What is competitive analysis?
A competitive analysis evaluates the strengths and weaknesses of competitor products and services relative to your product or service. Conducting a competitive analysis can be a valuable step toward making strategic product decisions; however, it is most useful when paired with insights from additional activities, such as expert reviews, customer experience benchmarking, and user research data.
A typical competitive analysis will study various factors, determined by the context and objectives of the project. Some of the most common elements included in a competitive analysis are:
- Competitors
- Strengths & Weaknesses
- User Needs and Desires
- Industry Trends
Competitive analysis at Blink
We often perform a competitive analysis at the beginning of a broader user-centered design initiative. We will then typically supplement the competitive analysis with user research, stakeholder interviews, and other foundational and evaluative research activities to provide a deep understanding of your product or service, how it is used, and the market in which it exists.
Performing these activities during the initial stages of a design engagement provides a comprehensive understanding of your business's most strategic opportunities and an evidence-based body of data to support the many important decisions made throughout the engagement. Work with Blink to start your analysis and learn where you stand in the market.