Convinced yet on doing a competitive audit? Because the research gathered during the review process is a great resource that guides your brand development.
Using your competitive research, your positioning can be evolved to better suit your brand in the now and in the future, as well as make you different from the competition.
The competitive audit can also be used to inform your design process, and you can find suitable and stronger ways of depicting your brand.
You’ll become well-versed and very aware of the symbols, tropes, messaging, etc., that are overused within your industry.
Therefore, the competitive research helps you stay weary of the commonplace yet open to the potential representations and strategies that your brand can utilize for the better.
A tool that is a catalyst for change and innovation, the practicality of competitive auditing has endless impact and value for your brand’s position in the marketplace.
Exercise: Address the following questions about your brand’s competition.
- Who are they?
- What is their competitive advantage?
- How do they provide value to their audience/customers?
- What are their key messages?
- What do they look and feel like?
(Knowledge is power.)
Thoughts written by Mesun Choi.
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