Resources for Conducting Market Research for a Luxury Brand
1. HubSpot’s Guide to Market Research
Overview: This comprehensive guide breaks down market research into actionable steps. It provides templates, survey techniques, and insights on how to conduct research for businesses—ideal for luxury brands looking to define their audience and spot opportunities.
2. McKinsey Insights on Luxury Market Trends
Overview: McKinsey’s luxury reports focus on trends and shifts in consumer behavior, particularly in the high-end market. This is a great way to get insights into global luxury market trends and apply them to the niche perfume industry.
3. Statista – Luxury Goods Market Overview
Overview: Statista offers a wealth of data on the global luxury goods market, including niche segments like perfumes. It’s a great starting point for seeing where the luxury market is headed and how niche perfumes can fit into those trends.
4. Euromonitor: Consumer Trends and Market Forecasting
Overview: Euromonitor is a fantastic source for tracking consumer trends, market forecasts, and competitive analysis. It’s especially useful for discovering underserved segments in the luxury perfume market.
5. Google Trends
Overview: This is an excellent tool for analyzing the popularity of certain keywords, brands, and trends in real-time. It helps luxury perfume brands discover what their potential customers are searching for, whether it’s about sustainable ingredients, niche perfume brands, or unique scent trends.
- Link: Google Trends
6. Scentbird’s Niche Fragrance Insights
Overview: Scentbird offers market insights into niche and luxury fragrances, tracking fragrance trends, consumer preferences, and brand performances. It’s a great resource for seeing what’s popular in the niche perfume world and what gaps you might be able to fill.
7. SurveyMonkey – Customer Research Tool
Overview: For more personalized research, creating customer surveys can help determine what potential clients value most in a luxury perfume. This tool allows you to design surveys and collect feedback quickly.
- Link: SurveyMonkey
8. “Blue Ocean Strategy” by W. Chan Kim and Renée Mauborgne (Book)
Overview: This is a must-read book that helps brands create uncontested market space, making the competition irrelevant. It’s excellent for niche brands trying to carve out their own unique space in a saturated market.
- Link: Blue Ocean Strategy Book