Competitor Mapping: What Is It & How To Do It

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Rival analysis is often the first place brand-new businesses turn for market and keyword research.

Nevertheless, numerous brand-new companies battle to acquire much value from rival analysis due to the fact that they frequently do not track the proper variables or understand how to interpret their information.

Luckily, envisioning competitive analysis results into legible charts, charts, and maps deals marketers an easy way for more information about their rivals and their service.

In this guide, I’ll stroll you through the standard steps of producing a rival map, and provide you my favorite techniques to assist you learn more at the same time.

What Is Competitor Mapping?

Competitor mapping is a process of competitive market analysis used to envision the relationship in between 2 or more variables to assist companies discover a competitive advantage.

For instance, competitor mapping can be utilized when launching a new product or service to determine the relationship in between the product’s cost and perceived advantage.

Rival maps can take several various types, such as:

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

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

The Benefits Of Rival Mapping

Rival mapping can assist you:

  • Identify areas in your organization that require improvement.
  • Visualize information in a medium that is easier to share and absorb.
  • Discover locations to profit from competitor weak points.
  • Verify your special selling proposal (USP).
  • Recognize criteria for future growth and advancement.
  • Examine the relationship in between multiple variables to produce the best stability for a new item launch (e.g., price-benefit worth).
  • Recognize unexpected barriers to launch.
  • Discover more about the relationship between your customers, competitors, and items.
  • Determine areas that are not served by competitors (e.g., market or place maps).
  • Implement techniques for market development.

How To Construct A Rival Map

1. Identify Your Rivals

The first step of conducting a competitive analysis and developing a competitor map is to recognize your rivals.

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

If you’re uninformed of your online competitors, do a Google search of a primary keyword and see what companies show up in the advertising and organic areas. A “near me” look for regional companies in your niche will likewise 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 rivals, thoroughly evaluate their products, rates, online reviews, or any other variables you find appropriate. 2. Decide Which Areas Of Your Organization

Require Deeper Analysis Ask yourself: what locations of my company do I want to track? Am I looking to launch a brand-new product? Then, I’ll require a price-benefit analysis. Am I looking to transfer to a new place? Then I’ll require a location

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

share? What is one strength that rivals are

utilizing to take advantage of market share? Weak points What is one area of weak point that my business can take advantage of? What is one area of weak point that could cost my company market share? From there, you can find different variables, such as location, price, or reputation, that can be charted. Once again, different variables between what you can control and what you can’t previously undergoing a more rigorous

competitive analysis. 3. Choose Your Variables To Track The variables you track will depend on the location of company you look for to

find out more about. So to help streamline your analysis, I have actually listed a set of variables based on specific areas of your organization you might analyze.

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

. Marketing project: Traffic/keyword share. New area: Location/choices. There are almost an infinite variety of variables to pick from and compare. It’s comprehending the value between those variables which is important. For example, a tech startup might perform a price-benefit analysis to identify how much value people think they receive from

  • your items at a current cost.
  • On the other hand, a luxury brand might benefit more from performing a price-value comparison to identify how much the cost
  • of their products impacts their brand perception. What you’ll discover is that variables like price have various results, which need to be balanced with your audience. So in some instances, raising your cost could make your brand name appear more high-end, while in

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

    competitive analysis based upon various variables. 4. Visualize Your Information Next, you need to discover how to imagine your data.

    There are a number of tools I’ll show listed below, from simple design tools to sophisticated data visualization tools. Develop A Scatter Chart in Excel The easiest way to get started is to construct a basic scatter chart tracking two variables utilizing Google Sheets. For example, 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 cost 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 offer you numerous chart options, including a basic scatter plot. Screenshot from Excel, November 2022 Once all your worths are filled in, 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 whenever my competitors raised their rate by $100, they got a 0.862 bump in their rankings, showing me that higher costs might impact brand perception or correlate to product quality. Obviously, if you add more variables to your Sheet, you’ll also have more options for bar graphs, pie charts, and far more. Develop A Simple Contrast Chart With Canva For something a bit more presentable, Canva deals terrific design templates

    free of charge, and Pro accounts to construct basic comparison charts with its visual editor. For example, Canva’s free version has dozens of charts that allow you to modify your chart’s visual and internal values.

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

    use advanced methods to brand and customize your competitor map to your preference. Screenshot from Vizzlo, November 2022 I extremely advise including your own customized worths and inputting them into your bubbles to get an accurate representation. You can likewise click anywhere in the graph to create a bubble based upon where your custom-made value meets its stability on the chart. Overall, dealing with a design tool, excel sheet, or information visualization is incredibly easy and offers chances to brand name, customize, and stylize your research. Develop An Automated Chart With Python Google Data Studio is an exceptional tool for envisioning data, but by hand inputting information or sharing it from spreadsheets can be tiresome. However, this guide offers a cool method to incorporate results from a Python script directly into Data Studio.

    For a fast gist, the script is created to analyze the number of keywords your competitor’s leading page is ranking for in a single URL. By incorporating CSV data from Python into a custom-made Data Studio design template, the author might discover the top-ranking pages for numerous keywords and analyze 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 do not need to construct them by hand.

    5. Highlight Areas For Enhancement Finally, the last action of competitor mapping is to identify your areas of enhancement. In each chart, you must have the ability to

    uncover a relationship between the

    information that helps you determine techniques to create a special selling proposition

    or exploit a rival’s weak point. Consider running multiple forms of competitor analysis to assist uncover a better understanding of your data and identify patterns and relationships.

    In general, competitor mapping is a relatively easy procedure, and plenty of tools allow you to quickly produce or automate your competitor map. More resources: Featured Image:/ Best SMM Panel