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 make your job easier, 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 have a thorough understanding of the environment in which you are competing.
Discover the key subjects
Companies that have already succeeded in your niche can become your key informants. So start by identifying key companies in the industry. If you know of at least one, Market Explorer will help you expand the list. Type a key subject domain into the search box and look at the Domain vs. Market: Dynamics section. Here you will find the 20 sites that SEMrush associates with the domain you entered. Check how many large companies there are or if 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 should focus on. Based on their traffic volume, you can estimate their approximate market shares and create a list of companies whose strategies you should study closely. For each of these players, you can learn about their audience characteristics, traffic sources, and traffic trends, all with the help of the Market Explorer tool.
