Competitor Mapping: What Is It & How To Do It

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

Nevertheless, lots of new companies struggle to acquire much value from competitor analysis due to the fact that they frequently don’t track the proper variables or understand how to translate their data.

Luckily, visualizing competitive analysis results into legible charts, charts, and maps offers marketers an easy way for more information about their competitors and their service.

In this guide, I’ll stroll you through the standard steps of developing a rival map, and offer you my favorite tricks to help you discover more at the same time.

What Is Rival Mapping?

Rival mapping is a procedure of competitive market analysis used to picture the relationship in between 2 or more variables to assist companies discover a competitive benefit.

For instance, competitor mapping can be used when launching a new services or product to determine the relationship between the product’s rate and viewed advantage.

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

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

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

The Benefits Of Competitor Mapping

Rival mapping can assist you:

  • Identify areas in your service that need improvement.
  • Picture data in a medium that is much easier to share and digest.
  • Discover locations to profit from competitor weak points.
  • Confirm your unique selling proposition (USP).
  • Determine criteria for future development and advancement.
  • Examine the relationship in between several variables to produce the best equilibrium for a new item launch (e.g., price-benefit value).
  • Identify unexpected barriers to release.
  • Find out more about the relationship in between your customers, competitors, and products.
  • Determine areas that are not served by competitors (e.g., market or area maps).
  • Implement strategies for market growth.

How To Build A Rival Map

1. Identify Your Competitors

The first step of carrying out a competitive analysis and developing a competitor map is to identify your rivals.

Preferably, I like to keep the variety of competitors I track on a map anywhere 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 organizations show up in the marketing and organic areas. A “near me” search for regional companies in your specific 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 rivals, thoroughly evaluate their products, prices, online evaluations, or any other variables you find pertinent. 2. Decide Which Areas Of Your Company

Require Deeper Analysis Ask yourself: what locations of my business do I wish to track? Am I seeking to launch a brand-new item? Then, I’ll need a price-benefit analysis. Am I looking to relocate to a brand-new area? Then I’ll require an area

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

share? What is one strength that rivals are

using to profit from market share? Weak points What is one location of weak point that my business 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 credibility, that can be charted. Again, separate variables 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 upon the area of service you seek to

learn more about. So to help simplify your analysis, I’ve listed a set of variables based upon specific areas of your company you may examine.

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

. Marketing project: Traffic/keyword share. New location: Location/choices. There are almost an unlimited number of variables to choose from and compare. It’s comprehending the value in between those variables which is important. For instance, a tech startup might perform a price-benefit analysis to figure out just how much value individuals believe they receive from

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

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

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

    There are a number of tools I’ll show below, from simple design tools to sophisticated data visualization tools. Construct A Scatter Chart in Excel The most convenient method to get going is to develop a simple 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 in between the price of a one-time service and the company’s rating on Google. Highlight your data range and click the Explore button in the bottom

    right. Google will offer you multiple chart alternatives, consisting of an easy scatter plot. Screenshot from Excel, November 2022 Once all your values are completed, 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 cost by $100, they received a 0.862 bump in their ratings, showing me that greater prices might affect brand perception or associate to item quality. Naturally, if you include more variables to your Sheet, you’ll likewise have more choices for bar chart, pie charts, and far more. Produce A Basic Comparison Chart With Canva For something a little bit more presentable, Canva offers terrific templates

    free of charge, and Pro accounts to develop simple comparison charts with its visual editor. For instance, Canva’s free variation has lots of charts that enable you to edit your chart’s aesthetic and internal worths.

    Screenshot from Canva, November 2022 After customizing the template, the 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 sophisticated ways to brand and tailor your rival map to your preference. Screenshot from Vizzlo, November 2022 I extremely recommend adding your own custom-made values and inputting them into your bubbles to get an accurate representation. You can likewise click anywhere in the graph to create a bubble based on where your customized worth fulfills its stability on the chart. In general, dealing with a style tool, excel sheet, or information visualization is incredibly easy and uses chances to brand name, tailor, and stylize your research study. Create An Automated Chart With Python Google Data Studio is an excellent tool for picturing information, however manually inputting data or sharing it from spreadsheets can be tiring. However, this guide provides a cool method to integrate results from a Python script straight into Information Studio.

    For a fast essence, the script is designed to analyze the variety of keywords your competitor’s top page is ranking for in a single URL. By including CSV information from Python into a custom-made Data Studio design template, the author could discover the top-ranking pages for a number of keywords and examine trends they were following to reach those rankings. Additionally, if you use Enterprise SEO tools, they already have integrated competitive mapping charts, and you don’t need to construct them by hand.

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

    reveal a relationship in between the

    data that helps you determine techniques to produce an unique selling proposal

    or make use of a rival’s weakness. Think about running numerous kinds of competitor analysis to help reveal a much better understanding of your data and recognize patterns and relationships.

    In general, competitor mapping is a reasonably basic procedure, and lots of tools enable you to easily create or automate your competitor map. More resources: Included Image:/ Best SMM Panel