What is Competition Mapping?
Competition mapping is a considerably easy exercise that can be more comprehensive based on your goals; that shows you how to strategically analyze your competitors and then use your insights to deliver a quality value centered on the limitations you’ve discovered.
What you’re basically doing is searching for businesses that are already providing the solutions you intend to provide.
Steps to Conduct Competition Mapping
1. Choose competitors to research: To do this, it is advisable to start with the top five (5) competitors in your industry.
If you need any assistance finding your competitors, Google is a good place to start. Simply look for the type of service or product you provide. Google would almost certainly bring up a number of your top competitors.
Using online resources like SEMrush is another great way to figure out who the top competitors are.
2. Select a business area to examine: Select a particular area of studies, such as social media or product simplicity of use, to create a competition map. This will assist you in directing your analysis. To compare the success of all brands, collect data from your own company and your competitors.
If you’re looking at social media, for example, see how frequently your competitor shares content and what types of posts they make and see if they fit with the company’s customer base.
3. Make a list of your brand’s qualities: Review the attributes of your product or brand next. Examine how the product or service stacks up against the competition and how people view it. Knowing your company’s strengths will help you form your brand’s identity and content to reach your target audience more effectively.
4. Look for places where you can improve: Then, find places where the product or service can be improved. Examine the product features or marketing strategies used by your competitors to achieve success. Creating this analogy will help you develop your products while also demonstrating to customers that you’re serious about refining your brand to keep up with market shifts.
5. Make a list of everything: Make a chart or another pictorial reference of your comparisons after you’ve compiled your data. Try separating your data into two columns: one with your competitor’s data and the other with your own. This will assist you in identifying places that you can develop.
6. Come up with ideas for how to bridge the difference: Make a list of five to ten suggestions about how to resolve the issue once you’ve found areas for change. These can assist you in getting started on growing your business. Consider implementing only one of the items on your agenda and saving the others for later.
Aspects of Competition Mapping you can Focus on
- Price and Ratings
Your market analysis, PESTLE analysis, and SWOT analysis will assist you in mapping your competitors.
Enroll in this course at BizSkills Academy to learn more.