It is always important to find a way to make your brand stand out among the competition. This means finding a unique niche market and appealing to it as much as possible. There are several methods available to help you find the right niche for your business, but one that has proven successful is the competitive landscape map.
Creating a perceptual map allows businesses to see holes in their marketplace. At a glance, they can see where their brand is useful. Finding new and innovative ways to use the product or service will give the business a competitive marketing advantage, allowing them to dominate an area with their brand.
How to Create a Competitive Landscape Map
When you first start to create your map, you will need to identify the two attributes your brand has. These are your most appealing traits and the primary reasons people would buy your products or services. If you are a construction company, for example, these attributes could be buying a new home and repairing damage.
The idea behind the map is that you will identify common areas that are being covered by your competitors. As you branch off into subcategories, you can identify areas where there is a lack of service. For example, one aspect of repairing home damage is fixing a broken window trellis. After writing this down, you may realize that no construction companies in your area have the tools to fix a trellis. Your brand could then choose that niche and find ways to appeal to customers that need that particular repair.
Not every niche is created equal, so you may need to eliminate some from your competitive landscape map. The niche you ultimately choose for your brand needs to be both cost-effective and profitable. Specializing in something too specific, such as yellow window trellises, could mean a lack of overall business.
Research every possible niche that you find using your competitive landscape map. This will help to show you different areas that relate to your products or services. Businesses can also use this strategy to create advertising campaigns and find innovative ways to market their products.