Competitor analysis involves identifying the customers of all competing firms worldwide, as conveyed by the client and also identified by Again Data's commercial intelligence experts, by analyzing their sales.
Conducting competitor analysis in export is a critical factor for a company to sustain its competitive advantage and achieve growth. Understanding competitors enables the identification of effective strategies and serves as a key to success in a competitive market.
Why is Competitor Analysis Important?
Competitor analysis in export is important for a company to gain a competitive advantage. The reasons can be summarized under the following headings:
Competitor analysis helps us understand the competitive landscape in target markets. By examining which competitors offer what types of products and services, their pricing strategies, distribution channels, and marketing tactics, we can identify market opportunities. This information assists the company in shaping its strategic decisions.
Competitor analysis helps a company identify its strengths and weaknesses. This information enables the company to emphasize its competitive advantages and differentiate itself from competitors. For example, by examining competitors' pricing strategies, a company can offer more competitive prices or gain an advantage over competitors by improving product or service quality.
Competitor analysis guides the company's strategic planning process. By analyzing competitors' strengths and weaknesses, we can decide how the company should position itself. Based on this analysis, we can develop strategies such as product development, market expansion, entering new markets, or growing in existing markets.
Competitor analysis is an important tool for making market forecasts. By evaluating competitors' strategies and performance, we can anticipate market trends. This helps the company predict future demand and adjust its production capacity accordingly.
Competitive analysis serves as a stimulus for innovation and development. By examining the strengths and innovative practices of competitors, a company can improve its own products and services and offer innovative solutions.