Mobile benchmarks provide valuable insight into how your app stacks up against the competition. Taking the time to review and analyze this data will help you come up with ways to beat that competition and grow your app.
What is benchmarking?
Benchmarking and competitor analysis can be used to help you make good decisions that will lead to improving your app’s success. The process involves comparing your own app’s performance with external data.
Here’s why that will benefit your app:
- Mobile benchmarks reveal where your app stands in comparison to your competitors;
- You will discover how to get even better results from the strategies your competition is already using;
- You will learn what’s preventing success and how to make strides toward achieving your goals;
- The process will force you to view your app with an objective eye, rather than being blinded by your passion for your business,
- Studying competing apps will expose you to the tools and strategies they are using, which might be just as effective for your own app.
If you follow the tips below, you will get the most out of your efforts to benchmark your app and analyze competing apps.
Decide what could be improved
Analyze your app to find out what is stalling its growth and then measure those aspects against the competition. By strengthening your app’s weaknesses, you will have a better chance of making it a success.
Some possible areas of weakness include your:
- Sales funnel;
- New user acquisition strategies;
- Social media tactics;
- User retention strategies,
- And more.
Determine what indicates success
Correlation is an important element of benchmarking and competitor analysis. You need to figure out what types of data impacts your goals so that you can put your focus on improving the right metrics.
One example would be the correlation between a boost in traffic to your app’s page and an increase in downloads. Another example would be the connection between greater revenue and increased retention rates.
Carry out competitor research
Check out what competitors are doing to succeed in the areas your app is struggling with. The type of information you need largely depends on what you are hoping to improve.
For example, if you want to work on increasing user retention rates, you need to find mobile benchmarks that apply to that specific purpose.
You can obtain this information by:
- Reading case studies;
- Interviewing other business owners;
- Searching online for useful metrics;
- Utilizing competitor research tools.
Conduct competitor analysis
Once you’ve got the data you need, it’s time to analyze it. Creating a competitive analysis chart will help you organize the information so that it’s easier to interpret.
That data should provide mobile benchmarks that help you decide what changes need to be made in order to attain your goals. You should always be comparing your app’s data to these benchmarks to ensure you are keeping up with the competition.
Important Note: When performing competitive analysis, remember that you aren’t trying to copy the competition. Instead, you are trying to beat them. This requires improving the strategies they are using so that you get better results.
Take the next steps
If you don’t act upon what you’ve learned from your competitor analysis, you will have wasted your time.
Ideally, the process should provide a clearer picture of the steps and actions required for improving weaknesses and getting the results you want. Once you know what to do, don’t delay!
Comparing mobile benchmarks to your own app’s performance will make a difference in your app’s level of success. Why? Because it shows you how to rise above the competition!
Want help analyzing your app? Request a free analysis today!