What is Online Market Place Analysis

online market analysis

Online Market Place Analysis

Online Marketplace or Situation analysis is a key part of creating a Digital Marketing Strategy

The growth of the Internet has vastly increased competition for acquiring new customers for most businesses.

According to Google, it’s now natural for consumers to turn straight to a search engine to review competitors or check out reviews on comparison sites or on social media to help select the best product or supplier for them.

Marketplace analysis can help you to compete by becoming more customer-centered in your online marketing :

Marketplace Analysis helps to know how customers research and select products they Need. Research gathering insight into how users search and use social media will help organizations to understand how they can gain visibility on search engines and with relevant influencers.

Where to Improve the marketing effectiveness of Companies Website. Competitors Analysis can show you how well your site and marketing is appealing to different audiences and you can learn from marketing approaches used by other competitors for traffic.

Potential revenue improvements from gap analysis. You can justify increased investment in digital marketing by showing what potential lead and sales increase you can achieve based by creating conversion budget models of the size of the online audience searching for your products or services and potential sales

How your digital marketing capabilities compare to direct competitors or out-of-sector sites to help create a roadmap of new projects. Where are your biggest inefficiencies in search, email marketing, or different parts of your website that you need to fix?

Future opportunities and threats. Using a SWOT analysis will highlight future opportunities and threats from new digital or marketing platforms.

Marketplace analysis should always start with your online audience and involves a review of these 4 main areas, asking these questions, and analysing the dynamics of the interactions between:

  1. Potential online audience – “What are the profile, characteristics, behaviors, needs, and wants of audiences from digital media platforms?
  2. Customers – A similar analysis to the potential audience, but also gaining feedback on their views of your current online presence.
  3. Competitors – Benchmarking the capabilities of direct competitors for your services and indirect competitors for traffic or review of other sites for “out-of-sector” best practices.
  4. Online intermediaries, influencers, and partners – Establish the strengths and weaknesses of intermediaries who can include current or potential partners to reach and influence your audience. These include different types of publishers from general online news to more specific blogs and affiliates. Intermediaries also include social networks and communities