Why is market analysis crucial for website development?
Thursday, 15 june 2023
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.
Benefits of analysis for the website development process
Market analysis helps you understand the needs and motivations of your target users. It assists in preparing content and user experience that will retain them on the website and stimulate the desire for conversion. Good market analysis simplifies many subsequent website development steps and increases the end-user's trust in your website.
Why market analysis is key to website design and development
Focus: Market analysis keeps your customers at the centre of attention, allowing your web development team to prepare a site that exceeds their expectations. Good analysis saves a lot of time spent on designing and later programming the website.
Better ROI: Market analysis assists in achieving a higher ROI or a more significant return on investment in website development. A greater investment in market analysis provides a better starting point, as the results and findings will assist in creating a superior end product – a website that generates more inquiries or more purchases in the case of e-commerce.
Evolution: Market analysis helps your website and your business to evolve in a way that meets your users' long-term needs. In this way, you save time and money that would otherwise be spent on an annual comprehensive website renovation. However, this doesn't mean that regular minor improvements on the website aren't necessary.
Website Design: Market analysis data can reduce the risk of failure. It provides important information, such as user expectations, industry trends, etc., assisting in more effective website design.
Quick Analysis
A quick market survey can be conducted in a few hours. It provides a basic overview of industry trends. Additionally, customer opinions can be used if you have them (it's advisable to regularly review and consider important customer opinions). This information helps define the budget and timeframe needed for the website development project. It also includes a quick competition analysis and a review of the general state of the industry.
In-depth Analysis
A long market analysis can take from a few days to a week. In addition to all elements of quick analysis, it involves acquainting with competitors, understanding the market opportunities of the entire industry, the scope of the project, the company's current online presence, and collecting data on the performance of the existing website.
Your choice of analysis method will affect your end result. Regardless, we always recommend at least a quick analysis, as this will save you much more than if no analysis is conducted.
In Conclusion
Investing time and effort into market analysis for the website development process isn't a waste of time and money but a smart investment. It's a vital step that will not only meet user expectations for your website but exceed them.
This will trigger a positive chain reaction: increased user satisfaction leads to greater website success, resulting in overall better business performance. It's important to realize that an informative and SEO-friendly website doesn't come about by chance, but through a comprehensive and strategic process that puts users' needs first.
Whether you are starting your website from scratch or redesigning an existing one, make sure market analysis and research are integrated into your plan. The benefits will soon become evident in the success of your website and the growth of your business.
