You can also assess the competition in the target region by the total number of players in the market, suggested by SEMrush’s Market Explorer and their distribution within the Growth Quadrant . For example, if the tool shows several Game Changers, it could be a sign of a rapidly developing market worth focusing on.
If quarter-over-quarter and year-over-year comparisons show little movement in the established players quadrant, it's probably a difficult market to penetrate.
A new market like Japan may seem incredibly attractive at first glance, but barriers like language can be a major challenge.
If you're planning to expand beyond the English-speaking (or Spanish-speaking) world, you'll need to consider language proficiency in your target region, as well as things like consumer behavior, market volatility, and economic growth.
For example, the level of English is high in Germany, moderate in France, and low in Japan. This means that the costs associated with localizing your product, and all the communication, could differ greatly between these countries.
Step 8. Compare your performance to the competition
By now you have made a preliminary assessment of the market. Now you need to better understand your competitors and compare your performance to find marketing opportunities. You can do this in three steps with the help of SEMrush Traffic Analytics :
Compare your website performance to your competitors in your local region.
Make sure you have stability in your region. If things aren't looking good at home, then spend some time figuring out why and adjusting your strategy before entering a new territory.
2. Compare the performance of your national competitors in your target region.
Find out what strategies they might have executed to enter the market. And take note of the tactics they employed to do so. There is always something to learn from previous market movements and you may not need to reinvent the wheel.
3. Compare your domestic competitors’ traffic volumes to businesses in your new target region.
Compare traffic dynamics across countries and analyze differences in online behavior in each region. Look for patterns based on the season or current events to get a better idea of how to compete in this market.