Competitor research is a market research method designed to understand competitors' products, services, positioning, strengths, weaknesses, strategies and other information in order to develop effective marketing strategies and differentiation advantages. The importance of competitor research is self-evident, whether in market entry, market expansion, market maintenance, market exit and other different stages, it is necessary to fully understand and analyze competitors in order to grasp market opportunities, avoid market risks and improve market competitiveness.

However, as the market environment changes, competitor research is also facing new trends and challenges. In this article, we will analyze the trends in competitor research and the impact on the methods and strategies of competitor research in the following four areas.

Expanded range of competitors

The scope of competitors refers to other enterprises or organizations that compete with the enterprise in the same market. Traditional competitor research tends to focus only on direct competitors, I .e. companies that offer the same or similar products or services. However, with the diversification, segmentation, globalization and digitization of the market, the range of competitors continues to expand, including not only direct competitors, but also the following types of competitors:

Potential competitors: companies or organizations that are likely to enter the market, such as emerging startups, multinational giants, government agencies, etc. Potential competitors may bring new technologies, new models and new resources to the market, thus changing the pattern and rules of the market.

Substitute competitors: refers to enterprises or organizations that provide different products or services that meet the same or similar needs, such as different product forms, different service methods, different consumption scenarios, etc. Substitute competitors may bring new value propositions, new consumption habits, and new consumer groups to the market, thereby affecting market demand and preferences.

Cross-border competitors: refers to enterprises or organizations that enter the market from different industries or fields, such as cross-border platform companies, cross-border social organizations, cross-border individuals, etc. Cross-border competitors may bring new perspectives, new ideas and new cooperation to the market, thus creating diversity and prosperity in the market.

Indirect competitors: Other institutions that provide some or related services, such as accounting firms, law firms, investment banks, securities firms, rating agencies, research institutions, etc., which may compete or cooperate with Shangpu Consulting in certain areas or projects.

Potential competitors: Other institutions that have not yet entered the market but have the ability and willingness to enter the market, such as technology companies, media companies, educational institutions, government agencies, etc., may provide services similar to or alternative to those of Shangpu Consulting through technological innovation, platform integration, content output, policy support, etc.

Substitute competitors: other products or services that can meet the same or similar needs of customers, such as independent research, internal consulting, network resources, open courses, etc., they may influence the customer's demand and choice of Shangpu consulting services through price advantages, convenience, reliability and other factors.

Complementary competitors: other products or services that can enhance or enhance the customer's demand or value for the services of Shangpu Consulting, such as data analysis, software development, project management, training and education, etc., which may affect the customer's satisfaction and loyalty to the services of Shangpu Consulting through cooperation or competition.

Champ Consulting needs to develop strategies based on the characteristics and influence of different types of competitors, as follows:

Type characteristics affect coping strategies

Other consulting agencies that provide the same or similar services to direct competitors have the greatest impact on market share, profit margin, brand image, etc. Resist strategy: maintain or enhance their competitive advantage and market position by improving service quality, reducing service costs, increasing service innovation, and strengthening service differentiation.

Indirect competitors provide part or other institutions of related services have a greater impact on competition or cooperation in certain areas or projects Cooperation strategy: through the establishment of strategic alliances, joint ventures, distribution agents, etc., to achieve the sharing of resources and complementary advantages, expand the scope of services and market coverage.

Potential competitors have not yet entered the market, but other institutions that have the ability and willingness to enter the market have a greater impact on the potential threats or opportunities in the market. Avoid strategies: reduce the entry motivation and ability of potential competitors by raising the market entry threshold, building customer loyalty, maintaining government relations, etc.

Alternative competitors can meet the same or similar needs of customers other products or services have a greater impact on customer needs and choices beyond the strategy: by providing higher added value, better experience, stronger protection, etc., to enhance customer preference and dependence on their own services.

Other products or services that can enhance or improve the customer's demand or value for their own services have a greater impact on customer satisfaction and loyalty Cooperation strategy: by integrating or recommend the products or services of complementary competitors, improve the customer's demand or value for their own services, and increase customer satisfaction and loyalty.

Increased information on competitors

With the development of technologies such as the Internet, big data, and artificial intelligence, competitors' information has become richer and more transparent, and can be obtained through multiple channels and platforms. For example, enterprises can learn about competitors' product characteristics, service quality, price strategy, market share, customer satisfaction, brand image, marketing channels, innovation ability, etc. through competitors' official websites, social media, e-commerce platforms, third-party data platforms, professional media, etc. Therefore, enterprises need to improve the ability to collect and analyze competitor information, and use various tools and methods to extract valuable information and insights.

In response to the increase in competitor information, companies can take the following measures:

Establish a systematic competitor information base, including competitor's basic information, historical information, current information, future information, etc., as well as related data, documents, reports, etc., to be updated and maintained regularly.

Use a variety of tools and methods, such as web crawlers, text mining, sentiment analysis, data visualization, machine learning, etc., to collect, clean, organize, analyze, and present competitor information to extract valuable information and insights.

Establish an effective competitor information sharing and application mechanism to deliver competitor information and insights to relevant decision makers and executives in a timely manner to provide support and guidance for the formulation and implementation of marketing strategies.

In the case of Champ Consulting, for example, it can obtain and analyze competitor information in the following ways:

Through web crawlers, we regularly capture competitors' official websites, social media, and e-commerce platforms to obtain competitors' product introductions, service cases, customer reviews, price information, and activity information.

Through text mining, the competitor's text information is segmented, part of speech tagging,KeywordsExtraction, theme model, sentiment analysis, etc., to extract competitors' product characteristics, service quality, customer satisfaction, brand image, market positioning, etc.

Through data visualization, the competitor's data information is displayed in charts, maps, dashboards, etc., showing the competitor's market share, price strategy, marketing channels, innovation ability, etc.

Through machine learning, the information of competitors is clustered, classified, regressed, correlated, predicted, etc., and the laws, patterns, trends, influencing factors of competitors are found.

Through the competitor information database, competitor information and insights are stored, managed, updated, retrieved, shared, etc., to provide relevant decision makers and executives with competitor information query and application services.

Competitors act faster

With the intensification of market competition and changes in customer demand, the behavior of competitors becomes more rapid and flexible, and can quickly adjust products, services, positioning, advantages, disadvantages, strategies, etc., to adapt to market changes and seize market opportunities. For example, competitors can improve the quality and performance of their products through rapid iteration, customization, differentiation, and diversification to meet the personalized and diverse needs of customers. Therefore, companies need to strengthen the monitoring and forecasting capabilities of competitors, timely detection of changes and impacts of competitors, and make corresponding responses and adjustments.

In order to cope with the rapid behavior of competitors, enterprises can take the following measures:

Establish an agile competitor behavior monitoring system that uses various signals and indicators, such as sales, evaluations, feedback, complaints, media reports, patent applications, etc., to monitor competitor behavior changes and trends in real time.

Establish a scientific competitor behavior prediction model, using various methods and techniques, such as trend analysis, scenario analysis, simulation analysis, machine learning, etc., to predict the behavioral intentions and results of competitors, as well as their own impact and threats.

Establish a flexible competitor behavior response mechanism, formulate and implement corresponding response strategies and actions, such as following, leading, countermeasures, circumvention, etc., and corresponding evaluation and feedback according to the changes and predictions of competitor behavior.

In the case of Champ Consulting, for example, it can monitor, predict and respond to changes in the behaviour of competitors in the following ways:

Monitor changes in the quality, performance, price, and satisfaction of competitors' products and services, as well as changes in customer needs and preferences, through data such as sales volume, reviews, feedback, and complaints.

Through media reports, patent applications, recruitment information and other data, monitor competitors' innovation, investment, expansion and other trends, as well as changes in market opportunities and risks.

Through trend analysis, scenario analysis, simulation analysis and other methods, predict the characteristics, strengths, weaknesses, strategies, etc. of competitors' future products and services, as well as their own impact and threats.

Through following, leading, countermeasures, evasion and other strategies, we can deal with the behavior changes of competitors, such as improving the quality, performance, price and satisfaction of our own products and services, or developing new products and services, or adjusting our own positioning, advantages, disadvantages, strategies, etc., or looking for new markets or partners.

Increased cooperation from competitors

With the complexity and synergy of the market, competitors are no longer just a simple competitive relationship, but may appear cooperative relationship, in order to achieve the sharing of resources and complementary advantages. For example, competitors can achieve product expansion, market expansion, technology exchange, and cost reduction through alliances, joint ventures, mergers and acquisitions, distribution, and agency. Therefore, enterprises need to recognize the possibility and potential of the cooperation of competitors, as well as the threats and opportunities of the cooperation of competitors to themselves, and how to use the cooperation of competitors or participate in the cooperation of competitors.

In order to cope with the increase in the cooperation of competitors, enterprises can take the following measures:

Establish a comprehensive competitor cooperation intelligence system to collect and analyze competitor cooperation information, such as the purpose, form, scope, content, effect, etc. of cooperation, as well as the impact and evaluation of cooperation.

Establish an in-depth competitor cooperation analysis model, using various methods and techniques, such as SWOT analysis, five-force analysis, value chain analysis, game theory, etc., to analyze the strengths and weaknesses of competitor cooperation, threats and opportunities, synergies and conflicts, benefits and risks, as well as their own impact and challenges.

Establish a flexible competitor cooperation response mechanism, based on the analysis of competitor cooperation, formulate and implement corresponding response strategies and actions, such as joining, withdrawing, hindering, promoting, imitating, innovating, etc., as well as corresponding evaluation and feedback.

In the case of Champ Consulting, for example, it can collect, analyze and respond to competitors' cooperation in the following ways:

Collect and analyze competitors' cooperation information, such as the purpose, form, scope, content, effect, etc., as well as the impact and evaluation of cooperation, through competitors' official websites, social media, media reports, industry reports, etc.

Through SWOT analysis, five-force analysis, value chain analysis, game theory and other methods, analyze the strengths and weaknesses of competitors' cooperation, threats and opportunities, synergies and conflicts, benefits and risks, as well as their own impact and challenges.

Through joining, withdrawing, hindering, promoting, imitating, innovating and other strategies to deal with the cooperation of competitors, such as joining the cooperation of competitors to obtain more resources and markets, or withdrawing from the cooperation of competitors to maintain their own independence and differences, or hindering the cooperation of competitors to weaken the advantages and influence of competitors, or promoting the cooperation of competitors, to achieve greater synergy and win-win, or imitate the cooperation of competitors, to learn from the experience and technology of competitors, or to innovate the cooperation of competitors to provide more valuable and competitive services.

Conclusion

Competitor research is an important market research method that can help companies understand the information and behavior of competitors and develop effective marketing strategies and differentiation advantages. With the changes in the market environment and the development of technology, competitor research is also facing new trends and challenges, such as the expansion of the scope of competitors, more information, faster behavior, more cooperation and so on. Enterprises need to pay attention to and respond to these changes in a timely manner, improve the ability and level of competitor research, in order to maintain or enhance their competitive advantage and market position.