How to identify market opportunities and create a sales forecast?

In order to identify market opportunities and create a sales forecast you will need to have information about:

  • the size of the market for expected revenues;
  • expected performance of the localized website in the new market;
  • the buying behavior of your customers.


The great thing about identifying marketing opportunities is the data that is freely available nowadays. This data can help you in getting the above information for your marketing plan.

 

Market size

 

First determine the size of the market. For now, the focus is mainly on the online revenue opportunities here.

You can use several tools for this:

  • Similarweb.com
  • Google.com
  • Keyword tool
  • Search metrics
  • Amazon (reviews & merchants)
  • Alexa.com
  • Country reports


As you now know the traffic levels of the top players, you will need to get a picture of the size of the market in terms of revenue. For this, the website statista.com is really helpful for retrieving raw data.

 

Conversion rate

 

One of the most important factors on conversion rate is pricing. However, before going into pricing, you will need to know what selling is. So make a quick 80/20 analysis or ABC analysis of your products, and check out the A-products. You can use Webanalytics again to quickly make an export of your best-selling products and use Excel to analyze the data.

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