. Collecting data: Collecting big data is very challenging as there is a lot of content to choose from, also in the process of collecting data you might just collect a lot of data that might not be useful, so make sure that you have some filters while collecting data and also have some software that would help you to keep your data safe.
4. Responsibility: While Big Data makes the marketers earn more profit by predicting their behavior, it can also create a question about consumer privacy and safety. As a researcher, you have to be responsible while collecting the data.

Big brands like Google, Amazon, and Facebook are already using big data to understand their customers and if you are a brand that wants to grow in the future then collecting big data is the right direction to take. Your brand would be successful with the right market research and Big data.

To know more about this visit IBI Global Research Solution’s website.

Are People Shifting Back to their Pre-pandemic Buying Behaviors in the Post-pandemic Era?

When the first wave of COVID-19 hit in early 2020, all of a sudden, consumer buying and spending behavior changed. As the lockdown was implemented, people lost their jobs; their savings were getting exhausted; the anxiety related to diseases was increasing; and everything was unpredictable, making the market very unstable and scary.

 A lot of people started working from home and making the internet and electronic markets boom, whereas some businesses struggled to keep up with the low returns, forcing them to shut down their businesses. 

Now that people are getting vaccinated and the economy is trying to build up again, would the consumer go back to the same habit they had before the pandemic? Well, humans always bounce back to normal life whenever they see that everything is getting back into place. History is full of events that had major outbreaks, but in the end, everything went back to normal. However, the pandemic has definitely changed certain habits and behaviors of people that have and will impact business in the long run. 

For example, people are more concerned about their health post-pandemic. People are spending more time improving their lifestyles. People are using the internet to watch shows online, making traditional media shift to digital. 

The pandemic has definitely changed the audience, so saying that people are shifting back to their pre-pandemic buying behavior might not be accurate, as the pandemic has changed people. Everything in the world is becoming digital-friendly, and if you are a brand that wants to target people digitally, you need to have a strong digital presence so that the audience can trust you. As pre-pandemic people were quite skeptical about ordering things online, post-pandemic people are quite comfortable with ordering things online. 

Although there is a great deal of uncertainty about the future, physiological patterns of human behavior and attitudes are remarkably consistent. Understanding the fundamental ways in which people behave allows brands to leverage predictability in an unpredictable world to confidently engage people, help them realize their motivations, and, as a result, pivot businesses in the right direction, and a brand can do that by conducting proper market research. Conduct market research today with IBI Global Research Solutions. To learn more, visit our website.

Data Synthesis and Meta-Analysis in Market Research

Collecting data in market research is the key to finding insights that will help brands understand their products and services better and help them innovate and have a competitive advantage. 

So what is data synthesis? Well, data synthesis, also known as the literature review or joining the dots, is a source of data collection in research where a researcher collects all the data and reviews it according to the relevance of the research. 

Data synthesis is basically a process of collecting data from the set of included studies that aim to draw conclusions about the body of evidence that includes the study of characters and potentially helps with the stats of the study. When you collect synthetic data for a study, you assess how many previous studies on the topic have been conducted, and you collect data from all of those studies and relate it to your current study to form statistics and insights that will help you in research. For example, if you have to do a search on the consumption of social media in Gen-Z, you can go on the deep search engines and find data related to your topic, right from articles, research papers, and everything in between, giving you a rough idea of market research. With synthesis data, you combine different evidence points, which are often these metrics from qualitative and quantitative research and from different paradigms. Connecting the dots is difficult because different sources can appear incomparable, especially when they are not designed to work together, but as a good researcher, you will find a way around it.

Meta-analysis in market research is a new way to study data. Unlike traditional literature reviews, meta-analysis focuses on studying data from primary research and gathering data statistics from it. You can do a meta-analysis when there are multiple scientific studies that are addressing the same question with respect to your study. The meta-analysis studies are weighted by precision, which is derived from the standard error of individual studies, whereas the larger studies come in with a larger sample size. The term “inverse variance” is often used to describe this weighting mechanism. The results might be summarized meta-analytically by graphs and forest plots. 

Whether it is data synthesis or meta-analysis, whatever your market research demands, we at IBI Global Research Solutions can help you out with it. To learn more about us, visit our website. 

5 Ways Market Research can help you with the Consumerization of Healthcare

For the longest time, healthcare was used by capitalists to gain profits and innovate as much as they could to keep the money flowing, making the entire healthcare system capitalist instead of consumer-centric. But as healthcare is moving past the fee factor, people in healthcare have started developing products and services that can help them connect with their consumers in a better way.

Below are the five ways in which market research can help with the consumerization of healthcare:

Market research helps you understand your target audience:

In healthcare, the first thing you need to understand is what exactly the problem is the patient is facing, and you can do that by doing proper market research and understanding your consumers’ wants and needs. Select a product or service that can help you grow and make things easier for your customers, and you will see your brand growing.

The market research gives you insights and data that can help healthcare with consumerization: 

Once you collect the data and insights related to your audience, you can finally put them to use and start making the changes that can help to make healthcare more customer-centric.

Market research helps in finding competition and ways to compete:

At the end of the day, healthcare is very competitive, but growing in the healthcare industry is not as hard as it seems, given that you make sure to take care of your patients as you would like to help someone you know and customize things according to their wants, and within a certain time, you will see the growth.

Market research helps in the consumerization of healthcare by providing data to make innovative decisions: 

You can begin to innovate your services and products that will benefit the patient with the right data and information. For example, you can do market research on the mental health of patients after they go through something traumatic by asking them questions and seeing how you can make things better for them. Once you get the answer, you can innovate and customize things accordingly.

Market research helps to find patterns and correlations: 

Market research helps healthcare to find patterns and correlations in different areas/cases as they conduct research in every area related to healthcare and you can find patterns and correlations in places where they can help to improve things.

Market research can help in many more ways, so if you are thinking about doing market research with respect to the consumerization of healthcare and want some help and expertise with it, visit IBI Global Research Solutions website and learn more about it.

Change in Brand Value Perception Since Covid-19

When a customer buys something from a brand, they are not just paying for the product; they are also paying for the lifestyle and standard of living that come with that brand. As more and more companies start spending on creating brand value, it is very important for you as a brand to create brand value so that when your customer buys a product, it is not just for the product but also for the brand.

A brand can create brand value for its customers by creating an image, selling a lifestyle, promoting the product, engaging with the customers, creating a long-lasting impression, etc. For example, when someone buys a Gucci bag, they do not buy it just to keep their stuff, but they buy it to show the kind of lifestyle Gucci sells. Gucci has created brand value by being exclusive, creative, luxurious, fancy, and expensive.

The COVID-19 pandemic has changed brand value for consumers in the following ways: 

• Local

When the COVID-19 pandemic hit, everything that was exporting and importing took a step back, so consumers had to buy local. This gave them an opportunity to explore their neighborhood and start creating brand value for local products.

• Environmental Friendly

A lot of people realized the impact of modern lifestyles on the environment in the middle of the pandemic and saw the world change when humans let nature heal. This subconsciously changed the view of brands that were harming the environment in the eyes of consumers, and consumers started buying products that are more environmentally friendly.

• Customer Values and Behavior have Changed

During the pandemic, a lot of people faced financial issues. This led to a sudden realization of the importance of having savings. This leads to creating an opportunity for brands to create long-lasting products. Customer behavior has also changed when it comes to brands whose values don’t match theirs. For example, customers that like to shop sustainably do not shop from H&M as they are a fast-fashion brand and their values do not go along with them.

• Digital

Almost everything went digital during the pandemic, and the brands that were not digitally equipped hit a block, but the brands that were ready for the digital competition had created a lot of brand value and loyal customers, as, at the time, when none of the brands delivered the things to the customer, there were a few who did deliver, creating a special bond that would still go strong after the pandemic.

So, if you are a brand looking forward to creating brand value for your company, contact IBI Global Research Solutions. We would help you out with market research that can help you understand your consumers.