How does market mapping help your business?

Market mapping, also known as perceptual mapping, is technique businesses and market researchers use to understand how clients, competitors, and any sort of business personnel within one regional business view a certain product, brand, service, or process. Market analysis is an essential step to support market-based programming to identify critical market commodities and understand how market systems respond prior to and during emergencies.

Perceptual Map Marketing

A perceptual map allows businesses to understand which brands are their closest competitors and which attributes of their product or brand play the most significant role in differentiating them from competitors.

Provides a visual representation of information.
Clear and easy to interpret when the marketer needs to make a quick decision.
It helps marketers understand market segments.
Based on quantitative data.
Useful for market researchers.
Helps evaluate the performance of other agencies.
Illustrates changes in the market.
Tracks developments and performance in the market.

Here are some examples of how to market mapping works in order to provide your business with efficiency and effectiveness:

Estimating future market
Identifying close competitors
Assisting with valuation analysis
Determining business strategy
Recognizing gaps in the market

The demand for commodities from impacted areas determines whether market-based programming (mapping) is successful. Therefore, evaluations of needs, affordability, and willingness to pay should be included in any market study your team would construct to test the capability of launching market mapping operations.

1 Stage 1

Scoping and Stakeholder Engagement

2 Stage 2

Prepare for Market Analysis

3 Stage 3

Map and Analyse Markets

4 Stage 4

Market Strengthening Actions

5 Stage 5

Implementation and Market Monitoring

Tools and toolkits for market analysis

ICT technologies like Mobenzi or Survey CTO can provide quick data collecting and analysis with in-depth, high-quality findings. Maps of people and market systems are increasingly created using geographic information systems. Although they require more money and time to build than paper surveys, mobile data collection technologies like touch screen tablets or smartphones greatly cut the time for both data collection and analysis and can increase the quality of the results.

.REF: https://www.indeed.com/career-advice/career-development/what-is-market-mapping