Description
Competitive Benchmarking – A Dimensional Approach
In the dynamic marketplace, the success of a product is not solely determined by its functional prowess but also by the emotional resonance it establishes with its consumers. Our business model is pioneering a methodical analysis that delves deep into two distinct yet intertwined realms of product valuation:
Rational Performance: This dimension assesses the tangible facets of a product, emphasising its technical capabilities and unique features. Rather than just skimming the surface, our model meticulously evaluates 20 specific attributes tied to a product’s performance. This helps in understanding the true technical prowess of a product and where it stands in the market in terms of functionalities and features.
Emotional Benefit: Beyond the physical attributes, a product often carries a deeper, intangible connection with its users. This connection can be rooted in feelings of trust, prestige, or simple joy. Our model scrutinises these emotional and non-tangible aspects by exploring 20 distinct measures. This assessment ensures we capture the depth and breadth of how consumers connect with a product emotionally.
For an encompassing evaluation, up to 5 products can be profiled simultaneously against these exhaustive criteria. The importance weight derived from each attribute provides businesses with invaluable insights, ensuring they don’t just get data but actionable intelligence.
Bringing these dual dimensions together, the business model represents the results in an ‘x-y’ profile. This perceptual mapping offers a visually compelling representation that facilitates strategic decision-making. By plotting Rational Performance against Emotional Benefit, businesses can discern their product’s positioning in the market and draw actionable insights to outmanoeuvre the competition and resonate more profoundly with their target audience.
Merging these dual facets, there’s also the introduction of the interdependencies matrix analysis. By capturing the top 20 ranked attributes from both Rational Performance and Emotional Benefit profiles, this matrix skilfully positions the sophisticated interrelationships between them. The ensuing insights from this analysis offer a vivid portrayal of strategic alignment, acting as a keystone in the evaluative procedure.
Conclusively, by visualising these insights within an ‘x-y’ profile, the perceptual mapping offers a potent representation that catalyses strategic decision-making. By juxtaposing Rational Performance against Emotional Benefit, businesses can astutely discern their product’s market positioning. This equips them with actionable insights to strategically outflank competition and forge a deeper resonance with the target audience.
System Requirements.
This Interactive Business Model requires MS Excel version > 2010. All models will operate at their best whilst running on MS Excel 365.
Competitive Benchmarking will be delivered as a ‘compiled’ self-extracting file (.exe) and after installation will be available via the Windows Start Menu. Strict version control will be implemented across the model set, with changes and updates (history) appropriately documented.
The main template file will run VBA / Macros – a valid digital certificate has been used to ensure authenticity and security. The compiled self-extracting file set (.exe) also has a digital certificate and is recognised as safe by the Microsoft operating system.
