Nothing is more difficult than working out who is your toughest competitor and what to do about them. Your most important competitor is not necessarily the cheapest. After all, customers compare price against service. Anyway, just matching what competitors do might not be enough for customers to stay loyal. Although they say they might come back, will they put their money where their mouth is when it comes to a re-purchase decision?
Our approach is to find out who is growing fastest to start with. Then what they are doing which is different. And finally, what customers value most. To add a little more benefit, we can also identify which customers want more of from you and the premium they might pay for it. Of course, we can't guarantee that customers will do as they said, but we can be confident that they said it rather than just guessing that they might.
How do we do it? We agree with you a shortlist of key competitors and we compare you and them on a range of criteria in retailing, services offered and marketing communications. This is compiled into a set of charts which show you what you need to know. Contact us to find out more.
Why do firms analyse their market position? Simple, it shows their relative value to the customer, reveals where they are relative to the competition and identifies market opportunities. It's proactive - it helps to identify the “unknown unknowns, things we do not know we don't know.”
So, how do you do it? Market positioning identifies the ‘space’ you occupy in the competitive arena in comparison to your competition, usually as a series of pictures. It’s not your view; it’s the customers. So, market positioning is the customers perception of your products and services in comparison to the competition in a particular arena. Because customers change over time your market position can change without your knowledge. So, it can take considerable management time and effort to keep up to date.
We have experience in market positioning for sales or after-sales. We start by agreeing a focus – existing or potential customers? Existing or new products or services? We then define the key attributes for the maps and the key competitors. From then on, we conduct the research and get back to you with a report tailored specifically to your requirements. If that sounds useful, let us know. We'd be happy to discuss how it could be applied to your business.