Rival Mapping: What Is It & How To Do It

Posted by

Rival analysis is typically the top place new companies turn for market and keyword research.

Nevertheless, lots of new companies battle to gain much worth from rival analysis due to the fact that they often do not track the proper variables or comprehend how to interpret their information.

Luckily, imagining competitive analysis results into readable charts, graphs, and maps offers marketers a simple way for more information about their rivals and their business.

In this guide, I’ll walk you through the standard steps of producing a competitor map, and give you my preferred techniques to assist you find out more in the process.

What Is Rival Mapping?

Competitor mapping is a process of competitive market analysis utilized to visualize the relationship between 2 or more variables to help organizations reveal a competitive benefit.

For example, rival mapping can be used when launching a brand-new product and services to figure out the relationship in between the product’s price and perceived advantage.

Competitor maps can take numerous different types, such as:

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

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

The Advantages Of Rival Mapping

Competitor mapping can help you:

  • Determine areas in your organization that need enhancement.
  • Visualize data in a medium that is simpler to share and absorb.
  • Discover locations to capitalize on competitor weaknesses.
  • Confirm your distinct selling proposition (USP).
  • Determine benchmarks for future development and development.
  • Analyze the relationship between multiple variables to develop the very best equilibrium for a new item launch (e.g., price-benefit value).
  • Determine unanticipated barriers to launch.
  • Find out more about the relationship in between your clients, competitors, and products.
  • Recognize areas that are not served by competitors (e.g., market or location maps).
  • Implement techniques for market growth.

How To Build A Competitor Map

1. Recognize Your Rivals

The first step of conducting a competitive analysis and building 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 companies 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 appear in the marketing and natural areas. A “near me” search for local companies in your niche will also work.

Download shared keywords with your rivals using 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, prices, online reviews, or any other variables you find pertinent. 2. Decide Which Locations Of Your Company

Require Deeper Analysis Ask yourself: what areas of my organization do I want to track? Am I seeking to release a brand-new product? Then, I’ll require a price-benefit analysis. Am I wanting to move to a brand-new area? Then I’ll require a location

map tracking market share. One method to reveal various variables for analysis is to carry out a SWOT analysis. Opportunities Dangers Strengths How can I optimize my business’s strengths for additional market

share? What is one strength that rivals are

using to take advantage of market share? Weaknesses What is one location of weakness that my business can capitalize on? What is one location of weakness that could cost my business market share? From there, you can discover various variables, such as area, rate, or reputation, that can be charted. Once again, different variables between what you can manage and what you can’t previously undergoing a more extensive

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

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

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

. Marketing project: Traffic/keyword share. New place: Location/choices. There are nearly an infinite variety of variables to choose from and compare. It’s comprehending the value in between those variables which is necessary. For instance, a tech startup may perform a price-benefit analysis to determine how much value people think they receive from

  • your items at a present rate.
  • On the other hand, a high-end brand name might benefit more from performing a price-value comparison to determine how much the rate
  • of their items impacts their brand name understanding. What you’ll find is that variables like cost have various impacts, which need to be stabilized with your audience. So in some instances, raising your cost might make your brand name appear more high-end, while in

    others, it might make your products feel a little less valuable for the high cost customers have to pay. That’s why I recommend running a couple of various types of

    competitive analysis based upon different variables. 4. Picture Your Data Next, you need to find out how to visualize your data.

    There are a couple of tools I’ll show below, from easy design tools to sophisticated information visualization tools. Develop A Scatter Graph in Excel The most convenient way to get going is to build 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 between the cost of a one-time service and the business’s ranking on Google. Highlight your information variety and click the Explore button in the bottom

    right. Google will offer you multiple chart alternatives, including a basic scatter plot. Screenshot from Excel, November 2022 Once all your values are filled out, 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 whenever my rivals raised their cost by $100, they received a 0.862 bump in their scores, revealing me that greater prices may impact brand name understanding or correlate to item quality. Of course, if you add more variables to your Sheet, you’ll likewise have more alternatives for bar chart, pie charts, and far more. Create A Basic Contrast Chart With Canva For something a bit more nice, Canva deals fantastic templates

    for free, and Pro accounts to build basic contrast charts with its visual editor. For instance, Canva’s complimentary version has dozens of charts that permit you to modify your chart’s visual and internal worths.

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

    offer advanced ways to brand and customize your rival map to your taste. Screenshot from Vizzlo, November 2022 I extremely suggest adding your own custom-made values and inputting them into your bubbles to get a precise representation. You can likewise click anywhere in the chart to develop a bubble based upon where your custom value satisfies its balance on the chart. In general, dealing with a design tool, excel sheet, or information visualization is exceptionally simple and provides opportunities to brand name, personalize, and stylize your research. Produce An Automated Chart With Python Google Data Studio is an outstanding tool for picturing information, however manually inputting data or sharing it from spreadsheets can be tiresome. Nevertheless, this guide provides a cool method to incorporate results from a Python script straight into Information Studio.

    For a fast essence, the script is created to analyze the variety of keywords your competitor’s top page is ranking for in a single URL. By incorporating CSV data from Python into a custom-made Data Studio design template, the author could find the top-level pages for several keywords and examine trends they were following to reach those rankings. Additionally, if you utilize Enterprise SEO tools, they already have integrated competitive mapping charts, and you do not have to build them by hand.

    5. Highlight Locations For Improvement Lastly, the last step of rival mapping is to determine your areas of improvement. In each chart, you must be able to

    reveal a relationship in between the

    information that helps you recognize strategies to develop a distinct selling proposition

    or exploit a competitor’s weakness. Consider running several kinds of rival analysis to help uncover a much better understanding of your data and determine trends and relationships.

    Overall, rival mapping is a relatively basic process, and a lot of tools allow you to quickly develop or automate your competitor map. More resources: Included Image:/ Best SMM Panel