In the 21st century, businesses have becomeadvanced, tech-savvy, and automated. At the same time, developing your businessis now trickier as it absorbs ounces of energy from you. On top of that, thecompetition in the market is even higher, making combating your competitionmore challenging.
Knowing how tofind your competitors' suppliers can be a game-changer in these rapidlychanging business dynamics. It ensures that your business will stand out fromthe crowd in no time and gain an advantage you never expected.
This article will examine different tools for analyzing your competitive landscape and setting your business up for successby exploring different techniques for competitive analysis. Read on for nuggetsof gold!
Advantages of Finding & Knowing Your Competitor's Suppliers
Most business ownerswant to find out about their competitor’s import & export data in order tocompete effectively.in order to compete effectively. It helps them stand out inthe market and drive sustainable growth in their business.
You can leverage thesame to skyrocket your profits. But before investing your valuable time and moneyin finding competitors’ suppliers, youshould consider whether it would be worth it or not.
By finding and knowing your competitors’suppliers, you can:
● Learn about your competitor’scosts and compare them with yours.
● Discover cheaper alternatives toyour current suppliers, which would enable you to offer lower rates for yourcustomers, increase profits, and improve your customer base.
● Stay one step ahead of thecompetition by setting competitive prices and responding to competitors’marketing campaigns.
Find out the production capacity of your competitionand plan accordingly.
Use Competitor'sIMPORT & EXPORT Data for Competitive Advantage
Competitive advantageis an attribute a company may have to stand out from its competitors andoutperform them, e.g., lower prices, better quality, or an irresistible offerthat can bring value to the table and disrupt sales.
UNDERSTANDING HOWYOUR competition’s import/export data can help you gain a competitive advantageis a key to deciding whether it would be a worthwhile investment for yourbusiness or not.
By knowing how to find your competitors’ suppliers,you put yourself in a favorable position as you can counter their marketingattempts and are able to refine your business strategy.
Having access to competitors’ import/export data keepsyou up to date with the latest trends and newest product releases. As a result,you know the best supplies to maintain sustainable success in the future.
How to FindYour Competitor's Suppliers
[Step By Step Guide]
After considering the benefits above, you maybe willing to invest in attaining this data after weighing the benefits above.So, how do you do it? Figuring out who your competitor's suppliers are can be adaunting task. It can take weeks or even months to track down all of yourcompetitor's suppliers. Not to mention, you might not even know where to start.We've created an exclusive roadmap that makes it easy for you to find yourcompetitor's suppliers within minutes.
Below are some easy-to-follow steps to find competitors' suppliers.
Step 1: List Your Competitors Before FindingCompetitors Suppliers
Carryingout effective competitive analysis is crucial for your business’s success. Youneed to find out who your competitors are and make a list of them. Although youmay have a good idea of who your main competitors are, you’ll be surprised atwhat you may be missing.
Here are some waysto build your competitor list to findcompetitors’ suppliers:
● Search engines and online directories - Mostbusinesses nowadays have an online presence. One simple Google search for yourproduct reveals a lot of competitors in your niche.
● Engage with existing customers - If you haveexisting customers, you can ask them for alternatives they may choose over you.
● Exploring online communities - social media isthe primary place for your customers to hang out. You can get a good idea ofthe market by exploring online forums and groups. The best places to startlooking include Facebook groups, Quora forums, and Subreddits.
After using themethods above, you should have a good list of competitors to conduct adequateresearch.
Step 2: Find Your Competitor’s Suppliers Using Different Tools.
Nowthat we have a list of competitors, the next thing you have to consider is how to find your competitors suppliers.There are many tools to carry out effective competitive research, but belowwe’ll discuss some of the best free and paid tools to find competitors suppliers.
❖ Import Yeti
Import Yeti is a great free tool to carry outeffective research for your Amazon FBA and eCommerce business. Within minutes,you can find hundreds of suppliers to well-known retail chains, eCommerce, andAmazon businesses.
It collects over 70million US Customs Sea Records and stores them in itsdatabase, making it an invaluable tool for finding competitors’ suppliers.
To start usingImport Yeti:
● Go to importyeti.com
● Type in the name of the businessyou want to find the suppliers of and press Enter
● You’ll be greeted with a screenand a list of suppliers to the brand:
We love Import Yetibecause it gives you a detailed breakdown of the brand you search for. Withinminutes you’ll be presented info on:
● Total sea shipments over time
● A list of suppliers
● Product breakdowns based on HSCode
● A list of top 10 wholesale vendors
● Top 10 supplier relationships
● A breakdown of imports per country
● A list of the most recent seashipments.
Once you find the info that interests you, you canmove on to the next step, contacting the supplier through the contactinformation given in Import Yeti.
❖ Port Examiner
Port Examiner is another excellent free toolto access millions of US Customs imports records. Similar to Import Yeti, PortExaminer gives you details on the suppliers, but it has a simpler interface.
It shows you theBill of Lading, which mentions the Shipper, Consignee, and Notifying Party. Ifyou scroll down further, you can also see container info that gives you anaccurate measure of production to enhance your competitive research further.
To start using PortExaminer to find competitors' suppliers,you must search your query and press Enter.
Although the infopresented may not be as detailed compared to Import Yeti, the thing we likeabout Port Examiner is that it’s not only limited to importers from the US.
❖ Jungle Scout
Jungle Scout is an all-in-one product researchtool that gives you detailed breakdowns of your competitors' suppliers.
With Jungle Scout,you’ll be able to carry out top-notch competitive research as it handleseverything for you - from finding competitors to getting their suppliers’contact info.
After signing upwith Jungle Scout, you’ll be given access to their browser extension, whichyou’ll use to find relevant competitors. Just search for the keyword/productyou're selling and activate the extension. Next, you have to insert thecompetitors into Jungle Scout’s Supplier Database.
You’ll be presentedwith a breakdown of their shipments, including
● Shipment history
● Total shipments
● Total customers
● Top customers
● Manufactured products
● Contact info.
Although JungleScout is trusted by 500,000+ sellers, it may not be for everyone. Its pricingplans are expensive and could be a heavy investment in the long run.It starts from $29/mo and doesn’t offer a free trial.
Step 3: Analyze Competitor'sSuppliers
Onceyou find competitors suppliers, youcan use this data to create effective strategies to set your business up forsuccess. There are a few ways you can use this data to analyze yourcompetitors' suppliers.
● View Their Country of Origin
The first benefit of learning how to find your competitors' suppliersis that you’ll be able to identify their country of origin. This allows you toverify where competitors are getting their supplies from. So, if a competitorclaims to ship their raw materials from, for example, authentic US farms - youcan check the validity of that claim.
● Make Accurate Measurements on Production
A competitive research tool like Port Examinergives you detailed info on container and shipment data. If you find competitors suppliers like this,you can uncover valuable insights such as shipment history, weight, number ofpieces, and total volume. All these statistics will help you determine theamount of production your competitors engage in. By analyzing this info, youcan accurately judge the authenticity of your competitor's track records.
For example, Largeestablished suppliers would have regular shipping schedules with largerquantities and a better track record. Whereas if you see suppliers shipping torandom consignees with an infrequent shipping schedule, it could mean they havea bad track record. It would be better to avoid these suppliers for yourbusiness.
● Stay Ahead of Your Competitors
By finding your competitors’ suppliers. Youcan achieve a competitive edge over the market. This allows you to stay aheadof the competition and stand out in the market. Knowing how to find your competitors' suppliers can enable you to monitortheir activity and actively plan your next strategy.
A paid tool such asImport Genius will send you email alerts when they get a shipment update. Thesecompanies are usually integrated with the US Customs, which allows them toshoot you a message the second they get any new activity from your competitor'ssuppliers.
This will keep youupdated on your competitors' suppliers and help you stay in the know for anynew product releases or cheaper materials.
● Contact Competitors Suppliers
Using tools such as Import Yeti or JungleScout to find competitors suppliersare great because they do all the heavy lifting for you. Finding suppliers isone thing but knowing how to reach them is another. Fortunately, these toolsconveniently label all the appropriate and valuable contact information such asphone number and address.
If you wish to send them an email, you can searchtheir name on Google, and there’s a high chance it would appear there.
Secure Your Import &Export Data with Hide Import
By the end of this write-up, you must haverealized it’s easy to know how to findyour competitors' suppliers. Using free or paid tools such as Import Yetiand Jungle Scout will give you access to all your suppliers' competitors withinminutes.
However, you maywonder that since it's so easy for you, your competitors could do the same andcounter you. Yes, it happens, but don't worry, as every tool out there extractsdata from the public US Customs and Border Protection, which records andpublicizes the company’s import and export data.
However, you canfile a confidentiality request with Hide Import and secure your customs import andexport record so your competitors can’t take advantage.