How can you conduct a competitive analysis during a brand audit?

A competitive analysis is a vital part of a brand audit, as it helps you identify your strengths, weaknesses, opportunities, and threats in relation to your competitors. A competitive analysis can help you refine your brand positioning, messaging, differentiation, and value proposition. Here are some steps you can follow to conduct a competitive analysis during a brand audit.

1 Identify your competitors

The first step is to determine who your direct and indirect competitors are. Direct competitors are those who offer similar products or services to the same target market as you. Indirect competitors are those who offer different products or services to the same target market, or similar products or services to a different target market. You can use online tools, such as Google Trends, Keyword Planner, or SimilarWeb, to find out who your competitors are and how they rank in terms of traffic, keywords, and social media presence.

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Lucas Monteiro

Brand Strategist | Founder @ Above Branding | Strategy For Brands That Want An Above Level | Entrepreneur & Mentor of New Business
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🔍 Você está olhando para a concorrência da forma errada. Na visão tradicional, se analisa concorrentes diretos e indiretos. Porém, isso é a perspectiva de produto. No Branding é diferente, dividimos em dois tipos: 👉 Concorrentes de curto prazo Podem ser marcas da mesma categoria ou até mesmo de outras, mas que disputam a mesma solução de dores. 👉 Concorrentes de longo prazo Nessa análise se considera possíveis concorrentes que, em breve, possam oferecer soluções semelhantes. Analisando dessa forma, se consegue ter uma visão muito mais aguçada ao construir a estratégia de uma marca.

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Samuel Sewodo

Founder, WireBrand™ & Powered | Brand & Digital Growth 🚀 | Helping brands grow through proven strategies & systems
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During a brand audit, think of it as sizing up your competition. Start by listing your rivals and gather data on their brand strategies and customer perception. This helps you understand where your brand stands and how you can differentiate yourself to win in the market, much like studying your opponents to improve in a game.

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2 Analyze their branding elements

The next step is to examine how your competitors present themselves through their branding elements, such as their name, logo, slogan, color scheme, typography, imagery, tone of voice, and personality. You can use a brand identity matrix to compare and contrast your branding elements with your competitors' and see how they communicate their value proposition, mission, vision, and values. You can also look for any gaps or inconsistencies in their branding elements and how they affect their brand perception and recognition.

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Nizzar Ben Chekroune

⏰Time Magazine Top100 most influential in web3 🗽New York Times Top5 art accounts to follow 🎨Arts Thread & Gucci & Google Top150 most Creative 🧩NFT.NYC Top 2% “Who to follow” 👆🏾1st NFT Fund 🌍 $2.7M raised in 21’
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Analyzing your competitors' brand elements is like dissecting a musical score, studying the nuances of their compositions. By understanding the distinctive notes they play – from logos to tone of voice – you can discern the harmonies and dissonances in their brand melodies. This examination not only reveals the symphonic landscape of your industry but also guides your brand to carve a unique and memorable tune in the minds of your audience.

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3 Evaluate their brand performance

The third step is to measure how your competitors perform in terms of their brand awareness, reputation, loyalty, and equity. You can use various methods and metrics to evaluate their brand performance, such as surveys, reviews, ratings, testimonials, social media mentions, net promoter score, customer lifetime value, and market share. You can also assess how they handle their customer service, feedback, complaints, and crisis management. You can use a SWOT analysis to identify their strengths, weaknesses, opportunities, and threats and how they affect their brand performance.

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4 Identify their brand strategy

The fourth step is to understand how your competitors plan and execute their brand strategy, such as their positioning, differentiation, segmentation, targeting, and marketing mix. You can use a perceptual map to plot your competitors' brand positioning based on two or more attributes, such as quality, price, innovation, or sustainability. You can also use a value proposition canvas to analyze how your competitors create and deliver value to their customers and how they solve their problems and meet their needs.

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Lucas Monteiro

Brand Strategist | Founder @ Above Branding | Strategy For Brands That Want An Above Level | Entrepreneur & Mentor of New Business
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Mapa perceptual e o seu valor para o posicionamento. Pense num quadrante, onde em cada extremo há características relevantes do mercado. Por exemplo, utilizando o critério do preço, na esquerda teríamos vendas em massa e na direita o luxo/premium. Posicionar marcas através desses mapas nos ajudam a visualizar espaços não ocupados em que sua marca pode vir a se posicionar. Garantindo um posicionamento distinto.

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5 Benchmark your brand against your competitors

The final step is to compare your brand with your competitors and see how you stack up against them in terms of your branding elements, brand performance, and brand strategy. You can use a brand audit checklist to evaluate your brand on various criteria and assign scores or ratings to each aspect. You can also use a gap analysis to identify the areas where you need to improve or innovate your brand to close the gap with your competitors or create a competitive advantage.

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Scott Bachan

Marketing Manager at Catsurveys Ltd | Attract the RIGHT clients to your business | Brand Strategist & Consultant | Founder at HelloScotty | Become the ONLY choice
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A competitive analysis in a brand audit is about more than a surface-level comparison. It's an opportunity to delve into the strategic positioning of competitors. The brand identity matrix isn't just a tool for comparison; it's a lens to identify opportunities and weaknesses. Observing gaps and inconsistencies in competitors' branding can reveal market niches ripe for innovation. This process transforms competitive analysis from a reactive stance to a proactive strategy, guiding brands to carve their unique space in the market landscape.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Adam Seleshi

| Digital Comms Consultant
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Research, Research, Research! Ideally in person visits to the so called competitors, if not online research about the industry and the players within. Once you have your targets, you will then conduct a SWOT(Strengths, Weaknesses, Opportunities & Threats) analysis based on your competitors’ most up to date marketshare data.

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How can you conduct a competitive analysis during a brand audit?

1

2

3

4

5

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1 Identify your competitors

2 Analyze their branding elements

3 Evaluate their brand performance

4 Identify their brand strategy

5 Benchmark your brand against your competitors

6 Here’s what else to consider

Branding

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How can you conduct a competitive analysis during a brand audit?

1

2

3

4

5

6

1 Identify your competitors

2 Analyze their branding elements

3 Evaluate their brand performance

4 Identify their brand strategy

5 Benchmark your brand against your competitors

6 Here’s what else to consider

Branding

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