What Hinders Iranian Brands from Using Market Research?
With a population exceeding 80 million people and a growing middle class, Iran presents an enticing market for businesses looking to thrive. Despite its appeal, the Iranian market poses significant challenges due to its unique cultural, political, and economic landscape. Conducting market research is a crucial step for these brands to last and grow. This article gives you a brief overview of the current state of market research in Iran.
Only 27% of Iranian Brands Consider Doing Market Research
The findings of a study conducted by 1001 Branding Agency show that 60% of Iranian brands that have entered the branding process are B2C brands, with B2B brands holding a 34% share. Additionally, B2G brands have also participated in the branding process, accounting for a 6% share. Small and newly established companies, constrained by limitations, are less engaged in systematic branding processes. The majority of brands involved in systematic branding are medium-sized companies. Notably, large companies with a strong market position have also embraced systematic branding approaches.
The report highlights that 66% of organizations believe developing a brand positioning strategy is essential. However, only 27% of them are open to having market research conducted by a market research agency.
Why Are Iranian Brands Hesitant to Engage in Market Research?
The following are the primary reasons mentioned:
- There are misconceptions about costs, with business owners perceiving higher costs compared to long-term benefits.
- There are doubts about the accuracy of the results.
- Brands choose to conduct market research internally rather than hiring a market research agency.
In conclusion, although only a minority of Iranian brands are moving towards collaborating with agencies for branding activities, those who do so demonstrate a more progressive and specialized approach. Nevertheless, the majority still do not prioritize market research as an essential element.
Source: DMBaord
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