Heading to a New Market? Know Your Competitors First
“We plan to expand our business activity and are looking into entering the Spanish market,” Yardena and Ron (CEO and VP Marketing and Business Development respectively), tell me.
“We have an Industry 4.0 product, which we feel has a place in the Spanish market. We’ve got lots of information on this market but know there are gaps and so want to get answers to a couple of critical questions. Most importantly, whom would our competitors be in Spain? And who are their customers – at the industry and vertical levels? Also, and very importantly, what marketing language do they use when talking to their customers?
Excellent questions and their answers can certainly illustrate how the competition sees the market, the customers, their needs and difficulties, as well as the steps they’ve taken in response.
We were ready to get to work on building a picture from the variety of sources we had: The competitors’ websites and corporate profiles on social media, often in video format – some of which were produced by the competitors themselves and others made about them. We also conducted interviews with their customers, and so on.
We surveyed the market, one competitor at a time, building up a picture that allowed us to map the major competitors in the target market, giving us a full understanding of how they saw the market.
The picture we built was a fascinating one, and it gave us a good view of the broader market. Building on this valuable data, we now had reliable and up-to-date information on which to start planning practical steps.
So, what had we achieved?
An excellent understanding of the competitors.
Market analysis – from the competitors’ viewpoint – of how they understood customer needs in the target market.
A solid foundation of information on which to build the right positioning for Ron and Yardena’s company in the Spanish market.
The best way to tweak their company’s message to the needs of the target market.
Do you want to check out a new market you’re thinking of entering?
Do you want to learn more about the competitors to be better informed?
‘Talk’ to me by phone, mail or text.