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Finding Opportunity in the App Market: Competitor Research

Finding Opportunity in the App Market: Competitor Research

Once you have determined whom you are going to target, it’s time to analyze your competition to identify what your product is up against in the app market.

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Statista records confirm that users currently can choose from an estimated 6.5 million apps between the world’s leading app stores. With so many options available, competitive analysis is an essential part of business strategy to stay ahead.

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Successful mobile app development delivers a product that adds value to users and solves their pain points, which we mentioned in the previous post. However, your app ultimately won’t be successful if your competition has more to offer. Here are ten research techniques to help you establish a competitive edge.
1. Know Your Unique Value Proposition
Competitive research is about discovering your competition’s strengths and weaknesses. Building a product that offers the same features as the competition won’t help you win over many users. A unique value proposition (UVP) is the core of your competitive advantage and is arguably one of the most important conversion factors for your product. A UVP is the first step you need to consider in your overall product strategy.

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A UVP is not a slogan, nor is it a positioning statement, rather, a UVP clearly explains how your product solves problems and benefits users. Also, your UVP needs to convince customers to choose your product over other available options. Your UVP should be the first thing customers see when they visit your website or social media pages. When you’re analyzing the competition, look for their UVP to understand the value they’re offering with their product.

To create your UVP, you’ll want to begin by answering these fundamental questions:

1. What has your competition done right?
2. What are their strengths and weaknesses?
3. What are your strengths and weaknesses?
4. How will your solution be different and add value for potential users?

When you’re nailing down your UVP, make a list of all the benefits your mobile app offers to its users and then link those benefits to your value offering. Finally, differentiate your product from what already exists by clearly identifying what you offer to users and how you’re different from the competition.

Many companies fail to accurately assess their full competitive set. If you don’t understand what your app’s strengths and weaknesses are, you won’t be prepared to market your product successfully. You should be able to identify and communicate your unique value proposition to set your company and product aside from the rest of the market. Many app development companies offer product design and discovery sessions to help you set product goals. One of the first steps in the design and discovery process is to identify your product’s vision statement, minimum marketable features, and target audience. All of the deliverables from a design and discovery session will help you understand your competitive edge.


Posted By: jasonbeckham

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