What is the competitive audit in user experience research?

Overview

The product market has varying products, and it is very likely that similar problems can arise within the market for these products. Due to the pool of competitors, it's very advantageous to evaluate whether what we are doing is right or wrong if we have a product in the market.

Competitive audit

This is an overview of competitors' strengths and weaknesses, aimed at helping a product earn an edge in the market, against other products.

Details:

• Competitive audit goal: The goal for the auditing exercise needs to be stated, which is what we are trying to find out from the study. For example, we may want to compare the payment process of competitors' applications.
• Who are your competitors: The number of competitors should be stated. They may be direct or indirect competitors. Direct competitors offer the same product to the same target audience, while indirect competitors offer the same product to different audiences.
• How do competitors position themselves in the market: How do the stated competitors speak of themselves in public? What motto or mission do they say they are fulfilling through the product offering?
• Strength of competitors: What are the strengths that various competitors possess in the market? What do they do differently? What advantage do they offer users in their their products?
• Weakness of competitors: What are the weaknesses of the competitors? Do they make use of out-of-date technology? Do they make users feel unsafe about their data?
• Gaps in the market: Are there any uncovered gaps seen on the side of the competitors? What can be put in place to make the user experience more fulfilling in the product offering?
• Opportunity in the market: What possible solutions can be offered that do not exist? What are the various competitors getting all wrong?

Steps to competitive audit

1. Understand your goals: Here, the goal for auditing is defined: how important is the goal to the product development process? When understood, the goal is stated.
2. Find out your competitors: Discover the competitors, both direct and indirect competitors, and make a list.
3. Decide areas of comparison: A product could be so big that improvement may be required in any area. Deciding which area is needed will help with focus and good management.
4. Research each company: Carry out research on the competitors based on the chosen area of comparison and note down data found in the process.
5. Analyze your findings: After carrying out research, the data is sorted and needed facts are taken for the auditing purpose.
6. Summarize findings in a report: The report can now be entered, using the report template given above or any other spreadsheet template. This helps in visualizing the collected data.

Benefits of a competitive audit

1. Competitive auditing helps in informing the design process and making a more needed decision with regards to making products useful.
2. Competitive auditing helps solve usability problems.
3. A competitive audit helps to reveal gaps in the market.
4. A competitive audit can help save time, money, and energy in the product design process.

Conclusion

Creativity can be held back using the competitive audit process, but in the long run, it saves more time and enhances the product design process.