What are competitive audits?
A competitive audit is a strategic analysis that evaluates how a company’s products, services, and overall performance compare to its competitors in the market. This process involves researching and gathering information about competitors’ strengths and weaknesses, market share, user experience, pricing, marketing tactics, and customer perceptions. By conducting a competitive audit, businesses can gain valuable insights into the competitive landscape, identify growth opportunities, and develop effective strategies to stay ahead in the market.
The areas juxtaposed in competitive audits may often include:
- Homepage and other important pages (i.e. about, contact, services, products, etc.)
- Search results and queries
- Navigation and menu experience
- Cross-channel experience (i.e. web, mobile, app, kiosk, store, etc.)
- Checkout/transactional flow
- Discovery and shopping experience
- Details and consideration experience
- Unauthenticated vs. authenticated state
- Internationalization (language and region)
- Brand (i.e. style, theme, tone, personality, etc.)
- Social media
- Search results (regional, local, schema, citations/backlinks, etc.)
- Technical (speed, tech stack, standards, accessibility, etc.)
Why perform competitive audits?
There are several reasons why a competitive audit is essential for businesses. Firstly, it helps companies understand their position in the market relative to competitors, allowing them to identify areas where they can improve and differentiate themselves. Secondly, a competitive audit provides valuable information about market trends, customer preferences, and emerging competitors, which can help businesses make informed decisions and adapt their strategies accordingly. Finally, by regularly conducting competitive audits, companies can stay agile and responsive to changes in the market, ensuring long-term success and sustainability.