Analyse your Competitors and improve your Market Positioning!
There is a wide range of resources available which enable you to analyse the competition (and maybe find some competitors you didn’t know you had*).
- Country Analysis: - See where your overseas competitors are based*.
- Company Profiles: - Find the names & details of your competitors, then check their trading profile and & credit status.
- Online Competition: - Check the quality of your competitors' websites.
*You will see we indicate a number of resources from The International Trade Centre (ITC) is the only development agency that is fully dedicated to supporting the internationalisation of small and medium-sized enterprises (SMEs). Established in 1964, the ITC is the joint agency of the World Trade Organization and the United Nations
We would suggest that you take the following approach when analysing your competitors:
- Focus on Metrics First: - Take a data-driven approach to analysis first. Try to pick out as many metrics before trying to break down the “why” and "how" of your competitors' market positioning.
- Analyze Your Competitors: - Have you found weak spots? How can they react? How are they going to react? Can you beat them? There’s no use in trying to punch above your weight..Can you learn from them - especially the bigger competitors?
- Turn Analysis into Action: - Once you have carried out your analyses, you can then determine how to optimise your strengths and redress any weaknesses. Make sure the information you uncover translates into some sort of action.