Competitor Analysis
Competitor analysis is a strategic research methodology used to identify, evaluate, and understand the strengths, weaknesses, strategies, and market positions of competing products, services, or companies. It involves systematically gathering and analyzing data about competitors to inform business decisions, product development, and marketing efforts. This process helps organizations benchmark their offerings, identify opportunities, and mitigate threats in a competitive landscape.
Developers should learn and use competitor analysis when building or improving software products to ensure they create competitive and market-relevant solutions. It is crucial during product planning, feature prioritization, and user experience design to avoid reinventing the wheel and to identify gaps that can be exploited. For example, analyzing competitors' tech stacks, pricing models, and user feedback can guide technical decisions and help position a product effectively in crowded markets like SaaS or mobile apps.