How do you know if your market is good? You need to know this because if it’s bad, then you will waste a lot of time and will not be getting the results that you want. The way you determine if your market is good or bad is by doing a market assessment. In this article of SEO, we break this down into two parts:
- The first one is the business side
- The second side will be the human side
The Business Side:
With the business side, there are four main aspects:
- Your market size
- Your Growth Rate
- Profitability
- Trends
The easiest way to see the market size is to just go on Google for it. So, If I’m in the market space then I may Google Marketing size or if I’m in the SEO space I can google SEO market Gap.
By Googling some of these keywords you can see trends in Graph. What you want to see is, you want to look for graphs that are going up! Right? When it is specifically related to revenue because that means more and more money is getting into that segment. If it’s going down it is something that hurts you. The reason is that it will be the market that will slowly fade away.
So, want to be in a market that is increasing not decreasing. The way you’ll find out these charts is you just go to Google and you type in your industry name and space market size. It could be like Old books market size or New Books market size. If you want to learn more about the market evaluation you consult SEO services in Dubai to get a better understanding.
These little queries that you can run will tell you if the revenue in your industry is going up or down. You can also look at GDP that will give you a brief idea if the industry is large. The larger the GDP the better.
Similarly, you can go to google type in the industry name and type in GDP. You can also look at market growth and type in your industry name and add the year as well. Because what happens is it will show you what the growth rate is for this year.
You should also project out where it will going to be in the next 5-10 years. If its graph increase then that's something you should be worried about.
With Market trends, you can figure which companies are marketing leaders of that niche. You can look out for multibillion companies and if aren’t there any such companies then you are probably in a space that is too small. You want to be in huge space because it's much harder to gobble up 10% of the market that is 100 million dollars then it is to gobble up 0.5% of the market that is 100 billion dollars.
So, you want to go after bigger spaces because it's easier to gobble up revenue. Even if it's a small percentage and you want to look out for the bigger players in the space and see what they are doing.
What direction are they going with their marketing message? Where are they pouring their money into products and services? What purchase are they making with technology? All of this will give you an idea of the market trends and where things are going.
With market size, you also wanna look at different sources as well, because there are different places you can get this data from one is Google, and we’ve mentioned it right! Whether its market trends, market size, or either its market Gap.
If you go to other websites other than just Google and all google crawling the web. But there is a lot of other websites that have data that you’re not going to get from Google. So, let’s go to a few of them.
- The first is Government data. You can check out sites like data.com they have data on a lot of different industries and its really valuable.
- The second one is financial data from major players. If a company is publicly trader look at their revenue, look at their profit, look at their income sheets. This will all give you an idea that how strong space your is.
- The best one though is founder interviews. So, visit all sites that are pioneers of that domain and look to see who is interviewing your competitors because a lot of time these founders are spilling their beans on these podcasts. By telling them what’s working for them and what’s not. That will give you proper direction. That what should be your first move and what sort of mistakes you need to avoid.
You can also visit trade associations by just googling it and finding appropriate results that will help you evaluate the market space. Again it’s very valuable and relevant information.
One that I personally prefer is Statista. There is a lot of data there. When it comes to revenue, they have charts that show updated data over time.
If you want to get a bit more hands-on then you can always run surveys to people within your market. Or you can look for a survey that is already existing. There you can analyze where the market is going and how big is it or what people want, what they hate and all.
You also want to check out the profitability. If the companies in your space aren’t making a good profit. Then there is something wrong.
The last thing you want to do is to keep track of all the data that you have gathered either in the form of graphs, statistical values that will help you evaluate your market over time. This way you would understand where you would be spending your time and efforts.
Human Side:
This assessment is very crucial as well as data value don’t tell you everything and we’ll be going through each of these.
This first is irrational passion, urgencies, and pain points. If the market has one of them then it’s great! It’s better but ideally, you should have all of these three.
Because if people really need pain points and they need urgency they are much more likely to be passionate about purchasing something. The same thing goes to irrational passion. If the people are so passionate about something they will surely be going to purchase something.
On the human side, you need to analyze the competition to find out how many players are in your space. What fraction are they getting? What are they doing? What would be so difficult while competing with them? What their special product that people like the most. What are their main sources of revenue?
These are some of the key points you need to analyze while assessing your market space. You need to separately analyze data based on your analysis that how your marketing strategy is going to impact all that. Once you are done then start working on setting your marketing goals.
