Evaluating the Competition

December 29, 2024 / 


3 Top Reasons to Conduct a Competitive Audit.

If there’s one thing you should plan for 2025, it’s to conduct a competitive audit to gain valuable insights to help position your business more effectively in the marketplace. Here are the top three reasons to do so.

1. Identify your Market Position.

Understanding your competitors’ strengths and weaknesses helps you identify where your business stands in the marketplace. This knowledge allows you to position yourself more effectively and capitalize on opportunities where competitors may be lacking.

2. Inform your Strategic Plan.

A competitive audit provides valuable insights that can inform your strategic planning. By knowing what your competitors are doing and how well they’re performing, you can make informed decisions about your own business strategies, marketing efforts, and product development.

3. Enhance your Competitive Advantage.

Conducting a competitive audit helps you identify areas where you can differentiate yourself. Whether it’s through unique features, superior customer service, or innovative marketing, leveraging these insights can give you a distinct edge in the market.

“Don’t let your ice cream melt
while admiring someone else’s sprinkles.”

There’s a saying that I love. “Don’t let your ice cream melt while admiring someone else’s sprinkles.” It’s easy to get distracted by what your competition is doing. The results of a competitive audit will allow you to be more focused on your business while staying ahead of the competition. 

How to Complete a Competitive Audit. 

  • Compile a list of your main competitors, both direct and indirect. This includes businesses offering similar products/services and those targeting the same customer base.
  • Gather information on your competitors’ offerings, pricing, marketing strategies, customer reviews, and overall market presence. Use various sources such as websites, social media, industry reports, and customer feedback.
  • Evaluate the strengths and weaknesses of each competitor. Identify what they do well and where they fall short. This helps in understanding their market position and potential vulnerabilities.
  • Compare your own performance metrics (such as sales, customer satisfaction, market share) with those of your competitors. Identify gaps and areas where you can improve.
  • Look for industry trends and shifts that may impact your competitive position. This includes technological advancements, regulatory changes, and evolving customer preferences.
  • Examine the marketing strategies of your competitors, including their branding, messaging, advertising channels, and promotional tactics. Assess what works for them and what doesn’t.
  • Analyze the range and quality of products/services offered by your competitors. Identify unique features, benefits, and any gaps in their offerings that you can capitalize on.
  • Review customer feedback for your competitors to understand their strengths and weaknesses from the customer’s perspective. Look for common complaints and praise to identify areas for improvement.
  • Compile your findings into a comprehensive report. Include insights, data analysis, and visual aids (charts, graphs) to present a clear picture of the competitive landscape.
  • Lastly, use the insights gained from your audit to inform your business strategies. Develop action plans to leverage your strengths, address weaknesses, and seize opportunities in the market.

Download a FREE Checklist.

Download this free checklist on the 10 steps above and start your audit. If you would like to book a consultation to kick-start the process, let’s connect.     

Download Competitive Audit Checklist 

Blog post photo by Calebe Miranda

About the Author 
Deanna White is Brand Management Consultant and Facilitator for the brand marketer. Working with national brands, she has been leading marketing departments at the executive level as Director of Marketing for over two decades. Deanna is best known for driving brand awareness, increasing audience engagement and creating deeper customer relationships.
DeannaWhite.ca – Brand Marketer

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