Competitor research is a market research method that aims to understand the relevant information of competitors, such as product characteristics, service quality, pricing strategy, market share, customer satisfaction, brand image, marketing channels, innovation ability, etc. The purpose of competitor research is to develop effective marketing strategies and differentiation advantages to enhance their market competitiveness.

The importance of competitor research is self-evident. In the market economy, enterprises should not only understand their products and customers, but also understand their competitors. Only by fully understanding the situation of competitors can we find out our own strengths and weaknesses, seize opportunities, avoid risks, formulate reasonable goals and strategies, and improve market share and profit margins. Competitor research also helps companies discover new trends and new demands in the market, promote innovation and improvement, and enhance their core competitiveness.

There are several main methods of competitor research:

Documentation: access to basic information and data about competitors by consulting publicly available literature, such as industry reports, news reports, official websites, annual reports, prospectows, etc;

Observation method: through direct or indirect observation of competitors' products, services, channels, marketing activities, etc., to understand their characteristics and performance;

Interviews: through interviews or questionnaires with competitors' employees, customers, suppliers, partners and other relevant personnel to obtain their internal situation and external evaluation;

Trial method: to evaluate the quality and performance of competitors' products or services through their own trial or testing or commissioning of third-party institutions;

Simulation: By constructing a model or scenario of a competitor, simulating its possible behavior and reactions, and predicting its future movements and impact.

There are many cases of competitor research, here are a few typical examples:

Take Coca-Cola as an example. Coca-Cola's competitors include not only Pepsi and other similar products, but also all the water that can be drunk into consumers' stomachs, such as mineral water, fruit juice, tea, coffee, etc. Through continuous competitor research, Coca-Cola understands the market demand, consumer preferences, price sensitivity, channel distribution, brand image, etc. of various beverages, and has formulated different market segmentation and product positioning strategies, such as launching low-sugar, sugar-free, Zero, fiber and other products to meet the needs and tastes of different consumers, and increase market share and brand loyalty.

Take Xiaomi as an example. Xiaomi's competitors include Apple, Samsung, Huawei, Honor, oppo, vivo, etc., covering the high-end, mid-end and low-end smartphone markets. Through competitor research, Xiaomi has learned about the product performance, function, design, price, sales volume, reputation, innovation ability, etc. of various brands, and formulated the core competitive strategy of "cost performance" and "Internet thinking", that is, through efficient supply chain management And low-cost marketing methods to provide high-performance, low-price products, and at the same time through social media, online channels, fan management, etc, create a strong brand influence and user stickiness.

Take Shangpu Consulting as an example. Shangpu Consulting is a well-known independent third-party research and investment and financing consulting institution in China, dedicated to providing professional solutions for corporate strategic decision-making. Champ Consulting's competitors include internationally renowned consulting firms such as Deloitte, PricewaterhouseCoopers, McKinsey, and Boston Consulting, as well as well-known domestic consulting firms such as Analysys, iResearch, Sadie, and Zhongyikang. Through competitor research, Shangpu Consulting has learned about the service scope, professional field, customer group, charging standard, service quality, brand reputation, etc. of each consulting company, and formulated "data-driven, intelligent, real-time, multi-dimensional, and personalized" Competitor analysis services, that is, through technical means such as big data, artificial intelligence, and cloud computing, provide customers with comprehensive, accurate, timely and continuous competitor analysis reports to help customers grasp market opportunities, respond to market challenges, and enhance market competitiveness.

Competitor research challenges are also many, mainly the following:

Difficulty in obtaining data: competitors' information is often confidential and not easy to obtain from open channels. it needs to be collected and verified in various ways, which is time-consuming and labor-intensive;

Difficulty of data analysis: competitors' information is often complex and needs to be analyzed from multiple angles and dimensions, and professional methods and tools need to be used to extract valuable conclusions and recommendations;

Difficulty in applying data: competitors' information is often changing and needs to be constantly updated and tracked, the analysis results need to be translated into practical actions and strategies, and the need to communicate and coordinate with customers to provide effective support and services.

The cutting-edge trends in competitor research are as follows:

Data-driven: Competitor research increasingly relies on the collection, processing, analysis and presentation of big data, using a variety of data sources and data tools to improve the quality and efficiency of data and provide insight and value of data;

Intelligent: Competitor research is increasingly using artificial intelligence technologies and applications, such as machine learning, natural language processing, image recognition, speech recognition, etc., to improve the intelligence and flexibility of data, and to provide data prediction and recommend;

Real-time: Competitor research is increasingly focusing on the timeliness and dynamics of data, using cloud computing, Internet of Things, blockchain and other technologies to provide real-time updates and synchronization of data, monitoring and alarming of data;

Multi-dimensional: Competitor research increasingly considers the diversity and complexity of data, using multi-source data, multimedia data, multi-level data, etc., to provide comprehensive and in-depth data, to provide data comparison and correlation;

Personalization: Competitor research increasingly meets the customization and differentiation of data, using user portraits, user behavior, user feedback, etc., to provide data personality and adaptation, and to provide data optimization and improvement.

Shangpu Consulting Company is a consulting company specializing in competitor research. It has many years of industry experience and professional team to provide customers with a full range of competitor analysis services, including:

Competitor identification: through market research and expert interviews, identify the customer's main competitors and potential competitors, establish a competitor database and files;

Competitor evaluation: through the literature method, observation method, interview method, trial method, simulation method, etc., to collect and analyze the information and data of competitors, evaluate the strengths and weaknesses of competitors, and formulate competitor evaluation reports;

Competitor monitoring: through data-driven, intelligent, real-time, multi-dimensional, personalized and other technical means, continuously track and update the dynamics and changes of competitors, monitor the behavior and reaction of competitors, and formulate competitor monitoring reports;

Competitor strategy: According to the results of competitor evaluation and monitoring, combined with the customer's goals and needs, formulate targeted competitor response strategies and recommendations, and provide competitor strategy reports.