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Market analysis
Would you like to underpin your strategy with a robust market analysis?
Traffic Today is your partner! Our marketers have the expertise required to carry out a successful market analysis. In doing so, we examine your position, the behaviour of your competitors and other aspects of a market analysis. The specialists at Traffic Today will help you draw up a successful strategy, which will include a market analysis.
Curious? Get in touch! We’d be happy to discuss the possibilities with you.
The benefits of a market analysis
The basis of your strategy
A clear overview of opportunities to capitalise on
Well-versed in various market aspects
You’ll stay up to date with the latest developments
Offers opportunities for growth
You are aware of your competitors’ behaviour
What is a market analysis?
A business grows on the basis of marketing objectives. To achieve success, you need to define these objectives, but this isn’t something that happens overnight. First, you need to know where you stand in relation to your competitors. You do this by conducting a market analysis, in which you investigate all the external factors that could influence your business. We’ve just mentioned competitors, but there are plenty of other factors that can have just as great an impact. Think, for example, of your customers and how you reach them, developments in your field, and so on.
Traffic Today Traffic Today is your partner for developing a strategy. Conducting a successful market analysis is therefore no problem at all. We’re happy to help you formulate marketing objectives based on your market analysis, as well as to achieve them. comprises an extensive, enthusiastic team with a wide range of specialisms. This enables us to achieve your objectives in the areas of strategy, as well as content marketing, link building, email marketing and much more. Curious to find out what steps we can take with you? Fill in our contact form!
Why carry out market research?
No business can function without proper market research. This forms the basis of your online marketing activities: without a market analysis, you have no strategy and therefore no direction for your work. Drawing up a strategy may sound like a step that could be omitted from your business plan, but nothing could be further from the truth. It is, in fact, hugely important to know where your results come from, so that you can continue along this path in the future or, conversely, take immediate action if the results fall short of expectations. This is impossible if you have proceeded haphazardly, as you will have nothing to base your analysis of the results on.
Your market analysis therefore provides direction and unity. Once you’ve carried out this research, you’ll know exactly what’s needed to achieve your objectives and which services will help you do so. It also helps you adopt a flexible approach: if you don’t achieve the desired results, you’ll already have the knowledge to adapt easily.
Traffic Today Here are a few reasons why you might want to commission market research or why you should do so:
- Do you know your target audience? Is it men or women who purchase your products or services online?
- What are the needs and wishes of your target audience? What is the customer journey? Does a visitor convert immediately, or does it take some time for them to explore before they convert?
- What developments are taking place in the online world? Are there any trends you can already capitalise on or take into account? The online world is constantly evolving.
- Do you know your competition? Are your online competitors actually the same as those in the physical world?
- Through which online channels do your competitors target their audience? As well as ensuring visibility in Google’s search results, they can of course also utilise text adverts, display adverts, mobile adverts, newsletters or a ‘ social ’ media strategy. How does the competitor target the audience, and what can you learn from this?
- What is your current market positioning? Can you be found using search terms? And if so, which ones? In what way does this give you a strong advantage over the competition?
Carrying out market analysis? Here’s how to do it
Below you will find a number of tips on how to carry out a market analysis.
Industry analysis
A market analysis begins with a sector analysis. The aim of this is to gain a clearer understanding of the characteristics of the sector within the market in which your company operates or wishes to operate.
- Gather data: Collect relevant information about the sector, such as its size, growth rate, key players and market trends.
- Analyse market trends: Examine current trends in the sector, such as technological developments, regulations and consumer preferences. You want to be a pioneer at all times, and that’s only possible if you’re determined to get to the bottom of things.
Trend analysis
You want to avoid being caught off guard by trends at all costs. You should therefore thoroughly research trends – such as Artificial Intelligence, rising prices or shifts in demand or regulations. Also take the relevance of certain trends into account in your analysis. What may be perceived as a threat by other sectors may well be irrelevant to your business. Don’t just look back; take a look into the future as well. That way, you’ll never be too late!
Environmental analysis
Assessing external threats must also not be overlooked in a market analysis. Pay particular attention to macro-environmental factors such as economic, political, social, technological, ecological and legal factors.
Competitor analysis
Healthy competition is good, but it is important to assess whether you stand any chance against the big players in your market. Draw up a list of the main competitors in your sector. You could combine this with a SWOT analysis, which will help you identify where to focus your USPs.
Sales analysis
If your business has been up and running for a while, it may be worth reviewing your historical sales data in your CMS or Google Analytics 4. You may recognise certain patterns or notice that your business is subject to seasonal fluctuations. You should also ask yourself which sales channels are the most effective.
Client analysis
What does your ideal client actually look like? That is one of the key questions at the heart of client analysis. You can also carry out (or commission) a client satisfaction survey to gain a better understanding of where the bottlenecks lie.
Once you have completed these steps, you will have a thorough market analysis that can help you make strategic decisions for your business. It is important to update this analysis regularly to continue to respond to changes in the market.
What constitutes good market research?
This is, of course, the crucial question. Good market research provides you with valuable answers, for example through a survey. It is possible to outsource your market research to Traffic Today. To ensure high-quality market research, we always bear the following points in mind:
- 1. Keep it brief; everyone is in a hurry and busy. A short questionnaire is more likely to be completed, so only ask what is absolutely necessary.
- 2. Responsive. The questionnaire must not only be viewable on a laptop or computer. Respondents are likely to lose interest quickly if they are presented with the questionnaire on a mobile phone or tablet.
- 3. Test and double-check. Mistakes are easily made. It’s a real shame when respondents take the trouble to complete the questionnaire but are then unable to submit it.
- 4. It’s all about the respondent, so be user-friendly and transparent. Write an introductory text and clearly state the average duration of the questionnaire. Display a progress bar so that respondents know how many questions they have left to answer. These small touches make completing a questionnaire much more pleasant.
- 5. Reward the respondent. This isn’t actually about giving away prizes; keep it simple. A respondent is curious about the outcome of a survey, so why not share it with them? This will also encourage the respondent to take part in a similar survey again sooner. After all, participants enjoy being able to view other people’s results and compare them with their own.
Leave your market analysis to Traffic Today
Although conducting a market analysis may seem straightforward, if it isn’t properly thought through or if the data isn’t reported correctly, you can end up completely missing the mark. Traffic Today has extensive experience in market analysis and possesses the analytical tools to work with you to ensure you receive precise answers to the questions you wish to ask. Please feel free to ask us about the possibilities.
ABCD: a successful market analysis model
One market analysis model that has previously proved successful is the ABCD model. This model is divided into four parts, which together cover the most important aspects of your market analysis. We’ll explain each part separately:
A: Clients
First, you look at your clients’ needs. No matter how good a company’s vision may be, if it does not align with the target audience, your turnover will remain low. By analysing your customers in depth, it becomes clear to you how best to present yourself.
B: Industry
By focusing on your sector, you stay up to date with the latest developments within your industry. This enables you to adopt a flexible approach; consequently, this sector must be analysed on a regular basis.
C: Competition
It is important for every business to develop a unique approach. To do this, you need to know what your competitors are doing: of course, copying them is never an option! By analysing your competitors, you understand how they behave and how you can respond to this.
D: Distribution
The final key component of the ABCD model is distribution: how does your target audience want to engage with your product? This question must be answered so that you know how best to market yourself. Which channels should you use, and which should you avoid?
Tips for conducting market analysis
You’ve now gained a great deal of knowledge, but you’ll soon realise that carrying out a market analysis can be trickier than you might have expected. We’d like to give you a few tips to help you get to grips with this process more quickly:
- Stay neutral: if you’re wildly enthusiastic about your new business idea, it can be difficult to maintain a neutral perspective. However, it is absolutely vital for a successful market analysis that you do just that, as this is the only way to gather the right data. This data is essential for your strategy: it must be based on facts.
- Don’t get ahead of yourself: unfortunately, a market analysis is a step that is often skipped or only carried out at a later stage. This is unwise, as this analysis provides you with a great deal of data that you will need later on.
- Let’s get started! By having a partner such as Traffic Today carry out this analysis, you can be sure of an impartial perspective. Thanks to our experience, we have no trouble whatsoever in ensuring the successful implementation of your business plan: many have already gone before you and succeeded!
Market analysis consultancy with Traffic Today
Are you looking for an internet marketing agency specialising in market analysis consultancy? Traffic Today is exactly what you’re looking for! We can’t wait to get started with you: we do this through a transparent, intensive collaboration centred on your objectives. We’ll help you formulate these objectives through a thorough market analysis. Traffic Today ensures a critical eye is maintained at all times: this way, we can be certain that what we’re doing is right. Would you like to work with us? Get in touch! We’d love to get to know you better over a cup of coffee.
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