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How do you balance your customer needs and expectations with your competitive advantage and market position?

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Customer journey mapping is a powerful tool for understanding your customers' needs, expectations, and experiences across different touchpoints and channels. It helps you identify pain points, gaps, and opportunities to improve your customer satisfaction and loyalty. But how do you balance your customer needs and expectations with your competitive advantage and market position? How do you use customer journey mapping to gain insights into your competitors and differentiate yourself from them? In this article, we will show you some customer journey mapping examples in the context of competitive analysis and share some tips on how to create your own.

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Rahul Bhangay

CEO & Managing Director @ Intellitron Research | Visionary Leader in Life Sciences
Elizabeth Popkins

Director, Commercial Data Operations

1 What is competitive analysis?

Competitive analysis is the process of researching, analyzing, and evaluating your competitors' strengths, weaknesses, opportunities, and threats. It helps you understand your market position, your unique value proposition, and your competitive edge. Competitive analysis can also help you identify gaps and opportunities in the market, as well as potential threats and challenges. By conducting competitive analysis, you can gain insights into your customers' preferences, expectations, and behaviors, and how they compare to your competitors'.

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Rahul Bhangay

CEO & Managing Director @ Intellitron Research | Visionary Leader in Life Sciences
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Take a step back or fearfully many: Before doing a Competitive Analysis, pls take my advice: It is critical to understand the parameters of doing competitive analysis must be different, industry to industry, sector to sector, service to services. Else the outcome of the analysis would mislead or deceive.

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2 Why use customer journey mapping for competitive analysis?

Customer journey mapping is a visual representation of your customers' interactions with your brand, from the first contact to the post-purchase stage. It shows the steps, emotions, pain points, and goals of your customers along their journey, helping you understand their needs and expectations, and how well you meet them. Additionally, customer journey mapping can be used for competitive analysis, by comparing your customer journey map with your competitors'. This can help you discover how your competitors attract, engage, and retain customers, identify their strengths and weaknesses in terms of customer experience, benchmark your performance against them and industry standards, find gaps and opportunities to differentiate yourself, and create strategies and actions to improve your competitive advantage and market position.

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3 How to create a customer journey map for competitive analysis?

Creating a customer journey map for competitive analysis requires defining objectives and scope, collecting and analyzing data, mapping the customer journey, analyzing and comparing the customer journey map, and generating insights and recommendations. To define objectives and scope, consider what you are trying to achieve, who your target customers and competitors are, and what key touchpoints and channels you want to focus on. To collect and analyze data, use surveys, interviews, reviews, social media, analytics, personas, empathy maps, and value proposition canvas. To map the customer journey, use diagrams, charts, tables, or stories to show the steps, emotions, pain points, and goals of customers along their journey. To analyze and compare the customer journey map, use SWOT analysis, gap analysis, or scorecards, and metrics such as customer satisfaction, retention, loyalty, or advocacy. To generate insights and recommendations, use the customer journey map to identify pain points, gaps, and opportunities to enhance customer experience and loyalty, and create strategies and actions to differentiate yourself from competitors and increase value proposition.

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Elizabeth Popkins

Director, Commercial Data Operations
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The most important part of journey mapping is identifying where and why the journey diverges. Sometimes a moment of meaning early on sends someone down the path that makes them either a prime or an impossible to win target later on. If you only focus on the part of the journey temporally close to where they make the decision to choose your product or a competitors, you may miss the real opportunity to influence them!

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4 Customer journey mapping examples for competitive analysis

Customer journey mapping can be used for competitive analysis in various industries and sectors. For example, an online retailer can use it to compare its website, app, and delivery service with its competitors'. A bank can use it to compare its products, services, and channels with its competitors'. An online course provider can use it to compare its curriculum, content, and platform with its competitors'. And a hospital can use it to compare its facilities, staff, and procedures with its competitors'. Through customer journey mapping, businesses can identify how their competitors attract, convert, and retain customers, meet financial needs and expectations, engage and educate learners, and provide care and support to patients. This can help them improve their user interface, functionality, convenience, offerings, accessibility, security, quality, relevance, interactivity, efficiency, safety, and satisfaction.

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5 Tips for creating a customer journey map for competitive analysis

Creating a customer journey map for competitive analysis requires clear objectives and scope. You should collect and analyze data from multiple sources and perspectives, and map the customer journey with accuracy and detail. It is important to analyze and compare your customer journey map with objectivity and honesty, and generate insights and recommendations with creativity and actionability.

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How do you balance your customer needs and expectations with your competitive advantage and market position?

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1 What is competitive analysis?

2 Why use customer journey mapping for competitive analysis?

3 How to create a customer journey map for competitive analysis?

4 Customer journey mapping examples for competitive analysis

5 Tips for creating a customer journey map for competitive analysis

Competitive Analysis

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