Post by mdsafihasan6 on Mar 5, 2024 1:22:01 GMT -5
Analyzing a new market can seem like a daunting task. However, like many other challenges, it is not impossible to complete. Based on the best practices and features of SEMrush's brand new Market Explorer tool , we've created a comprehensive guide that will help you analyze a new market in three simple steps. Step 1. Industry and market overview Step 2. Target audience analysis Step 3. In-depth competitor analysis Step 1. Industry and market overview Before you enter unfamiliar territory, there are a few things you need to consider. First, you need to verify that a market actually exists. To simplify your work, analyze companies like yours and estimate their size and composition, note the most visible trends and outline market segments. Among other things, this information can help you convince investors that you understand the environment in which you are competing.
Discover the key players Companies that have already been successful in Venezuela Phone Number the niche you are interested in can become your key informants. So start by identifying key companies in the industry. If you know at least one, Market Explorer will help you expand the list. Type a key subject's domain into the search box and look at the Domain vs. Market: Dynamics. Here you will find the 20 sites that SEMrush associates with the domain you entered. Check how many big companies there are or whether the market is dominated by a single name, as in the screenshot below. img-semblog The domains at the top of the list are the ones you will need to focus on. Based on traffic volume you can estimate their approximate market shares and create a list of companies whose strategies you can study closely. For each of these players, you can discover audience characteristics, traffic sources, and traffic trends, all with the help of the Market Explorer tool.
Discover the general growth dynamics of the market With a little luck you will have found a perfectly balanced market, in which there is competition but at the same time also an empty space to fit into. To reduce future risks, you need to understand whether your industry/niche is growing or declining, how big it currently is, and how quickly it is changing. You can use Market Explorer again - just filter historical data for market traffic. img-semblog Analyze industry trends There are highly volatile sectors, such as hospitality, where seasonal trends have a strong impact on demand. If the same happens in your niche, you need to know how these industry dynamics will affect your businesses. Use your own domain or that of a strong competitor and check if the traffic trend is aligned with the general market trend. If the lines you see are parallel, the company follows the market trend. This is not necessarily good or bad, it is simply a fact that needs to be considered in further research.
Discover the key players Companies that have already been successful in Venezuela Phone Number the niche you are interested in can become your key informants. So start by identifying key companies in the industry. If you know at least one, Market Explorer will help you expand the list. Type a key subject's domain into the search box and look at the Domain vs. Market: Dynamics. Here you will find the 20 sites that SEMrush associates with the domain you entered. Check how many big companies there are or whether the market is dominated by a single name, as in the screenshot below. img-semblog The domains at the top of the list are the ones you will need to focus on. Based on traffic volume you can estimate their approximate market shares and create a list of companies whose strategies you can study closely. For each of these players, you can discover audience characteristics, traffic sources, and traffic trends, all with the help of the Market Explorer tool.
Discover the general growth dynamics of the market With a little luck you will have found a perfectly balanced market, in which there is competition but at the same time also an empty space to fit into. To reduce future risks, you need to understand whether your industry/niche is growing or declining, how big it currently is, and how quickly it is changing. You can use Market Explorer again - just filter historical data for market traffic. img-semblog Analyze industry trends There are highly volatile sectors, such as hospitality, where seasonal trends have a strong impact on demand. If the same happens in your niche, you need to know how these industry dynamics will affect your businesses. Use your own domain or that of a strong competitor and check if the traffic trend is aligned with the general market trend. If the lines you see are parallel, the company follows the market trend. This is not necessarily good or bad, it is simply a fact that needs to be considered in further research.