Do you want to know where to position a new product/service in the market? You can now, with a position map. Read this blog post to find out why you must use a perceptual map.
Perceptual maps are a popular choice when it comes to developing a market positioning strategy for a product/service. A perceptual map is a market research technique, which is used to trace or plot a consumer’s views on a product. Since the maps are based on the perception of the buyer, they are known as perceptual maps.
These maps can show you how existing products/services are positioned in the market, so that your firm can decide where a product can be placed. You can position a product to fill a gap in the market or position it where competitors have placed their product.
Position maps are created by asking customers about their experience with a product in terms of its price, packaging, size, performance etc. The qualitative answers obtained are entered into a chart by using a Likert scale. The results from the map are used to improve the product or develop a new one.
A perceptual map is drawn with two lines (x and y axis). While the x axis goes from left to right, the y axis is drawn from bottom to top. Any criteria, like price, status, features, safety, quality or reliability can be mapped. Existing products can also be placed on the map.
Benefits of using perceptual maps
- Gain a better understanding of market segments
- Find out how the target market perceives your brand in the marketplace
- Asses the changing market position of competitive brands
- Help your business spot gaps in the market
- Closely monitor changes in customer preferences
- Evaluate the performance of your recent marketing campaigns
- Check if your goals fit in with your consumer’s needs
- Confirm if your brand has a definite positioning place in the market
- Track how new products are being positioned in the market
- The consumer’s purchase decision is often simplified to two product/service attributes
- Perceptual maps are more beneficial for less-involvement purchase decisions
- These maps are less helpful for corporate brand images and more useful for individual brands
- The data is both expensive and difficult to obtain
- Very often, there is a difference between the perception of the brand’s benefits and the reality
There are several reasons why a business should use perceptual maps. From monitoring new products to tracking preference changes, understanding segments, looking for gaps and having an eye on competition, perceptual maps can help you make the most of a marketing strategy.
Need help with creating a perceptual map? Our expert Market Research team can help. We can assure you of success in your marketing strategy with the perfect perceptual maps.
Do you think a perceptual map can help you while marketing a new service/product? If not, why? Let us know your views on market research or outsourcing, by leaving a comment in the box below. We, at Outsource2india love to hear from you!
Interested to know more?