Purpose of Competitor Research

The purpose of competitor research is to understand the competitive environment, identify their strengths and weaknesses, identify market opportunities and threats, develop appropriate competitive strategies, and improve competitiveness and profitability. Specifically, competitor research can help companies achieve the following objectives:

Identify and define competitors: Competitors include not only direct competitors, but also potential competitors, substitute competitors, supplier competitors, buyer competitors, etc. The most important competitors need to be identified, classified and graded according to different market segments and consumer minds.

Understand and evaluate competitors' strategies, capabilities, strengths, weaknesses, dynamics and expectations: competitors' strategies refer to competitors' goals, visions, missions, values, positioning, propositions, etc., which reflect competitors' directions and intentions; competitors' capabilities refer to competitors' resources, technologies, products, services, channels, promotion, talents, organizations, cultures, etc, reflects the strength and potential of competitors; the strengths and weaknesses of competitors refer to the strengths and weaknesses of competitors relative to themselves, reflecting the differentiation and weaknesses of competitors; the dynamics and expectations of competitors refer to the behavior, changes, trends, plans, reactions, etc. of competitors, reflecting the vitality and future of competitors.

Formulate and optimize its own strategy and marketing strategy: according to the results of competitor research, enterprises can determine their own competitive positioning and choose appropriate competitive strategies, such as cost leadership, differentiation, centralization, etc.; and formulate corresponding marketing strategies, such as product strategy, price strategy, channel strategy, promotion strategy, etc., to meet the needs of the target market, create and deliver value, and enhance brand influence, increase market share and profitability.

Content of competitor research

The content of competitor research can be selected and adjusted according to different purposes and needs, generally including the following aspects:

Enterprise profile: including basic information of competitors, such as name, address, contact information, scale, establishment time, equity structure, organizational structure, management team, main business, main customers, main partners, etc.

Enterprise development: including the development process of competitors, such as important milestones, events, changes, achievements, honors, crises, etc., as well as the development strategies of competitors, such as mission, vision, goals, plans, expectations, etc.

Corporate finance: Including the financial position of competitors, such as operating income, operating costs, operating profit, net profit, gross margin, net interest rate, asset-liability ratio, current ratio, quick ratio, sales growth rate, profit growth rate, market share, market ranking, etc.

Enterprise innovation: including the innovation capabilities of competitors, such as R & D investment, R & D team, R & D projects, R & D results, patent quantity, patent quality, new product launch, new technology application, new model exploration, new service launch, etc.

Corporate culture: including the cultural characteristics of competitors, such as values, beliefs, ideas, style, atmosphere, spirit, slogans, signs, symbols, rituals, traditions, habits, etc.

Enterprise marketing: including competitors' marketing strategies, such as market positioning, target market, target customers, product strategy, price strategy, channel strategy, promotion strategy, service strategy, customer relationship management, brand building, competitive advantage, competitive disadvantage, etc.

Competitor research methods and tools

Competitor research methods and tools can be selected and combined according to different content and sources, generally including the following:

Literature analysis: By collecting and analyzing the public literature of competitors, such as official websites, annual reports, prospectors, news reports, industry reports, market research reports, patent documents, policies and regulations, etc., to obtain first-hand information of competitors, and to systematically organize and summarize them.

Interview investigation method: through face-to-face or telephone interviews with relevant personnel of competitors, such as managers, employees, customers, suppliers, partners, industry experts, etc., to obtain second-hand information of competitors, and conduct in-depth analysis and interpretation.

Observation and participation method: by personally or entrusting others, as customers, partners, consultants, etc., participate in competitors' activities, such as exhibitions, conferences, training sessions, experience activities, etc., or purchase competitors' products and services, and observe Competitor behavior and performance, obtain third-hand information of competitors, and conduct objective evaluation and comparison.

Web analytics: through the use of the Internet and social media, such as search engines, forums, blogs, microblogs, WeChat, Douyin, Little Red Book, etc., to collect and analyze competitors' network information, such as website traffic,KeywordsRankings, user reviews, user feedback, user word-of-mouth, user satisfaction, user loyalty, user conversion rate, user retention rate, etc., to understand competitors' network influence and user preferences.

Intelligence analysis method: through the use of intelligence analysis theories and methods, such as Porter's five forces model, SWOT analysis, PEST analysis, value chain analysis, core competitiveness analysis, strategic group analysis, competitive situation analysis, competition early warning analysis, etc., to comprehensively analyze and evaluate the information of competitors, revealing the strategic intention, competitive advantage, competitive disadvantage, competitive situation, competitive risk, competitive opportunity, etc, for the development of their own competitive strategy to provide the basis and reference.

How to translate competitor research into action plans to achieve landing

The results of competitor research need to be translated into specific action plans, and effectively implemented and monitored in order to achieve landing. The following are the specific steps and considerations for how to translate the research results into an action plan and achieve landing when providing competitor research services for an automaker:

The first step is to clarify the research objectives and scope: Shangpu Consulting Company communicates with customers, understands customers' needs and expectations, determines the research objectives and scope, such as the number, type, region, market, etc. of competitors to be investigated, as well as the research contents, methods, tools, time, budget, etc., formulates research plans and plans, and confirms and signs with customers.

The second step is to collect and analyze the information of competitors: according to the research plan and scheme, Shangpu Consulting Company adopts the literature analysis method, interview investigation method, observation and participation method, network analysis method, etc. to collect the information of competitors from multiple channels and angles, such as enterprise profile, enterprise development, enterprise finance, enterprise innovation, enterprise culture, enterprise marketing, etc., and applies the intelligence analysis method, conduct comprehensive analysis and evaluation of competitors' information, form competitor research reports, share and discuss with customers.

The third step is to formulate and optimize its own strategy and marketing strategy: according to the results of the research report of competitors, Shangpu consulting company, together with customers, formulates and optimizes its own strategy and marketing strategy, such as determining its own competitive positioning, selecting appropriate competitive strategy, formulating corresponding marketing strategy, etc., clarifying its own competitive advantages and disadvantages, discovering market opportunities and threats, and formulating action plans, including action objectives, content, steps, responsibilities, resources, time, standards, expectations, etc., with the customer to confirm and sign.

The fourth step is to implement and monitor the action plan: Shangpu Consulting Company assists customers to implement and monitor the action plan, such as coordinating and guiding customers' internal and external resources, such as personnel, technology, products, services, channels, promotion, etc., according to the requirements of the action plan, to carry out effective implementation and implementation, at the same time, regularly collect and analyze the implementation data and feedback, such as sales, market share, customer satisfaction, brand awareness, etc., compared and evaluated with the standards and expectations of the action plan, timely detection and resolution of problems and difficulties in implementation, adjustment and optimization of the action plan, to ensure the landing and effectiveness of the action plan.