Be Different, Stand Out
Sometimes, a customer can’t tell one supplier apart from another. Perhaps both suppliers are delivering a product of equal value, and the brand has become transparent. This exposes a vendor to getting picked off by a competitor who runs a promotion or an incentive, thereby creating interest in an otherwise similar offering.
BioInformatics offers Brand Differentiation Analysis to help life science suppliers determine how differentiated they are from the competition. Using this powerful tool, we can help make sure your offering sets you apart. Plus, you can find out which competitors are perceived to be most similar and thus, which companies will be seeking to acquire your market share. And of course, that works two ways. Understanding how similar your offering is to another supplier’s creates an opportunity for you to increase your market share as well.
Case Study: Where do I stand in the eyes of my customers?
A leading research organization wondered how they measured next to other competitors globally. BioInformatics employed a Brand Differentiation Analysis to ask current and potential customers to rate our client’s similarity with a number of other organizations. Results provided striking evidence about which competitors posed the greatest threat. Our research brought other key competitors to light that had not been previously considered.
Understanding Brand Differentiation Analysis
Through our sophisticated online survey system, BioInformatics is able to perform Brand Differentiation analysis that examines the degree of similarity between suppliers. The closer customers perceive two companies to be, the more likely they will be to switch between brands. Conversely, the more dissimilar two companies appear to be, the less likely customers will be to switch allegiances. Respondents are asked to rate each brand pairing on a scale from 0 to 10, with 10 being the most different and 0 being the most similar. The results are then aggregated to create the spider-web diagram (below), which enables you to understand:
- Which brand(s) are closest competitors
- Each brand’s competitive position relative to other brands in attracting and satisfying customers
With this information, our client confirmed which brands they should guard their market share against and which brands from whom they can acquire new customers.