The Significance of Enterprise Research

Enterprise research is an important source of enterprise innovation, mainly has the following aspects of significance:

Raise awareness of competition. Enterprise research can make enterprises clearly aware of their competitive environment, as well as the strength and trend of benchmarking enterprises, so as to enhance the sense of crisis and urgency of enterprises, and stimulate their sense of competition and innovation.

Optimize competitive strategies. Enterprise research can help enterprises analyze their own advantages and disadvantages, as well as the advantages and disadvantages of benchmarking enterprises, so as to formulate appropriate competitive strategies, such as attack, defense, cooperation, avoidance, etc., and the corresponding marketing mix, such as products, prices, channels, promotions, etc., in order to improve the competitiveness and market share of enterprises.

Discover innovation opportunities. Enterprise research can help enterprises find market opportunities and threats, as well as the innovative behavior and achievements of benchmarking enterprises, so as to stimulate the innovative thinking and innovation ability of enterprises, and promote enterprises to innovate in products, services, technologies and models, so as to meet the needs and expectations of customers and surpass the performance of benchmarking enterprises.

Creating differentiated value. Enterprise research can help enterprises identify their own and benchmark enterprise differentiation factors, such as brand, quality, function, design, service, etc., so as to create valuable differentiated products and services to attract and retain customers, as well as improve customer loyalty and satisfaction.

Methods of Enterprise Research

The main methods of enterprise research are as follows:

Desk research. Desktop research refers to the use of existing public information, such as benchmarking companies' official websites, annual reports, news, social media, patents, papers, etc., to collect and analyze the basic situation, strategic direction, product characteristics, market performance, and technical level of benchmarking companies. Wait. The advantages of desktop research are low cost, fast speed, and wide range, but the disadvantage is that the information may be inaccurate, incomplete, and untimely.

Field trips. Field investigation refers to observing and evaluating the production capacity and crisis management of benchmarking enterprises by personally or entrusting a third party to the factories, stores, exhibitions and other places of benchmarking enterprises. The advantages of on-the-spot investigation are that the information is true and reliable, intuitive and specific, in-depth and detailed, and can obtain the internal information and dynamic information of the benchmark enterprise, but the disadvantage is that the cost of information acquisition is high, the operation is difficult, and may cause the benchmark enterprise's resentment and obstruction.

In-depth research. In-depth research refers to communicating and communicating with employees, customers, suppliers, partners, industry experts, media professionals and other relevant personnel of benchmarking companies through telephone, video, email, face-to-face, etc., to collect information about benchmarking companies. The core and key of research. In-depth research can help companies obtain information about the strategic intentions, development directions, innovation plans, product optimization, price changes, marketing strategies, channel expansion, service improvement, etc., as well as the strengths and weaknesses, opportunities and threats, and problems of benchmarking companies. Information on challenges, satisfaction and loyalty. The advantages of in-depth research are rich and diverse information, timely update, depth and breadth, and the ability to obtain internal and dynamic information of benchmarking enterprises, but the disadvantages are the high cost of information acquisition, the difficulty of operation, and the possibility of sensitive and confidential information.

Network monitoring. Network monitoring refers to the real-time tracking and analysis of the activities and performance of benchmarking enterprises on the network through professional software or platform to collect information about benchmarking enterprises, which is an emerging and trend of enterprise research. Network monitoring can help companies obtain information about benchmarking companies' website traffic, search rankings, social media, online reviews, online advertising, online activities, online public opinion, etc., as well as information about benchmarking companies' online influence, online word-of-mouth, and online crises. The advantages of network monitoring are low cost of information acquisition, simple operation, rapid update, wide coverage, and the ability to obtain internal and dynamic information of benchmarking enterprises, but the disadvantages are that the quality of information is different, difficult to verify, and requires professional technology and tools.

Steps of Enterprise Research

The main steps of enterprise research are as follows:

Identify benchmarking companies. Identifying benchmarking companies is the first and most important step in business research. The purpose of determining benchmarking enterprises is to clarify the scope and object of enterprise research and to avoid wasting time and resources on irrelevant or unimportant benchmarking enterprises. There are many ways to determine benchmarking enterprises. For example, according to market share, growth rate, profit rate and other indicators, the main benchmarking enterprises in the market are selected. According to product categories, functions, characteristics, prices and other attributes, select direct benchmarking enterprises on products; According to customer needs, preferences, satisfaction and other factors, select potential benchmarking enterprises in customers' minds; According to the influence of industry trends, technological changes, policies and regulations, screen out possible future benchmarking companies. The principle of determining benchmarking enterprises is to be comprehensive, objective, flexible and dynamic, and not to ignore any benchmarking enterprises that may pose a threat or opportunity to themselves.

Collect information. Collecting information is the second and most fundamental step in corporate research. The purpose of information collection is to gather comprehensive data on benchmark enterprises across all functional areas, providing the data and evidence needed for subsequent analysis and utilization. There are many ways to collect information, for example, using desktop research, field visits, in-depth research, network monitoring, etc., to collect various information of benchmarking companies from different channels and angles; using professional tools and technologies to collect The information is sorted, classified, stored, and managed for subsequent use and update. The principles for gathering information are to be systematic, comprehensive, accurate, and timely. Do not omit or overlook any information that could be either beneficial or detrimental to you.

Analyze the information. Analyzing information is the third and most central step in business research. The purpose of analyzing information is to understand and evaluate all aspects of the benchmarking company and to provide a basis and guidance for subsequent decisions and actions. There are many ways to analyze information, for example, using SWOT analysis, Porter's five forces analysis, value chain analysis, core competitiveness analysis and other models and frameworks to analyze the strengths and weaknesses, opportunities and threats, value proposition and competitiveness of benchmarking enterprises; using comparative analysis, trend analysis, causal analysis, hypothesis testing and other technologies and methods, analyze the strategy and behavior, performance and results, trends and intentions, problems and challenges of benchmarking enterprises. The principle of analyzing information is to be objective, in-depth, logical and innovative, and not to view or evaluate benchmarking enterprises subjectively or unilaterally.

Use of information. Leverage information is the fourth and final step in corporate research. The purpose of using information is to develop and execute your own strategies and actions to achieve your goals and vision based on the information and analysis of the benchmarking company. There are many ways to use information, for example, according to the information and analysis of benchmarking enterprises, identify and grasp market opportunities, discover and learn the excellent practices of benchmarking enterprises, avoid and avoid the threats and risks of benchmarking enterprises, improve and differentiate their own competitiveness and value proposition; according to the information and analysis of benchmarking enterprises, formulate and adjust their own product strategy, price strategy, marketing strategy, channel strategy, service strategy, etc., to adapt to and lead the changes and needs of the market; according to the information and analysis of benchmarking enterprises, carry out and promote their own innovation projects, improvement plans, crisis management, risk control, etc., in order to improve their business level and management ability. The principle of using information is to be purposeful, targeted, planned, and implemented, and not to blindly or arbitrarily imitate or confront benchmarking companies.

Considerations for Enterprise Research

Enterprise research is a complex and important task that requires attention to the following aspects:

Compliance with the law and ethics. Corporate research is a legitimate and reasonable business activity, but it must also comply with relevant laws and regulations and business ethics, and do not use illegal or unethical means, such as theft, bribery, deception, threats, etc., to obtain information about benchmarking companies. Otherwise, it may cause legal liability and reputation damage.

Maintain objectivity and impartiality. Enterprise research is an objective and fair analysis. Do not be influenced by your own subjective emotions and biases, such as overconfidence, contempt, fear, jealousy, etc., to view or evaluate benchmarking enterprises, otherwise it may lead to distortion and misjudgment of information.

Protect the security and confidentiality of information. Enterprise research is a sensitive and important strategic work. We should protect the information we collect and analyze, and do not disclose it to benchmarking enterprises or other unrelated personnel, otherwise it may damage our own interests and advantages.

Continuously updated and improved. Enterprise research is a continuous and dynamic process. With the changes of the market and the changes of benchmarking enterprises, we should constantly update and improve our own information and analysis, instead of staying in the past information andConclusionOtherwise, the timeliness and accuracy may be lost.

Conclusion

Enterprise research is an important source of enterprise innovation, which can help enterprises identify and grasp market opportunities, discover and learn the excellent practices of benchmarking enterprises, avoid and avoid the threats and risks of benchmarking enterprises, and enhance and differentiate their own competitiveness and value proposition. Enterprise research needs to follow certain purposes, methods, steps and precautions to ensure the effectiveness and rationality of enterprise research. As a professional consulting company, Shangpu Consulting has rich experience and ability in enterprise research. It can provide customers with customized enterprise research services and help customers realize their own innovation and development.