As far as the improvement in sales and market share is concerned, just understanding the customer’s need is not sufficient. There is also a requirement of understanding the beliefs of customer for one product or service and that of a competitor as well. While doing this analysis, analysts observe perceptual maps, which are employed to recognize how customers distinguish among products and their perception and comparison with the competitor’s product or service. These maps are helpful for recognizing opportunities to present and position novel products, repositioning current products, and tracking real competitors.
Brand Mapping permits huge data tables comparison, for example, product assessments across a range of areas of concern, to be denoted in a two-dimensional map. It condenses enormous amounts of numerical data into an easy to understand, visually attractive layout, using a data reduction methodology which has similarities with old factor analysis. Brand Mapping is so named as it is usually employed to visually denote the scores or ratings of competitor’s brands across a range of benefits. It allows the correlations between specific brands and benefits to be plotted in a collective 2-dimensional space.