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What is competitor mapping? How do you do it?

by WarriorForum.com Administrator
3 replies
  • SEO
    • |


For market and keyword research, new enterprises frequently resort to competitor analysis.

Many new organizations, however, struggle to derive much value from competitor analysis because they frequently do not track the necessary factors or understand how to analyze their data.

What is competitor mapping?

Competitor mapping is a competitive market analysis process that visualizes the link between two or more variables to assist organizations in identifying a competitive advantage.

For example, when releasing a new product or service, competitor mapping can be used to identify the link between the product's price and perceived benefit.

Some examples of competitor maps include:
  • Scatter graphs.
  • Comparison charts.
  • Bar graphs.
  • Line graphs.
  • Gannt charts.
  • Pie charts.

Benefits of competitor mapping

Competitor mapping can help you:
  • Determine which aspects of your business need to be improved.
  • Make data more easily shareable and digestible by visualizing it.
  • Discover opportunities to exploit rival weaknesses.
  • Validate your one-of-a-kind selling offer (USP).
  • Set goals for future growth and development.
  • Analyze the link between several variables to find the ideal equilibrium for the introduction of a new product (e.g., price-benefit value).
  • Determine any unexpected launch impediments.
  • Learn more about your customers', rivals', and goods' relationships.
  • Determine which locations are not supplied by rivals (e.g., market or location maps).
  • Implement market expansion strategies.

Building a competitor map
  1. Identify your competitors
  2. Decide which areas of your business need deeper analysis
  3. Choose which variables to track
  4. Visualise data
  5. Highlight areas for improvement

Overall, competitor mapping is a simple process, and there are numerous tools available to help you create or automate your competitor map.
#competitor #mapping
  • Profile picture of the author Aishna Joshi
    Nice information. Competitor mapping is really very beneficial to identify one's drawbacks and rectify them to stay in market.
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  • Profile picture of the author rostaylor
    Banned
    This is a relativity simple exercise (that can be more in-depth depending on your needs), that teaches you to view your competitors strategically, and then use your knowledge to provide a better service based on the gaps you have identified.
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  • Profile picture of the author Artiom O
    This reminds me of value skewing. It's similar. You just take every problem / frustration you find about their product and try to take advantage of it. Just like that, you slowly start to "do it better".
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