Competitive Analysis Part-2

In our previous article, we saw the benefits of competitive analysis and how to start with it. In this part, we’ll see step by step how to proceed with the analysis.

The first step is creating a list of competitors. This step is covered in part-1 of this article. The next step is to define the assessment criteria of your business is devoted to analyzing your competitors. The continuous assessment criteria help you to analyze your current and potential upcoming challengers. 

Knowing the strengths and weaknesses of competition or potential competition is required for your business to survive and grow. It identifies the challenges your business has to give through their weaknesses and applies the same analysis to improve your strengths. So defining the assessment criteria for your competitor you must consider.

Usability heuristics in competitors apps:

For you to grow point the heuristics issues in your competitor. To identify you can use their product or be informed about the users and their challenges while they use your competitor’s product. Like Jakob Nielsen has pointed out the 10 heuristics for user experience, identify where your competition lack so you can focus more on the same.

Identify the specific aspects based on the goals and scope:

Some systems work towards the users and business goals. In UX terms these specific aspects include the working of UI like a recommendation, the system recommended products, wishlist, save for later, community features, reviewing, search and filter system.

The main features of competitive analysis are :

  • Strengths:

Identify the strengths of each competitor, what the user likes about it. You can view their products and experience by yourself. Like the restaurant showing the directions in Google maps as the user clicks on them. Most users would love these features to know the path. 

  • Weaknesses:

Find the weakness in their apps like showing lots of reviews, or photos that could overwhelm the users, consuming large space, or uncomfortable button location. Find out what users would like to improve in the apps given by your competitors. The easiest way is to see the reviews so you get an idea of what are users’ goals while they are using the site or app. 

  • Value proposition:

Competitor analysis is not to be taken lightly as it assures your unique value proposition to your customers. Every company has a UVP that informs the users of the value that is offered by their services. How the business uniquely meets the user’s needs, what sets them apart from the crowd. To identify your Value proposition you need to identify how you fit into the marketplace.

  • Business model/ pricing strategy

A closer look at the sites of the competitions, including the imagery they offer a message of the target audience, amenities, and features promoted to their users. This gives crucial insights into your property measures against your competitors. This strategy is also known as a competitor’s pricing strategy. 

Not more and not less, but to figure out the correct pricing is important for any business to work. The easiest way is to identify the pricing of the competitors, compare it with features and key brand differentiators.

Brand differentiators are those features that make the business different from each other. Identifying these brand differentiators of your competitors is critical for you so you can choose your brand differentiator in the same market. 

  • Although the above points seem more for business stakeholders, here is how UX designers can make a difference in the product of their client and their competitors. 
  • Sitemap/ Main categories of navigation:
  • Content types
  • The tone of voice applied terminology
  • Waiting times for any actions

Apart from just comparing your competitors based on the above points, you can also provide a summary of overall UX impressions, start example number of registered users, etc. You can also test the main user’s flow perform key tasks, set up an email address for registration purposes. Anything other than discussed, if you find it relevant, you can add it for the best of your business and app.

Add above the comparison in a spreadsheet so you get a consolidated view of all the competitors at once. Also, check out the online presence of each competition one by one, and do check your mobile version, unless it is out of your scope. Add screenshots with annotations in them, so they can be further used during stakeholder’s meet. 

Writing competitive analysis:

The competitive analysis depends on the projects, many take a variety of forms and vary in their content, the questions answered. Most contain an executive summary, prioritized recommendations lists, and charts of findings. 

A competitive analysis shows that the companies provide functionalities like search, online giving, forms, and content enhancement with improved text content. It is recommended that the gap between the competitor is reduced to offer better functionality to the users. Some other companies also focus on interaction design and usability, with visual design. 

The analysis all depends on your projects and interest. Some focus on usability and interaction design to expose the competitors.

Nutshell:

Competitive analysis is very much needed for all types of businesses. The business never remains the same, in these two articles, we have highlighted the examples of businesses that were at their peaks but failed as they denied the change occurring around them. We have also seen how a new product can be pitched against renowned competitors. A business is affected by its branding and the strategies of competitors, it’s is necessary to be vigilant about the strategies your competitors are applying against you and the new technologies that may affect your strategies.