What do Starbucks, Apple, McDonald’s, and LEGO all have in common? Well, I’ll tell you. These famous brands all depend on market research.
These household names use the data to their advantage to win over their customers and challenge their competitors.
Market research can help brands achieve:
- Strengths reputation and credibility
- Enhances brand awareness
- Understanding market segments and trends in the marketplace
- Obtaining feedback on customer preferences
- Establishing the effectiveness of marketing and product promotion
Not only can market research enhance a brand’s marketing and product strategy, but it can strengthen a company’s relationship with its customer and recruit new ones as well.
See for yourself with these four market research examples from the brands you know and love!
1. Starbucks Coffee Company
Starbucks is the largest and most successful global coffeehouse chain in existence. However, it is no secret how they become the number one coffee company in the world (no shade to Dunkin’.)
Starbucks became the largest coffeehouse chain in the world because of its value for market research.
Starbucks’s market research approach includes:
- Tracking cultural trends
- Monitoring social media
- Gathering customer feedback
- In-store product testing
Over the past 12 years, Starbucks has used market research by obtaining consumer feedback through its My Starbucks Idea platform.
This platform essentially allows customers, potential customers, and employees to visit the website to submit any creative ideas they come up with.
These ideas can range anywhere from new offerings to minor changes in a current product. Starbucks considers all customer feedback for their business and marketing strategy.
2. Apple Inc.
Apple is one of the most successful technology companies worldwide. Apple made that possible through product innovation and market research to understand its consumers’ needs.
Apple has a deep appreciation for market research and demonstrates it by developing an in-house research team.
Its research panel is called the “Apple Customer Pulse,” which is an online community committed to catering to the needs of the technology consumer by analyzing data.
Its research is done through a variety of online customer surveys.
As a result, these surveys have paved the way for new product development and modification of existing Apple products.
For example, Apple has expanded its screens on some devices to enhance its customers’ viewing experience.
We understand most brands cannot employ an entire market research team. Lucky for you, Drive Research is ready to act as an extension of your team to help execute any of your research needs.
Our market research team provides a variety of services such as online surveys, intercept surveys, focus groups, customer surveys, and more.
3. McDonald’s Corporation
McDonald’s is one of the biggest fast-food chains in the world. To remain number one in the fast-food industry, McDonald’s frequently uses market research to make its customers happy.
McDonald’s uses four key questions in its market research approach:
- Which products are performing well?
- What prices are most affordable for the consumers?
- To effectively advertise, what are consumers reading and watching?
- Which restaurants are most attended, and why?
By answering these questions, McDonald’s can gauge whether or not its customer base is expanding or not.
If not, then it adjusts its strategy to satisfy its customers and outperform its competitors.
Additionally, McDonald’s obtains customer feedback to alter its product offerings.
For example, a plethora of McDonald’s customers were concerned with the absence of healthy and organic food items on its menu.
So McDonald’s took that feedback into account and added healthy items on the menu, such as apple slices. It even launched an advertising campaign to prove that its chicken nuggets and patties contain real meat.
4. The LEGO Group
Last but certainly not least, LEGO uses market research to promote inclusivity for all children to play with its toys.
Over the years, LEGO has primarily been a boy oriented toy company. However, LEGO didn’t want to limit itself to only cater to one gender. It wanted to involve all children to enjoy its products.
Within four years, LEGO conducted a study involving 3,500 girls and their mothers to understand the children’s playing habits.
As a result of the market research study, LEGO launched a new toy line, “Friends” to encourage girls to play with LEGO toys.
LEGO used market research data to determine the bright colors of the packaging and the figurines’ size.
Primary Market Research Goals for Famous Brands
These famous brands have two primary goals:
1. Each brand strives to satisfy the customer’s needs and high expectations.
Customers expect high-quality services and products. If they don’t have their expectations met, then they will take their business elsewhere.
So brands need to maintain customer expectations by understanding what customers want through market research.
2. These brands have a desire to eliminate competition.
Starbucks, Apple, McDonald’s, and LEGO need to stay on top of their market to be one step ahead of their customers’ needs because each company knows a customer won’t hesitate to find an alternative if they are dissatisfied with the product offering.
Starbucks, Apple, McDonald’s, and LEGO all used market research to listen and better understand their customers to advance their success and keep customers satisfied.
Without market research, companies would not have been able to produce innovative products, enhance their product offerings, understand their customers, or solve the most challenging problems.
Therefore, market research is an essential part of making a brand successful.
Drive Research is a full-service market research firm located in New York. Our team partners with organizations across the country to deliver data-driven insights through customer surveys, new product development, focus groups, and more.
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