Success of any mobile app depends on how it adds value to users and how it solves their pain points. However, your app won’t be successful if your competitor has more to offer. So gear up and make a rigorous competitor research to help you establish a competitive edge.
The fact that mobile apps are relatively easier to create than computer apps, as well as their considerable lower price has translated into a growing industry which produces every year more and more. Statista confirms, “users currently can choose from an estimated 6.5 million apps between the world’s leading app stores.”
With so many options available, competition analysis becomes an essential part of the business strategy. Hence we have gathered a few competitor research techniques to help you launching your new app in the market and pave your way in app market.
KNOW YOUR UNIQUE VALUE PROPOSITION (UVP)
Creating an app or product that has the same features as competitors won’t help you in winning users for your app and getting your competitor’s users to shift to your app. A Unique Value Proposition (UVP) is the life of your newly launched app. Your app’s UVP is arguably the most important factor that converts users for your app.
UVP is not a slogan or a positioning statement, rather it explains how your app solves user’s problem and how it benefits them. This has to convince users to choose your product instead the competitor app.
Ask these questions, to create your UVP:
- What has your competition done right?
- What are their strengths and weaknesses?
- What are your strengths and weaknesses?
- How will your solution be different and add value for potential users?
Finally, differentiate your product from the already existing app, by clearly identifying how your app is different from the competitor app. If you don’t know your app’s strength and weakness, your app is going to fail miserably.
SEE ALSO: Got an Online Shopping App Idea? Some Big News for Startups and Entrepreneurs
WHO ARE YOUR COMPETITORS?
Once you have your UVP, make a list of top five direct competitors through a general search keywords that defines your app as well. Learn your competitor’s target audience, revenue model, offerings and features, customer reviews, customer support and their promotional strategies.
Researching your competitor is just as important as how they target their market and interact with their users. Learning your direct competitor is no good if you don’t put the research information to work.
Once you have enough research data from your competitor, it’s time to reassess your app’s functionality, and possibly re-establish the branding strategy.
EXAMINE THEIR ONLINE PRESENCE
Social media platforms offer a huge opportunity to understand and learn about your competitor. Follow their social accounts, subscribe to their newsletters and learn how they brand their app online.
Have an eye on their followers and how they acquire their followers. Keep track of any influencer who talks about the competitor app, which will give you an idea of key industry leaders and spark ideas for engagement with these influencers.
ANALYZE THEIR APP STORE LISTINGS
User reviews are the best way to do a competitor research. Users often user review platform to let their issues known to the developer and expect to get them solved. This will give you an idea about the performance of their app in the market and some idea about the pain point of users.
Sometimes, users may also advocate for particular features they want to have in the app. This could be the jackpot for you if you implement them real quick before your competitor does.
You will also get the information about how frequently competitor updates their app. Understanding their update cycle and planning your update strategy accordingly, will help you update your app and stay at top in competition.
Another aspect to get from store listing analysis is that you shall learn their App Store Optimization (ASO) techniques. Pay attention to their keywords, content, visuals, etc.
UNDERSTAND THEIR CONTENT MARKETING STRATEGY
Every marketing strategy reveals insight to their targeted set of audience. So analysing their content marketing strategy holds a significant value. Few things to learn from their content and digital marketing strategy – frequency of publishing, content type, targeting strategy, use of graphics, engagements on posts & relevancy.
By looking at every platform, you get an idea what type of content their audience enjoys. Look for patterns in engagement levels to understand how their content is performing.
ASK PROSPECTIVE USERS
It’s time to hit the market slowly, time to ask your prospective users directly, what they think of any similar products in the market. Collect their feedback, and utilize them in improving your product and marketing strategy.
ASK THE BUSINESS EXPERTS
This is another beneficial technique, talking to other business experts in the industry. Ask what has worked and what has not, and get an idea of any future trends in relevance to your app. At Twitchtime we have in-house business analysts that will help you make smart decisions.
ALWAYS KEEP AN EYE ON YOUR INDIRECT COMPETITION
This may seem insignificant however indirect competition still poses a threat when they have the same target audience as yours. While they may not build mobile apps, they are still winning over your users somehow with another product or service. Learn what makes them successful in doing so. Check what is their overlap with your app and will they become a direct competitor in the future.
ATTEND INDUSTRY CONFERENCES
Public conferences and meetings are a great way to learn about who your competitors are and what they offer is by attending conferences and trade shows. Here, you’ll be able to see how your competition interacts with customers and how they attract customers.
ANALYSE INDUSTRY REPORTS
Many companies will release trend reports, specifically in the tech industry. Reading about what was popular in the last year may spark new product ideas for the year to come. There’s no doubt that tech industry is continuously evolving and you are no out of the league.
Research and reports will either propel you in another direction or evoke new ideas for improvement.
WINDING UP…
This is not just a pre-launch research techniques, but it should be followed even after the launch. It should be implemented throughout your app’s life cycle. After researching your competitors, don’t imitate them but instead you should be able to understand their attitude and strategy to reach out the audience. And also, how users are interacting with other brands.
Need help to do the competitor research for your app idea? Let Twitchtime know, our experts will help you identify your app’s potential market.
