A competitors analysis report is a crucial component of any business strategy.
It investigates the strategies of a business’s rivals to identify their strengths and shortcomings. Consequently, you can adjust your strategies to compete more effectively in the market.
Say you run a small retail business. You may be up against bigger, more reputable stores in your neighborhood. A competition analysis report can help you obtain a competitive edge. It lets you see what the bigger stores do differently than your business.
You might discover that larger retailers provide better customer service or more discounts. This information can help you adjust your strategies and stay competitive.
Are you looking to grasp the competitive dynamics in your industry better?
You have come to the right place.
This blog post will help you learn how to create a competitor analysis chart in Excel. Consequently, learn how to use the chart to glean valuable insights into the competition.
Let’s get started.
Competitor analysis entails gathering and analyzing data on rival businesses. This involves their financial standing, product line, pricing policy, customer service, marketing initiatives, etc. This seeks to identify your business’s areas of advantage and disadvantage in the competition.
Moreover, competitor analysis sheds light on market trends. You can learn more about the direction the industry is taking. As a result, inform decision-making on your strategies.
Competitor analysis helps you learn how your rivals function. This aids in developing effective plans to help you outperform the competition and boost your profits. Also, you can use it to identify potential partners who can help you increase your reach and visibility.
Competitor analysis is an excellent technique to find market opportunities you may have missed. You can also spot market gaps and develop better products or services to fill them.
You can understand the market’s direction by knowing your competitors’ strategies. It can also assist you in identifying changes in customer behavior or preferences. This is critical while developing your business strategies.
Competitor analysis assists you in identifying and exploiting your competitors’ strengths and shortcomings. Understanding where your competitors fall short allows you to provide better customer solutions. Consequently, your company will gain a competitive advantage.
Having detailed information about your competitors can help you make better decisions. Specifically decisions on product development, pricing, and marketing strategies.
A competitor analysis report provides critical information about market trends and successful strategies. You can also locate market openings and prospective products or services that might succeed.
Long-term cost savings are attainable with a competitor analysis report. You can spot areas where you can cut costs and identify prospects for reducing expenses.
Thanks to this report’s insights, you can compete better and spend less on marketing and advertising.
Creating a competitor analysis report can help you improve efficiency in the long run. You can identify areas where you can streamline processes to increase efficiency.
You can pinpoint areas to enhance the consumer experience with a competitor analysis report. This entails giving more effective customer support and offering additional incentives and services.
A Comparison Bar Chart is an effective data visualization tool for comparing multiple variables in a single chart. It displays the relative size of various dataset categories or objects.
The chart consists of bars adjacent to one another that indicate distinct categories or item sizes. The bars’ color and shape illuminate the differences between the compared items or categories.
A Comparison Bar Chart can be a great way to perform competitor analysis. It allows you to compare different metrics between competing businesses effortlessly. Visualizing the different metrics lets you identify which company has the most competitive advantage. Then use these insights to adjust your strategies to gain a competitive edge.
Let’s say you have your website’s and competitors’ website quarterly traffic data, as shown below.
Quarters | Website URL | Traffic |
Q1 | YourWebsite.com | 250986 |
Q1 | Competitor1.com | 26106 |
Q1 | Competitor2.com | 95563 |
Q2 | YourWebsite.com | 160466 |
Q2 | Competitor1.com | 78874 |
Q2 | Competitor2.com | 71263 |
Q3 | YourWebsite.com | 223179 |
Q3 | Competitor1.com | 134726 |
Q3 | Competitor2.com | 121635 |
Q4 | YourWebsite.com | 201495 |
Q4 | Competitor1.com | 32707 |
Q4 | Competitor2.com | 208904 |
Below is the Comparison Bar Chart visualization of the data. The chart shows each competitor in a distinct color, with the bars representing the quarters side by side.
A Stacked Bar Chart is effective for visualizing data composition. It compares the relative contribution of different components of a whole.
The chart comprises layered bars. This results in a single bar indicating the sum of all the layered bars. Each bar represents a distinct data category.
The colors of the bars distinguish the categories. The total value of the category dictates the height of each bar. This allows you to compare the categories effortlessly.
Assume you have the data below comparing your sales to the competition in different countries.
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 |
A Stacked Bar Chart will allow you to see the differences in sales, as visualized below, quickly.
A Radar Chart displays multivariate data in a two-dimensional chart. The shape of the Radar Chart resembles a spider web or a star. As a result, it is also referred to as a Web Chart or Star Chart.
It plots the data along multiple axes and then connects them to make a polygon. Each axis represents a distinct data point. The resulting polygon visualizes how the data points compare.
Radar Charts come in handy when comparing multiple entities and spotting trends in data. They are beneficial for comparing entities with many data points.
Assume you have your business’s sales data, as shown below.
Months | Your Website | Competitors Website |
Jan | 614000 | 646000 |
Feb | 579000 | 740000 |
Mar | 753000 | 954000 |
Apr | 956000 | 616000 |
May | 545000 | 880000 |
Jun | 697000 | 531000 |
Jul | 677000 | 462000 |
Aug | 742000 | 962000 |
Sep | 512000 | 688000 |
Oct | 750000 | 553000 |
Nov | 659000 | 518000 |
Dec | 849000 | 457000 |
This is the Radar Chart visualization of your data.
Creating a competitor analysis chart in Excel can be a daunting task. It requires coding and data structuring knowledge.
Fortunately, ChartExpo exists to simplify the process of creating insightful visualizations in Excel.
With ChartExpo, you can easily create a compelling chart to help you analyze the competition. Consequently, gain insight into their strengths and weaknesses.
So why wait? Get started and create an insightful competitor analysis chart in Excel with ChartExpo.
ChartExpo charts and graphs are available in Google Sheets and Microsoft Excel. Please use the CTAs below to install your preferred tool and create insightful visualizations in just a few clicks.
To create an efficient competitor analysis report;
A competitor analysis report evaluates a business’s competition.
It helps you with the following;
Doing a thorough competitor analysis helps you accomplish the following;
Use ChartExpo to create competitor analysis charts in Excel since it makes the process easy. Also, it has a wide range of chart types and data visualizations. Furthermore, it allows you to customize your chart to fit your needs.
A competitors analysis report provides a wealth of insights. It can help you identify your rivals’ strengths and weaknesses and spot market trends.
What’s more?
It can aid in determining your position in the market and locating potential growth areas. This information lets you fine-tune your tactics and gain a competitive advantage.
While a competitors analysis report is a crucial marketing tool, it doesn’t have to be complex.
This is where data visualizations come to play.
The most efficient charts for visualizing competitor analysis data include;
Creating a competitor analysis chart in Excel requires data structuring and coding knowledge.
ChartExpo helps to simplify the creation of compelling visualizations in Excel. It empowers you to create insightful visualizations with zero coding knowledge. Consequently, gain insights into competitors and leverage the information to your benefit.