"A clear view of the market isn’t a luxury—it’s a necessity for businesses aiming to thrive in today’s dynamic world."

Shannon Susko

CEO Coach

Competiton Mapping To Win at Business

posted in Business Coaching

Contents

The best strategic leaders and entrepreneurs have a full grasp of their competitive business environment and where their organization can find its best fit in the marketplace.
Competition mapping is your ultimate strategic tool to visualize your market. It's simple, tactile, and helps you visualize your competitive environment. In her groundbreaking work Metronomics, Shannon Susko underscores the importance of such tools for high-performing leaders and organizations. I owe a thank-you to Shannon for making this accessible to all of us. If you haven’t already, pick up her books for more invaluable insights.

Creating a market map and competition map is one tactile and straightforward way to visualize your industry. This tool will help you understand your competition clearly and the opportunities and threats that can drive your strategy and decision-making.  Your map is a high-level view of your interactions with different players in your marketplace.

Your competition map will show you and your leadership team all the organizations interacting with your products or service offerings. For example, what companies do you sell through? Who are your suppliers? What partners are you leveraging? What associations amplify your reach and knowledge? Who are your competitors?

A competition map of your marketplace is an essential tool to understand your competitive landscape and drive strategic decisions. It’s not just a diagram—it’s a way to uncover opportunities, mitigate risks, and ensure your business is positioned for success. I've adapted the original process to add an "interactive channel" to fit better the needs of ViDA business consulting clients and uncover more unique strategic insights.
Ready to learn more? Here’s how to build a comprehensive market competition map based on a proven framework.

What is a Market Competition Map?

A market competition map visually represents your business within its ecosystem, showing relationships between customers, suppliers, competitors, industry supporters, and partners. It answers critical questions like:

  • Who buys your products or services?
  • Who else serves your market?
  • What entities influence your trade?

This clarity is vital for strategic planning and competitive positioning.

Step 1: Start with Your Customers

Ask yourself:

  • Who buys your products or services? Identify key customer categories.
  • Who are your top three customers? Don’t forget to include emerging, ideal, or problematic customers.
  • What risks and opportunities exist with your customer base? Highlight 1-3 of each to keep focus.

Step 2: Define Interactive Channels

These are the pathways customers use to find and interact with your business:

  • Examples: Web, field sales, distributors, social networks, and retail outlets.
  • Key Questions:
    • How and where do customers place orders?
    • What are the biggest risks in your interactive channels?
    • Where do the greatest opportunities lie?

Step 3: Analyze Fulfillment Channels

Fulfillment is how your product or service reaches customers:

  • Examples: Internal or third-party shipping, stores, warehouses, or partners.
  • Assess 1-3 of the most significant risks and opportunities for each channel.

Step 4: Identify Industry Support

These are the organizations that enable or amplify your business success:

  • Examples: Trade associations, government bodies, universities, technical schools, or nonprofits.
  • Action Points:
    • Identify key players that can help your business grow.
    • Explore whether new relationships can be formed.

Step 5: Evaluate Your Competitors

Understand who else serves your current and potential customers:

  • Key Questions:
    • What organizations are your direct and indirect competitors?
    • What are their strengths and vulnerabilities?
    • What opportunities exist to differentiate or gain advantage?

Group competitors into categories to streamline your analysis.

Step 6: Examine Your Suppliers

Suppliers are critical to keeping your business operational:

  • Steps:
    • Categorize and rank your suppliers by importance.
    • Identify key risks in your supply chain.
    • Highlight areas where efficiency or new relationships can improve your operations.

Step 7: Map Your Partners

Partners are entities whose success is tied to yours:

  • Questions:
    • Who supports you because your success benefits them?
    • Are there risks or untapped opportunities within these partnerships?
    • Should any partnerships be expanded or discontinued?

Step 8: Bring It All Together

Place your organization at the center of the map and structure the relationships:

  • Left: Customers and revenue drivers.
  • Right: Suppliers and supply chain.
  • Top: Industry support and enablers.
  • Bottom: Competitors.

Add arrows to illustrate the flow of money, influence, or resources. Annotate risks and opportunities to make your map actionable.

Why Use a Market Map?

A market map is more than a static diagram. It’s a living document that evolves with your business and industry. Use it to:

  • Clarify your competitive position.
  • Align your strategy with real-world dynamics.
  • Uncover opportunities for growth and collaboration.

CTA:
Ready to create your market map?
Our team at ViDA specializes in helping businesses identify their competitive edge and streamline operations through strategic tools like market mapping. Let’s work together to unlock your potential and chart your path to success.

Schedule an exploratory call today!