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Mapping your brand drivers in relation to your competitors
How the market perceives your brand determines which areas of your business requires the most focus. ag analytics helps you identify your strengths and weaknesses in relation to your competitors. By transforming your competitors’ strengths into your own, your market position is significantly strengthened.
Your brand is your identity and consists of all the factors that are important for your success. It is of crucial importance, that you are able to assess and follow the performance of your brand in comparison to your competitors. ag analytics gives you a clear understanding of how your customers perceive your company and where you stand in relation to the competition.
To do so, we map two dimensions of your brand drivers:
- Behavioral Importance. How important is the driver to your customers? While this can be assessed in many ways, we find a gap in what people state as important, and what really drives loyalty. We use statistical methods to assess the importance of each driver.
- Performance in relation to competition. How are you performing in comparison with the competition? Are each driver a strength or a weakness?
Mapping the brand drivers
In the following example we helped an industrial supplier assess the performance of their brand. They were operating in a market of high maturity, and a wide range of suppliers were able to supply quality products at the right time at the right price. How could we further improve our market position?
Figure 1: Identifying the most important improvement areas1
By mapping all the drivers, we were able to categorize each driver in one of four segments:
- Differentiators. The core of your business and the reason why your customers choose you. Going forward we must maintain the lead on these and make sure to capture the full potential of these drivers.
- Over-investing. While performance is high, importance is low. The question that arises is whether we are over-investing in these areas. Use these for differentiation and let them remain strength, but be aware that some areas are not as important as others.
- Improve. The customers who choose your competitors, do it because of these. Close the gap in these critical areas of high importance and weak perception.
- Demand fulfilled. While these areas are not performing well, their demand might already be sufficiently fulfilled. Exercise the right not to focus on areas of low importance.
In the example above, we found a market with generally very high perceptions. Our client was chosen as Best in Class and with the best Quality. However, the competition had a couple of strengths – the Range, Innovation and On time delivery of their products. We used this insight to increase the focus on the delivery process and the product range.
- The analysis was conducted with 234 interviews on the entire market. The importance analysis was conducted with Partial Least Squares, which is the most recognized method for identifying effects on small samples.