The power of a competitor audit

Why every small business needs a competitor audit to sharpen their marketing strategy

As a business owner, it's easy to get caught up in the day-to-day running of things—especially when you're juggling multiple roles. But stepping back to take a broader view of the market is crucial, and one of the smartest ways to do that is through a competitor audit.

Taking time to assess who else is out there and how they’re positioning themselves not only helps you stay informed—it can also uncover real opportunities for your business to stand out.

The real value of a competitor audit

A competitor audit gives you a clearer picture of your market landscape. By reviewing what others are doing, and comparing that to your own business, you can identify strengths, spot weaknesses, and find those all-important gaps to gain a competitive edge.

It’s not about copying—it’s about learning, evolving, and sharpening your strategy.

Turning insights into action

The insights you gather from a competitor audit can influence everything from your brand positioning to your pricing. Here's how you can use the findings:

• Create a best-practice checklist to guide internal improvements

• Develop or refresh your website with more clarity and purpose

• Shape your brand identity and messaging to be more distinctive

• Review and refine your pricing model

• Evolve your product or service offering based on market trends

• Build a social media strategy that reflects what’s working in your space

• Plan out relevant, engaging content for the year ahead

• Strengthen your overall marketing strategy and communications

How to get started with a competitor audit

Begin by identifying five key competitors. These might be local, national, or even international businesses depending on your market. A quick Google search can help you compile an initial list.

Once you have your shortlist, it’s time to dig in. Use a simple table or spreadsheet to capture what you learn and make comparisons easily.

What to look for in your competitor audit

When carrying out a competitor audit, it’s important to review consistent areas across each business so you can make meaningful comparisons. These are the key categories I recommend focusing on:

1. Branding

Evaluate the core elements of each competitor’s brand identity, including their logo, colour palette, photography style, and tone of voice. Pay attention to the overall impression they create and the values they appear to promote. Identifying sector-wide trends can help you decide whether to align with or stand apart from them.

2. Proposition and messaging

Capture headline messages, straplines, and key introductory copy. These elements will show you what each business is prioritising—whether it’s service, price, innovation, or something else. This also helps pinpoint what feels unique or generic across your competitive set.

3. Products and services

Document their main products or services, noting any added-value elements. Look at how they deliver their offer—whether it’s via e-commerce, in-store, or through direct customer relationships.

4. Pricing

Summarise their pricing structures and group them by product or service type. Keep an eye out for discounts, loyalty schemes, bundle offers, or free trials. This will give you insight into how they position themselves in terms of value.

5. Customers

Try to identify their target customer groups based on testimonials, case studies, and reviews. This information helps you evaluate whether they’re reaching the same audience as you—or whether there’s an opportunity to tap into a different segment.

6. Website

Explore the structure and layout of their website, how they prioritise content, and what kind of language they use. Take note of any downloadable content, blogs, or lead magnets. Signing up to their newsletters can offer additional insight into how they nurture leads and engage potential customers.

7. Marketing collateral

Collect any brochures, service guides, or other promotional materials. These can reveal how they communicate their offer, how they position themselves, and the type of proof points they use—like customer quotes or case studies.

8. Social media presence

Track which platforms they’re active on, how frequently they post, and the type of content they share. Engagement levels and follower numbers can also provide a sense of how well their content is landing with their audience.

9. Reviews

External review sites such as Trustpilot and Google Reviews can help you gauge customer sentiment. Look for consistent themes—positive or negative—that might indicate areas of strength or opportunity.

10. Identifying trends and gaps

With everything laid out, spend time reviewing and comparing the findings. Identify key themes, spot under-served areas, and consider where your business can stand out. A visual comparison—like a positioning map—can often bring clarity to where the market is crowded and where there’s room to grow.

A common theme I see is businesses focusing heavily on product features without clearly communicating the benefits. By shifting focus to your customers' challenges and needs, you can create a more compelling proposition that resonates more deeply.

Keep it fresh

I recommend revisiting your competitor audit at least once a year. It’s a smart way to stay relevant, informed, and one step ahead. Once you’ve gathered your findings, revisit your marketing strategy with fresh eyes and renewed confidence.

If you'd like help conducting your own competitor audit—or simply want to chat through how you can sharpen your marketing—feel free to get in touch. And don’t forget to explore more insights over on my Sharp End blog.