Brand Matrix Creation
brand Matrix creation. To help you guys start positioning your brand and to create your unique selling proposition. You will need to do the brand Matrix, we'll talk all about what the brand matrix is in this lesson and I will teach you how to make your own the brand. Matrix helps you establish your brand's competitive advantage. We try to map out the consumer's perception of brands or products using opposing dimensions to keep things simple for this first example, let's say you are selling salsa, your opposing dimensions could be something like fun design to generic design and cheap, too expensive. You will then use the brand matrix graph to see where your brand sits compared to your competitors. To start out our brand Matrix, we will first get a list of your five closest competitors. This may take a bit of time to research, if you haven't found your competitors yet. This step is important because it helps set up our position in the marketplace. Do not skip this step. Some of my client...
s come to me and they say they don't have any competitors. Typically this is not true. So try to find your top five competitors and if you don't have five, which I highly doubt. Just get as many as you can on the brand Matrix, When you get down your five competitors start to answer some of the questions for each competitor, what are they selling? How are they different from other competitors? What makes you different from them? How are they being perceived online? Do they seem refined down to earth? Organic expensive. So let's pretend we're selling salsa. Our top five competitors are verdi's at 3 Pace at $4. 3 65. Organic salsa at 4 25 And Fruita del Diablo Salsa is 675 And then we have angry man Salsa at $6. So I'm not sure if these prices are exactly accurate, but it doesn't matter for this example. If you are including price on yours, make sure that they're accurate in your city. Now let's take our opposing dimensions of fun design to generic design and then cheap to expensive and plot each brand on the brand matrix. So we have RDS, they're the least expensive but also pretty generic Pace is also generic but 50 cents more than our Dez. And the design. While it's nothing new stands out a bit more than air does does 365 is generic as well, but a bit more expensive. I feel that RDS and 3 65 are on the same level as far as design goes. Then we have Fruita Del Diablo, which is the most expensive but definitely has the best graphic design. Angry Man is a bit less expensive but also has some pretty cool design. I wouldn't say it's as cool as the fruit of Del Diablo brand. Angry Man is also still pretty expensive. So say I have my own salsa brand and I want to make an amazing graphic design salsa, but also a cheap salsa is there room in the market place for me to claim that? Let's take a look at the gaps that haven't been filled yet by a competitor. So yeah, it looks like my salsa would fit in well here. Now. Go ahead and take some time to plot your competitors on the brand. Matrix worksheet. Remember if you are overlapping with a competitor or if you're too close to their area on the graph, this may mean you need to find a new way to differentiate. Remember, you must be different to stand out. If you are the same as all of your competitors, your customer will always choose the cheapest version of your product.