Analyze the competition

An important part of doing a market analysis is studying your competitors.

Having a thorough understanding of your competitors’ product offerings, pricing, and marketing tactics will help you spot gaps in your market and promote your products effectively.

Here’s how to analyze your competitors:

First, visit their websites.

Learn what products or services they offer and how they position them. And look for gaps or areas where your product can provide unique value.

Secondly, look at their prices. This will give you an idea of ​​how you compare to similar products or services on the market.

And third, study what marketing channels your competitors are using. If certain channels are already working well for your competitors, they will probably work well for you, too.

Use Semrush’s Traffic Analytics tool to see which marketing channels your competitors are using.

Open the tool, enter your competitor’s website and click ” Analyze “.

Next, go to the “ Traffic Path ” tab. You’ll see which marketing channels are driving the most traffic to your competitor’s website.

If you see that most of the traffic is coming directly, it means that they are very focused on branding and traditional advertising.

But if you see that a significant portion of their traffic is coming from organic searches, it indicates that they have a solid SEO strategy .

And if email is a major source, it’s clear that they are effectively leveraging email marketing .

This information is very useful for your marketing analysis, so use this data to prioritize your own marketing channels.

4. Know your target audience

The next step is to focus on the people who really matter: your target audience .

Successful companies solve a problem for someone. Your job is to find out who that someone is. To avoid wasting your resources.

So where do you start?

Use audience research tools like One2Target .

This gives you all the information you need to better understand your target audience.

Open the tool, enter at least one competitor’s URL and click ” Analyze .”

You’ll first see demographic information about this audience’s age, gender, and location:

Next, click on the ” Socioeconomics ” tab to find out your household size, income level, employment status, and educational level:

You can even see which social media platforms they use by going to the “ Behavior ” tab.

How can you take advantage of all this information?

Let’s break it down:

• Age and gender : This gives you an idea of ​​the type of language and references you should use in your marketing materials. For example, if your audience is predominantly millennial women, this lets you know what types of examples will be most relevant to them.
• Household size and income level : These can indicate your audience’s purchasing power and lifestyle. For example, a lower-income audience may need more convincing about the value of your product for its price.
• Employment status and education level : This can give you an idea of ​​how your audience might make purchasing decisions. For example, a highly educated audience might appreciate more detailed and technical information about your product or service.
• Social Media Platform Usage : This tells you which social media platforms you should focus on. If your audience spends most of their time on Instagram, there’s no point in putting all your effort into X (formerly Twitter).

Understanding these audience characteristics helps you tailor your marketing.

The more you know your audience, the better you can market your product.

5. Get to know your audience’s needs and preferences better

Now that you know who your target audience is, it’s time to dig deeper into their needs and preferences so you can position your product or service as the perfect solution for them.

There are a few ways to discover your audience’s needs:

• Online Surveys : Create a short survey asking people about their needs and preferences. Offer an incentive for participating and distribute it through organic or even paid social ads. You can use tools like SurveyMonkey or Typeform to create surveys.
• Focus groups : Gather six to eight people from your target audience and moderate a discussion about their needs. Watching them interact provides qualitative data that no tool can give you.

Once you’ve gathered all this data, look for common themes to identify your audience’s basic needs.

For example, if you keep hearing that they want more flexibility or convenience, those are problems your product needs to solve.

This information also allows you to tailor your messaging, including your desired benefits prominently in your marketing copy.

The more you can position your company as the answer your audience needs, the better.

6. Conduct a SWOT analysis

After researching your overall america email list market, competitors and target audience, turn your attention inward by performing a SWOT analysis, a technique that helps you assess your own strengths, weaknesses, opportunities and threats in relation to your market.

It can help you identify what sets you apart from your competitors, what areas you need to improve, what opportunities you can take advantage of, and what risks you should avoid.