Competitive Audit
Know your competitors inside and out.
We deliver an in-depth analysis of key competitors, identifying their strengths and weaknesses with a holistic view of their brand, their products and their business. Consumers always have choices, and we find where your brand can shine amongst the options.
Detailed product reviews with claims and price/value comparisons
Brand reviews including packaging, claims, social engagement, ad campaigns
How the competitive category has developed, timelines, key events and competitive launches
Frequently Asked Questions
What is a Competitive Audit?
Competitive Audit involves a thorough analysis of your competitors. This process is a part of a branding strategy and includes detailed product reviews, examining claims, price/value comparisons, brand positioning, and evaluating the evolution of the competitive category including key events and product launches. Additionally, brand reviews covering packaging, social engagement, and ad campaigns are integral parts of this audit. The goal of the competitive analysis is to understand where your brand can differentiate itself and identify market opportunities or ‘whitespace’ on retail shelves.
How much does a competitive audit cost?
At SmashBrand, the Competitive Audit is a component of our comprehensive brand audit that is a part of our Path To Performance™ methodology. The cost for these services ranges from $25,000 to $500,000, depending on the project's scope and the extent of consumer testing required.
How long does a competitive audit take?
On average, the entire Path To Performance™ process, which includes competitive brand auditing, takes about 3-4 months. A more precise timeline can be provided after a detailed review of your specific project.
How Does SmashBrand Conduct Competitive audits?
SmashBrand conducts Competitive Audits by providing an in-depth analysis of direct competitors, focusing on their strengths, weaknesses, product offerings, target market, and overall business strategies. Your dedicated brand strategist reviews detailed product reviews, timeline analysis of category development, and examination of brand elements like packaging, social media engagement, and advertising campaigns.
What other services does your agency offer?
Alongside competitive audits, SmashBrand's Path To Performance™ process encompasses a range of services starting from the diagnosis phase and culminating in packaging and design optimization. This includes trend assessments, retail audits, packaging baseline tests, strategy development, consumer targeting, and brand positioning. To learn about our brand audits, retail audits and other services please review the links on our website's footer.
How do you conduct a competitive audit in packaging, and what do you look for?
In packaging competitive audits, we focus on how your competitors' packaging designs perform in the market. This competitive brand analysis involves evaluating consumer perceptions across various category attributes, brand assets, packaging claims, and how these factors contribute to the overall brand perception and market positioning.
How detailed are your competitive audit reports and what insights do they provide?
Our Competitive Audit reports are comprehensive, providing a holistic view of the competitive landscape. They offer insights into competitors' brand performance including their strengths and weaknesses, product reviews, brand strategies, and how these elements align with market trends. This information is crucial for identifying distinct positioning, a competitive advantage, and potential market opportunities and developing effective brand strategies.
Can you provide an example of how a competitive audit influenced a packaging strategy?
One prominent example is our work with Red Gold. By identifying a unique market niche and redefining the packaging strategy, we helped them achieve a remarkable increase in sales velocity by effectively attracting target customers. Our new design led to a 148% increase in purchase intent over the current brand. This success story exemplifies the effectiveness of our competitive auditing services during a branding effort to drive significant business growth through a brand refresh. Please see our work page for more case studies of how our competitive audit services set the stage for optimal brand development.
How often do you recommend conducting a competitive audit?
The frequency of conducting a competitive brand audit depends on the market dynamics and the specific needs of your brand. However, competitor analysis is generally advisable to conduct these audits periodically to stay updated with market trends, competitor strategies, and consumer preferences, ensuring your brand remains competitive and relevant.
What types of industries or sectors does SmashBrand specialize in for Competitive Audits?
SmashBrand has extensive experience across a wide range of industries, particularly in the consumer packaged goods (CPG) sector. Our expertise spans various categories including food and beverage, health and wellness, beauty, and pet care products, catering to both emerging startups, challenger brands, and established CPG companies.
What is the difference between a Competitive Audit and a Retail Audit?
A Competitive Audit focuses on analyzing competitors' strengths, weaknesses, market positioning, and strategy. It involves detailed product and brand reviews. On the other hand, a Retail Audit examines the retail environment, including shopper journey, merchandising, and customer service, providing insights into how products and brands perform in-store.
Can SmashBrand customize the Competitive Audit process to fit specific client needs?
Yes, within the framework of our Path To Performance™ process, SmashBrand's approach is customizable. We tailor our Competitive Audit process to align with each client's specific goals, industry context, retail channels, and market dynamics, ensuring that the insights and strategies are relevant and actionable for their unique brand.
What kind of data sources does SmashBrand use in conducting Competitive Audits?
We utilize a combination of secondary sources, market research data, industry reports, and primary observations. In addition to leveraging existing data sources, our team takes a hands-on approach visiting each of the retail channels where the brand exists or hopes to enter.
How does SmashBrand ensure confidentiality and data protection during the Competitive Audit process?
SmashBrand adheres to strict confidentiality and data protection policies. We ensure that all client information and audit findings are handled securely, maintaining the highest standards of privacy and data security throughout the audit process.
What are the typical outcomes or deliverables from a Competitive Audit?
The deliverables include a comprehensive report detailing the competitive landscape, insights into competitor strategies, strengths, and weaknesses, and strategic recommendations for differentiation and market positioning. Clients also receive actionable insights for informed decision-making.
How does SmashBrand integrate Competitive Audit findings into broader brand strategy development?
The insights from the Competitive Audit are integrated into the overall brand development process, informing aspects like brand positioning, brand messaging, marketing strategies, and product development. This ensures a cohesive and data-driven approach to building and strengthening the company through the brand voice and assets.
What are the key metrics or indicators used in a Competitive Audit to assess competitor performance?
Key metrics include market share, brand equity, brand recognition, brand identity, pricing strategies, product innovation, customer engagement, and customer experience.. We also evaluate product quality, packaging, and brand perception among the target audience.
Can SmashBrand assist in implementing strategies based on Competitive Audit findings?
Yes, SmashBrand offers comprehensive support in implementing strategies derived from brand assessment and audit findings. This includes assistance in key branding deliverables which includes website, logo, and packaging design. Going deeper into the company's essence, our brand research product positioning, and overall brand strategy execution.