How to Do Competitor Analysis in International Trade?
23 May 2023

Competitor analysis is crucial to identify the rivals
of a company and understand their market strategies. It helps businesses be
proactive, take action, foresee future trends, and develop strategies that make
them ahead of their rivals. In almost every profitable business, there is
competition. Where there is competition, there is a war to win.
So, how to do competitor analysis? Here are some steps
that will help you in winning the competition race.
Collect Data and
Analyze
Now that you know who you compete against, it’s time
to monitor their moves by collecting and analyzing the data. Yes, it is a
time-consuming and big challenge. But it is valuable for your business. Here is
some information that you must analyze about your competitors.
1.
Product Analysis
All businesses want their offerings to be seen as
perfect in the eye of their audience and they try to show their products on
every platform possible. You must analyze the offerings of your competitors and
try to find out what changes you can make in your business to leave them behind
in the competitive market. As such you can learn:
·
Who
are their ideal customers
·
Full
product/service range
·
How
they want to differentiate
·
Their
sales policy – high volume, low price vs. premium offering, high price, etc.
Whether you want to get product information or full
shipment details, you can get the B2B service and search data by HS Code,
product, importer, exporter, port, origin country, destination country, and so
on.
2.
Tree Map
By gaining access to crucial data, you can understand
the business of your competitors with their trade partners. With product and
pricing information, you can analyze the complete trade activities of companies
and gain valuable insights.
3.
Country Analysis
Get essential data and know all the trade developments of your competitors across international borders. Find in which countries your competitors are supplying goods to or importing goods from. With detailed data, you can easily study the market share of companies and their business performance.
4.
Marketing Strategy
To understand the market strategy of your competitors,
you should analyze their social elements including newsletters, websites, blog
pages, and social media performance. These channels show you:
·
Keywords
mostly use
·
Ranking
of keywords in Google
·
Kind
of content create
·
Kind
of visuals use
·
Audience
interaction
·
Use of
marketing channels to promote their products
·
Size
of organization
5.
Pricing
You need to get the answers to certain questions about
the pricing of products that your competitors offer. How are their products and
services priced? What is their discount policy? Can you estimate their cost
structure? These are a few major questions that you should look for and get the
answers to have a perfect competition analysis.
6.
Technology
In this era of technology, you should also study
technologies your competitors use in the product of their products. The more
advanced technologies you use in your production, the higher the speed,
efficiency, product quality, and standardization.
7.
Customers
Customer reviews are important when it comes to analyzing
the offerings of companies. You can visit websites, social media channels, and
other networks and go through reviews and testimonials provided by customers of
companies. From there also, you can study the offerings and market strategies
of your competitors.
8.
Trade Transaction Information
Last but not least, you can also get direct access to
the trade data of companies from a reliable platform. Besides finding your
competitors, you can track their operations as well by getting international
transaction information.
Sources to Collect Data
The very first step is to find the answer to the
question – how to find competitors domestically and internationally. For this,
you should determine your market and find countries in which you want to trade
your goods. Here are some of the sources from where you find your competitors.
1.
Chambers of Commerce
Every company must be registered in the chamber of
commerce where it’s located. While some chambers do not expose their members
online, most of them do. So, you can approach chambers to get details of
companies who are into import and export business like you are. Analyze their
business performance and find your competitors.
2.
Directories
Company directors are also great sources to find your
competitors. Filtering by country, you can reach most of the business for free.
3.
Trade Data Websites & B2B Platforms
You can also search for information on websites of
government and non-government organizations. There are trade data companies
that sell international transaction information at fair prices and it’s legal.
You can also take paid subscriptions to B2B platforms to access comprehensive
and complete global import-export trade data. You can find accurate information
and full details of companies that will help you to identify your competitors
and analyze their market.
4.
Trade Promotional Councils
You can also register with trade promotion councils
and look for trade information of companies. Many export companies use these
councils to promote their product and business. Basically, trade promotional
councils play an important connectivity role between importers and exporters.
5.
Global Trade Shows
Are you looking for genuine competitors that spend
money on marketing? Of course, there are good companies that spend a lot on
promoting their products and businesses. For instance, they attend global trade
shows where they exhibit their products. You must also attend such trade shows
where you can see which companies are dealing in the same product you do. And
of course, you can note down their information and get a detailed analysis.
Action
After collecting and analyzing data about your
competitors, you have to create actionable takeaways from them and compare your
position against them. Definitely, you will gain success in your import-export
business.
As you keep your competitor analysis updated and take
necessary actions on time, you never stay behind your rivals.
