A comparison matrix proved to be very useful in identifying three potential markets. Research identified 'luxury retail store', 'online designer store' and 'designer and maker', these were defined by their production methods, promotion strategies, provenance and price.
David, A. Comparison Matrix 2019
Using this information, it informed a perceptual mapping exercise where the researched brands were positioned based on their level of craftsmanship vs outsource production and their value added services (focusing particularly on the relationship with brands and dialogue with maker) vs mass produced (off the shelf) products.
David, A. Perceptual Mapping 2019
As a brand, Modern Makers endeavours to provide a constant dialogue with consumers and potential customers through social media, website, trade fairs and magazine features and will offer a distant brand identity. In addition, products intend to be hand crafted and bespoke. Therefore, it is clear that Modern Makers will be well positioned alongside the Designer and Makers identified through market research.
Moving forward, it will be beneficial to understand whether the identified Designer and Makers will be direct competitors and what USP's will set Modern Makers apart.
This is very valuable research which will directly impact my future business plan.