<aside> ⭐ There are many essential steps to keep in mind when creating a product. One of the steps is finding information about your status in the competition. Marketing analysis is a necessary element of the product design process. This way business gets valuable ideas of the market, strengths, and weaknesses of a product are recognized and produce compelling new strategies for satisfying results.
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Carrying out a marketing environment analysis will enable you to make critical business choices. There are many reasons why marketing analysis is important:
Find Marketing Gaps
Competitor analysis provides UX designers with a chance to find any gaps in the market. For example, with the help of proper research, you may find a trait that your competitors’ product lacks. Think of identifying such a feature that would assist an underserved market, and take students in such a case. By understanding the dislikes, interests, likes, and budget you can plan a better feature and assuring its value among targets.
Identify Features to Avoid
While there are competitors doing their best, there also be some competitors not doing very well on their end. There are many reasons why competitors fail with a bad user experience such as challenging interaction to understand, confusing navigation system for a product, and outdated functionality. These particular cases will guide you on what not to do regarding your project.
Identify Unique Features
You may see some unique features you never think about before. It's worth it to take note of such unique features. Consider adding them to your UX in order to achieve maximum results.
Identify Your Goals
In predictive analytics marketing first, you should decide what your goals are. Assure that you are aware of the purpose of conducting an analysis. Once you start assessing your competitors without an objective, you will be instantly stunned by the information you will get from a website, application, and product. You can prevent this from happening by pointing out your objectives first. For example, if you want to create an application that allows users to stream movies and TV shows, you should understand beforehand how other competitors attract users’ attention and what will be their choice.
Identify Your Competition
Make sure you include competitors in your marketing analysis. It will be best to arrange a meeting with the client and stakeholders and get information about top competitors. Don't forget to automatically include these competitors in your marketing analysis. You can focus on your competitors and give your own suggestions also. A perfect analysis should include both direct and indirect competitors to cover the same market area and audience on social networks. You can keep the count to five to ten competitors but it might not be possible due to resources or timeframe.