Perceptual Maps are one of the most informative and simple frameworks. They’re a really helpful way to quickly see how you are positioned with other companies within your industry.
A perceptual map is a visual representation of different company positions within a market within a graph. It’s a quick way to see how companies compare and is commonly used by marketing teams.
Perceptual Maps as a framework has several advantages:
As with every tool, Perceptual Maps has some limitations
A Perceptual Map can be one of the quickest ways to understand a competitive landscape, helping you see the competition and spot opportunities. Unlike other tools such as SWOT and PESTLE, prework is required to get the most out of a Perceptual Map.
There are a number of points you’ll need to know before you define your Perceptual Map:
If in a group, these can be shared via an email beforehand or presented on the day.
Perceptual Maps rely much more on competitor research than brainstorming, so often are created by an individual and then presented back to the company. If done in a group it’s best to include members of your Sales & Marketing teams, who will be likely to provide insight into each position.
It is best practise to review your Perceptual Maps on a quarterly basis, as they help with your sales and marketing strategy decisions.
Get the latest strategy insights and tips from Lucidity twice a month. We never spam and you can unsubscribe any time.