In the ever-competitive market, buyers endear to affordably priced items that give them value for their money. Businesses, investors, and customers use price comparison charts to compare prices across different outlets and brands. Mastering how to design a price comparison chart will enable you to maintain a competitive advantage over your competitors. In this article, you will find useful tips to prepare your interactive comparison chart.
What Is A Price Comparison Chart?
A price comparison chart is a visually representative document that allows you to compare different vendors’ prices. With this document, you can find reasonable prices for products you intend to purchase. The chart can take many forms, such as graphs or candlestick charts. Price comparison charts help you make informed purchase decisions, among other benefits.
Price Comparison Chart Templates & Examples
Why Use A Price Comparison Template?
Have you ever bought an item for what seemed like a fair price but two blocks later, you find the same item retailing at half the price? We know how frustrating price exploitation is, and that’s why you need a price comparison chart to compare the same items from different shops.
Also, if you are tight on cash, a price comparison template enables you to find budget deals for items. Price comparison templates are ideal for weddings, corporate events, and outdoor activities that require purchasing many goods.
Business owners and product manufacturers employ price comparison templates to analyze the market value of a particular product across their competitors. Businesses can then price the items to increase profit margin but still attract clients due to their reasonable pricing. You can use a price comparison chart as a useful tool in value chain analysis.
The major merit of a price comparison template is that you can customize it to include different comparison metrics. You can assign individual columns for quality, after-sale services, and other vital elements to the good. You will ensure you are not purchasing substandard products through the template because of low prices.
Different Types of Price Comparisons
Before drafting a price comparison chart, you need to understand the motive of price comparison. There is more to price comparison than comparing prices of products and services across different outlets. The most common types of price comparison that you can choose from are:
Competitor price analysis
A competitor price analysis template enables you to perform basic to extensive research on product prices among your competitors who manufacture similar goods. You can compare their pricing structure and determine whether you need to price your products higher or lower. The template had assigned columns for shipping cost, taxes and prices. However, you can include other aspects you deem necessary.
Construction cost comparison
With the construction comparison chart, you can compare the prices of different contractors, their scope of work, and work-related obligations. You will then make an informed decision based on the quality of work and price.
You can compare the seller’s prices and the quality of goods. Comparing vendor prices will help you decide on the most affordable vendor that offers unparalleled quality goods.
Usually a reserve for investors and business owners, product sales comparison allows you to compare the revenue from q certain product and track your income. With the information the product sales comparison provides, you can review your pricing strategies and drive your business to greater profit margins with an increasing customer base.
Note: You are not limited to the above price comparison templates. Identify a template that suits your needs and customize it.
Preparing a Price Comparison Chart Template
Firstly we will state there is no right or wrong way to prepare a price comparison chart. Before preparing a Price comparison chart, you need to ask yourself: what am I aiming to achieve with the comparison? What type of chart do I want? Bar graph, columnar, candlestick charts, among others. A good option is to go with a columnar chart that’s interactive and easy to design.
On top of each column, enlist the aspects of your comparison, i.e., name of the vendor, price, tax cost, and the product. You can also include shipping costs and extra fees for a more intensive analysis.
Fill in the various vendors’ information and use the template to reevaluate pricing strategies, check bids, and seek affordable and high-quality goods and services.
Price comparison analyzes the different prices of goods or services across different retailers and manufacturers and finds reasonable prices for your items.
Price comparison averts price exploitation, purchasing substandard goods, and enables manufacturers to price their items contingent on market trends. Remember, cheap is expensive, but also you should not pay exorbitant amounts for a lowly priced good at other vendors.
A comparison table is a columnar document that you fill with comparison points of products and services across various sellers.
A columnar chart
Open a blank spreadsheet and fill in the analysis metrics in the rows on top of each column, and then fill the whole sheet as you go on.
Price comparison increases your client base and allows your business to flourish through more sales of reasonably affordable goods. Every business has unique pricing structures; therefore, analyzing your industry’s major players keeps you at par with your peers or outperforming them. The secret is finding the best price comparison chart for your business, running with it, and replicating the success as you go.