Global market research company Synovate recently launched a new solution called ‘Market Barriers’. The system, which can be added to clients’ existing tracking programmes, quantifies the degree to which brand performance is a function of factors beyond brand relationship.
Ged Parton, CEO-Brand & Communications Practice, Synovate, explained, “Market barriers such as distribution, pricing, product configuration, etc., can and do impact customers’ brand choice. This system enables marketers to successfully predict the barriers their brand can expect to face, quantify those identified barriers into lost sales, and, therefore, develop sustainable strategies that can effectively overcome those barriers while at the same time optimise sales.”
Jan Hofmeyr, International Director of Innovation at Synovate’s Brand Lab, said, “For years marketers have known that whether or not people buy their brands is not just a function of how people feel about the brands, but also the extent to which market circumstances might interfere with what people want. Yet no one has done anything about quantifying this systematically until now. Market Barriers is a unique system which continues to reflect our determination to produce innovations that assist marketers because they relate to real world business outcomes. Market Barriers is one of the many innovative brand defining tools available from Synovate.”
Synovate, the market research arm of Aegis Group Plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions.