What’s your Global Competitive Advantage?
Take the quiz to see where your business stands and get tailored advice to help you grow in the international marketplace.
What’s your global advantage?
Our products or services are unique as compared to what’s available in the market.
We offer products or services that are of higher quality than others
We incorporate services into our product offering in order to differentiate our products and add value for the customer
(for example, offering customers a cost-effective solution rather than offering just a product)
We invest in research and development.
We innovate by offering new or improved products or services.
We invest in market(s) outside of Canada to strengthen/support/complement our business outside Canada
(e.g. we have part or whole ownership of a sales office, warehouse, foreign company or joint venture outside of Canada)
We customize our products or services for each client or market.
We tailor our marketing strategy in each market.
We build relationships with key players in our industry within Canada.
We leverage our strong financials to attract clients or opportunities.
Our executives/company owners or partners are committed to growth outside Canada.
Your Global Competitive Advantage results
The overall score is made up of 4 attributes including your international networks, skilled talent, innovative capabilities and foreign market knowledge.
Here’s where you have the biggest opportunity for improvement:
Increase your innovation
In today’s increasingly competitive market, innovation is essential to staying relevant to your customers — and now might be the time for your business to try something new.
While still an important step, today’s innovation goes beyond traditional research and development. It could mean updating your product or service, changing your internal processes or staying on top of the latest marketing trends. Regardless of which form is best for your business, innovation is the key to keeping it competitive so it can grow outside Canada.
Step up your skilled talent
Your business’s least competitive area may be its skilled talent — and you’re not alone. In a survey of over 600 companies that sell outside of Canada, nearly half of all respondents said that finding skilled talent is a significant challenge to growing their business internationally.
But all hope is not lost: by changing your hiring practices, expanding your networks and investing in your staff, you can combat your talent shortage and give your team a competitive edge.
Develop an international network
If you plan to sell your product or service outside of Canada, you’ll need a stronger international network to gain a competitive advantage. Networking can create new opportunities for your business and give you a leg up when competing against international and domestic competition.
But building a network isn’t easy — it takes time, money and people. Start by finding online networking opportunities or engaging with local industry associations. With effort, you’ll find the opportunity you need to expand your business into new markets.
Expand your foreign market knowledge
Your business could benefit from learning more about your international markets. Foreign market knowledge helps you better understand the needs of your customers, so you can tailor your sales strategies to specific markets and offer a more valuable product or service.
The benefits of market knowledge go beyond your customers, too: it helps you learn what your competition is doing and opens the doors to new opportunities for your business to differentiate and become more competitive.
What are your competitors’ strengths?
Fill out the form below to see a detailed breakdown of how you scored in international networks, skilled talent, innovative capabilities and foreign market knowledge. Plus, compare your results to other businesses like yours so you can stay ahead of the competition.
Please note: all fields marked with an asterisk (*) are mandatory.
Thank you! We hope you find this information useful.