A crucial step to developing a new service or product is knowing where you stand with a competitor. A competitive analysis is a necessary part of your product’s developmental process; it helps a business accumulate helpful information about the market, their product’s strengths and weaknesses, and develop products that will become popular among consumers. This is where a UX competitive analysis comes in and helps you know if your product has that competitive edge. The UX competitive analysis thoroughly looks into your competitors. But why and how do you carry one out? What kind of frameworks are you supposed to use? The following article will look into just that.
Why Do You Need A UX Competitive Analysis?
Conducting a UX competitive analysis via a competitive analysis template or other tools helps a business determine a competitor’s strengths and weaknesses compared to their own business, their products, and services. The information you accumulate through a competitive analysis helps your business create better products and more effective UX designs. This insight into your competitor helps your business in the following:
- Determine your product’s position in the market
- Bring to light any gaps in the market
- to be aware of your competition’s strengths and weaknesses
- Identify the strengths and weaknesses of your products
- It helps backup your changes in design through evidence
- It enables you to deal with any issues with usability
- Allows you to develop a go-to-market strategy
Competitive analysis research helps you get an edge over your competitors. It ensures your products’ success in the market; helps significantly avoid investing in a product that might not give you the returns you hoped for. Competitive analysis research ensures you develop a product that stands out in the market and is wanted by consumers. Alongside this, it also helps gain insight into your business’s current position in the market, letting you know what your business needs to enhance its overall position in the market.
As helpful as this method is and helps you make sensible business decisions, it does have its downsides. Investing too much time into this research might help you get up to the same level or higher than your competitor, but it can prevent your business from taking that one innovative step that could get it to a leading position. This, however, should not put you off from performing competitive analyses, as its benefits outweigh its downsides.
When Should You Perform A Competitive Analysis?
When developing a UX design, performing competitive analysis research should be one of your initial steps. Ideally, the analysis should begin before creating your product design and continue throughout the developmental process to keep track of any changes in the market’s environment and your competitors.
How Do You Perform A Competitive Analysis?
Begin your UX competitive analysis by setting well-defined goals, follow this by getting access to your competitions’, and start comparing your designs and products in the following manner:
Layout Your Goals And Define Your Products
Perform this competitive analysis with a set goal; have a clear idea of what you want to achieve from this analysis. It can either be from a design standpoint or even functionality. You must ensure that you are clear on what you are trying to analyze before looking at which competitor to analyze.
Accumulate A List Of All Your Competitors
Compile a comprehensive list of your competitors, keeping your direct competitors a priority. Make sure to include your indirect competitors and organize them in order of most to least competitive for your business.
Next, create a chart highlighting your competitors’ product’s features and essential elements. This can be anything that might catch a consumer’s attention. Compare these with your product’s features and key elements to identify where your product is lacking and where it holds an edge over the competitor’s product.
Summarize And Conclude Your Research
Once you have completed your research, conclude them. Present this to your business’s stakeholders to assess these findings and product strategies. Make sure to use data compiled in tables, charts, or graphs to make it easier to understand. This data can then be used to implement changes to your existing website, helping you bring in more traffic.
Competitor analysis should be a part of every business’s strategy. An organization can learn a lot from its competitors and use its findings to improve its current business. In this case, conducting a UX competitor analysis can help you improve the user experience of your organization’s website and build more traffic, resulting in growth.