{"id":25931,"date":"2023-04-27T16:08:12","date_gmt":"2023-04-27T16:08:12","guid":{"rendered":"https:\/\/chartexpo.com\/blog\/?p=25931"},"modified":"2025-07-09T19:59:14","modified_gmt":"2025-07-09T14:59:14","slug":"how-to-do-competitor-analysis","status":"publish","type":"post","link":"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis","title":{"rendered":"How to Do Competitor Analysis? Step-by-Step Guide"},"content":{"rendered":"<p>Learn essential steps in How to Do Competitor Analysis with our guide. Elevate your strategy &amp; stay ahead of the competition using practical insights &amp; tools.<\/p>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2024\/03\/how-to-do-competitor-analysis.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2024\/03\/how-to-do-competitor-analysis.jpg\" alt=\"how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/08\/CTA-in-google-sheets-1.jpg\" alt=\"\" width=\"308\" height=\"143\" \/><\/a> <a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/08\/CTA-in-microsoft-excel-1.jpg\" alt=\"\" width=\"308\" height=\"143\" \/><\/a><\/div>\n<p>This is where competitor analysis comes into play.<\/p>\n<p>Consider two brands, A and B, with similar products but different marketing strategies. A focuses on emotional branding and customer loyalty. In contrast, B targets younger consumers with social media campaigns.<\/p>\n<p>They can adjust their marketing strategies through competitor analysis to reach their target audiences better. Consequently, increase their market share.<\/p>\n<p>Do you want to level up and leave your competitors in the dust?<\/p>\n<p>Well, it&#8217;s time to unleash your inner detective and conduct serious competitor analysis. And what better tool to use? No need to hire a private investigator or don a spy disguise. All you need is your computer and some computer skills.<\/p>\n<p>So, grab your magnifying glass, and let&#8217;s look into how to do a competitor analysis.<\/p>\n<h3>Table of Contents:<\/h3>\n<ol>\n<li><a href=\"#tb1\">What is Competitor Analysis?<\/a><\/li>\n<li><a href=\"#tools-for-competitor-analysis\">Tools for Competitor Analysis<\/a><\/li>\n<li><a href=\"#tb2\">Competitor Analysis Templates<\/a><\/li>\n<li><a href=\"#tb3\">How to Do Competitor Analysis?<\/a><\/li>\n<li><a href=\"#tb4\">Benefits of Competitor Analysis<\/a><\/li>\n<li><a href=\"#tb5\">Wrap Up<\/a><\/li>\n<\/ol>\n<h2 id=\"tb1\">What is Competitor Analysis?<\/h2>\n<p><strong>Definition:<\/strong> Competitor analysis involves identifying and studying rivals to spot their strengths and weaknesses. It entails examining their offerings, sales techniques, pricing, and marketing strategies to find opportunities for improvement. This aids in understanding your place in the market and developing strategies to gain a competitive edge.<\/p>\n<h2 id=\"tools-for-competitor-analysis\">Tools for Competitor Analysis<\/h2>\n<p>There is no better way to do competitor analysis than by analyzing their data and metrics. While several tools are available, Excel and ChartExpo, stand out as the best options.<\/p>\n<p>Excel, a spreadsheet program, allows you to organize and manipulate data easily. ChartExpo, an add-in for Excel, enables you to create insightful visualizations, such as <a href=\"https:\/\/chartexpo.com\/blog\/mosaic-plot\" target=\"_blank\" rel=\"noopener noreferrer\">Mosaic plots<\/a>, which help in interpreting complex data relationships. Together, they provide a powerful combination for conducting competitor analysis.<\/p>\n<p>With Excel&#8217;s data organization and ChartExpo&#8217;s visualization capabilities, competitors won&#8217;t stand a chance against your data-driven superhero status.<\/p>\n<h2 id=\"tb2\">Competitor Analysis Templates<\/h2>\n<p>Utilizing <a href=\"https:\/\/chartexpo.com\/blog\/competitive-analysis\" target=\"_blank\" rel=\"noopener noreferrer\">competitive analysis<\/a> templates can streamline this process, providing a structured framework to gather and analyze essential data. Here&#8217;s a breakdown of key elements you might find ineffective competitive analysis templates:<\/p>\n<ul>\n<li>\n<h3>Comparison Bar Chart<\/h3>\n<\/li>\n<\/ul>\n<p>A <a href=\"https:\/\/chartexpo.com\/charts\/comparison-bar-chart\" target=\"_blank\" rel=\"noopener noreferrer\">Comparison Bar Chart<\/a> is a powerful tool for comparing data sets visually. It uses bars to represent sections within the same category and compares the data to other categories or periods. This provides a clearer understanding of how data changes between categories.<\/p>\n<h4>Example<\/h4>\n<p>Assume you have your company&#8217;s and competitor&#8217;s quarterly website traffic data, as shown below.<\/p>\n<table class=\"static\" style=\"border: 1px; font-size: 17px;\">\n<tbody>\n<tr>\n<td width=\"77\"><strong>Quarters<\/strong><\/td>\n<td width=\"168\"><strong>Companies<\/strong><\/td>\n<td width=\"71\"><strong>Traffic<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q1<\/td>\n<td width=\"168\">Your Company<\/td>\n<td width=\"71\">250986<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q1<\/td>\n<td width=\"168\">Competitor 1<\/td>\n<td width=\"71\">26106<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q1<\/td>\n<td width=\"168\">Competitor 2<\/td>\n<td width=\"71\">95563<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q2<\/td>\n<td width=\"168\">Your Company<\/td>\n<td width=\"71\">160466<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q2<\/td>\n<td width=\"168\">Competitor 1<\/td>\n<td width=\"71\">78874<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q2<\/td>\n<td width=\"168\">Competitor 2<\/td>\n<td width=\"71\">71263<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q3<\/td>\n<td width=\"168\">Your Company<\/td>\n<td width=\"71\">223179<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q3<\/td>\n<td width=\"168\">Competitor 1<\/td>\n<td width=\"71\">134726<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q3<\/td>\n<td width=\"168\">Competitor 2<\/td>\n<td width=\"71\">121635<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q4<\/td>\n<td width=\"168\">Your Company<\/td>\n<td width=\"71\">201495<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q4<\/td>\n<td width=\"168\">Competitor 1<\/td>\n<td width=\"71\">32707<\/td>\n<\/tr>\n<tr>\n<td width=\"77\">Q4<\/td>\n<td width=\"168\">Competitor 2<\/td>\n<td width=\"71\">208904<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>You can map this data on a Comparison Bar Chart as shown below.<\/p>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/comparison-bar-chart-in-how-to-do-competitor-analysis.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/comparison-bar-chart-in-how-to-do-competitor-analysis.jpg\" alt=\"Comparison Bar Chart in how to do competitor analysis\" width=\"624\" \/><\/a><\/div>\n<ul>\n<li>\n<h3>Stacked Bar Chart<\/h3>\n<\/li>\n<\/ul>\n<p>A <a href=\"https:\/\/chartexpo.com\/blog\/how-to-make-a-stacked-bar-chart-in-excel-with-multiple-data\" target=\"_blank\" rel=\"noopener noreferrer\">Stacked Bar Chart<\/a> displays numeric values across two categorical variables. It divides each bar into sub-bars corresponding to a level of the second categorical variable. It explores the relative decomposition of each primary bar based on the levels of the variable.<\/p>\n<h4>Example<\/h4>\n<p>The data below displays the companies as the primary categorical variable and the products as the secondary categorical variable.<\/p>\n<table class=\"static\" style=\"border: 1px; font-size: 17px;\">\n<tbody>\n<tr>\n<td width=\"97\"><strong>Countries<\/strong><\/td>\n<td width=\"144\"><strong>Companies<\/strong><\/td>\n<td width=\"92\"><strong>Garments<\/strong><\/td>\n<td width=\"99\"><strong>Electronics<\/strong><\/td>\n<td width=\"60\"><strong>Toys<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"97\">USA<\/td>\n<td width=\"144\">Your Company<\/td>\n<td width=\"92\">56<\/td>\n<td width=\"99\">37<\/td>\n<td width=\"60\">7<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">USA<\/td>\n<td width=\"144\">Competitor&#8217;s Company<\/td>\n<td width=\"92\">25<\/td>\n<td width=\"99\">11<\/td>\n<td width=\"60\">64<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">Canada<\/td>\n<td width=\"144\">Your Company<\/td>\n<td width=\"92\">52<\/td>\n<td width=\"99\">38<\/td>\n<td width=\"60\">10<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">Canada<\/td>\n<td width=\"144\">Competitor&#8217;s Company<\/td>\n<td width=\"92\">52<\/td>\n<td width=\"99\">34<\/td>\n<td width=\"60\">14<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">UK<\/td>\n<td width=\"144\">Your Company<\/td>\n<td width=\"92\">53<\/td>\n<td width=\"99\">22<\/td>\n<td width=\"60\">25<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">UK<\/td>\n<td width=\"144\">Competitor&#8217;s Company<\/td>\n<td width=\"92\">32<\/td>\n<td width=\"99\">35<\/td>\n<td width=\"60\">33<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">UAE<\/td>\n<td width=\"144\">Your Company<\/td>\n<td width=\"92\">27<\/td>\n<td width=\"99\">24<\/td>\n<td width=\"60\">49<\/td>\n<\/tr>\n<tr>\n<td width=\"97\">UAE<\/td>\n<td width=\"144\">Competitor&#8217;s Company<\/td>\n<td width=\"92\">44<\/td>\n<td width=\"99\">26<\/td>\n<td width=\"60\">31<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The chart below depicts the market share of each product by company. This reveals which firm dominates the market and which items drive sales.<\/p>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/stacked-bar-chart-in-how-to-do-competitor-analysis.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/stacked-bar-chart-in-how-to-do-competitor-analysis.jpg\" alt=\"Stacked Bar Chart in how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>\n<h3>Radar Chart<\/h3>\n<\/li>\n<\/ul>\n<p>A <a href=\"https:\/\/chartexpo.com\/blog\/radar-chart\" target=\"_blank\" rel=\"noopener noreferrer\">Radar Chart<\/a> is also known as a Spider Chart or Polar Chart. It helps compare multiple quantitative variables and display performance. Each variable has an axis arranged radially with equal distances. All variables connect to form a polygon. The shape of the chart can indicate which variables perform well or poorly.<\/p>\n<h4>Example<\/h4>\n<p>Let&#8217;s say you have website traffic data distributed across the different months in a year, as shown below.<\/p>\n<table class=\"static\" style=\"border: 1px; font-size: 17px;\">\n<tbody>\n<tr>\n<td width=\"72\"><strong>Months<\/strong><\/td>\n<td width=\"104\"><strong>Your Website<\/strong><\/td>\n<td width=\"151\"><strong>Competitors Website<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Jan<\/td>\n<td width=\"104\">614000<\/td>\n<td width=\"151\">646000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Feb<\/td>\n<td width=\"104\">579000<\/td>\n<td width=\"151\">740000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Mar<\/td>\n<td width=\"104\">753000<\/td>\n<td width=\"151\">954000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Apr<\/td>\n<td width=\"104\">956000<\/td>\n<td width=\"151\">616000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">May<\/td>\n<td width=\"104\">545000<\/td>\n<td width=\"151\">880000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Jun<\/td>\n<td width=\"104\">697000<\/td>\n<td width=\"151\">531000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Jul<\/td>\n<td width=\"104\">677000<\/td>\n<td width=\"151\">462000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Aug<\/td>\n<td width=\"104\">742000<\/td>\n<td width=\"151\">962000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Sep<\/td>\n<td width=\"104\">512000<\/td>\n<td width=\"151\">688000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Oct<\/td>\n<td width=\"104\">750000<\/td>\n<td width=\"151\">553000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Nov<\/td>\n<td width=\"104\">659000<\/td>\n<td width=\"151\">518000<\/td>\n<\/tr>\n<tr>\n<td width=\"72\">Dec<\/td>\n<td width=\"104\">849000<\/td>\n<td width=\"151\">457000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>You can see how beautifully this data has been mapped on a Radar Chart below.<\/p>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/radar-chart-in-how-to-do-competitor-analysis.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/radar-chart-in-how-to-do-competitor-analysis.jpg\" alt=\"Radar Chart in how to do competitor analysis\" width=\"372\" \/><\/a><\/div>\n<h2 id=\"tb4\">How to Do Competitor Analysis?<\/h2>\n<p>As discussed earlier, Excel is the best tool for performing competitor analysis. However, Excel poses some challenges with data analysis. This necessitates the use of a third-party tool, ChartExpo.<\/p>\n<p>Why ChartExpo?<\/p>\n<p>Let&#8217;s learn how to Install ChartExpo in Excel.<\/p>\n<ol>\n<li>Open your Excel application.<\/li>\n<li>Open the worksheet and click the \u201c<strong>Insert<\/strong>\u201d menu.<\/li>\n<li>You&#8217;ll see \u201c<strong>My Apps<\/strong>\u201d.<\/li>\n<li>In the office Add-ins window, click \u201c<strong>Store<\/strong>\u201d and search for ChartExpo on my Apps Store.<\/li>\n<li>Click the \u201c<strong>Add<\/strong>\u201d button to install ChartExpo in your Excel.<\/li>\n<\/ol>\n<p>ChartExpo\u00a0<a href=\"https:\/\/chartexpo.com\/blog\/types-of-charts-and-graphs\" target=\"_blank\" rel=\"noopener noreferrer\">charts and graphs<\/a> are available both in Google Sheets and Microsoft Excel. Please use the following CTA&#8217;s to install the tool of your choice and create\u00a0beautiful visualizations\u00a0in a few clicks in your favorite tool.<\/p>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/08\/CTA-in-google-sheets-2.jpg\" alt=\"\" width=\"308\" height=\"143\" \/><\/a> <a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/08\/CTA-in-microsoft-excel-2.jpg\" alt=\"\" width=\"308\" height=\"143\" \/><\/a><\/div>\n<p><strong>Example #1<\/strong><\/p>\n<p>Let&#8217;s assume you have your company&#8217;s and competitor&#8217;s quarterly website traffic data, as shown in the above Comparison Bar Chart template.<\/p>\n<ul>\n<li>To get started with ChartExpo, install\u00a0<a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZyt4bCtjZXhwbytDRTI3NCs=\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">ChartExpo in Excel<\/a>.<\/li>\n<li>Now Click on\u00a0<strong>My Apps <\/strong>from the\u00a0<strong>INSERT <\/strong>menu.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/04\/insert-chartexpo-in-excel.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/04\/insert-chartexpo-in-excel.jpg\" alt=\"insert chartexpo in excel\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>Choose\u00a0<strong>ChartExpo <\/strong>from\u00a0<strong>My Apps<\/strong>, then click <strong>Insert<\/strong>.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/04\/open-chartexpo-in-excel.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/04\/open-chartexpo-in-excel.jpg\" alt=\"open chartexpo in excel\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>Once ChartExpo is loaded. Click on \u201c<strong>Comparison Bar Chart<\/strong>\u201d from the list of charts.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/09\/search-comparison-bar-chart-in-excel.png\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/09\/search-comparison-bar-chart-in-excel.png\" alt=\"search comparison bar chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>Click the \u201c<strong>Create Chart From Selection<\/strong>\u201d button after selecting the data from the sheet, as shown.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/create-comparison-bar-chart-in-excel-279.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/create-comparison-bar-chart-in-excel-279.jpg\" alt=\"create comparison bar chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>The Comparison Bar Chart will look like as below.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/edit-comparison-bar-chart-in-excel-279.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/edit-comparison-bar-chart-in-excel-279.jpg\" alt=\"edit comparison bar chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>To add a title to the chart, click the\u00a0<strong>Edit Chart button<\/strong>\u00a0as shown above.<\/li>\n<li>Click the pencil icon next to the <strong>Chart Header\u00a0<\/strong>to open the properties dialog.<\/li>\n<li>In the\u00a0<strong>Text <\/strong>section of this dialog, add a heading in\u00a0<strong>Line 1<\/strong>\u00a0and enable the\u00a0<strong>Show<\/strong>\u00a0Then click the\u00a0<strong>Apply<\/strong> button.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/set-comparison-bar-chart-in-excel-279.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/set-comparison-bar-chart-in-excel-279.jpg\" alt=\"set comparison bar chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>To make the links in the chart less transparent, select the pencil icon near the top bar. Expand the \u201c<strong>Link<\/strong>\u201d property and adjust the opacity from \u201c0.4\u201d to \u201c0.6\u201d.<\/li>\n<li>Once you are satisfied with the changes, save them by clicking the \u201c<strong>Apply All<\/strong>\u201d button.<\/li>\n<li>To ensure the changes are permanent, click the \u201c<strong>Save Changes<\/strong>\u201d button.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/save-comparison-bar-chart-in-excel-279.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/save-comparison-bar-chart-in-excel-279.jpg\" alt=\"save comparison bar chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>The final chart will look as below.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/how-to-do-competitor-analysis-in-excel-279.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/04\/how-to-do-competitor-analysis-in-excel-279.jpg\" alt=\"final how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/10\/comparison-chart-generator-in-google-sheets-3.jpg\" alt=\"\" width=\"319\" height=\"149\" \/><\/a> <a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/10\/comparison-chart-generator-in-excel-3.jpg\" alt=\"\" width=\"319\" height=\"149\" \/><\/a><\/div>\n<h4>Insights<\/h4>\n<ul>\n<li>During the first three quarters, your company had higher traffic than your competitors. However, there was a significant drop in traffic in the fourth quarter, a cause for concern.<\/li>\n<li>Competitor 2 had the second-highest traffic in the first quarter. However, they experienced a dip in the subsequent two quarters, with the least traffic during that time. In the fourth quarter, their traffic increased, and they had the highest traffic during that period.<\/li>\n<\/ul>\n<h3>Streamline Competitor Analysis Using Comparison Bar Charts for Clear Insights in Microsoft Excel:<\/h3>\n<ol>\n<li>Open your Excel Application.<\/li>\n<li>Install\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=yW3EjBDO-sM\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">ChartExpo Add-in for Excel<\/a> from\u00a0Microsoft AppSource to create <a href=\"https:\/\/chartexpo.com\/blog\/interactive-storytelling\" target=\"_blank\" rel=\"noopener\">interactive visualizations<\/a>.<\/li>\n<li>Select the Comparison Bar Chart from the list of charts.<\/li>\n<li>Select your data.<\/li>\n<li>Click on the \u201cCreate Chart from Selection\u201d button.<\/li>\n<li>Customize your chart properties to add header, axis, legends, and other required information.<\/li>\n<li>Export your chart and share it with your audience.<\/li>\n<\/ol>\n<p>The following video will help you to create a Comparison Bar Chart\u00a0in Microsoft Excel.<\/p>\n<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/gnJlRjtdrjc?si=uLSlU5yeG7WsCnqr\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/10\/comparison-chart-generator-in-google-sheets-3.jpg\" alt=\"\" width=\"319\" height=\"149\" \/><\/a> <a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTI3OSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/10\/comparison-chart-generator-in-excel-3.jpg\" alt=\"\" width=\"319\" height=\"149\" \/><\/a><\/div>\n<p><strong>Example #2<\/strong><\/p>\n<p>Let&#8217;s create a Radar Chart visualization of your data and glean valuable insights.<\/p>\n<ul>\n<li>To get started with ChartExpo, install <a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZyt4bCtjZXhwbytDRTM3NSs=\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">ChartExpo in Excel<\/a>.<\/li>\n<li>Now Click on <strong>My Apps<\/strong> from the <strong>INSERT\u00a0<\/strong>menu.<\/li>\n<li>Choose <strong>ChartExpo<\/strong> from <strong>My Apps<\/strong>, then click <strong>Insert<\/strong>.<\/li>\n<li>Upon loading, select \u201c<strong>Radar Chart<\/strong>\u201d from the list of charts.<\/li>\n<li>Select the data from the sheet, then click the &#8220;<strong>Create Chart From Selection<\/strong>\u201d button.<\/li>\n<li>The Radar Chart will appear as below.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/how-to-perform-a-competitive-analysis-1.jpg\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" style=\"max-width: 100%;\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/how-to-perform-a-competitive-analysis-1.jpg\" alt=\"edit radar chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>Click the <strong>Edit Chart<\/strong> button to modify your chart.<\/li>\n<li>Click the pencil icon next to the <strong>Chart Header<\/strong> to change the title.<\/li>\n<li>It will open the properties dialog. Add a heading in <strong>Line 1<\/strong> of the <strong>Text <\/strong>section and enable the <strong>Show<\/strong>. Give the appropriate title of your chart and click the <strong>Apply <\/strong>button.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/apply-title-on-chart-ce375.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/apply-title-on-chart-ce375.jpg\" alt=\"apply title on chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>Click the <strong>Save Changes<\/strong> button to persist the changes.<\/li>\n<li>To enlarge the size of the dots in the Radar Chart, click the \u201c<strong>Settings<\/strong>\u201d button. Expand the \u201c<strong>Curve Point<\/strong>\u201d property and toggle the \u201c<strong>Show<\/strong>\u201d option.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/apply-curve-points-ce375.jpg\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" style=\"max-width: 100%;\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/apply-curve-points-ce375.jpg\" alt=\"apply label on chart for learning how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<ul>\n<li>Click the \u201c<strong>Apply<\/strong>\u201d button to keep the modifications.<\/li>\n<li>The final chart will appear below.<\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/final-how-to-perform-a-competitive-analysis.jpg\"><img decoding=\"async\" class=\"alignnone size full wp image 4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2023\/09\/final-how-to-perform-a-competitive-analysis.jpg\" alt=\"Final how to do competitor analysis\" width=\"650\" \/><\/a><\/div>\n<div style=\"text-align: center;\"><a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZytncytjZXhwbytDRTM3NSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/08\/radar-chart-generator-in-google-sheets-3.jpg\" alt=\"\" width=\"319\" height=\"149\" \/><\/a> <a href=\"https:\/\/chartexpo.com\/utmAction\/MTYrYmxvZyt4bCtjZXhwbytDRTM3NSs=\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" class=\"alignnone size-full wp-image-4345\" src=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2022\/08\/radar-chart-generator-in-excel-3.jpg\" alt=\"\" width=\"319\" height=\"149\" \/><\/a><\/div>\n<h4>Insights<\/h4>\n<ul>\n<li>In January, your and your competitor&#8217;s websites had almost the same amount of traffic.<\/li>\n<li>In five months, namely February, March, May, August, and September, your competitor&#8217;s website outperformed yours. This could be attributed to their larger user base.<\/li>\n<li>Your website performed better than your competitor&#8217;s in six months of the year &#8211; April, June, July, October, November, and December. Thanks to your consistently higher levels of traffic.<\/li>\n<\/ul>\n<h2 id=\"benefits-of-competitor-analysis\">Benefits of Competitor Analysis<\/h2>\n<p>Competitor analysis is a crucial component of strategic business planning, providing valuable insights that can influence decision-making and contribute to the overall success of a company. Understanding <a href=\"https:\/\/chartexpo.com\/blog\/what-does-a-data-analyst-do\" target=\"_blank\" rel=\"noopener noreferrer\">what a data analyst does<\/a> in this context can enhance your approach. Here are some key benefits of conducting competitor analysis:<\/p>\n<ul>\n<li>\n<h3>Identify Your Unique Selling Proposition (USP)<\/h3>\n<\/li>\n<\/ul>\n<p>Analyzing your competitors helps you determine how to differentiate your product or service from others. Through this process, you can identify your USP. Understanding your USP is crucial as it can help you craft a compelling value proposition. Consequently, develop a clear brand identity that expresses your differentiation strategy.<\/p>\n<ul>\n<li>\n<h3>Improve Customer Satisfaction<\/h3>\n<\/li>\n<\/ul>\n<p>You can identify areas where your business can improve to meet or exceed customer expectations. This can help you provide better value to your customers and improve overall <a href=\"https:\/\/chartexpo.com\/blog\/what-is-a-csat-score\" target=\"_blank\" rel=\"noopener noreferrer\">customer satisfaction<\/a>. This contributes to increased customer loyalty and retention.<\/p>\n<ul>\n<li>\n<h3>Identify New Market Opportunities<\/h3>\n<\/li>\n<\/ul>\n<p>You can gain insights into your competitor&#8217;s target markets, customer demographics, and product offerings. As a result, identify gaps or unmet customer needs that may present new opportunities for your business. This can help you expand your customer base and increase your market share.<\/p>\n<ul>\n<li>\n<h3>Stay Ahead of Your Competition<\/h3>\n<\/li>\n<\/ul>\n<p>Regular and systematic competitor analysis will help you understand their strengths and weaknesses. This lets you stay up-to-date and refine your business strategies to maintain a competitive edge. As a result, ensure the long-term success of your business.<\/p>\n<ul>\n<li>\n<h3>Improve Your Marketing Campaigns<\/h3>\n<\/li>\n<\/ul>\n<p>You can examine your competitors&#8217; marketing messages, social media presence, and content marketing tactics. You will gain knowledge of market trends thanks to this. As a result, identify where you can improve your campaigns.<\/p>\n<ul>\n<li>\n<h3>Informing strategic decision-making<\/h3>\n<\/li>\n<\/ul>\n<p>Competitor analysis provides valuable insights that can inform strategic decision-making processes. This includes identifying new target markets, adjusting pricing strategies, developing unique value propositions, or enhancing product offerings.<\/p>\n<ul>\n<li>\n<h3>Mitigating risks and threats<\/h3>\n<\/li>\n<\/ul>\n<p>Competitor analysis helps you identify potential threats and risks in the market. By understanding the actions and strategies of competitors, you can proactively respond to market changes and competitive challenges.<\/p>\n<h2>FAQs<\/h2>\n<h3>What is competitor analysis, and why is it important?<\/h3>\n<p>Competitor analysis is a strategic method for determining a business&#8217;s position in the marketplace relative to its rivals. It aids businesses in identifying their strengths and areas for improvement.<\/p>\n<h3>What is the process of competitor analysis?<\/h3>\n<ol>\n<li>Compile a list of your direct and indirect rivals.<\/li>\n<li>Examine their offerings, pricing, and market share to find areas for development and pick up tips from profitable rivals.<\/li>\n<li>You can also perform a SWOT analysis to find market gaps.<\/li>\n<\/ol>\n<h3>What is the difference between competitor analysis and market analysis?<\/h3>\n<p>The goal of a market analysis is to locate opportunities and potential clients. Comparatively, competitor analysis concentrates on understanding competitors to develop a competitive advantage.<\/p>\n<h3>How to do competitor analysis?<\/h3>\n<p>To do competitor analysis, use ChartExpo, a third-party tool that supercharges data visualization. ChartExpo creates insightful data visualizations that facilitate effective competitor analysis.<\/p>\n<h3>What should a competitive analysis include?<\/h3>\n<p>A competitive analysis should include an evaluation of the following competitor aspects;<\/p>\n<ul>\n<li>Strengths and weaknesses.<\/li>\n<li>Product or service offerings.<\/li>\n<li>Pricing strategies.<\/li>\n<li>Distribution channels.<\/li>\n<li>Marketing tactics.<\/li>\n<li>Market share.<\/li>\n<li>Overall performance.<\/li>\n<\/ul>\n<p>It should also identify opportunities and threats in the market that can inform strategic decision-making.<\/p>\n<h3>What are the benefits of performing a competitive analysis?<\/h3>\n<p>Performing a competitive analysis offers several benefits;<\/p>\n<ul>\n<li>Identifying market opportunities.<\/li>\n<li>Understanding customer preferences.<\/li>\n<li>Assessing strengths and weaknesses.<\/li>\n<li>Adapting marketing strategies.<\/li>\n<li>Mitigating risks and threats.<\/li>\n<li>Informing strategic decision-making.<\/li>\n<\/ul>\n<h4 id=\"tb5\">Wrap Up<\/h4>\n<p>Competitors do exist depending on the type of business you run and the industry you operate in. To remain successful, you must study them and understand how they operate. Doing this will help you defend your position, compete better, and improve your business&#8217; performance.<\/p>\n<p>Understanding the competition and finding new opportunities are made possible with the help of competitor analysis. It assists you in staying one step ahead of the competition and guarantees your business&#8217;s long-term success.<\/p>\n<p>It entails identifying and researching competitors to determine their strengths and weaknesses.<\/p>\n<p>This may seem daunting, yet you can accomplish it. With basic knowledge and the right tools, you can do it independently.<\/p>\n<p>How can you maximize your competitor analysis, and what tools should you use?<\/p>\n<p>The data analysis go-to tool is a spreadsheet. However, a spreadsheet can only show you data in rows and columns.<\/p>\n<p>How to do competitor analysis? This is where ChartExpo comes in handy.<\/p>\n<p>ChartExpo makes data more engaging with visualizations that give you a bird&#8217;s eye view of the whole picture. It converts data in your spreadsheets into interactive visualizations and dashboards.<\/p>\n<p>Try ChartExpo today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><p>Learn essential steps in How to Do Competitor Analysis with our guide. Elevate your strategy &#038; stay ahead of the competition using practical insights &#038; tools.<\/p>\n&nbsp;&nbsp;<a href=\"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis\"><\/a><\/p>","protected":false},"author":1,"featured_media":32624,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[906],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>How to Do Competitor Analysis? Step-by-Step Guide -<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:title\" content=\"How to Do Competitor Analysis? Step-by-Step Guide -\" \/>\r\n<meta name=\"twitter:description\" content=\"Learn essential steps in How to Do Competitor Analysis with our guide. Elevate your strategy &amp; stay ahead of the competition using practical insights &amp; tools.\" \/>\r\n<meta name=\"twitter:image\" content=\"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2024\/03\/feature-279.jpg\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to Do Competitor Analysis? Step-by-Step Guide -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis","twitter_card":"summary_large_image","twitter_title":"How to Do Competitor Analysis? Step-by-Step Guide -","twitter_description":"Learn essential steps in How to Do Competitor Analysis with our guide. Elevate your strategy & stay ahead of the competition using practical insights & tools.","twitter_image":"https:\/\/chartexpo.com\/blog\/wp-content\/uploads\/2024\/03\/feature-279.jpg","twitter_misc":{"Written by":"admin","Est. reading time":"16 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis","url":"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis","name":"How to Do Competitor Analysis? Step-by-Step Guide -","isPartOf":{"@id":"http:\/\/localhost\/blog\/#website"},"datePublished":"2023-04-27T16:08:12+00:00","dateModified":"2025-07-09T14:59:14+00:00","author":{"@id":"http:\/\/localhost\/blog\/#\/schema\/person\/6aceeb7c948a3f66ff6439ce5c24a280"},"breadcrumb":{"@id":"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/chartexpo.com\/blog\/how-to-do-competitor-analysis#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/localhost\/blog"},{"@type":"ListItem","position":2,"name":"How to Do Competitor Analysis? Step-by-Step Guide"}]},{"@type":"WebSite","@id":"http:\/\/localhost\/blog\/#website","url":"http:\/\/localhost\/blog\/","name":"","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/localhost\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"http:\/\/localhost\/blog\/#\/schema\/person\/6aceeb7c948a3f66ff6439ce5c24a280","name":"admin","url":"https:\/\/chartexpo.com\/blog\/author\/admin"}]}},"_links":{"self":[{"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/posts\/25931"}],"collection":[{"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/comments?post=25931"}],"version-history":[{"count":24,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/posts\/25931\/revisions"}],"predecessor-version":[{"id":51797,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/posts\/25931\/revisions\/51797"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/media\/32624"}],"wp:attachment":[{"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/media?parent=25931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/categories?post=25931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chartexpo.com\/blog\/wp-json\/wp\/v2\/tags?post=25931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}