Competitor Mapping: What Is It & How To Do It

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Competitor analysis is frequently the first place new services turn for market and keyword research study.

However, many brand-new businesses struggle to acquire much worth from competitor analysis because they typically do not track the correct variables or understand how to translate their information.

Luckily, imagining competitive analysis results into readable charts, graphs, and maps deals marketers a simple method to get more information about their rivals and their organization.

In this guide, I’ll walk you through the standard steps of creating a rival map, and offer you my favorite techniques to assist you find out more while doing so.

What Is Rival Mapping?

Competitor mapping is a process of competitive market analysis utilized to envision the relationship between two or more variables to help organizations discover a competitive advantage.

For instance, rival mapping can be utilized when introducing a brand-new product or service to identify the relationship between the product’s cost and perceived advantage.

Rival maps can take a number of various forms, such as:

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

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

The Benefits Of Rival Mapping

Rival mapping can help you:

  • Determine areas in your service that need enhancement.
  • Imagine information in a medium that is much easier to share and digest.
  • Discover areas to take advantage of competitor weaknesses.
  • Confirm your unique selling proposition (USP).
  • Identify benchmarks for future development and development.
  • Evaluate the relationship between several variables to develop the very best balance for a brand-new product launch (e.g., price-benefit worth).
  • Determine unexpected barriers to introduce.
  • Discover more about the relationship between your consumers, competitors, and items.
  • Identify locations that are not served by competitors (e.g., market or area maps).
  • Implement methods for market growth.

How To Construct A Competitor Map

1. Recognize Your Competitors

The primary step of performing a competitive analysis and building a rival map is to determine your competitors.

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

If you’re unaware of your online rivals, do a Google search of a main keyword and see what businesses show up in the advertising and organic areas. A “near me” look for regional businesses in your niche will likewise work.

Download shared keywords with your competitors 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, prices, online reviews, or any other variables you discover relevant. 2. Choose Which Areas Of Your Business

Need Much Deeper Analysis Ask yourself: what locations of my service do I want to track? Am I seeking to release a new product? Then, I’ll need a price-benefit analysis. Am I aiming to move to a brand-new location? Then I’ll require an area

map tracking market share. One way to discover various variables for analysis is to carry out a SWOT analysis. Opportunities Risks Strengths How can I optimize my business’s strengths for extra market

share? What is one strength that competitors are

using to take advantage of market share? Weak points What is one location of weak point that my business can capitalize on? What is one area of weakness that could cost my business market share? From there, you can find various variables, such as area, rate, or reputation, that can be charted. Once again, different variables in between what you can control and what you can’t in the past going through a more strenuous

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

discover more about. So to help simplify your analysis, I’ve noted a set of variables based upon specific locations of your organization you may analyze.

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

. Marketing campaign: Traffic/keyword share. New place: Location/choices. There are almost an unlimited variety of variables to choose from and compare. It’s understanding the worth in between those variables which is necessary. For instance, a tech startup might conduct a price-benefit analysis to determine just how much worth people believe they get from

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

    others, it might make your products feel a little less important for the high cost customers need to pay. That’s why I suggest running a few various kinds of

    competitive analysis based on various variables. 4. Picture Your Data Next, you need to learn how to envision your information.

    There are a couple of tools I’ll reveal below, from simple style tools to sophisticated data visualization tools. Construct A Scatter Graph in Excel The simplest way to begin is to develop 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 dependent variable. In this example, I charted the relationship between the rate 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 offer you multiple chart alternatives, consisting of a basic scatter plot. Screenshot from Excel, November 2022 Once all your values are filled in, Google will

    immediately produce 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 ratings, showing me that higher rates may impact brand understanding or correlate to item quality. Of course, if you include more variables to your Sheet, you’ll likewise have more options for bar graphs, pie charts, and much more. Produce A Basic Comparison Chart With Canva For something a bit more presentable, Canva offers terrific design templates

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

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

    use sophisticated ways to brand and personalize your competitor map to your preference. Screenshot from Vizzlo, November 2022 I highly recommend including your own custom worths 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 customized worth fulfills its equilibrium on the chart. Overall, dealing with a design tool, excel sheet, or data visualization is exceptionally simple and offers chances to brand, personalize, and stylize your research. Produce An Automated Chart With Python Google Data Studio is an outstanding tool for imagining information, but by hand inputting data or sharing it from spreadsheets can be tiring. Nevertheless, this guide provides a neat way to integrate arise from a Python script straight into Data Studio.

    For a quick 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 customized Information Studio template, the author might discover the top-level pages for numerous keywords and evaluate trends they were following to reach those rankings. Additionally, if you use Enterprise SEO tools, they currently have integrated competitive mapping charts, and you don’t need to build them manually.

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

    reveal a relationship in between the

    information that assists you recognize techniques to create an unique selling proposition

    or make use of a rival’s weak point. Think about running multiple kinds of rival analysis to help discover a much better understanding of your data and identify trends and relationships.

    Overall, rival mapping is a relatively easy process, and plenty of tools permit you to quickly develop or automate your competitor map. More resources: Featured Image:/ Best SMM Panel