by Megan Moyer
At what point in its lifecycle is your product? Introduction, growth, maturity, or decline? If you’re in maturity or decline, it may be time to conduct a brandformation – an assessment of consumer perception of your brand.
Once you’ve reached the maturity stage, that’s the time to explore how consumers view the brand – how it makes them feel, what they think when they 
hear it or see the logo, what they associate with it, and how loyal they are to it.
Conducting a brandformation during the maturity stage can uncover opportunity for revitalization. Before you undergo the research to determine consumer opinion, be prepared with options you can take if the outcome is positive or if it is negative. Think about what amount and type of investment you are willing to make if you discover that your brand still has some legs. If you don’t hear good feedback, what are you willing to do to save the brand – or how will you determine whether it’s worth trying to save?
Ultimately innovation is the key for saving a brand that is mature and/or on the decline. Sometimes you can find the inspiration for the necessary change within company walls, but more often you have to look outside for an objective viewpoint. Consumer feedback can provide the jumping-off point you need.
When you define the objectives for your market research, go beyond assessing brand perception to mining for the features and benefits that are missing and getting feedback on competitors that are meeting those needs. Updating your knowledge of the wants and needs of the consumer target market will give you the direction for whichever road you take and the justification for your business case.