Does your company have an identity crisis? Does it have a clear understanding of where it stands positionally in the market? Don’t worry, you’re not alone. If you want to be on the road to somewhere instead of nowhere, you may need to take a look at a compass to help figure out what your position is. Okay, I think you get the idea. A compass is a figurative term. In marketing terms, a perceptual map will help define and position your company in many ways.
Here’s a few topics that will help you define what your company position is. Once you define these, you will better understand where your company is in relation to others in the market. Keep in mind, your responses must be 100% honest, otherwise, your results will not be helpful in determining what your position is.
- Culture: What is your company culture?
- Differentiators: What does you company have as a product or service that no other competitor has?
- Strengths: What are your company’s genuine strengths? (not wannabe strengths)
- Competition: Who are your closest competitor’s? (in market segment and geographic location)
- Attributes: What are your company attributes?These must be measured against your competition. These will help define your company position. These attributes will be placed at each end of the compass points. Forbes points out a few attributes of enormously successful companies.
All of these can be used in a perceptual map. Once you see how easy it is to define these along with your competition, you soon have a clearer picture of your company’s identity.
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Photo Credit: Paul Bica
Perceptual map example: