Competitive Analysis Flashcards
What is a competitive analysis?
A competitive analysis is an evaluation of the strengths and weaknesses of competitor products and services relative to your product or service.
What are the most common elements included in a competitive analysis?
- Competitors
- Strengths & Weaknesses
- User Needs and Wants
- Industry Trends
Conducting a UX competitor analysis can help you figure out what?
It can help you know your market, product and goals better.
You will also understand the competition, get actionable insights and boost your brand.
What is the goal of conducting a competitor analysis?
With an almost limitless number of competitors out there all vying for attention, the goal is on to understand exactly what you are doing right (or wrong) to create an effortless user experience and a product that people enjoy using.
What are the two basic phases of a competitor analysis?
- Knowing how to research properly and understand exactly what information you are looking for.
- Synthesizing that information before acting on your findings.
How does a competitor analysis help find out if there are any gaps in the market?
A competitor analysis allows UX designers to find out if there are any gaps in the market. For example, through your research, you may discover a feature that your competitors’ products do not have. Imagine you identify a feature that would help an underserved market, let us say students in this case. By understanding the gap (that is, students’ likes and dislikes, interests, values, budget etc.) you will be able to plan for this feature better and make sure of its popularity among target users.
What are the 5 steps to conducting a UX competitor analysis?
- Understand your goals
- ‘Really’ know your competition (Keep a note of your competitors as they arise, so you do not forget them.)
- Look for commonalities among competitors
What is a good number for findind a direct and indirect competitors at the beginning stage?
5-10 direct and indirect competitors
What is direct competition?
Consists of those people and companies who are doing what you do already.
You share the same customers (or better still, you want their customers to become yours) and they offer the same product or service that you do.
companies that offer the same, or very similar, value proposition to your current or future customers. This means that the customers you want are alive right now and spending their time and money on the Internet using a direct competitor’s product instead of yours to solve their problem—whether it is the best interface or not!
What is indirect competition?
Composed of those who offer something similar to what you offer. Maybe it is not the first part of their product or service but the second or third.
offer a similar value proposition to a different customer segment; or, they target your exact customer base without offering the exact same value proposition. For instance, an indirect competitor’s primary service might not be your value proposition, but their secondary service definitely is. Or, your customer base is using an aspect of an indirect competitor’s interface to solve the problem that our soon-to-be-amazing product will!
When looking for commonalities, what is a good idea to write down?
The actions users can perform, as well as the user journey of competitor products and services, and see if they match with what you are offering.
Things to consider:
- The tone and copy of the competitor
- Good and bad features
- User reviews
- Wait/load times
- Customer service
- Design
What are the two types of competitors?
- Direct Competitors
2. Indirect Competitors
What is a competitor?
A person, team, or company that shares your goals and is fighting for the same thing that your product team wants.
What is a horizontal market?
A market that tries to meet the needs of a wide range of customers by offering products or services across many sectors.
Why are Personalization features important?
It is one of the most crucial features to get customers engaged with an application or website. It adds a value-added experience.
The more time people spend personalizing their experience, the more engaged they will get with the product.
Personalization features include favoriting, watch lists, user profiles, wish lists, custom content experiences, custom interface experiences, messaging, saved shopping carts, and so on. Sign up for the competitor’s newsletters, too.
