What does a competitive audit help identify?

A competitive audit is a comprehensive analysis of competitors within the market, aimed at understanding their offerings, market position, and strategies. This process helps identify both strengths and weaknesses of competitors by evaluating factors such as product features, pricing, customer service, marketing tactics, and user experience. By carefully examining these elements, a UX designer or business analyst can glean insights into what competitors excel at and where they may fall short.

Identifying competitors' strengths can inform a company's strategies to capitalize on market opportunities and differentiate its offerings. On the other hand, uncovering weaknesses allows a business to address gaps in its own strategy or product development, ensuring they can compete more effectively. This broader understanding is critical in the UX design process, as it enables designers to create user experiences that not only meet but exceed user expectations, filling areas where competitors might be lacking.