Back to Blog

How to Do Market Research: Step-by-Step Guide for US & Australian Businesses?

---

All successful business endeavors and new entries into overseas markets or home markets are dependent on how well you have researched them. Market research is essential before you set foot in the competitive and highly-regulated business markets such as the USA and Australia. Market research ensures that your efforts are well-directed and all products, services, prices, promotions, and stocking are customized as per the regional needs.

However, market research involves an infinite number of permutations and combinations. It requires you to take care of multiple components, ranging from detailed market segmentation and demographics research to competitor analysis and consumer behavior research. The process requires a step-by-step mechanism, and only then do you benefit from the luxuries that market research brings with it.

This article is a step-by-step guide for the US and Australian businesses aspiring for market research before entering/investing in these markets.

What is Market Research?

Before entering any overseas market, international economic zone, or local market, understanding what drives demand, what products bring maximum revenue or margins, how competitors price their products/services, and what regulations govern the markets is essential for hurdle-free entry, survival, and growth. This is where market research comes into the picture.

Market research, in simple terms, means gathering as much information and insights as you can about the potential product and service gaps in an area, customer behavior, their preferences, and existing competition. It extends to include the price competition, regulations, industry demand, and logistics, etc. Businesses also do trend analysis, PESTEL analysis, and SWOT analysis for complete market research.

What are the Key Components of Market Research?

Before we discuss how you can do market research for the US and Australian markets, you need to know what the key components of it are. This means understanding what factors you need to consider in market research or what elements constitute market research.

Market Segmentation

Market segmentation means understanding the classification of your target customers, clients, prospects, and leads. It is about dividing your audience into smaller, meaningful groups based on factors like demographics, income, gender, age, lifestyle, buying behavior, and location.

For US and Australian businesses, segmentation helps you understand if a customer hails from an urban or semi-urban locality, or what their preferences are. Use market segmentation to target customers in a better way in terms of features, pricing, and promotions.

Competitor Analysis

The Australian and the USA markets are not easier to crack. There is a lot of existing competition in all sectors. Whether it's retail, manufacturing, healthcare, or real estate, you will have to compete with many other similar businesses. The key to winning is understanding their tactics, strategies, moves, and fundamentals.

This is where you need competitor analysis. Know the threats posed by competitors, grasp their weaknesses, learn about their strengths, and find opportunities. Understanding your competition is just as important as understanding your customers. Competitor analysis means taking a close look at how others in your space are pricing, positioning, and promoting themselves.

Consumer Behavior Analysis

Consumer behavior analysis digs into why people buy, what influences their decisions, and how their preferences evolve over time. In markets like the US and Australia, customer buying decisions, particularly in the retail and e-commerce industries, are shaped by trends, household needs, prices, cultural values, and personal needs. You can use review analysis of various e-commerce platforms to map customer likes/dislikes, pain points, and buying triggers.

Market Trends and Forecasting

Trend is your friend. In the USA and Australian-focused businesses, it gives you natural leverage if you know what products, variants, models, and types are currently trending.

From fashion to home decor, appliances to baby products, knowing the trending products is always an added benefit. Spotting current trends and forecasting their impact on market demand is important for entering new markets.

Product Feature and Price Evaluation

Before going big in the US or Australian markets, it's important to understand the products' features and prices that are most demanded. For this, you need data from various competitor websites, e-commerce marketplaces, and listing platforms. Analyzing this data in real-time consistently helps you improve your product listings and keep your prices in the most profitable brackets.

Primary Vs Secondary Market Research

Comparison Table: Primary vs Secondary Market Research

Step-by-Step Process of Market Research

Step 1: Define Research Objectives

Start with clarity on your products/services. If you are entering the US or Australian markets, decide what your market research objectives are. You can set all the objectives below or select them.

• Competitor analysis
• Product analysis
• Feature analysis
• Consumer analysis
• Regulatory analysis

Step 2: Identify Your Target Audience

You will need to know the following aspects about your target customers.

• Demographics
• Lifestyle
• Buying habits
• Pain Points
• Expectations
• Product Feature needs
• Product Feature needs

Step 3: Collect the Data

For all the above analyses or target audience research, you need data. Surveys, secondary data from online sources, reviews, etc., provide you with the data for both quantitative and qualitative analysis. You can underline various sources for data needs. From competitor websites and online platforms to databases and regulatory websites, various websites provide the data you need for your market research initiatives.

Step 4: Analyze and Interpret

Raw data means nothing until you interpret it. Look for trends, patterns, and gaps that reveal opportunities or risks. Move beyond surface-level numbers to understand the why behind the findings. For businesses in the US and Australia, this step is where insights become actionable strategies tailored to each market's unique context. A good report highlights actionable recommendations that decision-makers can immediately apply, whether it's adjusting pricing, targeting new segments, or refining campaigns.

Step 5: Implement and Monitor

Insights are only valuable if acted upon. Put your recommendations into play, track the results with measurable KPIs, and adjust as needed. Markets like the US and Australia are dynamic, so continuous monitoring ensures your strategies remain relevant as customer preferences, competitors, and regulations evolve.

How to Collect Data for Market Research in the US and Australian Markets?

Data Extraction from Competitor Websites

By systematically extracting data from competitor websites, businesses can learn how competitors price items, promote products, and present their offerings. To understand what rivals highlight in value propositions, US and Australian companies use this kind of research. Using web scrapers to browse and collect organized data can help businesses understand the strategies used by competitors.

Data Scraping from Industry Aggregators

1. E-commerce Marketplace Analysis

Businesses use platforms such as Amazon and eBay to access large collections of information about product prices, features, and top sellers. Collecting this data allows companies to spot trends in pricing and uncover gaps in product offerings.

2. Price Comparison Websites

Aggregator sites simplify tracking prices across multiple retailers. Gathering information from these sites helps businesses develop strategies for competitive pricing to reach ideal pricing decisions.

3. Review Aggregators

Sites like Trustpilot, Yelp, and ProductReview combine authentic customer opinions from different industries and brands. Looking at this feedback shows what keeps customers happy, highlights common issues, and points out areas that need to improve.

Business Directory Scraping

Specialized directories give a full view of competitors and potential partners within specific industries. Resources like the Australian Business Register and US state databases share official details about registered businesses. Many industry associations also write member directories that include certifications and focus areas.

Data Extraction from Google

• Google Maps covers business locations, categories, ratings, and customer reviews.
• Google My Business profiles reveal details about services, hours, reviews, and customer feedback.
• Google Shopping SERPs offer intelligence on pricing, product features, and promotional tactics.
• Google Trends is an essential tool for spotting shifts in consumer interest.

Social Media Data Extraction

Social media platforms often have live discussions about products, brands, and industries. Watching rivals’ social pages can give a clear understanding of what strategies bring success. US and Australian companies use this knowledge to improve their own social plans and adapt winning techniques.

Online Survey Platforms

Surveys remain one of the quickest methods to collect extensive quantitative data. Businesses can use platforms like SurveyMonkey, Qualtrics, and Google Forms to connect with thousands of participants without spending much. These tools include features like targeting specific audiences, skip logic, and integrated analytics.

Conclusion

Market research is no longer a periodic checkbox activity. It's a continuous, strategic function that drives business growth. For US and Australian companies, implementing advanced techniques like web scraping creates a powerful competitive advantage. Companies that embed continuous market research are better positioned to identify opportunities early, respond quickly to threats, and build long-term success in competitive US and Australian markets.

If you need data for market research, then Scraping Intelligence can be your preferred partner. We provides Customized Data Extraction Solutions for comprehensive market research.

With expertise in both US and Australian markets, Our AI-powered Web Scraping Services deliver accurate, reliable data from multiple sources, including competitor websites, e-commerce platforms, and business directories.

---