A market analysis, otherwise known as market research, is an in-depth look into your brand’s market. These reports are also often referred to as a competitor analysis because the details of such reports help you learn who your biggest competitors are within the industry and can help you identify where their strategies are succeeding and where they are failing. However, to get the most out of your analysis, you need to be using the right market analysis tools.
Why Your Brand Needs the Right Market Analysis Tools
Market analysis tools help you identify key pieces of information that can help you improve upon your business strategy. Not only can these reports help you identify who your key competitors are, but they are also able to tell you a wealth of other vital information, including:
- Who your target audience is
- Where they hail from
- What their buying habits are
- What solutions they are in search of, etc.
While you can always outsource these reports to a marketing agency or consultant, there are plenty of market analysis tools available for use.
5 Market Analysis Tools to Consider Using in 2021
There are plenty of both free and paid tools at your disposal to help you with your market research. Not quite sure where to begin your search? Here are five market analysis tools worth looking into:
1. U.S. Census Data Tools
If you’ve never used U.S. Census Data Tools, you’ll want to begin by watching their Data Gems videos, explaining how to access and utilize the data available. From there, you can start using their tools, which cover:
- The Labor Market – Statistics from the Bureau of Labor Statistics
- Income Statistics
- Money Statistics – Data from the Federal Reserve Banks
- Economics – Data from the Bureau of Economic Analysis
- Industries – Access to the North American Industry Classification System (NAICS)
2. U.S. Small Business Administration Office of Entrepreneurship Education
Helpful information that you can find in the U.S. Small Business Administration Office of Entrepreneurship Education resources include:
- General Business Data and Statistics
- Demographics – People and Population
- Consumer Statistics
- Economic Indicators
- Employment Statistics
- Income and Earnings
- Money and Interest Rates
- Production and Sales Statistics
- Trade Statistics
3. Google Analytics
While the first two options are great for finding more general market information, if you want something more customized to your audience and niche, then you’ll want to check out Google Analytics. This is a free tool that gives you direct access to your brand’s analytics to help you better understand who your audience is.
This tool allows you to create several different reports, including:
- Acquisition Reports
- Advertising Reports
- Audience Reports
- Behavior Reports
- Conversion Reports
- Real-Time Reporting
- User Flow Reporting
Should you decide you want a little more information, you can upgrade from the free subscription to Analytics 360, giving you access to Data Freshness, Unsampled Reports, and Roll-Up Reporting. Of course, that’s not all. Once you’ve reviewed your information, you’ll be able to picture who your ideal client is, what they’re looking for, and who’ve they’ve likely turned to before coming to you.
BuzzSumo is an amazing tool that allows you to dig even deeper into your market analysis by showing you what’s trending and with whom. For example, if you enter a specific keyword into the search bar, you’re given a list of the best performing content on the web, across social media, and even a list of top influencers.
Even better, BuzzSumo allows you to track your competitors and analyze the content they are putting out, giving you some extra ideas of what is working with their audience and how you can create even better content to share with your audience.
BuzzSumo does require a subscription. However, you can give it a try for free for 30 days.
Moz is another great tool for building your business strategy, especially when it comes to content creation. They have recently announced their local market analytics, which allows you to create detailed market reports that include competitor research, gap identification, multi-SERP sampling, market metrics, and more.
Like BuzzSumo, Moz does require a subscription to access their latest tools, such as their local market analytics tools. However, you do have the option of a 30-day free trial as well.
Competitor Analysis Done Right with CadenceSEO Consulting
Even with the right market analysis tools at your disposal, getting all the information you need can be quite a daunting task. Instead, why not consider letting a team of professionals do the hard work for you?
Here at CadenceSEO Consulting, we have the expertise to not only complete the necessary research but compile a detailed analysis to help you build a better business strategy.
If you’re looking to give your business strategy a boost, then request your FREE Competitive Analysis today!