In this guide, I\u2019ll walk you through the basic steps of creating a competitor map, and give you my favorite tricks to help you learn more in the process.<\/p>\n
What Is Competitor Mapping?<\/h2>\n
Competitor mapping is a process of competitive market analysis used to visualize the relationship between two or more variables to help businesses uncover a competitive advantage.<\/p>\n
For example, competitor mapping can be used when launching a new product or service to determine the relationship between the product\u2019s price and perceived benefit.<\/p>\n
Competitor maps can take several different forms, such as:<\/p>\n
- \n
- Scatter graphs.<\/li>\n
- Comparison charts.<\/li>\n
- Bar graphs.<\/li>\n
- Line graphs.<\/li>\n
- Gannt charts.<\/li>\n
- Pie charts.<\/li>\n<\/ul>\n
Now that you have a general understanding of competitor mapping, let\u2019s discuss the benefits of this strategy and how to leverage it to our advantage.<\/p>\n
The Benefits Of Competitor Mapping<\/h2>\n
Competitor mapping can help you:<\/p>\n
- \n
- Identify areas in your business that require improvement.<\/li>\n
- Visualize data in a medium that is easier to share and digest.<\/li>\n
- Discover areas to capitalize on competitor weaknesses.<\/li>\n
- Validate your unique selling proposition (USP).<\/li>\n
- Identify benchmarks for future growth and development.<\/li>\n
- Analyze the relationship between multiple variables to create the best equilibrium for a new product launch (e.g., price-benefit value).<\/li>\n
- Identify unanticipated barriers to launch.<\/li>\n
- Learn more about the relationship between your customers, competitors, and products.<\/li>\n
- Identify areas that are not served by competitors (e.g., market or location maps).<\/li>\n
- Implement strategies for market growth.<\/li>\n<\/ul>\n
How To Build A Competitor Map<\/h2>\n
1. Identify Your Competitors<\/h3>\n
The first step of conducting a competitive analysis and building a competitor map is to identify your competitors.<\/p>\n
Ideally, I like to keep the number of competitors I track on a map anywhere between 4 to 10 businesses to keep my data less randomized.<\/p>\n
If you\u2019re unaware of your online competitors, do a Google search of a primary keyword and see what businesses show up in the advertising and organic sections. A \u201cnear me\u201d search for local businesses in your niche will also work.<\/p>\n
Download shared keywords with your competitors using SEO tools like Semrush, Ahrefs, Sistrix, SE Ranking, or others.<\/p>\n
![\"organic](\"https:\/\/marketingnewsbox.com\/wp-content\/uploads\/2022\/11\/competitor-mapping-what-is-it-how-to-do-it.png\")
Screenshot from SE Ranking, November 2022<\/span><\/div>\nOnce you have a list of competitors, thoroughly analyze their products, prices, online reviews, or any other variables you find relevant.<\/p>\n
2. Decide Which Areas Of Your Business Require Deeper Analysis<\/h3>\n
Ask yourself: what areas of my business do I want to track? Am I looking to launch a new product? Then, I\u2019ll need a price-benefit analysis.<\/p>\n
Am I looking to move to a new location? Then I\u2019ll need a location map tracking market share.<\/p>\n
One way to uncover different variables for analysis is to perform a SWOT analysis.<\/p>\n
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