Meaning ● Competitive App Benchmarking is the systematic process where a Small to Medium-sized Business (SMB) assesses its mobile application’s performance against competitors. This analysis, driven by business insights, informs strategic decisions related to product development and marketing, aligning app features with business needs and user expectations.
It involves evaluating metrics like user engagement, acquisition costs, and customer retention. Understanding how your app stacks up allows data-driven adjustments within an SMB’s automation strategies, leading to improved efficiency. Assessing app performance involves not just direct competitors but also apps in adjacent markets with similar user bases.
The ultimate goal of competitive benchmarking is to discover growth opportunities and streamline implementation efforts. For example, an SMB using cloud-based services may benchmark against similar apps that integrate CRM solutions to uncover potential automation features. Careful evaluation of key competitors shows which components of app they have invested into to be the most effective and provide best value.
