How to work with Similarweb: features of the service
Market analysis is a fundamental tool for developing a marketing strategy. It allows you to understand consumers and their motivations and better assess competitors and your strength in the battle for buyers’ attention. There are various ways of researching the sector, including surveys and interviews, but it is more convenient to use specialised services that take care of the main tasks. Similarweb deserves special attention, allowing you to conduct a qualitative, competitive analysis and identify market trends.
Market segmentation with Similarweb
The service allows you to solve various tasks, including market segmentation, regardless of size. Dividing the target audience into smaller categories allows you to target each individually and thus achieve a better return on investment. To carry out segmentation in Similarweb, you need to use the Digital Research Intelligence tool and open the tab for traffic distribution by country. The latter provides information on the dynamics of user growth for a given country, time spent on the page, bounce rate, and other vital parameters.
You can segment based on the following data:
- demographics: gender, social status, income level, age and others;
- behavioural: how consumers interact with the product, their online behaviour, how they spend money on online purchases;
- firmographic: information about the company, its size, number of employees and profitability;
- psychographic: the user’s interests, lifestyle and values.
The tab with the same name creates a segment in the programme. In the search, select the sample sites and the country according to which you want to divide the target group.
Market Analysis
Similarweb’s industry analysis functionality analyses the market, helping to determine the share of traffic that affects the potential of the entire industry. The tool shows the audience a company already has or can reach with the right product promotion. You can also find out the number of unique users and the dynamics of traffic changes. This data will allow you to analyse the sales funnel to improve its efficiency qualitatively.
It is essential to regularly study the market and monitor the dynamics of fluctuations in traffic share, which can be associated with seasonality. This will allow you to control your processes better and adapt your marketing strategy in time.
Market monitoring with the Similarweb service plays an important role in analysing trends. The programme processes many different signals and keywords and delivers a finished result quickly. For this monitoring, you must select the sector in which the company operates, remove irrelevant queries, and set filters. You should also define priority words for a more accurate analysis.
The Similarweb service is easy to use and allows you to automate several actions necessary for developing and implementing an effective marketing strategy.
