Step 3. Research your competitors' main markets
Posted: Sun Dec 22, 2024 5:03 am
Let’s say you operate in the payment technology space and compete with companies like Square. Based on the Geographic Distribution statistics in SEMrush Traffic Analytics , you can quickly understand where your main competitor (in this case, Square) has a relevant presence.
And, if you're doing well in the US, Canada, Japan, Australia, and the UK, then these would be Square's top markets. You can (and should) dig deeper to reveal all the markets it's active in.
By taking a look at engagement metrics, we can see whether those visiting Square’s website are equally engaged across the globe. Some interesting insights emerge from this.
Global Traffic Distribution for squareup.com
Since Japan is among the world's leading economies, you may feel compelled to expand simply because your competitors are doing so.
We can also see that the number of visits from Canada is high, and the bounce rate is relatively low. This may be a sign that consumer interest is high in that area, and there is potential for a business to serve customers in a different way. However, remember that it could also indicate that consumers are already satisfied with their options.
Next, you'll want to understand the scope of your capabilities (such as Square's scope, for example) in terms of position and strategy within that market.
Step 4. Get a complete view of the competitive landscape in a new market
In addition to spending time researching individual competitors, it's good to have a deep understanding of the entire market to properly identify your opportunities.
Research activity in your target country by taking a look at the SEMrush vietnam phone number sample Growth Quadrant in the Market Explorer tool . Let’s continue with the example of Square’s competitive landscape in Japan.
You can see that Square is a niche player in that country, and there are several regional competitors as well. Among these, you will see a local accounting software company called “freee” positioned as a Leader.
Researching squareup.com's competitive landscape in the Growth Quadrant
At this point, you might be wondering what freee is doing better than everyone else in the market. You can find out by using the Market Explorer tool to analyze traffic generation and social media distribution strategies compared to the average.
You also need to pay attention to the Game Changers. The companies in the top left corner may not have a huge amount of traffic (or traffic volume) right now, but you can see that their traffic growth is higher than Square’s.
Some of them may have received recent funding, and they might be planning continued expansion. You need to take note of these companies and their market potential to identify your opportunities.
Step 5. Estimate the size of your potential market and competition
Your main goal is to enter a market that has the most feasible opportunities for your business , so it is necessary to know how to evaluate market size.
If you enter a competitor's website into Google Market Finder , you'll see information about regional searches and it will automatically suggest categories associated with the URL. For squareup.com, the suggestion "eCommerce" appears, as well as a few others.
You can fine-tune those categories to match your business. One option is to search for them in SEMrush's Market Explorer In-Market Audience Interests.
And, if you're doing well in the US, Canada, Japan, Australia, and the UK, then these would be Square's top markets. You can (and should) dig deeper to reveal all the markets it's active in.
By taking a look at engagement metrics, we can see whether those visiting Square’s website are equally engaged across the globe. Some interesting insights emerge from this.
Global Traffic Distribution for squareup.com
Since Japan is among the world's leading economies, you may feel compelled to expand simply because your competitors are doing so.
We can also see that the number of visits from Canada is high, and the bounce rate is relatively low. This may be a sign that consumer interest is high in that area, and there is potential for a business to serve customers in a different way. However, remember that it could also indicate that consumers are already satisfied with their options.
Next, you'll want to understand the scope of your capabilities (such as Square's scope, for example) in terms of position and strategy within that market.
Step 4. Get a complete view of the competitive landscape in a new market
In addition to spending time researching individual competitors, it's good to have a deep understanding of the entire market to properly identify your opportunities.
Research activity in your target country by taking a look at the SEMrush vietnam phone number sample Growth Quadrant in the Market Explorer tool . Let’s continue with the example of Square’s competitive landscape in Japan.
You can see that Square is a niche player in that country, and there are several regional competitors as well. Among these, you will see a local accounting software company called “freee” positioned as a Leader.
Researching squareup.com's competitive landscape in the Growth Quadrant
At this point, you might be wondering what freee is doing better than everyone else in the market. You can find out by using the Market Explorer tool to analyze traffic generation and social media distribution strategies compared to the average.
You also need to pay attention to the Game Changers. The companies in the top left corner may not have a huge amount of traffic (or traffic volume) right now, but you can see that their traffic growth is higher than Square’s.
Some of them may have received recent funding, and they might be planning continued expansion. You need to take note of these companies and their market potential to identify your opportunities.
Step 5. Estimate the size of your potential market and competition
Your main goal is to enter a market that has the most feasible opportunities for your business , so it is necessary to know how to evaluate market size.
If you enter a competitor's website into Google Market Finder , you'll see information about regional searches and it will automatically suggest categories associated with the URL. For squareup.com, the suggestion "eCommerce" appears, as well as a few others.
You can fine-tune those categories to match your business. One option is to search for them in SEMrush's Market Explorer In-Market Audience Interests.