Competitor Mapping: What Is It & How To Do It

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Rival analysis is typically the top place new services turn for market and keyword research study.

Nevertheless, lots of brand-new organizations battle to acquire much value from rival analysis because they often don’t track the correct variables or understand how to interpret their information.

Fortunately, envisioning competitive analysis results into understandable charts, charts, and maps offers marketers an easy method to learn more about their rivals and their service.

In this guide, I’ll stroll you through the fundamental actions of developing a competitor map, and give you my favorite tricks to help you learn more in the process.

What Is Competitor Mapping?

Rival mapping is a procedure of competitive market analysis used to imagine the relationship between two or more variables to help companies reveal a competitive advantage.

For example, competitor mapping can be used when introducing a brand-new service or product to identify the relationship in between the item’s cost and perceived advantage.

Rival maps can take several various kinds, such as:

  • Scatter charts.
  • Comparison charts.
  • Bar chart.
  • Line charts.
  • Gannt charts.
  • Pie charts.

Now that you have a basic understanding of rival mapping, let’s go over the benefits of this method and how to leverage it to our advantage.

The Advantages Of Competitor Mapping

Rival mapping can assist you:

  • Identify areas in your service that require improvement.
  • Visualize information in a medium that is much easier to share and absorb.
  • Discover locations to take advantage of rival weak points.
  • Verify your unique selling proposal (USP).
  • Recognize standards for future growth and advancement.
  • Analyze the relationship in between numerous variables to develop the best balance for a new product launch (e.g., price-benefit value).
  • Recognize unexpected barriers to release.
  • Learn more about the relationship between your consumers, rivals, and products.
  • Identify locations that are not served by rivals (e.g., market or place maps).
  • Implement techniques for market growth.

How To Develop A Competitor Map

1. Recognize Your Rivals

The primary step of carrying out a competitive analysis and developing a rival map is to identify your rivals.

Ideally, I like to keep the variety of rivals I track on a map anywhere between 4 to 10 organizations to keep my information less randomized.

If you’re unaware of your online rivals, do a Google search of a primary keyword and see what companies appear in the marketing and organic areas. A “near me” search for local companies in your specific niche will also work.

Download shared keywords with your rivals utilizing SEO tools like Semrush, Ahrefs, Sistrix, SE Ranking, or others.

Screenshot from SE Ranking, November 2022 Once you have a list of rivals, thoroughly examine their products, costs, online evaluations, or any other variables you discover pertinent. 2. Decide Which Locations Of Your Company

Need Much Deeper Analysis Ask yourself: what areas of my company do I want to track? Am I looking to release a new product? Then, I’ll require a price-benefit analysis. Am I aiming to relocate to a brand-new place? Then I’ll need a location

map tracking market share. One way to reveal various variables for analysis is to perform a SWOT analysis. Opportunities Hazards Strengths How can I maximize my company’s strengths for additional market

share? What is one strength that competitors are

utilizing to profit from market share? Weaknesses What is one location of weakness that my business can take advantage of? What is one location of weak point that could cost my company market share? From there, you can find different variables, such as place, cost, or track record, that can be charted. Again, different variables between what you can manage and what you can’t previously undergoing a more extensive

competitive analysis. 3. Pick Your Variables To Track The variables you track will depend on the location of organization you seek to

find out more about. So to help streamline your analysis, I’ve listed a set of variables based upon particular areas of your service you might examine.

New service launch: Price/benefit, sign-ups/engagement. New menu item: Calories/taste. Market share: Brand perception/quality, brand name perception/price

. Marketing campaign: Traffic/keyword share. New area: Location/choices. There are nearly an unlimited variety of variables to pick from and compare. It’s comprehending the value between those variables which is vital. For example, a tech start-up may perform a price-benefit analysis to determine just how much value people believe they get from

  • your products at an existing rate.
  • On the other hand, a luxury brand name might benefit more from carrying out a price-value contrast to figure out just how much the rate
  • of their products impacts their brand perception. What you’ll discover is that variables like price have various effects, which need to be stabilized with your audience. So in some circumstances, raising your price might make your brand name appear more high-end, while in

    others, it may make your products feel a little less valuable for the high rate customers have to pay. That’s why I suggest running a couple of different kinds of

    competitive analysis based on various variables. 4. Visualize Your Data Next, you require to discover how to envision your information.

    There are a number of tools I’ll show below, from simple design tools to sophisticated data visualization tools. Build A Scatter Graph in Excel The simplest method to begin is to develop a basic scatter chart tracking 2 variables using Google Sheets. For instance, in Google Sheets, label column A your X-variable, or control variable, in Google Sheets, and

    column B your Y-variable, or the dependent variable. In this example, I charted the relationship between the price of a one-time service and the business’s rating on Google. Highlight your information variety and click the Explore button in the bottom

    right. Google will provide you several chart options, consisting of an easy scatter plot. Screenshot from Excel, November 2022 Once all your values are filled in, Google will

    automatically produce a chart for you that

    you can share or download. Screenshot from Excel, November 2022 In this example, I saw that each time my competitors raised their cost by $100, they got a 0.862 bump in their rankings, revealing me that higher rates might affect brand perception or associate to item quality. Naturally, if you add more variables to your Sheet, you’ll also have more choices for bar graphs, pie charts, and far more. Develop A Basic Comparison Chart With Canva For something a little more presentable, Canva deals terrific design templates

    free of charge, and Pro accounts to construct simple comparison charts with its visual editor. For instance, Canva’s free variation has lots of charts that allow you to modify your chart’s visual and internal values.

    Screenshot from Canva, November 2022 After customizing the design template, the final result came out as this: Screenshot from Canva, November 2022 Visualize Your Rivals With A Bubble Map In Vizzlo Information visualization tools like Vizzlo

    offer sophisticated ways to brand name and customize your rival map to your taste. Screenshot from Vizzlo, November 2022 I highly recommend including your own custom-made worths and inputting them into your bubbles to get an accurate representation. You can also click anywhere in the graph to produce a bubble based on where your customized worth meets its equilibrium on the chart. Overall, working with a style tool, excel sheet, or information visualization is incredibly easy and uses opportunities to brand, tailor, and stylize your research study. Produce An Automated Chart With Python Google Data Studio is an excellent tool for visualizing information, however manually inputting data or sharing it from spreadsheets can be tedious. However, this guide provides a cool method to integrate results from a Python script straight into Data Studio.

    For a quick gist, the script is created to evaluate the variety of keywords your rival’s leading page is ranking for in a single URL. By including CSV data from Python into a custom-made Data Studio template, the author might discover the top-ranking pages for several keywords and analyze trends they were following to reach those rankings. Additionally, if you utilize Business SEO tools, they already have integrated competitive mapping charts, and you do not need to build them by hand.

    5. Highlight Areas For Improvement Finally, the last step of competitor mapping is to determine your locations of improvement. In each chart, you ought to be able to

    uncover a relationship between the

    information that helps you recognize methods to produce a distinct selling proposition

    or make use of a rival’s weak point. Think about running numerous types of rival analysis to assist uncover a better understanding of your data and determine patterns and relationships.

    In general, rival mapping is a reasonably simple process, and lots of tools allow you to quickly develop or automate your competitor map. More resources: Included Image:/ Best SMM Panel