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Very Safe
| Lexus/infiniti
| Mercedes
| BMW
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Cheap--------------------------------------------------Expensive
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Very Unsafe
BMW, to reposition up to the left
Due to the exchange rate, Lexus moves to the right
Why did they reposition?
Safety
Affordability
Competitors include Infiniti, Lexus, Mercedes Benz and Aurora
If you already have a brand in the market, must be sure to avoid cannibalization. Attributes and brand image should give a product distinct appeal.
When developing a new product, a company should identify all the features that are offered by all its major competitors.
Second, identify important features/benefits used in making purchase decisions.
Determine the overall ranking of features by importance and relate the importance of each feature to its "uniqueness": what are the unique selling points (USPs).
For example, you wouldn't buy a spreadsheet program that if it didn't perform basic math, so basic math is very important.
However since every spreadsheet has that it’s an "important fundamental feature", instead of an "important differentiating feature".
The other side would be a spreadsheet that displays all numbers in binary (0-1) instead of "normal" numbers (0-9). This is unique but not important.
The evaluation becomes a 2 x 2 matrix with uniqueness on the X-axis and importance on the Y-axis.
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X Important to TM (Stockbroker) X
Math functions | Import Data
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----------------------------------------------------------Unique
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Binary Data
If the feature is in the upper right hand corner then you probably have a winning feature (USP).
This is known as feature positioning, as opposed to product positioning. One can then see what type of customer needs the important (and perhaps unique) features.
If your spreadsheet accepts continuous data in real-time (such as stock market data) while Excel doesn't, you'd position your spreadsheet as a "real-time spreadsheet with all calculations needed by Wall Street."
Its a claim that tells something unique about your product, who it's for, and by implication, that Excel can't do it.
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