2 items tagged "competitive intelligence tools"

  • 6 Steps to create a winning market entry strategy

    Market entry strategies

    market entry strategy is a key tool for clarifying what you aim to achieve and how you’re going to achieve it when entering a new market. While an export plan tends to focus on just a few products or services, your market entry strategy will provide you with a roadmap for your whole business.

    A typical market entry strategy can take six to 18 months to implement. That timeline is well worth the effort as it will ensure you have the best distribution channels in place, that you are launching the right product and that your goals align with those of your stakeholders.

    Here are five steps, recommended by Carl Gravel (Director International Expansion at BDC) you can follow to build a winning market entry strategy and start exporting into previously unknown territory.

    1. Set clear goals

    Be specific about what you want to achieve in your new market, including the level of sales you can expect to reach. Keep referring back to these goals as you flesh out your strategy to help you stay on track and confirm that your opportunity, products/services and overall business goals are aligned.

    2. Research your market

    Use every means at your disposal to get to know your new market—including going there in person. Gravel suggests attending trade shows as a participant or exhibitor to meet people, learn about the competition and make business contacts in the area. Market research is a specialism. Especially when it comes to selecting and entering new markets.

    When getting to know your market, it’s important that you learn about it in every dimension—not just business

    -wise but also socially, culturally and politically. If you’re entering a region with a different language or cultural norms than Canada, think about how you’ll communicate with key contacts.

    Explore all the rules that could affect your product and how you produce and deliver it. You’ll also need to understand your labelling requirements to ensure your packaging complies with local regulations. Learn about different distribution channels, too. At this stage, says Gravel, it’s advisable to seek information and counsel from embassies, consulates and industry associations.

    3. Study the competition

    A detailed competitive analysis based on your research and visits to the target market will help you make key decisions—for example, if you need to modify your product or service to customize it for that market. Competitor analysis also is a specialism not every organisation posesses in house.

     

    Gravel says most businesses underestimate the degree of competition existing in new markets. Getting the expert advice of a consultant www.Hammer-intel.comcan help clarify the challenges.

    4. Choose your mode of entry

    There are many ways to enter a new market. You can use the services of a distributor or agent located there. You might become a franchisee or acquire an existing business. You can even construct an entirely new brick-and-mortar facility.

    Gravel says in his experience a lot of companies start by going into the U.S. first—and most choose to partner with an existing distributor. If you choose that path, make sure your strategy includes a unique value proposition for the distributor. Your partner will want to understand what’s in it for them, and how your product or service is different enough to stand out in the marketplace, but not so different that buyers won’t understand what it is.

    5. Figure out your financing needs

    Find out if you'll need to get any financing to support your export venture. You may also want to get insurance that protects your company against losses when a customer cannot pay. EDC offers credit insurance that can help you avoid cash flow issues when an international customer fails to pay.

    6. Develop the strategy document

    Once you’ve worked out the details of your strategy, you’ll be ready to write it out. Once created, this document will be your blueprint going forward, detailing your goals, research findings, contacts, budgets, major action items and timelines, and how you’ll monitor and evaluate your success on an ongoing basis.

    “Be as structured as possible,” says Gravel. “Once you have a plan, it is easier to follow the action items and not be overwhelmed.”

    He also advises having your accountant, lawyer and an external specialist review your strategy. You want to ensure you haven’t missed something that will prevent you from entering the market or require you to pull back after you get there.

     

    Source: Business Development Bank of Canada

    Delivered by Hammer, market intelligence (www.Hammer-intel.com)

     

  • How To Use Competitive Intelligence To Drive Email ROI

    Naamloos

    Marketers who use competitive intelligence tools enjoy an average of three times more email generated revenue than those who don’t, according to a recent report by The Relevancy Group.

    Yet one of the most common questions I'm asked when I present a client with a competitive analysis is: "There's no point in doing this more than once a year, right?"
    Think again. There’s a lot you can -- and should -- do with competitive intelligence tools to drive ROI on a regular basis. Here's a short list to get you started:
    1. Learn from your competitor's tests, not just your own. We all talk about testing, but did you realize that you can double your efforts by gleaning ideas from competitors? If you see what works for them, you can test it for yourself. And if you see something that doesn’t work, you can deprioritize that test, and put more lucrative efforts first.
    2. Identify key subject lines, phrases, creative, etc. Chances are, if it engages your competitors’ audience, it will probably engage yours, too. It’s worth sorting through creative examples to get ideas for what you can test next.
    3. Quickly see what is new in marketing. It can be difficult to find the newest innovations, tools, or techniques that can drive your results and make your job easier. A competitive analysis tool can help you keep tabs on your competitors so you can identify when they are doing something that you can’t. Think about all the technologies we now use that were virtually unknown 10 years ago: real-time suggestion engines, dynamic image generation, and more. Just by asking, “how did they do that?”, you might uncover that your competitors are using a new tool or technique that you could implement to help drive your ROI too.
    4. Prove you need a bigger budget. A competitive tool can help you see exactly how much effort your competitors are putting into their email channel. Based on those competitive insights, you can prove that you need a bigger budget to keep up.
    5. Track benchmarks. It’s helpful to understand how you stack up against competitive benchmarks, such as read rates or share of voice. It can be even more helpful to know how those metrics change in different seasons and during different holidays. This can support your budget requests or even potentially help you restructure your program.
    Clearly there is a lot you can learn from your competitors. Once a year definitely won’t cut it if you want to keep your program fresh and continue to drive ROI. Instead, consider a two-part approach:
     
    Weekly and/or monthly: Make quick dives into the competitive tools you use to see creative changes on a regular basis. This is strictly to generate ideas that you can use to update your own testing grid. It will help you with the top three items above. A frequent check-in will keep this from taking too much time, because you’ll have enough familiarity with the competitive landscape to scroll through quickly.
     
    Bi-monthly or quarterly: Keep your more formal reporting to a less frequent schedule. This type of reporting is important because it will help you with the last two items on the list above. But it is the part that doesn’t change often. Quarterly may work, or you may decide that there are certain timeframes that are so important to your business that you need to adjust your reporting schedule around them. Even with adjustments, a formal reporting schedule shouldn’t be more often than every other month.
     
    Source: mediapost.com, November 16, 2016

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