Competitor research refers to the process of collecting, sorting, analyzing and evaluating the relevant information of competitors to understand the basic situation, development process, competitive strategy, core competitiveness, product strategy, channel strategy, price strategy, promotion strategy, etc., so as to provide reference and basis for the strategic decision-making of enterprises. The purpose of competitor research is the following:

Understand the market environment and industry trends, grasp market opportunities and risks, and formulate reasonable market goals and expectations;

Understand the advantages and disadvantages of competitors, find out their own differences and advantages, and formulate effective competitive strategies and positioning;

Understand competitors' products and services, find their own product defects and room for improvement, and formulate innovative product strategies and development plans;

Understand competitors' customers and markets, identify potential customer needs and pain points, and develop targeted marketing strategies and programs;

Understand the investment and acquisition of competitors, grasp the dynamics and opportunities of mergers and acquisitions in the industry, and formulate reasonable investment and acquisition strategies and plans.

The methods and steps of competitor research mainly include the following aspects:

Determine the scope and type of competitors, according to market share, product similarity, geographical coverage and other factors, select the most representative and threatening competitors as the research object, can be divided into direct competitors, indirect competitors, potential competitors and alternative competitors;

Collect competitor information and use various tools and resources to obtain first-hand and second-hand information of competitors from multiple channels and angles, including enterprise overview, development process, competitive strategy, core competitiveness, corporate culture, brand performance, product strategy, channel strategy, price strategy, promotion strategy, etc;

Analyze competitor information, use various analytical methods and techniques to organize, summarize, compare, evaluate and summarize competitor information, reveal competitor characteristics, strengths and weaknesses, trends, problems and opportunities, and form competitor analysis reports;

Evaluate the impact of competitors, according to the competitor analysis report, combined with their own situation and objectives, assess the impact and threat of competitors on themselves, determine the priorities and response strategies of competitors, and formulate corresponding action plans.

There are many tools and resources for competitor research, the following are some commonly used:

Web search, using search engines such as Baidu, Google, Bing, etc., to enter the names of competitors,Keywords, website, etc., to obtain competitors' official website, news, announcements, reports, comments, forums, blogs, videos and other information, you can understand the basic situation of competitors, development trends, brand image, product characteristics, customer feedback, etc;

Social media, using social media platforms, such as WeChat, Weibo, Douyin, Kuaishou, Facebook, Twitter, LinkedIn, etc., pay attention to competitors' official accounts, employee accounts, customer accounts, etc., and obtain competitors' latest news, activities, and promotion, Interaction, word-of-mouth and other information can understand competitors' marketing strategies, market performance, user satisfaction, etc;

Data analysis, using data analysis tools, such as Ahrefs, SimilarWeb, Alexa, Sensor Tower, App Annie, etc., to enter the competitor's website, application, etc., to obtain the competitor's traffic, ranking,Keywords, channels, downloads, ratings and other data, you can understand the competitor's website performance, application performance, search optimization, user behavior, etc;

Questionnaire survey, using questionnaire survey tools, such as questionnaire star, Tencent questionnaire, SurveyMonkey, Google Forms, etc., to design relevant questions for competitors, and send questionnaires to target users or industry experts through email, SMS, two-dimensional code, links, etc. to obtain their knowledge, evaluation, suggestions and other information about competitors, so as to understand competitors' market share, customer loyalty, product advantages and disadvantages, etc;

Mysterious customers, using mysterious customer tools, such as mysterious customer network, mysterious customer China, Mystery Shopper, etc., or playing the role of mysterious customers themselves, experience competitors' products and services as ordinary consumers, record competitors' prices, Quality, function, after-sales, service attitude and other information can understand competitors' product experience, service level, customer satisfaction, etc;

Patent information. Patent intelligence is an important source of information reflecting the technological level and innovation ability of competitors, and can obtain patent information of competitors through patent databases, patent search tools, patent analysis software, etc., including patent names, applicants, inventors, application dates, publication dates, and patents.AbstractPatent requirements, patent classification, patent citation, etc. For example, you can enter the name of a competitor through patent databases such as the China Intellectual Property Network, the United States Patent and Trademark Office, the European Patent Office, and the World Intellectual Property Organization.Keywords, retrieve the list of competitors' patents and view the number, type, distribution, trend, etc. of competitors' patents. You can also use patent search tools, such as China Patent Search System, Derwent Innovation, PatSnap, etc., to conduct more detailed patent search and analysis to understand competitors' patent content, technical characteristics, technical routes, technological evolution, etc. Patent analysis software, such as Aureka, Patent Insight Pro, InnoGraph, etc., can also be used to visually display and compare competitors' patent information, revealing competitors' technical advantages, technical gaps, technical directions, etc.

Financial Reporting. Financial report is an important source of information reflecting the operating and financial status of competitors, and can obtain the financial information of competitors, including balance sheet, profit statement, cash flow statement, financial ratio, financial forecast, etc. through financial database, financial analysis software, financial indicators, etc. For example, you can query competitors' financial reports and view competitors' revenue, profits, costs, assets, liabilities, cash flow, etc. through financial databases such as Wind, Choice, and public company disclosure platforms. You can also analyze and evaluate competitors' financial data through financial analysis software, such as financial analysts, financial analysis systems, financial analysis toolboxes, etc., to understand competitors' financial status, financial risks, financial efficiency, etc. It is also possible to quantify and compare the financial performance of competitors through financial indicators, such as operating income growth rate, net profit margin, asset-liability ratio, gross sales margin, asset turnover, net operating cash flow, etc., to reveal the financial strengths and weaknesses, financial strategies, and financial objectives of competitors.

Questionnaires. Questionnaire is a kind of active research method, through the design and distribution of questionnaires, to the competitor's customers, suppliers, partners, employees and other relevant personnel, to collect their views, evaluation, suggestions, etc., so as to understand the competitor's customer satisfaction, supply chain management, cooperative relationship, employee welfare, etc. For example, you can use questionnaire design software, such as questionnaire star, Tencent questionnaire, SurveyMonkey, etc., to make a questionnaire, including the title of the questionnaire, the purpose of the questionnaire, the content of the questionnaire, the format of the questionnaire, the notes of the questionnaire, etc. You can also send questionnaires to the target population through questionnaire distribution channels, such as email, SMS, WeChat, website, telephone, face-to-face, etc., to improve the recovery rate and efficiency. The data of the questionnaire can also be processed and interpreted through questionnaire analysis methods, such as descriptive analysis, correlation analysis, factor analysis, cluster analysis, regression analysis, etc.Conclusionand recommendations.

Interview visits. Interviews are another active research method. Through face-to-face or remote communication with competitors' customers, suppliers, partners, employees and other relevant personnel, they can ask them targeted questions and collect their information, opinions and feelings about competitors, so as to understand competitors' product quality, service level, willingness to cooperate, employee morale and so on. For example, you can use interview access design software, such as interview access systems, interview access tools, interview access templates, etc., to develop interview access plans, including interview access objectives, interview access objects, interview access questions, interview access methods, interview access times, etc. You can also conduct interview visits through interview interview execution skills, such as building trust, listening and understanding, guiding exploration, recording summary, feedback confirmation, etc., to improve the effectiveness and quality of interview visits. The content of the interview can also be summarized and evaluated through interview analysis methods, such as content analysis, discourse analysis, narrative analysis, situational analysis, etc., to obtain the significance and enlightenment of the interview.

Mystery customer. Mysterious customers are a special method of active research. They can experience competitors' products or services as ordinary customers by hiring or acting as potential or existing customers of competitors. Collect competitors' customer experience, service quality, sales skills, after-sales support and other information, so as to understand competitors' customer relationship management, marketing, service innovation and so on. For example, a mystery customer scheme including mystery customer goals, mystery customer objects, mystery customer tasks, mystery customer evaluations, mystery customer reports, etc. can be developed through mystery customer design software such as the mystery customer system, mystery customer tools, mystery customer templates, etc. It is also possible to conduct mysterious customer research through mysterious customer execution skills, such as selecting suitable mysterious customers, formulating detailed mysterious customer plans, maintaining the identity of mysterious customers, recording mysterious customer observations, filling out mysterious customer questionnaires, etc., to improve the credibility and effectiveness of mysterious customers. It is also possible to organize and evaluate the data of the mysterious customer through the analysis methods of the mysterious customer, such as descriptive analysis, comparative analysis, analysis of advantages and disadvantages, analysis of suggestions for improvement, and so on.Conclusionand opinions.

Cases and value of 4. competitor research

Cases and value of competitor research. The case and value of competitor research refers to the methods and steps of competitor research to provide valuable information and suggestions to help enterprises formulate effective competitive strategies and enhance their competitiveness and market position. The following is an example of the application and effectiveness of competitor research, as well as issues and recommendations that need to be noted during the research process.

Shangpu Consulting Company is a company specializing in corporate strategy consulting, marketing consulting, organizational change consulting and other services. It has many years of industry experience and excellent consulting team, providing high-quality consulting solutions for many well-known enterprises. The competitors of Shangpu Consulting Company mainly include the following categories: internationally renowned consulting companies, such as McKinsey, Boston, Bain, etc., with strong brand influence, customer resources, consulting methods and global network; leading domestic consulting companies, Such as Huasheng, Epusi, Huawei, etc., have deep localization advantages, market penetration, industry expertise and government relations; emerging consulting companies, such as Booz, Reese, Wisdom, etc., with flexible innovation ability, low price strategy, fast response speed and young team atmosphere.

In order to enhance its competitiveness and market position, Shangpu Consulting regularly conducts competitor research, uses a variety of tools and resources, collects a large amount of competitor information, conducts in-depth competitor analysis, and prepares detailed competitor reports to provide strong support for its strategic decisions. The specific content and results of the competitor survey of Champu Consulting are as follows:

Through the network search, Shangpu consulting company to understand the basic situation of competitors and market feedback, including the competitor's company profile, product introduction, news, user comments, market data, industry reports, etc., so as to grasp the competitor's market pattern and customer needs. For example, Champ Consulting found that McKinsey & Company launched a new product called "McKinsey Digital" (McKinsey Digital) in 2023, which aims to help customers achieve digital transformation and improve their operational efficiency and competitive advantage. By looking at McKinsey's official website, social media, customer cases, etc., Shangpu Consulting learned about the product features, service processes, success stories, etc. of McKinsey Digital, thus assessing the market potential and competitive threats of McKinsey Digital.

Through patent intelligence, Champ Consulting understands the technological level and innovation capabilities of competitors, including their patent names, applicants, inventors, filing dates, publication dates, and patents.Abstractpatent requirements, patent classification, patent citation, etc., thus revealing the technical advantages and technical direction of competitors. For example, Shangpu Consulting found that Huasheng Consulting applied for a patent entitled "Big Data-based Enterprise Strategy Consulting Method and System" in 2022, which aims to use big data technology to provide customers with more accurate, efficient and intelligent enterprise strategy consulting services. By looking at the patent information of Huasheng Consulting, Shangpu Consulting understands the technical content, technical characteristics, technical route, technical evolution, etc. of the patent, thus assessing the technical value and technical impact of the patent.

Through the financial report, Champ Consulting understands the competitor's operating and financial position, including the competitor's balance sheet, profit statement, cash flow statement, financial ratio, financial forecast, etc., thus revealing the competitor's financial performance and financial strategy. For example, Shangpu Consulting found that Eps Consulting's operating income in 2023 reached 1 billion yuan, up 25% year-on-year, net profit margin reached 15%, up 30% year-on-year, and asset-liability ratio was 50%, down 10% year-on-year. Sunp Consulting assessed the financial position and financial objectives of Ep Consulting by reviewing the financial reports of Ep Consulting and understanding the revenue structure, cost structure, cash flow structure, financial risk, and financial efficiency of Ep Consulting.

Through the questionnaire, Shangpu Consulting learned about competitors' customer satisfaction, supply chain management, partnerships, employee benefits, etc., including competitors' customer groups, needs, preferences, satisfaction, loyalty, etc., so as to grasp competitors' customer psychology and customer behavior. For example, Shangpu Consulting found that Bosi Consulting's customers are mainly small and medium-sized enterprises. Their demand is low-cost, efficient, flexible consulting services. Their preference is to have good communication and trust with consultants. Their satisfaction is high, but their loyalty is low. Through the design and distribution of questionnaires, Shangpu Consulting collected their opinions, evaluations and suggestions on Bosi Consulting's customers, so as to evaluate the customer attractiveness and customer retention of Bosi Consulting.

Through interviews, Shangpu Consulting learned about competitors' product quality, service level, willingness to cooperate, employee morale, etc., including competitors' product characteristics, service processes, success stories, problems and challenges, etc., so as to understand competitors' product advantages and service innovation. For example, Shangpu Consulting found that Ruisi Consulting's products are intelligent consulting systems based on artificial intelligence, which can provide customers with intelligent consulting solutions and improve their decision-making efficiency and decision-making quality. Through interviews with customers, partners and employees of Ruisi Consulting, Shangpu Consulting Company learned about the product functions, service process, customer feedback and technical difficulties of Ruisi Consulting Company, thus evaluating the product innovation and service optimization of Ruisi Consulting Company.

Through mysterious customers, Shangpu Consulting understands the customer experience, service quality, sales skills, after-sales support, etc. of competitors, including the purchase, use, evaluation, and maintenance of competitors' products or services, so as to understand competitors' customers. Relationship management, marketing, service innovation, etc. For example, Shangpu Consulting found that the service of Wisdom Consulting is an online consulting platform based on cloud computing, which can provide customers with real-time consulting communication and reduce the communication cost and time cost of customers. By hiring or acting as potential or existing customers of the wisdom consulting company, Shangpu Consulting Company experiences the services of the wisdom consulting company as ordinary customers, and collects the service fluency, service quality, service attitude, service effect, etc. of the wisdom consulting company, thus evaluating the service level and service innovation of the wisdom consulting company.

Through competitor research, Champ Consulting has achieved the following values and benefits:

It has enhanced its sense of competition and competitiveness, enhanced its sense of crisis and urgency, stimulated its innovative motivation and enterprising spirit, and promoted its continuous improvement and development.

Understand their own strengths and weaknesses, find out their own differentiation and optimization direction, formulate their own competitive strategies and action plans, and enhance their market position and market share.

Understand the needs and preferences of customers, improve their customer attractiveness and customer retention, increase their customer resources and customer value, and enhance their customer satisfaction and customer loyalty.

Understand the changes and opportunities of the industry, grasp the development direction and trend of the industry, seize the opportunities and advantages of the industry, and enhance their industry influence and industry status.

In the process of conducting competitor research, Shangpu Consulting also encountered some problems and challenges. The following points need to be paid attention to and improved:

When identifying competitors, it is necessary to select the most representative and threatening competitors according to their products, markets, customers, etc., to avoid too many or too few competitors, resulting in redundancy or lack of information.

When collecting competitor information, it is necessary to use a combination of active and passive research methods to balance the quality and quantity of information and avoid inaccurate or incomplete information that can lead to biased or misleading analysis.

When analyzing competitor information, it is necessary to use various analytical methods and models to conduct multi-dimensional and multi-angle analysis to avoid superficial or single analysis, leading to shallow or one-sided analysis.

In the preparation of competitor reports, the analysis results and recommendations need to be documented and checked for logic and readability to avoid clutter or obscurity, resulting in invalid or useless reports.