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Top competitor analysis tips for mobile-first businesses
This article is part of our Opinions section, where we invite industry professionals to share their views on the most pressing technology questions of our time.
The mobile app industry is growing larger and larger every year – with the revenue of mobile apps worldwide expected to rise to $674 billion by 2027. You will remember that I previously mentioned that there are over 1.6 million apps on the App Store and 3.5 million on Google Play, with tens of thousands of new ones added each month.
That is a lot of competition, with more coming in every month (depending on the industry you’re in). That’s why as an app developer, marketer, publisher or mobile-first business, you need to know who and what you are up against at all times. Falling behind your competitors could mean certain death for your mobile app ventures.
To avoid being left in the dust, it is essential to identify your competitors’ strengths, and weaknesses, for your market strategies to effectively position your app, identify opportunities for differentiation and refine your approach to achieve sustainable success.
Market research
The first step before you identify your exact competitors should be market research. This especially applies to new entrants, but not necessarily. It is arguably easier to ride the hype waves of something current compared to building an app or game for a trend which was “in” a couple of years ago.
Entering an old established market would usually be very hard because the competition will already be well-developed and mature. That’s why it is always better to look at on-going trends and build ideas around that.
A good example is the recent trend of the past two years where we saw the eruption of apps that integrate generative AI and connect it with day-to-day use cases – whether it is saving time, reducing costs or providing more efficient and customised “expert” insights to improve skills. But if you were to build a brand new app right now, you probably wouldn’t be best advised to make that your primary function, since there is also already a lot of competition.
Identify competitors
Once you’ve analysed the market you’re in, the next step is to accurately identify your key rivals. This involves a broader perspective than simply listing apps with identical features. Consider apps targeting the same audience, addressing similar user needs or even those indirectly competing for user attention and time.
Finding these competitor apps can be done by several methods. Begin with a thorough keyword search on app stores like the Apple App Store and Google Play Store. Analyse the search results to identify apps that rank for similar keywords to your own. What’s often omitted is user reviews – users are likely to mention alternative apps they have considered or are currently using.
Industry publications and reports frequently list top-ranking apps within specific categories, providing another valuable source of competitor information. Also, leverage the power of app analytics tools, which can offer insights into your competitors’ app performance, including their install base and user demographics.
Monitoring app store performance
Once you have identified your key competitors, closely monitor their app store rankings. These rankings serve as a strong indicator of an app’s popularity, visibility and overall market success. You can use app analytics tools or chart-tracking services to track rankings over time.
By observing these trends, you can gain valuable insights into your app’s competitive standing, identify potential areas for improvement to boost your own app’s ranking and uncover emerging trends within the market.
App store listings
Beyond tracking rankings, a thorough examination of your competitors’ app store listings is essential. Scrutinise their app screenshots, descriptions and the valuable feedback provided by user reviews. Analysing these elements provides crucial insights into their value proposition, target audience and overall marketing strategy. By comparing your own app store presence with theirs, you can identify areas where your app may excel, require improvement or explore untapped opportunities for differentiation.
Pay close attention to the details within their app store listings. What key features and benefits do their app screenshots emphasise? How effectively does their app description communicate the app’s value and target audience? Analyse the sentiment and common themes expressed in user reviews. What are users praising? What are their primary complaints? By understanding these nuances, you can identify potential areas for improvement in your own app store listing.
Keywords and ads
Organic app store rankings are not the only way to see which keywords are important to your competitors. A great way to determine the keywords and the audience that are vital to your competitors growth strategy is to uncover their app store advertising strategy. This is a big part of your competitor analysis. It will answer questions such as: How much money are my competitors spending on user acquisition (UA)? How aggressive are my competitors’ UA strategy? Is my app’s brand name being attacked?
You may be wondering what these questions mean, especially the one about your brand name being attacked. The more money an app developer, marketer, and publisher are willing to spend on acquiring users, the more aggressive their growth and acquisition strategy is. When they are really aggressive, they will run ads on your app’s brand name. So when people search the app stores for your app, your competitor will show up before yours in the search results.
The good news is that you can easily check whether this is happening by either manual search or by using trusted third-party analytics platforms.
Identify your rivals’ strengths and weaknesses
What is also important is effectively pinpointing your competitors’ strengths and weaknesses. This knowledge is invaluable for identifying areas where your app can differentiate itself and improve.
There are two straightforward ways to do this. The first is to check their app screenshots and app descriptions. These usually highlight the main features of the app, their unique selling points, or USPs. The second is to read through some of the user reviews. Users will be quick to point out what they love and hate about the app. Mark down any improvements users want to be made. You can later use these notes to inform your app development roadmap.
You can also use competitor app analytics tools to gain a deeper understanding of their feature sets, user engagement levels, and monetisation strategies.
Leveraging insights for strategic advantage
The insights gained from your competitor analysis should be directly integrated into your app development and marketing strategies. Identify unique selling propositions that differentiate your app from the competition. Leverage this analysis to refine your app’s features and functionality, addressing any areas where you may fall short compared to your rivals.
Use the insights gathered to optimise your app store listing, ensuring your app’s screenshots, description, and keywords effectively communicate its value proposition to potential users.
Finally, develop a targeted marketing strategy that effectively positions your app to reach your ideal audience and stand out from the competition.
Following these tips should be a good first start for your competitor analysis. Your mobile-first business must make informed – and not tone-deaf – decisions regarding your app’s visibility and marketing. Competitor monitoring should be a consistent part of your app marketing strategy to ensure that you maintain that competitive edge.
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