Mobile application market has become heavily crowded with the presence of more than 5 million mobile applications combined on Google Play Store and Apple App Store. Thus for a newcomer making a presence in the market is not going for a cakewalk. Hence, it is highly important to know your competitors to know their current position, & their strategy so that you can step ahead of them. It will also save your time & money. You can do a lot by knowing who your competitors are. You can build your own competitive analysis matrix that organizes your collected data into useful measures. In this article, we are going to tell you about effective measures of the competitive analysis of your mobile application:
What is Competitive Analysis of a Mobile Application?
Measuring the strengths and weaknesses of your app against similar functionality apps is a competitive analysis of a mobile application. You need to conduct a competitive analysis when the app is still in its idea stage. At this stage, you would be able to identify whether you have a market or it is already saturated.
In this high competition world, competitive analysis in the mobile app market helps demonstrate the preparedness and superior market insight to investors.
When you should conduct a Competitive Analysis of Their App product?
As mentioned above, firstly you should conduct a competitive analysis of your app during the idea phase. It will ascertain the viability of the app idea and forecasts realistic chances of success. Regular visiting of competitive analysis is also a good approach. It ensures that your business is up to date within the continuous competition.
How can you conduct a competitive analysis of your mobile application?
There are several strategies by which you can discover where your competitors are heading and what are their plans. Market intelligence from a competitive analysis allows for smart, calculated and accurate decisions regarding the app product.
Read more: Choosing between Hard and Soft Launch – Differences, Pros & cons
Performance on App Store:
First comes first, you need to start by the page of your competitor’s app. You need to analyze all the differences between your app and the competitor’s app in the visitor’s eyes. Find out what the important tracking keywords are, along with the number of app installs. There are some platforms to help you in finding out your competitors; these are:
APPTRACE: You can track insights from your competitors app store pages through APPTRACE
APPANNIE: It is the best platform if you require to know how other apps get evolved in the app market
APPFIGURES: This gives you complete insights about the competitors’ app ratings on the platform
SENSORTOWER: You can easily spy on the competitor keywords through this.
Performance of Ads:
If you wish to create a successful ad strategy for your app then you also consider the techniques for ad used by other app owners. It doesn’t imply that you should copy them but understand how their ad strategy can influence your campaign. You can find your competitors’ ad using these platforms:
ADBEAT: It is a paid solution by which you can find information about others ad strategies
ADPLEXITY: On this platform, you can find ideas for your promotional content
WHATRUNSWHERE: Using this platform, you can make a roster of your competitors and get notified when any of them is launching an ad campaign
ADSXPOSED: This platform will help in observing ad strategies before you lose your money
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The network on social media of your competitors is an effective measure. However, it is quite hard to have a proper track of your competitors’ actions on social media without using a proper tool. Here are some tools that you can leverage for your social media tactics:
TOPSY: This tool is a perfect strategic tool for Twitter. You can find which tweet impresses the users and other tactics.
SOCIALMENTION: It is a free tool that you can leverage to discover every channel where your competitor is mentioned
SIMPLY MEASURED: This tool offers detailed reports of the main social channels and they can be used to check other app owners’ results.
RIVAL IQ: It is best for determining the type of content your competitors share.
Create A Competitive Analysis Matrix:
Your all efforts will go in vain if you don’t do something productive with the information you have gathered. In fact, you should organize your collection information with a competitive analysis matrix for useful & usable data. It would be great if you can keep track of many things in your matrix and organize it in many ways. I’ll share with you some of the key data we collect and the ways we organize our matrices. Here is a sample that you can follow…
Initially we have included the basic information about the company and its app. Knowing how similar their strategy, structure and focus are to yours can help you identify how likely the things they have done will give you the same results.
At Amplework, India’s best mobile app development company, we can provide you best services for mobile application development, competitive analysis through the experts, and can help in updating your app with experienced mobile app developers. Let us know your requirements and we will turn them into reality.