Rival Mapping: What Is It & How To Do It

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

However, lots of brand-new businesses battle to acquire much worth from rival analysis since they typically don’t track the right variables or understand how to analyze their data.

Thankfully, envisioning competitive analysis results into readable charts, charts, and maps offers marketers a simple way to read more about their rivals and their company.

In this guide, I’ll walk you through the standard actions of producing a competitor map, and provide you my preferred techniques to help you find out more while doing so.

What Is Rival Mapping?

Competitor mapping is a process of competitive market analysis used to visualize the relationship in between two or more variables to assist services uncover a competitive benefit.

For example, rival mapping can be used when releasing a new service or product to determine the relationship between the product’s price and viewed benefit.

Rival maps can take several different types, such as:

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

Now that you have a general understanding of rival mapping, let’s go over the benefits of this strategy and how to leverage it to our benefit.

The Advantages Of Competitor Mapping

Competitor mapping can help you:

  • Identify locations in your business that need enhancement.
  • Imagine data in a medium that is simpler to share and digest.
  • Discover locations to capitalize on rival weak points.
  • Verify your distinct selling proposal (USP).
  • Determine criteria for future growth and advancement.
  • Examine the relationship between several variables to produce the best equilibrium for a brand-new product launch (e.g., price-benefit worth).
  • Recognize unanticipated barriers to release.
  • Learn more about the relationship in between your clients, competitors, and products.
  • Identify locations that are not served by competitors (e.g., market or place maps).
  • Implement strategies for market growth.

How To Develop A Rival Map

1. Identify Your Competitors

The primary step of conducting a competitive analysis and building a competitor map is to identify your rivals.

Ideally, I like to keep the number of rivals 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 companies show up in the marketing and organic areas. A “near me” search for regional organizations in your 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 competitors, completely analyze their items, prices, online evaluations, or any other variables you discover appropriate. 2. Decide Which Areas Of Your Organization

Require Much Deeper Analysis Ask yourself: what locations of my organization do I want to track? Am I wanting to launch a new product? Then, I’ll need a price-benefit analysis. Am I seeking to transfer to a new area? Then I’ll need a place

map tracking market share. One way to reveal different variables for analysis is to perform 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 company can capitalize on? What is one location of weak point that could cost my company market share? From there, you can find various variables, such as place, rate, or reputation, that can be charted. Again, different variables in between what you can manage and what you can’t in the past going through a more rigorous

competitive analysis. 3. Choose Your Variables To Track The variables you track will depend on the location of organization you seek to

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

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

. Marketing project: Traffic/keyword share. New area: Location/choices. There are almost an infinite variety of variables to select from and compare. It’s comprehending the worth between those variables which is important. For example, a tech start-up may perform a price-benefit analysis to figure out just how much value individuals think they get from

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

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

    competitive analysis based upon various variables. 4. Imagine Your Data Next, you need to discover how to picture your data.

    There are a number of tools I’ll reveal listed below, from easy style tools to sophisticated data visualization tools. Develop A Scatter Chart in Excel The most convenient way to get going is to construct a basic scatter chart tracking two variables using Google Sheets. For instance, 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 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 offer you several chart alternatives, including an easy scatter plot. Screenshot from Excel, November 2022 Once all your worths are filled out, Google will

    instantly produce a chart for you that

    you can share or download. Screenshot from Excel, November 2022 In this example, I saw that every time my rivals raised their cost by $100, they got a 0.862 bump in their ratings, showing me that greater costs might impact brand name understanding or correlate to product quality. Naturally, if you include more variables to your Sheet, you’ll also have more alternatives for bar chart, pie charts, and much more. Produce A Simple Comparison Chart With Canva For something a bit more presentable, Canva deals excellent templates

    for free, and Pro accounts to develop basic contrast charts with its visual editor. For example, Canva’s complimentary variation has lots 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 Data visualization tools like Vizzlo

    offer advanced methods to brand name and tailor your rival map to your taste. Screenshot from Vizzlo, November 2022 I highly recommend including your own customized values and inputting them into your bubbles to get an accurate representation. You can likewise click throughout the graph to produce a bubble based upon where your custom-made value meets its balance on the chart. Overall, working with a design tool, stand out sheet, or data visualization is incredibly simple and offers chances to brand name, personalize, and stylize your research study. Develop An Automated Chart With Python Google Data Studio is an outstanding tool for picturing information, but manually inputting data or sharing it from spreadsheets can be tedious. However, this guide provides a neat way to incorporate arise from a Python script straight into Information Studio.

    For a quick gist, 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 data from Python into a customized Information Studio design template, the author might discover the top-ranking pages for several keywords and analyze trends they were following to reach those rankings. Alternatively, if you utilize Business SEO tools, they already have integrated competitive mapping charts, and you do not need to develop them manually.

    5. Highlight Areas For Enhancement Finally, the last action of rival mapping is to determine your areas of enhancement. In each chart, you ought to be able to

    reveal a relationship in between the

    data that assists you recognize strategies to create a special selling proposition

    or make use of a competitor’s weak point. Think about running numerous forms of rival analysis to help reveal a better understanding of your data and identify patterns and relationships.

    Overall, rival mapping is a reasonably basic process, and plenty of tools permit you to quickly produce or automate your rival map. More resources: Included Image:/ Best SMM Panel