Conduct a competitive analysis

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niche analysi
Why is this important?
Competitors show you what works in the market and where there are gaps. This will help you create a more competitive product or service.
Actions:
Identify direct and indirect competitors.
Analyze their marketing strategies, customer reviews, product range.
Use tools (SEMrush, SimilarWeb, Ahrefs) to study their online activity.
Evaluate their pricing policy, level of service, advertising and offers.
Example: If your competitors do not deliver to your region, this can be an advantage for you.
Practical advice australia phone number list Conduct a SWOT analysis of your competitors to identify their strengths, weaknesses, opportunities and threats.
niche analysis
Step 4: Assess the financial potential of the niche
How to do this?
Assessing the market helps you understand how profitable a niche is and what resources will be needed to develop it.
Actions:
Calculate your total market size (TAM) and your potential segment (SAM).
Determine the average bill and margin level.
Consider seasonality, long-term prospects, and opportunities for scaling.
Analyze the costs associated with customer acquisition and evaluate the profitability.
Example: The organic cosmetics market is growing by 10% annually, which opens up opportunities for new brands.
Practical advice: Engage experts to assess niche risks to avoid making incorrect financial assumptions.
niche analysis
Step 5: Study the barriers to entry
Why is this necessary?