It’s tempting to think you know your competitors’ business inside and out. After all, you’re keenly aware of their most public-facing actions and how they impact your own operations. However, there’s often a vast gulf between what’s visible and the full scope of your rivals’ marketing activities.

To gain a true 360-degree view, a more intentional competitive marketing audit is in order. Conduct this review at least once a year, or ideally on a quarterly basis. Allot around two hours to complete the process, and feel free to add your own customized steps.

4 Steps to a Comprehensive Competitive Audit

 Step 1: Observe Closely

This foundational step involves closely scrutinizing your competitors’ various marketing channels:

– Social media presence
– Advertising campaigns
– Website and search engine rankings
– Blogs and newsletters
– Word-of-mouth tactics
– In-person communications (if they have a physical location)

Keep in mind that different marketing tactics serve as leading or lagging indicators of change. For instance, social media may be among the first areas to signal an upcoming shift, while a website overhaul often lags behind.

Step 2: Ask Probing Questions

As you observe your competitors’ activities, ask questions like:

– What platforms are they active on?
– What core messages are they communicating?
– What keywords are they targeting?
– Is their target audience changing over time?
– Do they appear to be investing more in marketing?

Most importantly, don’t stop at the “what” – dig deeper to uncover the “why” behind each observation.

One key question to ponder: Are you sufficiently differentiated from your competitors that customers can clearly distinguish between your offerings? If not, securing that distinct positioning in the minds of your target audience should be a top priority.

Step 3: Step into Their Shoes

Imagine yourself in your competitors’ position, considering their unique strengths, weaknesses, threats, and opportunities. What would your next strategic move likely be? This exercise can help you anticipate your rivals’ future actions.

As an example, the marketing expert Neil Patel cited Starbucks’ successful expansion into the Chinese market as a case study in leveraging competitive intelligence to inform overall strategy.

Step 4: Leverage Software Tools

Various software solutions can streamline and enhance the competitive audit process. Some user-friendly, free options include:

– Social listening tools to monitor conversations about your competitors
– Google searches to uncover news and content about rival companies
– Keyword research to see what terms your competitors are ranking for

Record your findings in an ongoing spreadsheet to track changes over time.

Elevate Your Marketing with Competitive Insights

By implementing this four-step competitive audit, you’ll gain a much richer understanding of your rivals’ marketing tactics and the factors driving their decisions. Armed with these insights, you can make more informed, strategic moves to outmaneuver the competition and secure a distinct position in the minds of your target customers.

If you need assistance conducting a comprehensive competitive audit or translating your findings into impactful marketing strategies, our team at KMS Marketing Strategies is here to help. Contact us to learn more.