How can you conduct a competitor analysis as part of your brand audit?

To do a competitor analysis in a brand audit, first, make a list of your rivals who sell similar things as you. Then, gather information about them, like what they sell, how much they charge, and who they sell to. Look at their websites and social media to see how they talk to customers. Check if customers like or dislike them by reading reviews and comments. See how they sell their stuff, online or in stores. Look at how they set prices and if they have any discounts. Finally, figure out what your competitors are good at and where they need improvement. This helps you make better decisions for your own brand and stay competitive.

Identifying your competitors is an essential first step in strategic planning. Direct competitors, those offering similar products or services, and indirect competitors, offering alternative solutions, all shape your business landscape. To provide added value, delve deeper into competitor analysis by evaluating their market positioning, strengths, and weaknesses, enabling you to identify market gaps to exploit. Scrutinize customer experiences and feedback to enhance your own customer-centric strategy. Assess their level of innovation and differentiation to find ways to stand out, whether through technology, pricing, or superior service.

Brand archetype analysis is a powerful tool that can help with competitor analysis. But first you need to know the 12 brand archetypes: The Innocent, Regular Guy, Hero, Outlaw, Explorer, Creator, Ruler, Magician, Lover, Caregiver, Jester and Sage. To carry out a brand archetype analysis, you need to: 1) Identify your competitor's brand archetype. Look at their marketing materials, website, and social media accounts. 2) Then Analyze your competitor's brand elements. Check how their logo, color palette, typography, imagery, tagline, and voice and tone reflect their brand archetype. 3) Identify any gaps or opportunities. Use this as an opportunity to differentiate your brand from the competition. And that's it! Good luck. ??

Hey digital marketers and business owners! By knowing what your competitors are doing well and where they could improve, you can better position your brand. Here are 4 few ways to identify your competitors' strengths & weaknesses: ? Analyze their website and social media accounts. What kind of content do they create? How do they engage with their audience? What are their most popular products or services? ? Read customer reviews. What do their customers like and dislike about them? What are their pain points? ? Talk to your sales team. What do your sales reps hear from potential customers about your competitors? ? Try competitive intelligence tools. You could test SEMrush and Ahrefs. And that's how you put the SW in SWOT Analysis! ??