5 Charts Used for Competitor Analysis
Making a competitor analysis to know enough about competitors is very important for business marketing. This page will introduce you 5 charts and templates that are often used in competitor analysis.
A marketing competitor analysis plays an important role in your marketing plan. By doing the analysis, you will identify the strengths and weaknesses of current and potential competitors and establish what makes your product or service unique, so that you can develop the correct marketing strategy to win the battle. Here are 5 charts people often use when doing a competitor analysis.
1. Spider Chart (Radar Chart)
A spider chart is a data visualization method of displaying multivariate data in the form of a two-dimensional chart of three or more quantitative variables represented on axes starting from the same point. As it's an effective method for comparing between two or more products over a range of characteristics, it's always used for competitor analysis. Like the following examples, you can create a series of spider charts representing different characteristics or you can make everything in one chart.
See an easy Spider Chart Creator
2. Comparison Table
Comparison table is a traditional method for competitor analysis. Make a list of factors and score the factors one by one for all the competitors. You can use either numbers or graphical indicators showing the scores. Comparison table is quite straightforward and easy, thus it's always used as a basic competitor analysis tool.
See a Comparison Chart Maker and how to make a Comparison Chart
3. Scatter Chart
A scatter chart has a set of individual dots showing the relationship between two sets of data. When used for competitor analysis, we list product features on one of the axis, and show the score on the other axis, then use different colors of scatters to represent different brands/products. Look at the example below:
Click here to view a Scatter Chart Maker
4. Bubble Chart
Bubble chart is a scatter chart variation that visualize three data dimensions. The third dimension of data is presented by the size of the bubbles. For example, in the example below, the X-Axis shows the individual product price; the Y-Axis shows the monthly sales; and the size of the bubble represents the product future growth.
You may want to see Bubble Chart Creator
5. Matrix Chart
The matrix chart is a variation of the comparison table. The difference is that with matrix chart, you can easily use different colors to represent different degrees. Like the picture below: the green color represents a relative low score, and the red color means it's done pretty well.
How to Make Spider Chart
How to Draw a Bubble Plot
How to Create Scatter Chart - Video Tutorial