Module 3: Competitors' Funnels
Introduction
Gaining an edge in the market isn’t just about knowing your brand; it’s about understanding how you stack up against others. Module 3 of The Trakkster Report, the Competitor Brand Funnels, offers a comparative view of your brand alongside three competitors. Let's simplify this module to see what it reveals about your brand's position in the market.
Insights
Population
This stage, like in your brand funnel, is the total potential audience for you and your competitors. It's like everyone at a music festival where different bands (brands) are performing.
Awareness
Here, we see the percentage of the total audience that knows about each brand. For your brand and each competitor, it’s like seeing how many festival-goers are aware of each band playing.
Consideration
Next, we measure who would consider each brand when making a purchase. It's like comparing which bands the audience would think of seeing again based on their festival performance.
Preferability
This stage shows how many people prefer each brand over others. In our music festival, it’s like seeing which band is the favorite among those who are considering multiple bands.
Usage
'Usage' measures actual customers of each brand. Translated to our festival, it's like finding out how many people bought merchandise from each band.
Recommendation
Lastly, this shows how many people would recommend each brand. It’s like attendees telling their friends which band was the best and that they should listen to them too.
Comparing the Funnels
In Module 3, your brand’s funnel is displayed alongside your competitors’ funnels. It’s like seeing a side-by-side comparison of each band's popularity at the festival, from general awareness to hardcore fans who promote them.
