Market Analysis Done in Under 60 Minutes

Market analysis done in under 60 minutes. This quick and easy process will help you reach your goals quickly, easily and with a high level of accuracy.

Market analysis is a process that can take weeks or months. The “explore market” app allows users to analyze the current market in under 60 minutes.

Market analysis is at the core of every future scenario, whether you’re developing a comprehensive go-to-market plan or reevaluating an existing firm. We’ve previously discussed how to do thorough research, but you don’t necessarily need to get engrossed in sophisticated business and market models to have a thorough understanding of the market environment before deciding to join or diversify.

This article will show you how to estimate market size and composition in under an hour, highlight the most evident trends, and describe market segmentation to make your future work simpler. These insights may help you convince investors that you are aware of the environment in which you compete and that you are deserving of their attention, among other things.

Detect Market Growth Dynamics in General

Of course, you can delve into a variety of data sources ranging from Forrester-style industry reports to prominent analyst recaps, but with an ever-changing market landscape and factors that influence it (think pandemic), you’ll need a reliable source of real-time market data that will flag emerging trends and demand patterns. 

Many firms are moving their activities online, a trend that has only grown since the epidemic, and online market indicators frequently correctly represent market dynamics. 

This is what the Webinomy Trends solution offers: a rapid but comprehensive assessment of the market environment that may help you swiftly choose whether or not you need to conduct and invest in more research. 

We’ll use the market for brands and vehicle dealers as an example, which should give us a good head start on any future market analysis.

How to Determine the Size of a New Market

While the size of an industry is often defined in dollars (or any other local currency), the size of a market is measured in the number of prospective clients. Traffic equals market size in the internet world. And you must master this aspect of market analysis before moving on to the next step.

The Market Explorer tool displays a number of useful studies that provide information on important market participants as well as the industry as a whole. 

The Market Overview report shows the total quantity of traffic a certain market receives as well as its pace of increase over time. 

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To convert this report into a rough revenue forecast and budget calculation, simply take any financial data about your researched market – for example, an annual report on the Automotive industry’s overall revenue in 2018 – and cross-reference these numbers with traffic counts throughout 2018, resulting in a financial estimate based on current traffic data.

According to Market Overview statistics, the Automotive sector seems to have swiftly recovered from a modest slowdown at the start of the epidemic, and is again displaying a growth trend.

Examine the Location’s Possibilities

Once we have a general notion of the market size, we must keep in mind that the growth pattern we saw throughout the specialty may not be constant in all areas. 

The top place to target, according to the Geo Distribution study, is the United States, followed by Canada – these are the only two nations that appear on both the top countries and fastest-growing market lists.

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Expand Your Market Research

We may go into more granular market dynamics inside the specialty with a clear and data-backed emphasis on the US.

We’ll split down our market study into smaller segments to look at online demand for car dealerships and user interest in individual automobile brands since the automotive sector is so large. This should help us figure out if auto dealerships are a suitable market to get into, and if so, which vehicle brands should be represented and showcased.

We gathered traffic statistics for the top 100 vehicle dealers in the United States using Traffic Analytics:

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While the YoY figures seem to be steady, traffic tends to drop and exhibit negative volatility, which is concerning if you are considering opening a vehicle dealership. 

Taking the pandemic into account, the fact that customer interest in auto dealerships hasn’t decreased is a good enough evidence that there is some market potential, and with the anticipation of economic recovery, we may see an upward growth trend.

Another encouraging statistic is that traffic to individual automobile manufacturer websites has grown by more than 50% year over year.

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This might indicate that there is a desire for vehicles – that is, car dealerships aren’t experiencing any fewer demand – but it could also indicate that the demand is dependent on which car manufacturers are represented. 

So, using historical data, we compiled YoY traffic numbers for several automobile manufacturers to analyze which brands are gaining popularity online:

Top Automobile Manufacturers in the United States

Take a look at the demographics and psychographics of your users.

Now that we have a better grasp of our market dynamics and target audience’s requirements, we need to figure out who the average buyer persona is.

Of course, creating a painting of your potential consumer is a lengthy process, but at this stage, all you need are some broad strokes to guide you and your marketing strategy ideas in the proper path.

The Market Explorer tool compiles all of the basic data on a typical user viewing the websites of the major market participants in the area you’re researching.

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We should anticipate to target a male audience of 35-55 years old in the automobile business. 

However, the In-Market Audience Interests report, which reveals which broad topics interest your target audience, is more interesting. This should help you better understand where you can ‘catch’ your perfect buyer and, thus, which marketing partnerships and advertising platforms to tackle at the marketing strategy stage.

The Most Important Audience Drivers in Your Market

After you’ve identified the important patterns in your market – such as geographic attractiveness, market growth/decline trends, demand changes, and user preferences – the next stage is to investigate the best approaches to attract people to your offer/product/solution. 

Even traditionally conservative ‘offline’ businesses like the automobile industry must consider addressing customers who were compelled to go online in search of a vehicle dealership as a result of the pandemic-inspired fast digitalization.

So, the study phase must continue, and we must concentrate on the competitive research aspect of market analysis at this time.

It will be simpler to obtain an edge if you study more about your rivals’ product marketing. 

Conduct product research.

You must first get beneath the skin of your ideal consumer before analyzing rivals’ techniques. 

Begin by addressing the key reasons for the product’s existence:

  • Why do individuals need it in the first place?
  • Why do people purchase it from this firm in particular? (The response might be anything ranging from pricing to design.)
  • Why do you think you’ll be able to compete with them?

One method to get inside a competitor’s customer’s brain is to become one yourself, at least for a trial time. You’ll acquire the most useful information this way:

  • What characteristics are included in their product/service;
  • How much does it cost?
  • How simple it is to walk through the customer experience – from learning about the firm to becoming a customer;
  • How simple the product/service is to use;
  • How simple it is to receive help or even contact the firm;
  • How they deal with customer engagement – you may sign up for the company’s newsletter to get an inside peek at how they communicate;
  • How well they are able to solve the issue;
  • What they could do better (and if they show any potential to improve).

Finally, write down how you can outperform them in each of these areas — or just be different; in certain industries, a little modification to your product is all it takes to win.

Examine the marketing strategies of your competitors.

Then, of course, you must analyse your prospective competitors’ real audience creation techniques – anything from top traffic routes to specific platforms that should be addressed in your marketing efforts.

But, before you go into the nitty-gritty of your competitors’ particular traffic acquisition strategies, pay attention to the devices that visitors use to access their websites.

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According to Traffic Analytics, a startling 81 percent of consumers who visit auto dealership websites utilize mobile devices. This is a significant increasing tendency that will only increase by 52% in 2020. If you’re starting a car dealership, your whole marketing and digital strategy should be written and implemented with’mobile-first’ in mind.

Uncover the Top Traffic Channels of Your Competitor

Market Explorer explains how the major companies in your sector go about getting visitors to their websites, including specific estimates of the traffic routes that bring in the most visitors.

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Direct search accounts for roughly 57 percent of overall traffic, so it’s evident that auto dealerships lay a huge premium on brand recognition. Next up is Search, which accounts for around one-third of all site visits. Surprisingly, both sources are rapidly decreasing in relevance, with Social, Referral, and Paid channels gaining prominence in 2020.

So, instead of just looking at your top competitors’ top traffic sources, you should also keep an eye on channel share trends – all of which are reflected in the Market Explorer tool – because sometimes a small shift in user acquisition strategy can signal a larger shift that you can use to your advantage. 

Investigate Precise Platforms for Attracting Potential Clients

It’s not enough to reveal the channels that provide the most traffic to your rivals’ websites. You should try to figure out which platforms customers visit before and after they get on the competing offer if at all feasible. This is made feasible through traffic analytics.

We can input up to 5 competitors into the tool to generate a list of platforms people frequently peruse before visiting the competitors’ sites to see where we might possibly ‘catch’ our target audience.

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The top platforms for auto dealerships are Google, YouTube, Facebook, and Reddit, which means we’d have to spend in organic or sponsored search, as well as a regular presence across the main social media networks, from building a YouTube channel dedicated to vehicles to running Facebook advertising. 

It’s also vital to check at Top Destinations, which are the sites that people go to after they leave a competitor’s site – this list may be a terrific source of ad ideas for attracting the appropriate audience on the right platforms.

Final Thoughts

The procedure outlined in this article is an excellent place to begin your adventure into unexplored territory and determining your market potential. However, this is a somewhat rudimentary approach to market analysis. 

You can justify why you need to dig deeper and invest your time and effort in conducting in-depth market research and extensive competitive analysis once you see that the industry is growing, the audience demand is still out there, and you have real potential to compete against the top players once you see that the industry is growing, the audience demand is still out there, and you have real potential to compete against the top players. 

Recognize your market’s potential

Market Explorer is a tool that helps you find the best deals

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The “go-to-market plan checklist” is a list of steps that can be taken to ensure that your marketing strategy is successful. The list includes the things you need to do, and how long it will take.

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