How to Identify The Right Markets for your Business

It’s not easy to identify and define your target audience and relying on pure intuition can be costly and frustrating if you find out you’ve been knocking on the wrong door for weeks or even months. This is where SimilarWeb PRO 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 better understand their audiences.


 

Identifying The Right Markets

When you have a B2C or B2B online business aiming to attract potential customers around the world, the question that often comes up is where should we be expanding to? New market development requires a lot of pre-research, trying 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 answer some of these important 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 recent activity of your competitors in these markets, or a growth in interests by the audience in that market.
  • Engagement Rate per country:
    • Avg. visit duration – on average, how long visitors spent on a website
    • Pages/Visit – on average, how many pages were visited by users coming from each country
    • Bounce rate – the percentage of visitors who left the website after visiting only one page.

All of these statistics will show you not only where your competitors are getting their traffic from, but also how engaged these visitors are – indicating things like the quality of traffic reaching the site from each market. In the screenshot above you can see an example for two markets, the UK and India, that are sending traffic to Amazon.com. While the traffic share in the UK is bigger, the engagement of users coming from India is better.

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

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