You Got an App Idea? Now Here is How to Conduct a Basic Competitive Analysis

You have thought of that promising app idea that will free you from all your woes. You are convinced it will become the next Instagram or Whatsapp. All you need is to develop and launch now.

Hang on there!

What is Competitive Analysis of an App?

The intense competition of the mobile app market makes the process of competitive analysis an essential part of the strategy that businesses must follow. It also helps enterprises demonstrate their preparedness and superior market insight to investors.

When Should an App Business Conduct a Competitive Analysis of Their App Product?

a.) It can be beneficial to conduct competitive analysis when the app idea is conceived. It ascertains the viability of the app idea and forecasts the realistic chances of success.

b.) Periodic revisits to the drawing board for competitive analysis is also a good idea, as it ensures that a business is up to date with ever-changing competition in the markets they function.

c.) Competitive analysis is a necessity when a business decides to make any significant changes to their app or business model’s structure, as it can reveal the impact that change can have on the market.

How to Conduct Competitive Analysis for Your App?

Step 1: Figure Out Your Unique Value Proposition

Here are some factors that are characteristic to unique value propositions:

❖ A unique value proposition must explain how your product solves problems and benefits users.

❖ A unique value proposition must be convincing enough for customers so that they choose your product over other available options.

❖ Failure in figuring out the strengths and weaknesses of an app product leaves your product unprepared for a successful launch.

Step 2: Study Your Competition

Step 3: Build A Competitive Analysis Matrix for Your App

The most basic things you need to do when you get an app idea

Step 4: Access Your Competitor’s Digital Strategy

Step 5: Analyze Competitor’s App Store Ratings, Rankings, and Reviews

Step 6: Conduct Target Audience ‘Need’ Analysis

Step 7: Analyze the App Industry

Conclusion

The best way to go about is to get into a discovery session with a professional mobile app development company like Promatics Technologies. This ensures that your idea gets validated, optimized, and is refined so it can be taken to the next level. Who knows you are the next Mark Zuckerberg

Note: An older version of this article first appeared at How to Conduct Competitive Analysis for Your App?

I live, breathe and dream mobile apps. My interest lies in pursuing and getting to know the best app development technologies, processes and platforms.