Purpose of Competitor Research

Competitor research refers to the process of collecting, analyzing and evaluating the information and dynamics of major competitors in the industry or market in which an enterprise operates, as well as their impact and threats to the enterprise. The purpose of competitor research is the following:

Understand the competitive environment and competitive situation, grasp the development trend of the industry and the law of market change, and provide the basis for the enterprise to formulate reasonable strategic objectives and development direction.

Identify the strengths and weaknesses of competitors, analyze the strategic intentions and action plans of competitors, and provide reference for enterprises to formulate effective competitive strategies and countermeasures.

Find the weaknesses and loopholes of competitors, find the pain points and difficulties of competitors, and provide a breakthrough for enterprises to create differentiated advantages and competitive opportunities.

Learn from the successful experience and innovative practices of competitors, learn from the excellent models and methods of competitors, and provide reference for enterprises to improve their own capabilities and levels.

Methodology for competitor research

There are several main methods of competitor research:

First-hand information collection method: through direct access to the competitor's website, social media, promotional materials, etc., to obtain the competitor's basic information, product introduction, service content, etc. You can also communicate with competitors' representatives, customers, partners, etc. by participating in industry exhibitions, forums, seminars, etc., to obtain the latest developments, market feedback, and business progress of competitors.

Second-hand information collection method: through the use of industry associations, business databases, market research reports, professional media, industry experts and other channels, to obtain the historical data of competitors, financial statements, market share, customer evaluation, industry evaluation, etc.

Third-hand information collection method: through the use of their own personal connections, channel resources, industry insiders, etc., to obtain competitors' internal information, confidential information, undisclosed information. This method requires high skill and risk awareness, and should pay attention to protect their own legitimate rights and interests and business ethics.

Steps for competitor research

The main steps of competitor research are as follows:

Determine the research object and scope: according to the strategic objectives and market positioning of the enterprise, select the competitors who have direct or indirect competition with the enterprise, determine the focus and depth of the research, and formulate the time and budget of the research.

Design research plan and content: according to the purpose and method of the research, design the specific content and problems of the research, including the basic situation of competitors, strategic direction, core competitiveness, product strategy, price strategy, channel strategy, promotion strategy, customer relationship, brand image, etc. At the same time, determine the specific methods and tools of research, such as questionnaires, interviews, observations, experiments, etc.

Implementation of research and information collection: in accordance with the research program, the use of a variety of methods and channels to collect information about competitors, pay attention to ensure the authenticity, effectiveness and timeliness of information. At the same time, the collected information is sorted, classified and archived to facilitate subsequent analysis and utilization.

Analyze information and evaluate competitors: use quantitative and qualitative analysis methods to conduct in-depth analysis and evaluation of competitors' information, identify competitors' strengths and weaknesses, judge competitors' strategic intentions and action plans, identify competitors' weaknesses and vulnerabilities, and form competitors' portraits and evaluations.

Form research reports and suggestions: according to the results of analysis and evaluation, form a systematic research report, summarize the characteristics and trends of competitors, put forward the impact and threat to the enterprise, give targeted coping strategies and suggestions, and provide reference and support for the strategic decision-making of the enterprise.

Tips for Competitor Research: How to Exploit Competitor Weaknesses and Vulnerabilities

The ultimate goal of competitor research is to enhance the competitive advantage of enterprises, and the formation of competitive advantage often stems from the weaknesses and loopholes of competitors. Therefore, how to find and exploit the weaknesses and loopholes of competitors from the research results is the key to competitor research. Here are some tips and suggestions:

From the customer's point of view, identify the competitors can not meet or not enough to meet the customer needs, these needs are the weakness of competitors, but also the opportunity of the enterprise. For example, in the field of market research, Shangpu Consulting found that competitors' reports often lacked depth and pertinence to meet the individual needs of customers, so Shangpu Consulting focused on providing customized market research and consulting services. won the trust and reputation of customers.

From the competitor's point of view, find out the competitor's strategic loopholes and execution defects, these loopholes and defects are the competitor's loopholes, but also the breakthrough of the enterprise. For example, in the field of investment consulting, Shangpu Consulting found that competitors' investment advice is often too conservative and generalized to meet clients' risk appetite and return expectations, so Shangpu Consulting focused on providing accurate and innovative investment solutions and consulting services, winning the trust and praise of clients.

From their own point of view, to find out their own advantages and characteristics, as well as competitors difficult to imitate or surpass the place, these advantages and characteristics are their own strengths, but also the moat of enterprises. For example, in the field of IPO consulting, Shangpu Consulting Company found that it has rich IPO experience and successful cases, as well as extensive industry resources and government relations, which are difficult for competitors to copy or surpass. Therefore, Shangpu Consulting Company pays attention to providing omni-directional and efficient IPO consulting services, which has won the trust and recommend of customers.