In any business, true situational awareness requires not just knowing where your customers are, but where your competitors are, too. In fact, the two go hand in hand. To understand your customer base, you need to know how they interact with other businesses in the region — where they shop, what they want and how they get where they need to go.
Competitor territory mapping is a useful tool for strategic planning and market analysis. Regardless of what industry you're in, your business can benefit from an increased awareness of your competition and the customers they attract.
A competitor territory map is a visual representation of the location of your competitors. On its own, it can be a powerful tool for identifying your biggest threats and most lucrative opportunities. However, when overlaid with other information — such as your previous sales records or demographic data from the U.S. Census, it can yield insights that will be extremely useful in big-picture strategic planning.
For example, a competitor research map can show you the local demographics of the neighborhoods where your competition has a significant presence. From there, you can target your marketing specifically to appeal to these groups, eating into their customer base. Alternately, it can show you which types of customers are currently underserved in a region.
Mapping competitors is useful when creating sales territories, in that it helps you assign your strongest team members to areas where their expertise is needed most. It's also a powerful tool for site selection when expanding your business, as it shows you the areas with the most risk — and greatest potential for reward — when planning for a new location.
Map Business Online contains multiple tools for competitor mapping and analysis. Some of the ways you can organize your data include:
These are just a few of the many competitor mapping features you'll find in Map Business Online. Keep exploring this website to learn more and read detailed case studies. To try out Map Business Online today, sign up for one of the many convenient subscription packages or download a risk-free 1-month trial.
"Very satisfied and happy with the program! Our organization was a little nervous when we found out we had to replace MapPoint. Once we came across Map Business Online, we knew we had found the program for us. Not only are there many features for the map creators, there are also a lot of usable features for the individuals that receive the view-only shared maps. This is a great program and with the way our organization is changing, I have no concern about recommending it to other internal departments."
MVP Sports Clubs is a sports and health facility management and development company with opera¬tions in Central Florida and West Michigan. MVP uses Map Business Online to construct demographic map profiles of a radius surrounding each of their many sports clubs. Such market analysis helps MBO users develop a better understanding of their business which makes strategic planning more effective.
"MBO users develop a better understanding of their business which makes strategic planning more effective."
"In a large company, with many layers of sales teams, sales management, territories, operations teams and distribution, it is vital to have a solution to quickly and easily display country and regional maps. I have tried multiple other mapping solutions in the past only to be frustrated by their limitations or by their complexity. Map Business Online perfectly fits my need. MBO has the versatility to allow me to build somewhat complicated maps but also allows me to knock out the quick, one-off request. MBO continues to add features and I am excited to see what new features come out next."
Sr Business Analyst