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What is Market Analysis?
A market analysis is researching and evaluating your business, your target audience, and your competition within a specific market. A comprehensive market analysis provides data-driven insights that inform and enrich your marketing and SEO strategy.
Not only can market analysis data provide greater insight into your audience and competition, but it can also identify new and emerging trends and markets, help uncover new areas of revenue opportunity and reduce risk.
How do you conduct a market analysis?
The three main components of market analysis include understanding your industry (its current size and projected growth), your target audience (what is your ideal customer profile and how will this impact your marketing efforts), and your competition (how they differ, what are their strengths and weaknesses, and what is their advantage in the market).