Competitor research refers to the process of collecting, analyzing and evaluating competitors' information to understand competitors' strategies, capabilities, strengths, weaknesses, dynamics and expectations, so as to provide a basis and reference for enterprises to formulate their own strategies and marketing strategies. Competitor research is an important part of market research and the main means of competitive intelligence.

Purpose of Competitor Research

The main purpose of competitor research is to help enterprises better understand the competitive environment, improve competitive advantage, seize market opportunities, avoid market risks, and formulate effective strategies and marketing strategies. Specifically, competitor research can help companies achieve the following objectives:

Identifying competitors: Competitors include not only direct competitors, I .e. firms that provide the same or similar products or services, but also indirect competitors, I .e. firms that provide substitutes or potential competitors. Through competitor research, companies can determine the scope and number of competitors they face, as well as their characteristics and types, so as to analyze and respond to them in a targeted manner.

Understanding competitors: Competitor research can help companies gain insight into all aspects of their competitors, including their strategic objectives, strategic direction, strategic models, strategic resources, strategic capabilities, strategic actions, and strategic effectiveness. Through competitor research, enterprises can reveal the strategic intentions and logic of competitors, assess the strengths and weaknesses of competitors, and predict the dynamics and changes of competitors, so as to provide reference and basis for their own strategy formulation.

Compare competitors: Competitor research can help companies compare their differences and similarities with competitors to identify their competitive strengths and weaknesses, as well as opportunities and threats from competitors. Through competitor research, enterprises can determine their relative position and competitiveness in the market, clarify their core competitiveness and differentiation advantages, find their own shortcomings and room for improvement, grasp the development trend and change opportunities of the market, so as to provide basis and direction for their own strategic adjustment and marketing strategy.

Responding to competitors: Competitor research can help companies formulate effective competitive strategies and marketing strategies to respond to competitors' challenges and threats, seize market share and profit margins, and enhance their competitive advantage and market position. Through competitor research, enterprises can choose appropriate competitive strategies, such as leading strategy, following strategy, focus strategy, differentiation strategy, low-cost strategy, etc., and formulate corresponding marketing strategies, such as product strategy, price strategy, channel strategy, promotion strategy, etc., in order to achieve effective competition and cooperation with competitors.

Content of competitor research

The content of competitor research mainly includes the basic information, strategic information, capability information, advantage information, disadvantage information, dynamic information and expected information of competitors. Specifically, the content of competitor research can be divided into the following areas:

Basic information: including the name, address, telephone number, website address, legal representative, registered capital, establishment time, business scope, organizational structure, shareholder composition, management personnel, employee size, financial status, market share, brand image, product line, service content and other basic information of competitors to understand the basic situation and background of competitors.

Strategic information: including the competitor's mission, vision, values, strategic objectives, strategic direction, strategic model, strategic resources, strategic capabilities, strategic actions, strategic effects and other strategic information to understand the competitor's strategic intent and logic.

Capability information: including competitors' product capabilities, technical capabilities, innovation capabilities, marketing capabilities, service capabilities, operational capabilities, financial capabilities, human capabilities, management capabilities, risk capabilities and other capability information to understand competitors' capability levels and areas of advantage.

Advantage information: including competitors' product advantages, technological advantages, innovation advantages, marketing advantages, service advantages, operational advantages, financial advantages, human resources advantages, management advantages, risk advantages and other advantage information to understand competitors' competitive advantages and core competitiveness.

Disadvantage information: including competitor's product disadvantage, technical disadvantage, innovation disadvantage, marketing disadvantage, service disadvantage, operational disadvantage, financial disadvantage, manpower disadvantage, management disadvantage, risk disadvantage and other disadvantage information to understand competitor's competitive disadvantage and room for improvement.

Dynamic information: including competitors' market dynamics, product dynamics, technology dynamics, innovation dynamics, marketing dynamics, service dynamics, operational dynamics, financial dynamics, human dynamics, management dynamics, risk dynamics and other dynamic information to understand competitors' market changes and competitive behavior.

Expected information: including competitors' market expectations, product expectations, technology expectations, innovation expectations, marketing expectations, service expectations, operational expectations, financial expectations, manpower expectations, management expectations, risk expectations and other expected information to understand competitors' market trends and competitive strategies.

Methodology for competitor research

The methods of competitor research mainly include one-time research and continuous research. One-time research is a one-time collection and analysis of competitors at a particular point in time or stage to meet a particular purpose or need. Continuous research refers to the continuous collection and analysis of competitors over a certain period of time to monitor the dynamics and changes of competitors, as well as their own impact and threats of research methods.

The method of competitor research can also be divided into the following types according to the different sources of information:

Public information research: refers to the method of conducting competitor research using information publicly released by competitors, such as official websites, annual reports, press releases, advertisements, recruitment information, product catalogs, price lists, promotional activities, etc. The advantages of this method are that the information sources are extensive, easy to obtain, and low cost, but the disadvantage is that the information may be incomplete, inaccurate, untimely, and biased.

Confidential information research: refers to the method of conducting competitor research using information that competitors have not publicly released, such as internal documents, trade secrets, patents, trademarks, copyrights, customer lists, supplier lists, partner lists, etc. The advantages of this approach are that the information may be more complete, accurate, timely and valuable, but the disadvantages are that the sources of information are limited, difficult to access, costly and may involve legal and ethical issues.

Indirect information research: refers to the use of third-party information related to competitors, such as industry reports, market research, expert evaluations, media reviews, customer feedback, supplier feedback, partner feedback, etc., to conduct competitor research methods. The advantage of this method is that the information may be more objective, more comprehensive, and more in-depth, but the disadvantage is that the information may not be targeted, inconsistent, and unreliable.

Direct information research: refers to the use of direct contact with competitors, such as visiting competitors' factories, shops, exhibitions, etc., or communicating, interviewing, investigating, etc. with competitors' employees, customers, suppliers, partners, etc., to conduct competitor research methods. The advantage of this method is that the information may be more real, more specific and more targeted, but the disadvantage is that the information may be controlled, interfered and misled by competitors.

Application of Competitor Research

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

Strategy development: Competitor research can help companies develop strategies that are suitable for themselves and the market, such as choosing the right market positioning, market objectives, market segmentation, market selection, market entry, market exit and other strategies.

Develop marketing strategies: Competitor research can help companies develop effective marketing strategies, such as selecting appropriate product strategies, pricing strategies, channel strategies, promotion strategies, service strategies, brand strategies, and customer relationship strategies.

Evaluating performance: Competitor research can help companies evaluate their own performance, such as analyzing their own market share, market growth, market profit, market satisfaction, market loyalty and other indicators by comparing with competitors.

Optimization and improvement: Competitor research can help companies optimize and improve their products, technology, innovation, marketing, services, operations, finance, human resources, management, risk and other aspects to improve their competitiveness and market position.

Competitor Research Services from Champu Consulting

Shangpu Consulting Company is a consulting company specializing in market research, competitive intelligence, strategic consulting, marketing consulting and other services. It has many years of industry experience and professional team to provide customers with tailor-made solutions and efficient implementation support. In terms of competitor research, Champu Consulting has the following characteristics:

Customer orientation: According to the different needs and purposes of customers, Shangpu Consulting Company provides customers with personalized competitor research programs, including determining the scope and number of competitors, selecting competitors' information sources and collection methods, determining competitors' analysis content and framework, formulating competitors' evaluation standards and indicators, and proposing competitors' coping strategies and suggestions.

Data-driven: Shangpu Consulting uses advanced data collection, processing, analysis and display technologies and tools to provide customers with comprehensive, accurate, timely and visual competitor information, including basic competitor information, strategic information, capability information, advantage information, disadvantage information, dynamic information, expected information, etc., as well as competitor comparative analysis, trend analysis, forecast analysis, etc.

Rich cases: Shangpu Consulting Company has competitor research cases in many industries and fields, such as providing a car manufacturer with strategic analysis and response suggestions of its main competitors in the Chinese market, and providing an e-commerce platform with market forecasts and entry strategies of its potential competitors in the Southeast Asian market, provides a financial institution with risk assessment and preventive measures for its indirect competitors in the European market. The case of Shangpu Consulting not only demonstrates its professional ability and rich experience in competitor research, but also provides specific reference and reference for customers.

Value Orientation: Champ Consulting not only provides customers with competitors' information and analysis, but also provides customers with competitors' value and significance, that is, how to use competitors' information and analysis to provide support and guidance for their own strategies and marketing strategies to achieve their own goals and vision. The value orientation of Champ Consulting is reflected in the application and implementation of competitors it provides to its clients, such as how to select and optimize its own strategy and marketing strategy, how to compete and cooperate effectively with competitors, and how to evaluate and improve its own performance and competitiveness.

Summary

Competitor research is an important basis for companies to develop strategies and marketing strategies, but many companies just stay in the collection of basic information about competitors, while ignoring the in-depth analysis of competitors. From the four aspects of the purpose, content, method and application of competitor research, this paper expounds how to carry out effective competitor analysis to reveal the strategic intention, advantages and disadvantages, opportunities and threats of competitors, so as to provide valuable references and suggestions for enterprises. Taking Shangpu Consulting Company as an example, this paper introduces some specific cases and analysis methods used in providing competitor research services to customers.