Business owners will all agree that knowing their competition is important. Some businesses will only have local competitors, but others may have global competition. You will want to make sure that you know all about your competition, both locally and internationally.
One of the best ways to learn about your competition is through the use of Trade Data Online offered by Industry Canada. There is an option for you to search by product, and you can find the competitors across the world that sell the same products or services.
First, you will want to make sure that you are aware of the countries that Canada does business with most often. This will help you to determine your competitors both locally and internationally. When searching by product, you can pull up a detailed list for all countries that export to Canada. Then, you will be ready to research the companies in order to get that competitive edge.
Next, you will want to consider American companies. American companies are sometimes the front runners in many industries, and this is definitely something that Canadian business owners want to keep in mind. You can search the distribution by state to find out which states sell the most products and services to Canada.
Finally, don’t forget about your local Canadian competitors. You can search by province or territory in order to learn more about the competition in your own country. You can then research more about the companies that you find on the list.
When you search the Trade Data Online database you will definitely get some great information. That does not mean that you will know all about your competition, but you will be able to learn more about where the competitors come from. You can then take the information that you get from the data and do your own research on the competing companies.