Market researchers use perceptual mapping to compare products (and
potential products) based on the perceptions of customers. The purpose
of a perceptual map is to identify the images that consumers have of and
the reactions they have to brands, products, services and other market
offerings. This information can help a business identify potential new
products during the product development process.
Use
Businesses use
perceptual maps to help them understand what consumers think about their
brands and their competitors' brands, showing a business its position
relative to the competition. In addition to identifying potential new
products, this information can help a business build an effective
competitive strategy, communication strategy and brand strategy,
according to Hausman Marketing Research.
Perceptual Map
Typically,
a simple perceptual map is a two-dimensional graph with a vertical axis
and a horizontal axis. Each axis has a pair of opposite attributes at
each end of the axis. For example, if the map is looking at cars, the
vertical axis might have a luxury car at one end and an economy car at
the other end; the horizontal axis might have "family-oriented" at one
end and "sporty" at the other end. Each car is then plotted on the graph
based on how consumers perceive the car relative to those attributes.
More Dimensions
Perceptual
maps can have more than two dimensions, letting a business compare more
than two pairs of attributes. Using more than two dimensions for a
perceptual map is also called multidimensional scaling. Although these
maps can become quite complex and hard to understand, they can also
potentially provide more useful information. Computer software is
available for creating perceptual maps.
Information Needed
For
a perceptual map to be most useful, each axis needs to measure
attributes that consumers actually use in making a purchasing decision.
Typically, the way businesses find out how customers and potential
customers view their products/brands and competitors' product/brands is
to survey the customers. To obtain the must useful information from
consumers, researchers need to be able to clearly present the attributes
so that consumers are rating the intended attributes and not something
else
Very informative Perceptual Mapping in Product Development post!!!
ReplyDeleteGranular Analytics
Analytics for Micro Markets
Hyper-Local Data
Hyper Local insights
Perceptual Mapping in Product Development useful blog!!!
ReplyDeleteIncrease Marketing/ Sales ROI
Increase Marketing Efficiency
Increase ROI in Micro Markets
Increase Marketing Efficiency