Who are your competitors? You may believe that you have a unique product but there will be other companies operating in a similar space that may threaten your entry into particular markets. On the flip side, perceived competitors may also be excellent partners if you can offer them a product or service that complements their offerings. Opportunities may increase if you can present potential partners with a new technology that enables them to expand into new product lines.

A quick keyword search on the Internet may help identify some of these competitors. Information about your competitors helps you analyse trends and issues in particular countries and identify countries where the competitor threat can be minimised.

By studying your competitors closely, you will be able to identify their market strategies in various countries. By monitoring trade shows where your competitors are exhibiting, you may also be able to ascertain which new markets they are seeking to enter.

If you are seeking to enter a market where your competitors have a strong presence, you will need to explain to potential customers how your technology differs from that of your competitors.

Learn how Austrade can assist you with market and competitor analysis.