A competitive analysis helps you find ways to differentiate yourself from your competitors and to find gaps in the market.
A competitive analysis helps answer the following questions:
What are your competitors’ features? What solutions do your competitors have that your product is lacking? What unique features does your product already have that are worth investing in?
After conducting a competitive analysis, you’ll be able to identify potential gaps in the market and feature set that can further differentiate your product from its competitors. Because UX is nothing without the user or the business, it’s important to understand where the business intersects with users’ needs.
Use a competitive analysis to:
• Identify key areas of differentiation among your competitors and solutions that stand out.
• Identify gaps in the market and potential problems to solve.
• Understand your competitors’ offering at a glance.
• Understand your product’s weaknesses compared to competitors.
• Learn about industry standards for solving a particular problem.