How to Identify The Right Markets for your Business

It's not easy to identify your target audience, and relying on pure intuition can be costly if you find out you've been knocking on the wrong door for weeks.

This is where Similarweb comes in handy for helping you base your decisions on reliable research and the existing experience of competitors in your field.

In this article, Marketers and Business Researchers will learn how to use geographic analytics on Similarweb to understand their audiences better.

Identifying Market Opportunities

When you have a B2C or B2B online business aiming to attract potential customers worldwide, the question that often comes up is where should we be expanding into? New market development requires a lot of pre-research to understand the competitive landscape, the growth potential, and the market's demand for your service or product. Let's review the Geography section on Similarweb and see how it can help you identify your target market and answer some of these crucial questions.

The Geography section includes the following traffic metrics:

  • Traffic Share – how much traffic comes from each country out of the total desktop traffic reaching the site you're currently analyzing.

  • Change Column – growth in desktop traffic compared to the previous month. This can indicate the recent activity of your competitors in these markets or growth in interests by the audience in that market.

  • Engagement Rate per country:

These web traffic statistics will show you where your competitors are getting their traffic from and how engaged these visitors are – indicating things like the quality of traffic reaching the site from each market.

By researching several competitors – direct and indirect – you can gather enough information to make a more accurate decision regarding new market expansions. You can understand the growth potential in that market, and how engaged that audience is with similar products or services like the ones you're offering.

Was this article helpful?
10 out of 16 found this helpful