The 4 Factors Of A Successful Market Analysis
The main factor to a great marketing campaign or a successful business is a good market analysis. A good market analysis allows you to understand your audience, your market, and the industry demand, which will help you in being ahead of your market. In the Importance of Market Analysis in Business Growth article Paul Litman stated that “Market analysis helps to identify the key players in the markets. Moreover, it allows you to know the problems with the products you are selling. Knowing the customers helps you to get success in the business. Also, you will know what kind of products are preferred by the customers.” In short, the quality of your market analysis will determine the quality of your results.
Many small business owners cannot execute a good market analysis because they don’t have enough knowledge to know what to analyze and what data to look for.
1. Analyzing The Data You Have
The first step to making a good market analysis is to start with the data you have. Export all the data you have of previous clients, website traffic, social media insights, and marketing campaigns to analyze it, which will help you in identifying the type of audience you currently have.
2. Analyzing Your Competitors
The second step for a good market analysis is to analyze your competitors. When analyzing your competitors you should examine the four main sectors, which are their social media presence & content, their digital marketing campaigns (Performance, AD creative, marketed products, ETC….) using softwares like SEMrush, Facebook AD Library, and ADspy , and their website (Organic traffic, paid traffic, traffic distribution by country, SEO, ETC…) using softwares such as SEMrush and Neil Patel Tool.
3. Analyzing Your Overall Market
After completing your competitor’s analysis, you must now view the bigger picture and analyze your overall market to understand the market size, demand, and trends to be able to scale/start your business with the right strategy.
4. Identify Your Ideal Customer
The last and most important step in a good market analysis is to analyze the data you gathered and identify your ideal customer. When identifying your ideal customer you must look at 6 factors:
3. Age Range.
4. Platform Availability.
6. Behavior, habits, and interests.
Starting/Scaling a business is a hard task. But, with the right market analysis strategy, it will be simpler. Moreover, we decided to make it even easier for our readers, that is why MarketerzGo’s team is offering a Free 15 minutes Consulting Session to help you with your market analysis. Click Here Now & Book Your Session Today.