Competitor Mapping: What Is It & How To Do It

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Competitor analysis is typically the top place new companies turn for market and keyword research.

However, lots of brand-new companies battle to get much worth from rival analysis because they often do not track the right variables or comprehend how to analyze their data.

Fortunately, envisioning competitive analysis results into readable charts, charts, and maps deals online marketers a simple method to get more information about their rivals and their company.

In this guide, I’ll walk you through the standard actions of creating a rival map, and give you my favorite techniques to help you discover more at the same time.

What Is Rival Mapping?

Rival mapping is a process of competitive market analysis used to picture the relationship in between two or more variables to help organizations reveal a competitive advantage.

For instance, competitor mapping can be used when introducing a new product or service to figure out the relationship in between the item’s price and viewed benefit.

Competitor maps can take several various types, such as:

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

Now that you have a general understanding of competitor mapping, let’s talk about the benefits of this method and how to take advantage of it to our advantage.

The Advantages Of Competitor Mapping

Competitor mapping can help you:

  • Determine locations in your service that need enhancement.
  • Envision data in a medium that is easier to share and digest.
  • Discover locations to profit from rival weak points.
  • Confirm your unique selling proposal (USP).
  • Identify standards for future growth and development.
  • Examine the relationship in between several variables to produce the best equilibrium for a new item launch (e.g., price-benefit value).
  • Determine unexpected barriers to launch.
  • Find out more about the relationship in between your consumers, rivals, and products.
  • Identify areas that are not served by competitors (e.g., market or place maps).
  • Implement techniques for market growth.

How To Develop A Competitor Map

1. Recognize Your Competitors

The first step of performing a competitive analysis and constructing a rival map is to recognize your rivals.

Preferably, I like to keep the variety of rivals I track on a map anywhere between 4 to 10 businesses to keep my data less randomized.

If you’re uninformed of your online competitors, do a Google search of a main keyword and see what businesses appear in the advertising and natural areas. A “near me” look for regional companies in your niche will also work.

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

Screenshot from SE Ranking, November 2022 Once you have a list of competitors, completely evaluate their items, prices, online evaluations, or any other variables you find pertinent. 2. Decide Which Areas Of Your Business

Need Much Deeper Analysis Ask yourself: what areas of my organization do I wish to track? Am I seeking to release a brand-new product? Then, I’ll require a price-benefit analysis. Am I wanting to move to a brand-new area? Then I’ll require an area

map tracking market share. One method to discover 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 rivals are

utilizing to take advantage of market share? Weak points What is one location of weak point that my company can take advantage of? What is one location of weak point that could cost my business market share? From there, you can find different variables, such as place, price, or reputation, that can be charted. Again, separate variables in between what you can manage and what you can’t previously going through a more extensive

competitive analysis. 3. Pick Your Variables To Track The variables you track will depend upon the area of business you seek to

find out more about. So to assist streamline your analysis, I’ve noted a set of variables based upon particular locations of your organization you might evaluate.

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

. Marketing project: Traffic/keyword share. New area: Location/choices. There are nearly a boundless variety of variables to select from and compare. It’s understanding the value in between those variables which is essential. For instance, a tech start-up may carry out a price-benefit analysis to figure out just how much value people believe they obtain from

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

    others, it might make your items feel a little less valuable for the steep price clients have to pay. That’s why I recommend running a couple of various types of

    competitive analysis based upon different variables. 4. Picture Your Information Next, you require to learn how to imagine your data.

    There are a couple of tools I’ll show listed below, from basic style tools to sophisticated information visualization tools. Construct A Scatter Chart in Excel The simplest way to get going is to build an easy scatter chart tracking 2 variables utilizing 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 reliant variable. In this example, I charted the relationship between the price of a one-time service and the business’s score on Google. Highlight your information variety and click the Explore button in the bottom

    right. Google will give you several chart choices, consisting of a basic scatter plot. Screenshot from Excel, November 2022 Once all your values are filled out, Google will

    immediately develop 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 price by $100, they got a 0.862 bump in their ratings, showing me that greater costs may affect brand perception or associate to item quality. Of course, if you add more variables to your Sheet, you’ll also have more options for bar chart, pie charts, and much more. Create An Easy Comparison Chart With Canva For something a bit more nice, Canva deals excellent templates

    for free, and Pro accounts to construct simple contrast charts with its visual editor. For example, Canva’s complimentary variation has dozens of charts that permit you to modify your chart’s aesthetic and internal worths.

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

    provide advanced methods to brand name and tailor your competitor map to your liking. Screenshot from Vizzlo, November 2022 I highly recommend including your own custom values and inputting them into your bubbles to get an accurate representation. You can likewise click throughout the chart to develop a bubble based upon where your custom worth fulfills its equilibrium on the chart. In general, working with a style tool, stand out sheet, or data visualization is extremely simple and uses chances to brand, personalize, and stylize your research. Create An Automated Chart With Python Google Data Studio is an excellent tool for envisioning data, but manually inputting data or sharing it from spreadsheets can be tedious. Nevertheless, this guide provides a neat way to incorporate results from a Python script directly into Information Studio.

    For a fast gist, the script is created to analyze the number of keywords your rival’s top page is ranking for in a single URL. By integrating CSV information from Python into a customized Information Studio template, the author might discover the top-level pages for numerous keywords and examine patterns they were following to reach those rankings. Alternatively, if you use Enterprise SEO tools, they already have built-in competitive mapping charts, and you don’t need to develop them manually.

    5. Highlight Areas For Improvement Finally, the last action of rival mapping is to identify your areas of improvement. In each chart, you must be able to

    reveal a relationship between the

    information that helps you recognize techniques to create an unique selling proposal

    or exploit a competitor’s weak point. Think about running several kinds of rival analysis to assist reveal a much better understanding of your information and identify patterns and relationships.

    In general, rival mapping is a fairly simple procedure, and a lot of tools allow you to easily create or automate your rival map. More resources: Featured Image:/ Best SMM Panel