A Competitive Audit involves a comprehensive 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.

At SmashBrand, the Competitive Audit is a component of our comprehensive brand audit, which 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.

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.

SmashBrand conducts Competitive Audits by delivering 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.

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.

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 overall brand perception and market positioning.

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.

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.

The frequency of conducting a competitive brand audit depends on 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.

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 emerging startups, challenger brands, and established CPG companies.

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 the shopper journey, merchandising, and customer service, providing insights into how products and brands perform in-store.

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 the insights and strategies are relevant and actionable for their unique brand.

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.

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.

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.

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.

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.

Yes, SmashBrand offers comprehensive support in implementing strategies derived from brand assessment and audit findings. This includes assistance in key branding deliverables, which include website, logo, and packaging design. Going deeper into the company’s essence, our brand research product positioning, and overall brand strategy execution.