Here’s a really practical exercise you can undertake, to help understand why your business may be struggling to stand out in the market.
It’s called a ‘Market Matrix‘ – and it helps you visualise on one page where you sit beside (or stuck among) similar businesses.
First, take two characteristics that are important to your ideal clients – things like price. From here, create the four-quadrant matrix and begin your market research.
Ideally, you want to stand apart in a space all your own. So where in your market is that space?
Lastly, watch as we use the new business Real Reach as a case study to highlight how a gap in the market … doesn’t necessarily mean that there’s a market in the gap!
See the Market Matrix in application here.