A competitive analysis is a strategy where you identify major competitors and research their products, sales, and marketing strategies. By doing this, you can create solid business strategies that improve upon your competitors. Competitive analysis helps you learn the ins and outs of how your competition works.
A typical competitive analysis will study a variety of factors, determined by the context and objectives of the project. Some of the most common elements included in a competitive analysis are:
- Strengths & Weaknesses
- User Needs and Wants
- Industry Trends
Examining the competition allows us to see what’s out there and already working, as well as the things that could work but aren’t out there yet. When we designed a medical app called Teledentix, our UX designer spent hours testing over 15 other medical appointment applications. The result: lots of deep breathing and lots of insight.
Designers don’t always need to reinvent the wheel. Confused customers aren’t happy customers. Finding a button on the wrong side of the screen can feel like finding the steering wheel on the wrong side of the car.
Performing these activities during the initial stages of a design engagement provides a comprehensive understanding of the most strategic opportunities for your business and provides an evidence- based body of data to support the many important decisions that are made throughout a design engagement.