Mapping Your Competitors' Positionings
A positioning map will give you an idea of where your competitors “sit” in the marketplace and where there are gaps. Mapping isn't exact, so don't worry about being precise. Draw a horizontal X-axis on a blank piece of paper, halfway down. Cross the X-axis with a vertical Y-axis midway through, so that you have four quadrants. Label the X axis “Price.” The left side of the axis is low price and the right side is high price. Label the Y-axis “Quality.” The area above the X-axis represents high quality, and the bottom is lower quality.
Based on their prices and the types of events they primarily do, pick a point on the chart that represents where each competitor would lie. Chart at least ten companies. Then chart yourself, based on your proposed prices and the types of events and the quality you plan to offer.
If you are near your competitors, it means that your positioning is very similar to the other companies. If you lie very close to another point on the map, it means that you'll be directly competing with that point. The best position would be somewhere off of the straight line that forms when you connect the dots of most of the other companies. Being on a different line shows that you have a unique positioning.
Alternatively, you can label the Y-axis “Type of Events,” with the top half denoting formal events and the bottom reserved for informal. Since these positioning maps are two-dimensional, you may want to draw a few different maps, charting your competitors on a few different attributes.