Competitor Mapping: What Is It & How To Do It

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

Nevertheless, lots of brand-new businesses battle to get much worth from rival analysis since they often do not track the proper variables or comprehend how to translate their data.

Fortunately, visualizing competitive analysis results into legible charts, charts, and maps deals marketers an easy way to learn more about their rivals and their service.

In this guide, I’ll stroll you through the standard actions of producing a rival map, and provide you my favorite tricks to help you find out more while doing so.

What Is Competitor Mapping?

Rival mapping is a procedure of competitive market analysis used to picture the relationship between two or more variables to assist businesses discover a competitive advantage.

For instance, competitor mapping can be used when launching a brand-new product and services to identify the relationship between the item’s rate and perceived advantage.

Competitor maps can take several different forms, such as:

  • Scatter graphs.
  • Comparison charts.
  • Bar graphs.
  • 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 Benefits Of Competitor Mapping

Rival mapping can assist you:

  • Identify locations in your organization that need improvement.
  • Visualize data in a medium that is simpler to share and digest.
  • Discover locations to profit from competitor weak points.
  • Verify your unique selling proposal (USP).
  • Identify criteria for future development and advancement.
  • Evaluate the relationship in between numerous variables to create the very best stability for a brand-new product launch (e.g., price-benefit worth).
  • Determine unexpected barriers to introduce.
  • Find out more about the relationship between your clients, rivals, and products.
  • Determine areas that are not served by competitors (e.g., market or place maps).
  • Implement methods for market development.

How To Develop A Rival Map

1. Identify Your Rivals

The first step of carrying out a competitive analysis and constructing a rival map is to determine your rivals.

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

If you’re unaware of your online competitors, do a Google search of a primary keyword and see what services appear in the advertising and natural sections. A “near me” search for regional services in your specific niche will also 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, completely evaluate their products, costs, online evaluations, or any other variables you discover pertinent. 2. Choose Which Locations Of Your Organization

Need Deeper Analysis Ask yourself: what locations of my service do I wish to track? Am I wanting to introduce a new item? Then, I’ll require a price-benefit analysis. Am I seeking to transfer to a new place? Then I’ll need a place

map tracking market share. One way to discover different variables for analysis is to perform a SWOT analysis. Opportunities Hazards Strengths How can I optimize my business’s strengths for additional market

share? What is one strength that rivals are

using to capitalize on market share? Weaknesses What is one area of weak point that my business can capitalize on? What is one location of weak point that could cost my business market share? From there, you can find different variables, such as location, rate, or credibility, that can be charted. Once again, separate variables in between what you can manage and what you can’t before undergoing a more rigorous

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

discover more about. So to assist streamline your analysis, I have actually listed a set of variables based on specific locations of your company you might examine.

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

. Marketing campaign: Traffic/keyword share. New place: Location/choices. There are nearly a limitless variety of variables to select from and compare. It’s understanding the value between those variables which is important. For example, a tech startup may carry out a price-benefit analysis to identify how much value individuals believe they get from

  • your items at a present price.
  • On the other hand, a luxury brand may benefit more from carrying out a price-value comparison to determine how much the rate
  • of their items impacts their brand name perception. What you’ll find is that variables like rate have different effects, which need to be balanced with your audience. So in some instances, raising your rate could make your brand name appear more high-end, while in

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

    competitive analysis based upon different variables. 4. Envision Your Information Next, you require to discover how to picture your information.

    There are a couple of tools I’ll reveal below, from easy design tools to sophisticated data visualization tools. Develop A Scatter Chart in Excel The simplest way to get going is to build a basic scatter chart tracking 2 variables using 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 in between the cost of a one-time service and the business’s ranking on Google. Highlight your information range and click the Explore button in the bottom

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

    immediately create a chart for you that

    you can share or download. Screenshot from Excel, November 2022 In this example, I saw that each time my rivals raised their cost by $100, they got a 0.862 bump in their ratings, revealing me that higher rates might affect brand name understanding or associate to product quality. Naturally, if you include more variables to your Sheet, you’ll also have more options for bar chart, pie charts, and far more. Develop An Easy Comparison Chart With Canva For something a little bit more nice, Canva offers fantastic design templates

    free of charge, and Pro accounts to build basic contrast charts with its visual editor. For example, Canva’s free version has lots of charts that permit you to modify your chart’s aesthetic and internal worths.

    Screenshot from Canva, November 2022 After personalizing 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

    use sophisticated ways to brand name and tailor your competitor map to your liking. Screenshot from Vizzlo, November 2022 I highly advise adding your own custom-made values and inputting them into your bubbles to get an accurate representation. You can likewise click throughout the graph to develop a bubble based upon where your custom-made value satisfies its equilibrium on the chart. In general, working with a style tool, excel sheet, or information visualization is incredibly easy and provides opportunities to brand name, tailor, and stylize your research study. Produce An Automated Chart With Python Google Data Studio is an outstanding tool for imagining data, however by hand inputting information or sharing it from spreadsheets can be tiring. Nevertheless, this guide provides a cool method to incorporate arise from a Python script directly into Data Studio.

    For a quick essence, the script is developed to evaluate the variety of keywords your rival’s leading page is ranking for in a single URL. By including CSV information from Python into a custom-made Data Studio template, the author might discover the top-level pages for numerous keywords and analyze patterns they were following to reach those rankings. Alternatively, if you use Enterprise SEO tools, they currently have built-in competitive mapping charts, and you do not have to construct them manually.

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

    uncover a relationship in between the

    information that helps you identify techniques to develop an unique selling proposal

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

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