Competitor Mapping is a diagrammatic technique to visually display the perceptions of customers or potential customers compared to your competitors. Typically the position of a product, product line, brand, or company is displayed relative to their competition on a perceptual map. Some perceptual maps use different size circles to indicate the sales volume or market share of the various competing products.
Perceptual Map Of Competing Products
Perceptual maps commonly have two dimensions even though they are capable of having several. For example, consumer perceptions of various cars might be explored on the two dimensions of sportiness/conservative and classy/affordable. Once surveyed and mapped, it becomes possible to see in the eyes of the consumer or prospect what products are close competitors and form a competitive grouping. A company considering the introduction of a new product might then want to look at an area on the map free from competitors. Or if they still want to occupy a “space” already utilised, it can help guide both their pricing and market entry position.
Perceptual Map Of a Consumer’s Ideal
Many perceptual maps can also be developed to display consumers’ ideal points. These points reflect ideal combinations of product characteristics as seen by a consumer. Using survey responses dots are created on a quadrant that represents one respondent’s ideal combination of the two characteristics. Areas where there is a cluster of ideal points indicates a market segment. Areas without ideal points are sometimes referred to as demand voids. This data can then inform further business and marketing decisions.
Abacus Research can provide competitor mapping results through a variety of techniques depending on the complexity of the market and the speed of the response needed.