Competitor research refers to the collection, analysis and evaluation of competitor information to understand the objectives, strategies, capabilities, strengths and weaknesses of competitors, as well as the impact and reaction of competitors on the market. The purpose of competitor research is to help companies develop their own strategies, find their own competitive advantages, and improve their market share and profitability.

There are two main methods of competitor research: one is based on public information, such as competitors' official websites, annual reports, news reports, social media, etc., and the other is based on non-public information, such as competitors' customers, suppliers, employees, former employees, partners, etc. Research based on public information is relatively easy, but the information may be incomplete or outdated; research based on non-public information is relatively difficult, but the information may be more accurate or timely.

The steps of competitor research generally include the following:

Determine the scope and type of competitors, such as direct competitors, indirect competitors, potential competitors, etc;

Identify competitors' information needs, such as competitors' objectives, strategies, capabilities, strengths and weaknesses;

Collect competitors' information and use various methods and channels to obtain as much effective information as possible;

Analyze competitors' information, use various tools and models, such as SWOT analysis, Porter's five forces model, value chain analysis, etc., to organize, summarize and evaluate competitors' information;

Output reports of competitors, present the analysis results in the form of text, charts, matrices, etc., and put forward suggestions and improvement measures for the enterprise's own strategy.

With the changes in the market environment and the development of technology, competitor research has also shown some new trends and practices. The following are some cases provided by Shangpu Consulting for customers for reference:

Leverage big data and artificial intelligence technologies for dynamic and in-depth competitor analysis

In the era of information explosion, the information of competitors is not only large, but also changes rapidly. How to extract valuable information from massive data is a challenge for competitor research. Champu Consulting uses big data and artificial intelligence technology to provide customers with dynamic and in-depth competitor analysis services, including the following aspects:

Using web crawlers, text mining, natural language processing and other technologies to automatically collect and process competitors' public information, such as website content, news reports, social media comments, etc., to achieve real-time monitoring and updating of competitors;

Use machine learning, deep learning, sentiment analysis and other technologies to intelligently analyze competitors' information, such as identifying competitors'Keywords, topics, opinions, emotions, etc., to achieve a deep understanding and evaluation of competitors;

Use data visualization, data mining, data analysis and other technologies to effectively display competitors' information, such as generating competitors' portraits, maps, networks, trends, etc., to achieve intuitive presentation and comparison of competitors.

For example, Shangpu Consulting Company provides a competitor analysis service for the e-commerce platform. By collecting and analyzing the competitor's website traffic, user evaluation, commodity sales and other data, it generates the competitor's market share, user satisfaction, commodity advantage and other indicators, as well as the competitor's advantages and disadvantages of the hot word cloud, to help customers understand the competitor's market performance and user feedback, in order to develop a targeted marketing strategy.

Establish a competitive intelligence system to achieve continuous collection and monitoring of competitor information

In a highly competitive market, competitor information not only needs to be obtained in a timely manner, but also needs to be tracked continuously, how to establish an effective competitive intelligence system is a requirement for competitor research. Champu Consulting provides its clients with services in the design and construction of competitive intelligence systems, including the following:

Determine the objectives and scope of competitive intelligence, and determine the key issues and concerns of competitive intelligence, as well as the source and type of competitive intelligence based on the strategic needs of customers;

Design the process and structure of competitive intelligence, design the process of collection, analysis, transmission and application of competitive intelligence, and the structure of organization and management of competitive intelligence according to the organizational characteristics of customers;

Select tools and techniques for competitive intelligence, select suitable software and hardware for competitive intelligence, as well as methods and models for competitive intelligence, based on the customer's technical conditions;

Train the personnel and culture of competitive intelligence, according to the customer's human resources, train the leaders and participants of competitive intelligence, as well as the concept and value of competitive intelligence.

For example, Shangpu Consulting Company provides the construction service of competitive intelligence system for an automobile manufacturer. By establishing a special competitive intelligence department, it is responsible for collecting, analyzing and transmitting competitors' information, such as product characteristics, price strategy, market activities, technological innovation, etc. Through an internal competitive intelligence platform, the competitive intelligence is transmitted to relevant decision makers and executors in the form of reports, communications, alarms, etc, so as to improve the ability to respond to competitors and reaction speed.

Conclusion

Competitor research is an important part of corporate strategic analysis, which can help companies understand the market environment, discover competitive advantages, and formulate effective marketing strategies. With the changes in the market environment and the development of technology, competitor research has also shown some new trends and practices, such as the use of big data and artificial intelligence technology, dynamic and in-depth competitor analysis, and the establishment of a competitive intelligence system to achieve continuous collection and monitoring of competitor information. As a professional consulting service provider, Shangpu Consulting has rich experience and ability in competitor research, providing customers with high-quality competitor analysis services to help customers gain advantages and success in the competition.