How 1. define benchmarking enterprises

Benchmarking enterprises are other enterprises or organizations that compete with enterprises for the same or similar customers and resources in the same market or industry. The definition of benchmarking enterprises is the first and most basic step in enterprise research. If the definition is not accurate, it may lead to the scope of research is too large or too small, ignoring some important benchmarking enterprises, or wasting time and energy on some irrelevant benchmarking enterprises.

The definition of benchmarking enterprises should be based on the customer's point of view, considering the customer's needs, preferences, purchasing behavior and other factors, and identify those benchmarking enterprises that can meet the customer's needs, rather than just based on the similarity of products or services. For example, for a company that provides market research, investment consulting, IPO consulting and other services, such as Shangpu Consulting, its benchmarking companies include not only similar consulting companies, but also institutions that can provide similar or alternative services, such as accounting firms, law firms, appraisal agencies, investment banks, etc.

When defining benchmarking enterprises, we should also pay attention to distinguish between direct benchmarking enterprises and indirect benchmarking enterprises. A direct benchmarking enterprise is a benchmarking enterprise that provides the same or similar products or services in the same market segment as the enterprise. Indirect benchmarking enterprises are benchmarking enterprises that provide different but somewhat alternative products or services in different market segments. For example, for Shangpu Consulting Company, its direct benchmarking enterprises may be other consulting companies that also provide market research, investment consulting, IPO consulting and other services, such as Deloitte, PricewaterhouseCoopers, McKinsey, etc. Its indirect benchmarking enterprises may be companies that provide other types of consulting services, such as management consulting, strategic consulting, human resources consulting, etc., such as Accenture, Boston Consulting, McKinsey, etc.

When defining benchmarking enterprises, we should also consider the scale, region, market share, growth rate and other factors to determine the strength and importance of benchmarking enterprises, so as to determine the focus and depth of research. Generally speaking, benchmarking enterprises with the same or larger scale, the same or wider region, the same or higher market share and the same or faster growth rate should be regarded as important benchmarking enterprises and need more detailed and in-depth research; on the contrary, benchmarking enterprises with smaller scale, narrower region, lower market share and slower growth rate can be regarded as secondary benchmarking enterprises, only simple and general research is required.

2. how to collect and analyze information from benchmarking companies

After defining the scope and focus of the benchmarking enterprise, it is necessary to collect and analyze the information of the benchmarking enterprise in order to understand the basic situation and competitive strategy of the benchmarking enterprise, evaluate the strengths and weaknesses of the benchmarking enterprise, and discover the opportunities and threats of the benchmarking enterprise. Benchmarking enterprise information can be obtained from a variety of sources and ways, including:

Public information: This is the most easily obtained information, including the official website, announcements, reports, news, advertising, recruitment, social media, etc. of the benchmarking company, you can understand the corporate profile, development history, business scope, product characteristics, and brand of the benchmarking company Image, market dynamics, financial status, organizational structure, talent demand, etc.

Industry information: This is more professional information, including industry associations, industry media, industry reports, industry forums, industry exhibitions, industry experts, etc., you can understand the development trend of the industry, market size, market structure, market share, market demand, market forecast, industry standards, industry policies, etc.

Market information: This is more practical information, including customers, channels, suppliers, partners, employees, benchmarking enterprises, etc., which can understand the market performance, market feedback, market satisfaction, market reputation, market influence, market problems, market opportunities, etc. of benchmarking enterprises.

Secret information: This is the most difficult information to obtain, including the internal documents, internal data, internal plans, internal strategies, internal personnel, internal resources, etc. of the benchmarking enterprise, which can understand the core competitiveness, core technology, core knowledge, core innovation, core team, core assets, etc.

When collecting information about benchmarking companies, the following points should be noted:

The sources of information should be as diverse as possible, and do not rely on only one or several channels, so as not to cause biased and one-sided information.

The quality of information should be as efficient as possible. Don't just pursue the quantity of information and ignore the validity, accuracy, timeliness and relevance of information.

Access to information should be as legal as possible, not to use illegal or unethical means, such as theft, bribery, deception, etc., so as not to create legal and moral and risk.

The use of information should be as reasonable as possible, and do not abuse or disclose the information of the benchmarking enterprise, so as not to damage the interests or reputation of the benchmarking enterprise, or cause the benchmarking enterprise to fight back or retaliate.

When analyzing the information of benchmarking enterprises, the following points should be noted:

The purpose of the analysis should be clear, not to analyze for the sake of analysis, but to determine the focus and direction of the analysis according to the strategic objectives and problems of the enterprise.

The method of analysis should be scientific, not relying on subjective assumptions or one-sided impressions, but using appropriate analytical tools and techniques, such as SWOT analysis, Porter's five-force model, value chain analysis, core competitiveness analysis, etc., to carry out systematic, objective and logical analysis.

The results of the analysis should be useful, not just at the level of description and comparison, but to extract the strengths and weaknesses, opportunities and threats, strengths and weaknesses of the benchmarking enterprise, as well as the impact and enlightenment on the enterprise, to provide the basis and suggestions for the strategic decision-making of the enterprise.

Information 3. how to use benchmarking companies

The ultimate purpose of collecting and analyzing the information of benchmarking enterprises is to use the information of benchmarking enterprises, formulate effective competitive strategies, enhance their competitiveness, and achieve the development goals of enterprises. The use of benchmarking enterprise information should pay attention to the following points:

The principle of application should be reasonable, do not blindly imitate or attack benchmarking enterprises, but according to their own advantages and disadvantages, choose appropriate competitive strategies, such as differentiation, focus, cost leadership, alliance, etc., in order to achieve effective differentiation and complementary advantages with benchmarking enterprises.

The way of application should be flexible, do not stick to one or several competitive strategies, but according to the changes in the market and the dynamics of benchmarking enterprises, timely adjustment and optimization of competitive strategies to cope with different competitive situations and challenges.

The effect of the application should be evaluated, not only focusing on the implementation process of the competition strategy, but regularly checking and evaluating the implementation effect of the competition strategy, such as market share, customer satisfaction, brand awareness, profit margin, etc., as well as the relative advantages and disadvantages with the benchmark enterprises, so as to find and improve the deficiencies and problems of the competition strategy in time.

Shangpu Consulting is a company specializing in market research, investment consulting, IPO consulting and other services. Its customers include small and medium-sized enterprises in various industries, as well as some government agencies and social organizations. The company has followed the above principles and methods in conducting corporate research and has made some valuable discoveries and gains, such:

The company found that among its direct benchmarking enterprises, there is a company called Huaxia Consulting, which is the largest benchmarking enterprise of Shangpu Consulting Company in terms of scale, region, market share and growth rate, and the service content and quality provided are similar. By collecting and analyzing the information of Huaxia Consulting, the company found that the core of its competitive strategy is specialization, that is, by providing professional, customized and high-quality consulting services to attract and retain customers and establish a good brand image and reputation. In response to this competitive strategy, Shangpu Consulting has formulated a differentiated competitive strategy, that is, by providing diversified, flexible and efficient consulting services to meet the different needs of different customers, provide more choices and convenience, and create Own competitive advantage and characteristics.

The company found that among its indirect benchmarking enterprises, there is a company called financial star, whose scale, region, market share and growth rate are far higher than those of Shangpu consulting company, and the service content and quality provided are also higher, which is the biggest threat to Shangpu consulting company. By collecting and analyzing the information of Financial Star, the company found that the core of its competitive strategy is comprehensiveness, that is, by providing all-round, one-stop, high-end consulting services to cover customers in all fields and levels, and establish a strong market position and influence. In response to this competitive strategy, Shangpu Consulting has formulated a focused competitive strategy, that is, by focusing on the consulting services that they are good at, in demand, and profitable, to concentrate resources and energy to improve their professional level and service quality. Build your own core competitiveness and value.

By using the information of benchmarking enterprises, Shangpu Consulting Company has successfully enhanced its competitiveness, won more customers and markets, and achieved steady development and growth.

Conclusion

Corporate research is an important market research activity that helps companies understand the competitive landscape, develop effective competitive strategies, and enhance their competitive advantage. Enterprise research should avoid some common misunderstandings and traps, pay attention to some principles and methods, from three aspects: how to define the benchmark enterprise, how to collect and analyze the information of the benchmark enterprise, and how to use the information of the benchmark enterprise. Taking Shangpu Consulting as an example, this article outlines the firm’s methodologies and practical experience in conducting corporate research, as well as the common pitfalls and traps it has successfully avoided. It offers valuable references and insights for both organizations and individuals engaged in corporate research.