The Importance of Competitor Research

In today's market environment, competition is becoming increasingly fierce, enterprises are facing from the same industry, cross-industry, domestic and foreign competition pressure. In order to maintain an advantage or make a breakthrough in the competition, enterprises need to constantly understand their competitive environment, evaluate their competitiveness, and formulate effective competitive strategies. Competitor research is an effective tool to help companies achieve this goal.

The importance of competitor research is mainly reflected in the following aspects:

Competitor research can help companies identify and analyze their competitive strengths and weaknesses, identify their core competencies and differentiating strengths, and areas that need to be improved and enhanced. Through competitor research, companies can clearly understand their position and image in the market, as well as the gap and difference with competitors.

Competitor research can help companies understand and predict the strategic intentions, behavior patterns and trends of competitors, as well as their impact and threats to their own enterprises. Through competitor research, companies can discover the trends and changes of competitors in a timely manner, grasp the strengths and weaknesses of competitors, as well as possible opportunities and risks.

Competitor research can help companies make and adjust their strategic decisions, including product strategy, pricing strategy, channel strategy, promotion strategy, brand strategy, etc. Through competitor research, enterprises can choose appropriate competitive strategies, such as attack strategy, defense strategy, follow strategy, differentiation strategy, etc., according to the actual situation of the market and the strategy of competitors, in order to improve their market share and profit margin.

Competitor research can help companies innovate and learn, discover and learn from competitors' successes and good practices, and avoid and correct competitors' failures and mistakes. Through competitor research, enterprises can stimulate their innovative thinking and motivation, and constantly improve and optimize their products, services, processes, organizations, etc., in order to enhance their competitiveness and core competitiveness.

Purpose of Competitor Research

The purpose of competitor research is to provide valuable information and suggestions to help enterprises solve practical problems and achieve strategic goals. Specifically, the purpose of competitor research can be summarized as follows:

Provide enterprises with basic information about competitors, such as enterprise profile, development history, organizational structure, financial status, product line, market share, customer groups, partners, etc., so that enterprises can have a comprehensive and accurate understanding of competitors.

Provide enterprises with competitive strategy analysis of competitors, such as competitors' strategic objectives, strategic choices, strategic execution, strategic evaluation, etc., so that enterprises can understand the strategic thinking and behavior logic of competitors, as well as their impact and threats to their own enterprises.

Provide enterprises with core competitiveness analysis of competitors, such as competitors' resource capabilities, value chain activities, core competencies, core resources, core values, etc., so that enterprises can assess the strengths and weaknesses of competitors, as well as the relative strengths and weaknesses of their own enterprises.

Provide enterprises with analysis of the development trend of competitors, such as the development direction of competitors, development speed, development potential, development obstacles, etc., so that enterprises can predict the future dynamics and changes of competitors, as well as their own business opportunities and risks.

Provide enterprises with competitors' optimization suggestions and solutions, such as how to enhance their competitiveness and core competitiveness, how to formulate and implement effective competitive strategies, how to deal with and resist competitors' attacks and challenges, how to use and seize competitors' weaknesses and loopholes, how to innovate and learn from competitors' successful experiences and excellent practices, so that enterprises can gain advantages or breakthroughs in the competition.

Methodology for competitor research

There are several main methods of competitor research:

Literature analysis: By collecting and analyzing competitors' public information, such as official websites, annual reports, news reports, industry reports, patent literature, recruitment information, etc., to obtain basic information and strategic intentions of competitors.

On-the-spot investigation method: by personally or entrusting a third party to the actual business premises of competitors, such as factories, warehouses, stores, offices, etc., on-the-spot observation and investigation, to obtain the production and operation status of competitors, product quality, service level, customer satisfaction and other information.

Questionnaire survey method: through the design and distribution of questionnaires for competitors' related questions, to competitors' employees, customers, suppliers, partners and other relevant personnel to investigate, to obtain competitors' internal situation, external evaluation, market feedback and other information.

Interview survey method: Through face-to-face or telephone interviews with competitors' management, technical personnel, sales personnel, marketing personnel and other key personnel, access to competitors' strategic planning, technological innovation, sales strategy, market dynamics and other information.

Simulation survey method: by simulating potential customers or partners of competitors, communicating and trading with competitors, obtaining information on competitors' product characteristics, price levels, promotional activities, cooperation conditions, etc.

Intelligence Analysis: By using various intelligence analysis tools and methods, such as Porter's five-force model, SWOT analysis, PEST analysis, value chain analysis, core competence analysis, etc., the information of competitors is collated, summarized, analyzed and evaluated, and the competitiveness and development trend of competitors are concluded.

Steps for competitor research

The main steps of competitor research are as follows:

Determine the research objectives: clarify the purpose, scope, content and requirements of the research, as well as the duration, budget and quality standards of the research.

Determine the research object: according to the research objectives, select other enterprises that have direct or indirect competition with their own enterprises as the research object, and can be screened and classified according to the type, scale, region, market share and other criteria of competitors.

Determine the research method: according to the research object and research objectives, choose the appropriate research method, you can use one or more methods to combine and match, in order to improve the efficiency and effectiveness of the research.

Collect research information: according to the research method, use various channels and means to collect relevant information of competitors, including basic information, strategic information, core competitiveness information, development trend information, etc., and pay attention to the source, timeliness, accuracy and completeness of the information.

Analysis of research information: according to the research objectives, the use of various intelligence analysis tools and methods, the collection of information to organize, summarize, analyze and evaluate, draw the competitiveness of competitors and development trends.Conclusion, as well as the impact and threats to their own businesses.

Put forward research suggestions: according to the analysis results, put forward optimization suggestions and solutions for their own enterprises, including how to improve the competitiveness and core competitiveness of their own enterprises, how to formulate and implement effective competitive strategies, how to deal with and resist the attacks and challenges of competitors, how to take advantage of and seize the weaknesses and loopholes of competitors, and how to innovate and learn the successful experience and excellent practices of competitors.

Preparation of research report: according to the research objectives, information, analysis and recommendations, prepare a systematic, complete, standardized and persuasive research report, including title, summary, keywords, catalog, text, conclusions, recommendations, references, appendices and other parts, in order to report and communicate to customers or management.

Champ Consulting's Success Story

Shangpu Consulting is a professional consulting company that provides customers with various consulting services, including strategic consulting, market consulting, organizational consulting, operations consulting, financial consulting, and human resources consulting. Competitor research is one of the important services provided by Shangpu Consulting to customers, and it is also one of the core competitiveness of Shangpu Consulting. Shangpu Consulting Company has a consulting team with rich experience, high professional quality and strong business ability, as well as a set of perfect, scientific and efficient competitor research methods and processes to provide customers with high-quality, high-value and efficient competitor research services. The competitor research service of Shangpu Consulting Company has been successfully applied to many client projects in different industries and fields, and has achieved remarkable results and high recognition from customers. Here are some of the success stories of Champ Consulting:

Case 1: Provide competitor research services for a leading domestic e-commerce platform to help it analyze and evaluate its main competitors at home and abroad, such as Alibaba, Jingdong, Amazon, Wal-Mart, etc., as well as its strategic intentions in the field of e-commerce. Behavior patterns, development trends, core competitiveness, etc., provide basis and reference for them to formulate and adjust their own e-commerce strategies. Shangpu Consulting Company adopted the literature analysis method, network investigation method, simulation investigation method and intelligence analysis method to collect and analyze a large amount of information of competitors, and used Porter's five forces model, SWOT analysis, value chain analysis and other tools to conduct in-depth analysis and evaluation of competitors, and put forward optimization suggestions and solutions for customers, including how to improve the user experience, service quality, brand image, technological innovation, cooperation and development of their own e-commerce platform, as well as how to deal with and resist the competitive pressure and challenges of competitors, and how to use and seize the opportunities and risks of competitors. The competitor research service of Shangpu Consulting Company has helped customers improve their e-commerce competitiveness and market share, and has won high praise and trust from customers.

Case 2: Provide competitor research services for an internationally renowned automaker to help it analyze and evaluate major global competitors, such as Toyota, Volkswagen, Ford, Tesla, etc., as well as its strategic intentions and behaviors in the automotive field. Mode, development trend, core competitiveness, etc., provide basis and reference for it to formulate and adjust its own automotive strategy. Shangpu Consulting Company adopted the literature analysis method, field investigation method, interview investigation method and intelligence analysis method, collected and analyzed a large amount of information of competitors, used PEST analysis, value chain analysis, core competence analysis and other tools, conducted in-depth analysis and evaluation of competitors, and put forward optimization suggestions and solutions for customers, including how to improve the performance, quality, safety, innovation, environmental protection and other aspects of their own automotive products, as well as how to deal with and resist the competitive pressure and challenges of competitors, how to use and seize the opportunities and risks of competitors. The competitor research service of Shangpu Consulting Company has helped customers improve their automobile competitiveness and market share, and has won high praise and trust from customers.

Case 3: Provide competitor research services for a leading domestic education and training institution to help it analyze and evaluate its main competitors at home and abroad, such as New Oriental, Good Future, Learning and Thinking, VIPKID, etc., as well as its strategic intention, behavior mode, development trend, core competitiveness, etc. in the field of education and training, so as to provide basis and reference for it to formulate and adjust its own education and training strategy. Shangpu Consulting Company adopted the literature analysis method, questionnaire survey method, network survey method and intelligence analysis method to collect and analyze a large amount of information of competitors, and used SWOT analysis, value chain analysis, core competence analysis and other tools to conduct in-depth analysis and evaluation of competitors, and put forward optimization suggestions and solutions for customers, including how to improve the quality, effect, innovation and personalization of their own education and training products, how to deal with and resist the competitive pressure and challenges of competitors, and how to make use of and seize the opportunities and risks of competitors. The competitor research service of Shangpu Consulting Company has helped customers improve their education and training competitiveness and market share, and has won high praise and trust from customers.