Market analysis is a key component of a website development or website redesign, often overlooked by website owners. Many times, this oversight is attributed to "budgeting", with some still thinking it's an irrelevant step in the website development process, which is far from the truth. Consequently, some engage in market analysis only after the website has been developed and published on the domain,
extending the timeframe to achieve their desired goals.
Market research and analysis is probably the most critical steps in the website development process. For easier understanding, we've prepared some questions that you should be ready to answer to comprehend why this step is so crucial:
- What are the goals of your website?
- Who are the typical visitors to your website?
- What other sources do they rely on for information about your field/industry?
- What does the typical sales cycle on your website look like?
- What strategies does your competition use?
- Is your website intended for final sales - e-commerce or to generate inquiries?
Market analysis depends on the time invested in gathering extensive information, a key element in the website development process. One of the crucial factors in the research itself is the resources you will invest into the project. The more resources, the better the results. We're referring to time, money, and effort, which will influence good research and subsequently ease the other steps in the website creation process.
During the research, it's necessary to include social data and general statistics, offering important insight into your target audience. This way, you'll better understand your typical user, helping in the preparation and design of user experience.
Whether your business model is B2C or B2B, thorough market analysis is essential for gaining a competitive advantage and establishing a strong connection with your users.