How to Analyze Competitive Analysis Research Data in Excel?

Competitive analysis, particularly when combined with multivariate analysis, helps you assess your performance against competitors, identify improvement areas, and uncover potential competitive threats.

This comprehensive approach guides decision-making processes and enables you to set realistic goals and objectives. Nothing gets the blood pumping quite like the thrill of competition. But before entering the ring, you need to know your opponent.

That’s where competitive analysis research comes in.

Gathering data on your competitors is like taking a peek into their playbook. It gives the inside scoop on their strengths, weaknesses, and overall strategy.

But what do you do with it once you’ve got all that juicy data?

Enter Excel, the trusty tool of number-crunchers.

With Excel, you can turn that messy pile of numbers into a clear and concise game plan. The best part is that you don’t have to be a math whiz. All it takes is a little know-how and a heart full of determination.

How?

This blog takes you through the process of analyzing competitive analysis research data in Excel.

Without further ado, grab your spreadsheet, and let’s get down to business. The competition is waiting, and they won’t go down without a fight.

Table of Contents:

1. What is a Competitive Analysis?
2. When to Do Competitive Analysis Research?
3. How to Do Competitive Analysis Research?
4. Best Charts for Competitive Analysis Research
5. How to Visualize and Analyze Competitive Analysis Research Data in Excel?
6. Wrap Up

What is a Competitive Analysis?

In a competitive analysis, you thoroughly evaluate your business’s performance compared to your competitors. It’s like being a secret agent in the business world. You gather intel on your rivals and assess their strengths and weaknesses. Then use that information to outsmart them in the market.

When to Do Competitive Analysis Research?

Here are some of the instances when competitive analysis research is paramount.

• Strategic Planning

Competitive analysis, particularly when combined with multivariate analysis, helps you assess your performance against competitors, identify improvement areas, and uncover potential competitive threats. This comprehensive approach guides decision-making processes and enables you to set realistic goals and objectives.

• Product Development

Competitive analysis helps you assess existing product offerings, understand customer needs and preferences, and identify market gaps. This informs product development strategies and how to differentiate your offerings and create unique value propositions.

• Pricing and Positioning

Competitive analysis research lets you understand how your competitors price their products or services. And most importantly, the value they offer to customers. You get to analyze their pricing models, promotional strategies, and positioning statements. Consequently, determine your offerings’ optimal price points, differentiate your brand positioning, and communicate your unique value effectively.

• Marketing Campaigns

Competitive market research provides an understanding of your competitors’ marketing activities, channels, messaging, and target audience. Analyzing their marketing tactics allows you to do the following;

• Identify opportunities to differentiate your campaigns.
• Refine your messaging.
• Target specific customer segments.
• Develop strategies to gain a competitive edge.

How to Do Competitive Analysis Research?

We’ve all agreed that competitive analysis research is like being a spy in the business world. However, I won’t ask you to wear a tuxedo and carry a silenced pistol. Instead, I’ll show you how to gather intel, analyze data, and outsmart your rivals in simple steps.

1. Identify your competitors: Make a list of your direct and indirect competitors. Direct competitors offer similar products or services to the same target audience. Indirect competitors, on the other hand, may offer different solutions but still compete for the same customer dollars.
2. Define research objective: Clearly define your research objectives to guide your analysis. Determine the key factors you want to analyze, such as market share, pricing, marketing strategies, and distribution channels.
3. Gather information: Collect data on your competitors through various sources. Some applicable methods include website analysis, online reviews, industry reports and publications, and customer surveys.
4. Analyze competitors’ strengths and weaknesses: Analyze the gathered information to identify your competitors’ strengths and weaknesses. Consider factors such as product quality, pricing, customer loyalty, marketing effectiveness, technological innovation, and customer service.
5. Draw insights and take action: Synthesize the analysis to draw meaningful insights. Identify areas where your competitors excel and where they fall short. Evaluate the potential impact of their strengths and weaknesses on your business. Then develop strategies to leverage your strengths, address weaknesses, capitalize on opportunities, and mitigate threats.
6. Monitor and adapt: Competitive analysis is an ongoing process. Continuously monitor your competitors’ activities, industry trends, and market dynamics. You should regularly update your analysis to ensure your strategies remain relevant. Then adjust your actions and responses accordingly to stay ahead in the competitive landscape.

Best Charts for Competitive Analysis Research

• Comparison Bar Chart

A Comparison Bar Chart is a type of chart used for comparative analysis. It consists of bars with different values and sections depicted with colors. Insights from it can help optimize strategies according to popular trends and evaluate similarities and differences.

Example

Assume the data below is your website and your competitor’s quarterly traffic data.

Quarters	Companies	Traffic
Q1	Your Company	250986
Q1	Competitor 1	26106
Q1	Competitor 2	95563
Q2	Your Company	160466
Q2	Competitor 1	78874
Q2	Competitor 2	71263
Q3	Your Company	223179
Q3	Competitor 1	134726
Q3	Competitor 2	121635
Q4	Your Company	201495
Q4	Competitor 1	32707
Q4	Competitor 2	208904

Below is the Comparison Bar Chart visualization of the data.

• Stacked Bar Chart

A Stacked Bar Chart uses two categorical variables to compare numeric values. Each bar is divided into sub-bars corresponding to a level of the second categorical variable. The purpose is to compare total values across categories rather than individual data points within a category.

Example

Let’s say you have companies’ stacks data below.

Countries	Companies	Garments	Electronics	Toys
USA	Your Company	56	37	7
USA	Competitor’s Company	25	11	64
Canada	Your Company	52	38	10
Canada	Competitor’s Company	52	34	14
UK	Your Company	53	22	25
UK	Competitor’s Company	32	35	33
UAE	Your Company	27	24	49
UAE	Competitor’s Company	44	26	31

Below is a Stacked Bar Chart visualization of your company and competitor’s company stacks across different markets.

• Radar Chart

A Radar Chart displays multivariate data with axes starting from a central point. It consists of a sequence of equiangular spokes called radii, each representing one of the variables. The length of a spoke is directly proportional to the magnitude of the corresponding variable. This chart is ideal for comparing entities, analysis, and decision-making.

Example

Let’s say you have website traffic data distributed in different months of the year, as shown below.

Months	Your Sales	Competitors Sales
Jan	937000	523000
Feb	730000	526000
Mar	635000	850000
Apr	577000	767000
May	729000	807000
Jun	978000	898000
Jul	532000	560000
Aug	527000	642000
Sep	573000	555000
Oct	979000	976000
Nov	927000	531000
Dec	841000	627000

Below is the Radar Chart visualization of the data.

How to Visualize and Analyze Competitive Analysis Research Data in Excel?

The words “competitive analysis research data in Excel” probably send shivers down your spine.

But fear not, for we have a solution – ChartExpo for Excel.

With ChartExpo, you can turn those boring spreadsheets into insightful data visualizations. Even the driest data will come to life with minimal effort.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see the “My Apps” option.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite tool.

Let’s use the Radar Chart competitive analysis example above to learn how to create visualizations using ChartExpo.

• To get started with ChartExpo, install ChartExpo in Excel.
• Now Click on My Apps from the INSERT menu.

• Choose ChartExpo from My Apps, then click Insert.

• Upon loading, select “Radar Chart” from the list of charts.

• Select the data from the sheet, then click the “Create Chart From Selection” button.

• The Radar Chart will appear as below.

• Click the Edit Chart button to modify your chart.
• Click the pencil icon next to the Chart Header to change the title.
• It will open the properties dialog. Add a heading in Line 1 of the Text section and enable the Show. Give the appropriate title of your chart and click the Apply button.
• Click the Save Changes button to persist the changes.

• Let’s add the Prefix (e.g., $ sign) to the chart’s numeric values.
• Click the highlighted pencil icon. Expand the “Label Text” properties to add the Prefix value (e.g., $ sign). Click the “Apply” button to save changes.
• To persist the changes made to the chart, you can click the “Save Changes” button.

• The final chart will appear below.

Insights

• Your competitor outperformed your sales during four months: March, April, May, and August.
• You outperformed your competitor during five months of the year: January, February, June, November, and December.

FAQs

What is competitive analysis research?

Competitive analysis research systematically examines and evaluates competitors in a specific market or industry. It involves gathering information about their products, strategies, strengths, weaknesses, and market positioning. Consequently, using the insights to inform business decision-making.

How do you conduct competitive analysis research?

To conduct competitive analysis research, you follow these steps:

1. Identify key competitors.
2. Gather information about their products, pricing, distribution, and marketing strategies.
3. Analyze their strengths and weaknesses.
4. Compare their offerings to your own.
5. Use the insights to refine your business strategies.

How can I analyze competitive analysis research data in Excel?

To analyze competitive analysis research data in Excel, use ChartExpo. This tool allows you to create data visualizations that provide valuable insights. Consequently, helps you identify new opportunities and enhance your brand positioning plan.

Wrap Up

Competitive analysis research is imperative to gain in-depth knowledge about the competitive environment and make well-informed decisions.

Excel is the ideal tool for organizing and analyzing competitive analysis research data.

To begin the analysis, import the competitive analysis data into Excel and structure it appropriately. Use Excel’s functions and formulas to calculate relevant metrics and derive insights from the data.

Then, leverage ChartExpo’s features to create visually appealing and insightful visualizations. These visualizations can display competitor market shares, product comparisons, pricing trends, or other key findings from the analysis.

Visual representations help identify patterns, trends, and relationships that may not be immediately evident from raw data. This enhances decision-making processes and enables you to develop effective strategies to stay ahead of competitors.

ChartExpo is the ideal tool to turn dull competitive analysis research data in Excel into something exciting.

Do not hesitate.

Get started with ChartExpo and say goodbye to boring spreadsheets and hello to insightful visualizations.