What is market mapping and why should we consider it?
Making things simpler for you is how market mapping works. It simply lets you in on the viability of a particular service/product present in the market.
It acts as a huge helping hand when it comes to market research and market survey companies.
What goes in the market or how the consumer changes their preference is completely unknown?
The best we can do is to create a map of all things making a difference in the behavior of the consumer. The factors that differentiate this behavior and the market strategies include cost, quality, demand, volatility, quantity, healthy, etc. for a concerned product/service.
Market mapping is a map that provides information or the position of a concerned product/service ranging between two chosen dimensions on an x-y axis. It signifies how and what factors of what brands are making things easier for the consumers and what is creating a hole in the market. It tells you the correct place a product/service holds with respect to certain measures in the market.
A hole in the market is nothing but the gap that leads you to know where on the map the customer requirements aren’t met. This way by covering the gap and filling the hole in the market by inventing new strategies unused by your competitors takes you closer to the consumer’s wishes.
Why take it into account?
Considering these factors is however a crucial step to take in the current scenario. It is the time of creating things as per the user, for the user, by the user, and to the user. According to Teradata, the percentage of companies that are using customer engagement data to enhance their marketing strategy is only 41%.
Evaluating the map helps immensely in understanding the market research and competitor analysis. Running on your path with zero whereabouts of your competitor is a bad idea to thrive in any market. One ought to know their competitors as they know their relatives, the relationship need not be a bitter-sweet one, but it needs to exist.
How does Market mapping help in understanding business?
Understanding consumer behavior is a step we take to transform leads, a similar level of step to take is market mapping. A very simple map that gives you all kinds of business competitor analysis of various trends.
It tells you where each brand is able to fulfill customer’s requirements and where they lack it, that’s the place one can easily put in their foot to satisfy customers in every possible way.
Suppose “brand A” provides high-quality earphones with one year of guarantee and “brand B” offers amazing quality at a reasonable rate but with no return and no guarantee. The behavior on the chart can easily be deduced as to which brand is increasing sales and which is facing a number of returns/complaints.
Here is the chance to step in and provide great quality earphones with 6 months of guarantee and great performance.
Industries never rank solely on their ability to provide products/services, they rank after having thorough market research and market surveys conducted based on such exigent points. In short, knowing the right scope of business takes you a long way.
Through a good understanding of market mapping, one can easily know the right time and place to launch new products/services and when to provide offers and discounts to generate lead.
It makes you aware of the following things-
– If the current strategy or plan is successful, failing, or working normally
– The market analysis of the current fashion can lead to acquiring new customers or will it simply lose the existing ones.
– How one can take a leap over their competitor’s inability to provide the demanded.
– What are the things that concern the buying behavior of a consumer.
Know your tricks and traps to move forward in a fashion that never lets you on a downward slope. Take market mapping and make it your shield after myriad ways of market analysis and surveys.