It would be best if you took several of them into account. In many competitive companies, the process is often arranged as follows: collecting a complete semantic core → building a structure → conducting audits to fix website errors (SEO, Technical, and User Experience audit) → analysis of competitors and their search pressure points.
It is important to write a promotion strategy based on the overall site condition assessment and competitors’ strategies. If the site is trusted, you go beyond limits and use all queries.
When working with a young site, it is necessary to perform semantic scoring and find the simplest queries for promotion in order to bring traffic and show concrete results in the first stage of work. After that, you can concentrate on complex keys and subsequent steps.
What is important here is not to screw up with semantics to save money and not spend them on key queries in which we won’t even get the Top 10 in the coming year.