Keeping an eye on the competition helps businesses grow and stay ahead. A well-organized competitor analysis template makes it easy to track what others are doing and find ways to improve your own strategy. The good news? You don’t need fancy tools—Google Sheets is all you need.
And if you stick till the end, you can download the Free Competitor Analysis template.
Why Use Google Sheets for Your Competitor Analysis Template?
Google Sheets is a free, cloud-based tool that makes it easy to organize and analyze data. It allows real-time collaboration, meaning your team can update the competitor analysis without sending multiple versions back and forth.
With built-in formulas, filters, and charts, you can quickly process information and gain insights. Plus, its accessibility from any device ensures you can check and update your data anytime, anywhere.
Step 1: Open a New Google Sheet
Start by heading to Google Sheets and creating a new blank spreadsheet. This will be your competitor analysis hub.
Step 2: Set Up Your Columns
The key to a great competitor analysis is organizing the right information. In the first row, add these column headers:
- Competitor Name
- Platforms
- Products/Services
- Pricing
- Target Audience
- Strengths
- Weaknesses
- Marketing Strategies
- Customer Reviews
Step 3: Enter Your Competitors’ Information
Now, start researching and filling in the Google Sheet with the details for each competitor. Use their website, social media, and customer reviews to gather insights. If they offer pricing on their site, note it down. For customer feedback, check Google Reviews or any other review platforms.
Step 4: Use Dropdown Menus for Easy Sorting
To make your sheet more user-friendly, add drop-down menus where needed. For example, in the Marketing Strategy column, you can create a list of options like Collaboration, Mall Promotion, Live Selling, Sponsorships, Affiliates, and more.
To do this, click on the cell you want to use as a dropdown. Go to Insert > Dropdown, then type in your options.
Step 5: Visualize Data with a Chart
Charts can help you quickly understand trends and differences between competitors. To create a chart. Select the data you want to visualize. Click Insert > Chart. Choose a chart type that best represents your data, such as a bar chart for pricing comparisons or a pie chart for market share analysis.
A competitor analysis template is most useful when your team can collaborate. To share your Google Sheet, click the Share button in the top-right corner. Enter the email addresses of team members who need access. Choose their permission level (Viewer, Commenter, or Editor). This makes it easier to keep information updated and get insights from others.
Get the Free Competitor Analysis Template
Get a copy of the free Competitor Analysis Template. I’ve populated some cells as examples, but you can customize them as needed.
Final Thoughts
A simple competitor analysis template in Google Sheets can help you stay on top of the market without overcomplicating things. With these steps, you’ll have a powerful tool to track competitors, spot opportunities, and refine your strategy, all in one easy-to-use spreadsheet.
Frequently Asked Questions
How do I use formulas to analyze competitor data?
You can use formulas like AVERAGE() to find the average pricing of competitors, COUNTIF() to track how often certain keywords appear, and SPARKLINE() to create mini-trend charts in a cell.
What’s the best way to compare competitor pricing?
Use the SORT() function to organize pricing in ascending or descending order. You can also create a bar chart to visualize price differences.
Can I link my Google Sheets to live data sources?
Yes! With the IMPORTHTML() or IMPORTXML() functions, you can pull in competitor data from publicly available web pages and keep your analysis up to date.
Is there a tool that can help me gather text, images or links quicker?
Yes, it is. We built SAVE2 as a tool to save data quicker in Google Sheets. SAVE2 is a Chrome extension designed to work with Google Sheets and Google Drive to make research quicker and better.
The Bottom Line:
One keeps you awake. The other gets work done.
A month of coffee: $150
A month of FileDrop: $19
Why not have both?
