COMPETITORS IN EACH COUNTRY
Accelerate your business with these expert tips on "Competitors in every country". Analyse and discover this TIP!
In every country you will have new competitors and you will have to differentiate yourself so that customers will choose you. Of course, there are always new competitors! And be clear, when you go international, you change leagues. You change the scenario where you compete, and perhaps even change the rules of the game.
Yes you are used to playing football in the Segunda B, working in a known domestic market, when you decide to enter a market that is foreigner you change the level of your competition, at the very least... you go up to first. They are different, better, more competitive companies, with more experiences, and you the new, the unknown, the novice. But don't have fear, look for your competitive advantage (+)!
In an internationalisation process, it is important to know the competitors in each country you intend to enter.
To do this, the following steps can be taken
- Conduct market research: It is important to know the market in which you are going to compete. A detailed analysis of the target market should be carried out to identify the main competitors in the country.
- Identify direct and indirect competitors: Once the main competitors in the country have been identified, they should be classified according to their level of competition. Direct competitors are those that offer products or services similar to those of the company. Indirect competitors are those that offer products or services that can be considered as alternatives to those of the company.
- Analyse the competition: It is important to analyse competitors to understand their strengths and weaknesses, as well as their marketing, pricing, distribution and promotion strategies. This analysis can help the company identify market opportunities and design a market entry strategy.
- Compare with the company: It is important to make a comparison between the company and its competitors in order to understand its competitive advantages. The company should identify what differentiates it from its competitors and how it can use this advantage to gain a larger market share.
- Update information on a regular basis: Competition in the market is constantly changing, so it is important to update information regularly to keep up with changes in the market and new competitors that may appear.
Why is it necessary to identify competitors in each new country?
Identifying competitors in each new country is necessary because it allows companies to understand the competitive environment and adapt their strategy accordingly. By knowing the competitors, companies can identify the strengths and weaknesses of their competitors, their products and services, their market positioning, their pricing and promotion strategies, among other aspects.
This allows companies to adjust their strategy to stand out in the market and differentiate themselves from the competition, whether through price, quality, service, innovation or other factors that may be important to consumers. In addition, knowledge of competitors can also help companies detect opportunities and threats in the marketplace, allowing them to adapt and react more quickly and effectively.
The artificial intelligence (see+ TIP) can help the entrepreneur to identify competitors in each country and obtain relevant information about its marketing strategy and market positioning. In addition, artificial intelligence can provide suggestions on how the company can design its market entry strategy and differentiate itself from the competition.
Suppose you own a food products company and you are planning to expand your business into the international market. You would like to know who your main competitors are in each country you plan to enter. You can use artificial intelligence to help you with this task. Simply enter the following question: "What are the main competitors in the market for food products in [name of country]?
For example, if you plan to enter the food products market in Mexico, you can ask: "What are the main competitors in the Mexican food products market? Artificial intelligence will provide you with a list of the main competitors in the food products market in Mexico. You can repeat this question for each country where you plan to expand your business to gain valuable information about your competitors in each market.
Note that this information provided by artificial intelligence is a useful tool, but it is always advisable to conduct additional research to get a full understanding of the market and competition in each country.
How to map competition using artificial intelligence?
Artificial intelligence can be a useful tool for gathering information about competition in different countries.
TO MAP THE COMPETITION USING ARTIFICIAL INTELLIGENCE, FOLLOW THESE STEPS:
- Identify the countries where you want to obtain information about the competition.
- Use it to search for companies operating in the selected countries. For example, you can ask "Which companies compete in the [country] market" or "Who are the main competitors in the [country] market?
- Note the companies that are identified and the relevant information provided, such as their size, location, products or services, marketing strategies, prices, etc.
- Use artificial intelligence responses to create a visual competition map in Excel or a similar tool. For example, you can create a table where each row represents a company and each column represents a category of relevant information. Then, enter the collected data into each corresponding cell.
- Use the competitor map to compare and analyse the data collected. Identify the strengths and weaknesses of each competitor, as well as the market opportunities and threats in each country.
It is important to remember that artificial intelligence is an automated tool that can provide useful information, but it can also have limitations. It is advisable to verify and complement the information provided by artificial intelligence with additional research and own analysis.
APPLY THIS TIP TO YOUR PROJECT
PRACTICAL EXAMPLE OF HOW AN ENTREPRENEUR IN THE MENTORDAY ACCELERATOR PROGRAMME COULD USE ARTIFICIAL INTELLIGENCE TO STUDY THE COMPETITION IN EACH COUNTRY
Maria is an entrepreneur who has created an online shop selling handmade and sustainable products. After a process of analysis, it has decided that it wants to expand internationally in three countries: Mexico, France and Australia. However, before launching its shop in these new markets, it wants to study the competition in each market so that it can adjust its marketing and pricing strategy.
MARY CONTACTS THE ARTIFICIAL INTELLIGENCE AND ASKS IT THE FOLLOWING QUESTIONS FOR EACH COUNTRY:
- Who are the main competitors in the market for artisanal and sustainable products?
- What are the average prices of similar products on the market?
- What marketing strategies are the main competitors using?
- What is the online shopping experience like for the main competitors?
- Are there any differentiating factors that the main competitors offer to their customers?
Artificial intelligence provides you with detailed information about each country, including a list of the main competitors, their average prices, marketing strategies, online shopping experience and differentiating factors.
With this information, Maria can create a competition map in Excel and compare all answers for each country. In this way, she can get an overview of what the market is like in each country and decide how to adjust her market entry strategy in order to compete successfully.
In short, using artificial intelligence can help entrepreneurs study competition in different markets quickly and efficiently, allowing them to make informed decisions and adjust their internationalisation strategy to succeed in each new market.
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