What should be included in the spreadsheet for a competitive audit?

The inclusion of a list of competitors and specific features to compare in a competitive audit spreadsheet is essential because it provides a structured way to analyze and evaluate how your product or service stands against others in the market. By identifying key competitors, you can directly assess their strengths and weaknesses, as well as understand what unique features they offer that may attract users.

This comparative analysis facilitates informed decision-making in terms of product design, feature enhancements, and user experience improvements. It enables you to pinpoint what aspects of your design may need to evolve based on what is working for others in the industry. Additionally, it helps in identifying gaps in the market that your product could capitalize on, thereby guiding strategic planning and differentiation.

In contrast, while market trends, sales data, and graphic designs may provide valuable insights in broader contexts, they do not serve the primary purpose of a competitive audit, which is focused on direct feature comparison and competitor analysis.