Starting with a Competitive Analysis

Is there a need or want for what you’re creating? The first step in determining if you should move forward or not is to complete a competitive analysis. Once you understand who you’re competing against, and how to beat them, you’ll increase your chances of success.

Start with understanding the category you’re targeting. Who’s the leader in this space? Who’s the number #2 company in the space? Why are they second? What can they do to improve? What does the first company excel at? What are weaknesses in the way they operate? How do they market to users? What opportunities are they missing out on that you can address with your product? What trends have they missed? What obstacles do they have? Can any of their weaknesses threaten their business? Can you exploit these weaknesses?

What is the marketing strategy? How many users to they have? What is their user acquisition cost? What kind of paid campaigns do they run? What kind of engagement and retention do they have? What are the different kinds of monetization strategies the leaders in your space employ? What are their growth rates?

Answer these questions will set you off in the right direction as you continue your journey to successfully create an app.

 

-Word Stacker Team