Knowing your competitors is essential to planning a successful strategy in international markets. Competitive analysis allows you to identify opportunities, understand industry dynamics and position yourself competitively. But how do you analyze competitors globally? Here is a practical guide.
1. Identify International Competitors
Why it's important: Knowing who your direct and indirect competitors are helps you focus your analysis.
How to do:
- Divide your competitors into direct (same product or service) and indirect (alternative solutions).
- Use search engines, social media, and local business directories to identify key players.
- Analyze global marketplaces like Amazon, Alibaba or eBay to find competitors in your industry.
2. Study Their Offer
Why it matters: Understanding what your competitors offer allows you to highlight your strengths and differentiate yourself.
How to do:
- Analyze the product catalog: What are the best-selling products/services? What features make them competitive?
- Review your pricing and discount policies: How do they stack up against your brand?
- Evaluate innovation: Do they offer innovative solutions or technologies?
3. Review Marketing Strategies
Why it matters: Marketing strategies reveal how your competitors attract and retain customers.
How to do:
- Analyze their website and blog to understand how they communicate brand value.
- Examine their social media presence: What platforms do they use? What kind of content do they post?
- Study Ad Campaigns: Use tools like SEMrush or SpyFu to analyze their PPC campaigns and target keywords.
4. Evaluate Their Online Reputation
Why it matters: Public perception of competitors can reveal strengths and weaknesses.
How to do:
- Read reviews on platforms like Trustpilot, Google Reviews or Yelp.
- Monitor conversations on social media and forums to understand how customers are talking about your products/services.
- Use tools like Brand24 or Mention to track brand reputation.
5. Analyze Distribution Channels
Why it matters: The distribution channels chosen by your competitors can offer you ideas for improving your sales network.
How to do:
- Check whether they operate through e-commerce, brick-and-mortar stores, local distributors, or a combination of these.
- Study their logistics partners and delivery times.
- Analyze return and after-sales service policies.
6. Measure Financial Performance
Why it matters: Understanding your competitors’ financial stability can help you gauge their strength and predict their next steps.
How to do:
- Analyze government budgets, if available.
- Use databases like Orbis or Dun & Bradstreet to get financial information.
- Compare revenue, growth, and operating expenses.
7. Create a Competitive Benchmark
Why it matters: A benchmark helps you compare your performance to that of your competitors.
How to do:
- Identify key metrics such as market share, web traffic, social media engagement, and conversion rate.
- Use graphs and reports to visualize the differences.
- Update the benchmark regularly to monitor progress.
Analyzing competitors in international markets is an essential step in building an effective and competitive strategy. With a systematic approach and the right tools, you can identify opportunities, anticipate trends and position your brand for global success. Don't underestimate the value of a thorough understanding of your competition: it's the key to achieving a lasting competitive advantage.