Competitor Mapping: What Is It & How To Do It

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Competitor analysis is frequently the first place brand-new companies turn for market and keyword research.

However, many new businesses struggle to get much worth from rival analysis because they frequently don’t track the proper variables or comprehend how to translate their information.

Luckily, visualizing competitive analysis results into legible charts, charts, and maps offers marketers an easy method to learn more about their competitors and their company.

In this guide, I’ll stroll you through the fundamental actions of creating a competitor map, and give you my favorite techniques to help you find out more at the same time.

What Is Rival Mapping?

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

For instance, rival mapping can be used when launching a brand-new services or product to figure out the relationship in between the product’s rate and viewed advantage.

Rival maps can take several various forms, such as:

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

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

The Advantages Of Rival Mapping

Competitor mapping can help you:

  • Determine locations in your company that need enhancement.
  • Imagine data in a medium that is much easier to share and absorb.
  • Discover locations to capitalize on competitor weaknesses.
  • Verify your unique selling proposition (USP).
  • Identify standards for future development and advancement.
  • Analyze the relationship between several variables to develop the very best equilibrium for a new product launch (e.g., price-benefit value).
  • Recognize unanticipated barriers to launch.
  • Learn more about the relationship in between your consumers, rivals, and items.
  • Identify locations that are not served by rivals (e.g., market or area maps).
  • Implement strategies for market development.

How To Build A Competitor Map

1. Determine Your Rivals

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

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

If you’re uninformed of your online rivals, do a Google search of a primary keyword and see what organizations appear in the marketing and natural areas. A “near me” look 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 competitors, thoroughly evaluate their items, prices, online evaluations, or any other variables you discover relevant. 2. Choose Which Areas Of Your Organization

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

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

share? What is one strength that rivals are

utilizing to capitalize on market share? Weak points What is one location of weakness that my business can take advantage of? What is one location of weakness that could cost my business market share? From there, you can find various variables, such as location, cost, or credibility, that can be charted. Again, separate variables in between what you can control and what you can’t in the past undergoing a more strenuous

competitive analysis. 3. Choose Your Variables To Track The variables you track will depend upon the area of service you look for to

discover more about. So to help streamline your analysis, I’ve noted a set of variables based upon specific locations of your company you might evaluate.

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

. Marketing project: Traffic/keyword share. New place: Location/choices. There are almost a boundless number of variables to choose from and compare. It’s understanding the value between those variables which is essential. For instance, a tech startup may carry out a price-benefit analysis to determine just how much worth people think they receive from

  • your products at an existing price.
  • On the other hand, a high-end brand name might benefit more from performing a price-value comparison to figure out just how much the rate
  • of their items impacts their brand name understanding. What you’ll discover is that variables like price have different results, which require to be stabilized with your audience. So in some circumstances, raising your cost might make your brand name appear more high-end, while in

    others, it might make your items feel a little less valuable for the high rate customers have to pay. That’s why I advise running a few various forms of

    competitive analysis based upon different variables. 4. Envision Your Data Next, you require to learn how to visualize your information.

    There are a couple of tools I’ll show below, from basic style tools to innovative data visualization tools. Construct A Scatter Graph in Excel The simplest way to begin is to build an easy 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 company’s score on Google. Highlight your data range and click the Explore button in the bottom

    right. Google will give you numerous chart options, consisting of a basic scatter plot. Screenshot from Excel, November 2022 Once all your values are completed, Google will

    automatically 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 price by $100, they received a 0.862 bump in their ratings, showing me that greater prices may affect brand name understanding or associate to item quality. Of course, if you add more variables to your Sheet, you’ll also have more alternatives for bar chart, pie charts, and far more. Produce An Easy Comparison Chart With Canva For something a little bit more presentable, Canva offers terrific templates

    totally free, and Pro accounts to develop easy contrast charts with its visual editor. For instance, Canva’s complimentary version has dozens of charts that enable you to modify your chart’s aesthetic and internal worths.

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

    offer sophisticated ways to brand name and tailor your rival map to your taste. Screenshot from Vizzlo, November 2022 I highly advise including your own custom values and inputting them into your bubbles to get an accurate representation. You can also click anywhere in the chart to create a bubble based upon where your custom-made worth fulfills its stability on the chart. Overall, dealing with a style tool, stand out sheet, or information visualization is incredibly easy and provides opportunities to brand, customize, and stylize your research. Develop An Automated Chart With Python Google Data Studio is an excellent tool for visualizing data, but by hand inputting data or sharing it from spreadsheets can be tiresome. Nevertheless, this guide uses a neat method to incorporate results from a Python script directly into Information Studio.

    For a fast essence, the script is developed to analyze the number of keywords your competitor’s leading page is ranking for in a single URL. By incorporating CSV information from Python into a customized Data Studio design template, the author might find the top-level pages for a number of keywords and evaluate patterns they were following to reach those rankings. Alternatively, if you utilize Business SEO tools, they already have integrated competitive mapping charts, and you don’t need to develop them by hand.

    5. Highlight Areas For Improvement Finally, the last step of competitor mapping is to identify your locations of improvement. In each chart, you should have the ability to

    discover a relationship in between the

    data that helps you determine techniques to create a distinct selling proposition

    or make use of a rival’s weak point. Consider running several kinds of rival analysis to assist uncover a much better understanding of your information and recognize patterns and relationships.

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