Competitor analysis is a benchmarking process centred around competing products. A comparison can be made to determine the good points from the ones needing improvement when rated against a pre-defined set of criteria.
Competitor benchmarking is typically conducted in the early phases of user-centred design projects to help feed into design, user experience and functionality.
The benefits of competitor analysis
- Makes it easy to compare one product or service to another.
- Is a great way to investigate what other organizations are doing and how it will relate to you
- Gives an in-depth understanding of your competitors in terms of their strengths and weaknesses.
- Provides an opportunity to learn from your competitors’ and apply these insights to your project solution.
How is it done?
Competitor benchmarking analysis is carried out at the early stages of a project. It is done by comparing the strengths and weaknesses of your organization’s website to competitors’ websites. The information collected is then analysed and used to identify the key areas that need to be improved.
What will you discover?
The competitor benchmarking technique gives your stakeholders a good understanding of the strengths and weaknesses of your organisation’s digital offering. The report contains suggested improvements and opportunities identified using this technique. We can also develop interactive wireframe solutions to visualise our recommendations.
Get in touch to learn more about how it can help you.