Purpose of 1. Competitor Research

Competitor research refers to the systematic collection, analysis and evaluation of existing or potential competitors in the industry and market in which a company operates to obtain information about competitors, such as size, product, price, quality, service, channels, market share, marketing strategy, strengths and weaknesses. The main purpose of competitor research is the following:

Understand the competitive environment. Competitor research can help enterprises to fully understand and understand the competitive situation of their own industry and market, such as the number, type, characteristics, behavior and trend of competitors, so as to judge the intensity, form and trend of competition, and provide a basis for enterprises to formulate reasonable strategic goals and directions.

Discover competitive advantages. Competitor research can help companies compare and evaluate the differences and advantages and disadvantages between themselves and competitors in various aspects, so as to find out their own competitive advantages, such as product innovation, service quality, channel coverage, market loyalty, etc. And the areas that need to be improved and improved, so as to provide support for enterprises to improve their competitiveness and market share.

Develop effective competitive strategies. Competitor research can help companies predict and respond to possible actions and reactions of competitors, such as product upgrades, price changes, promotional activities, market expansion, etc., so as to formulate targeted competitive strategies, such as product differentiation, Price optimization, service value-added, diversification of channels, etc., as well as emergency measures to provide protection for companies to win competitive advantage and market share.

Methods and procedures for 2. competitor research

There are several main methods of competitor research:

Desktop research. Desktop research refers to the collection and analysis of public sources of information, such as official websites, social media, news reports, industry reports, financial statements, patent literature, etc., to obtain basic information about competitors, such as historical background, organizational structure, product lines, market positioning, marketing strategies, etc. The advantages of desktop research are low cost, fast speed, and wide range, but the disadvantage is that the information may be incomplete, inaccurate, and not timely.

Field trips. On-site investigation refers to obtaining on-site information of competitors, such as product quality, price, function, appearance, packaging, etc., service attitude, level, process, effect, etc., channel layout, form, scale, efficiency, etc., market demand, feedback, satisfaction, loyalty, etc. The advantages of field investigation are that the information is more intuitive, real and in-depth, but the disadvantages are high cost, long time and narrow scope.

Questionnaire survey. Questionnaire survey refers to the design and distribution of a series of questions to the competitor's customers, suppliers, partners, employees and other relevant personnel to ask, to obtain the competitor's internal information, such as the advantages and disadvantages of the product, service satisfaction, channel selection, market preferences, competitor evaluation and so on. The advantage of questionnaire is that the information is more objective, comprehensive and quantitative, but the disadvantage is that it is difficult to obtain effective samples, there is a deviation in the answer, and the need for analytical skills.

Intelligence analysis. Intelligence analysis refers to the use of various analytical tools and methods, such as SWOT analysis, Porter's five forces analysis, value chain analysis, core competitiveness analysis, etc., to integrate, summarize, compare, and evaluate competitors' information to obtain competitors' strategic information, such as competitors' strengths and weaknesses, opportunities and threats, goals and motivations, strategies and actions, etc. The advantage of intelligence analysis is that the information is more valuable, meaningful and instructive, but the disadvantage is that it requires professional knowledge, experience and judgment.

The main steps of competitor research are as follows:

Determine the objectives of the research. The goal of research refers to the results that the company hopes to obtain through competitor research, such as understanding the competitor's product characteristics, service level, market share, marketing strategy, etc. The objectives of the survey should have the characteristics of clarity, feasibility and importance, so as to guide the selection of the content and methods of the survey.

Identify the object of the research. The object of research refers to the competitors that the enterprise needs to pay attention to, such as existing competitors, potential competitors, alternative competitors, etc. The object of the survey should be representative, relevant and comparable in order to improve the efficiency and effectiveness of the survey.

Determine the content of the research. The content of the survey refers to the information of competitors that enterprises need to collect and analyze, such as product quality, price, function, appearance, packaging, service attitude, level, process, effect, etc., channel layout, form, scale, efficiency, etc., market demand feedback, satisfaction, loyalty, etc. The content of the research should be complete, accurate, and timely in order to obtain effective competitor information.

Determine the method of research. The method of research refers to the way in which companies collect and analyze competitor information, such as desktop research, field visits, questionnaires, and intelligence analysis. The research method should have the characteristics of applicability, reliability and flexibility, so as to adapt to different research objectives, objects and contents.

Execute the research plan. The plan of research refers to the specific arrangement of competitor research made by the enterprise, such as the time, place, personnel, resources, budget, etc. The research plan should have the characteristics of operability, rationality and coordination, so as to ensure the smooth progress and high-quality completion of the research.

Output research report. The report of the research refers to the final results of the competitor's research presented by the enterprise, such as the purpose, object, content, method, plan, process, result, analysis, suggestion, etc. The research report should be clear, concise, and logical in order to convey effective competitor information and provide useful competitive strategies.

3. how to find differentiation possibilities and breakthrough points from the blank spots of competitors.

The blank spots refer to the deficiencies or uncovered areas of competitors in products, services, channels, markets, etc., which are opportunities for innovation and differentiation. How to find differentiation possibilities and breakthrough points from the blank spots of competitors? Here are some suggestions:

From the customer's needs. Customer needs are the source of innovation and differentiation, and companies should constantly understand and meet customer needs, especially potential or future needs that competitors have not discovered or ignored, in order to find gaps. For example, when Shangpu Consulting conducted a competitor survey for an automobile manufacturer, it found that customers have a strong demand for intelligent driving, and the investment and progress of competitors in this area are relatively backward. Therefore, Shangpu Consulting provides customers with intelligent driving solutions to help customers gain a leading edge in this field.

Start with industry trends. The trend of the industry is the direction of enterprise innovation and differentiation. Enterprises should grasp and follow the trend of the industry in time, especially the emerging or changing trend that competitors do not pay attention to or adapt to, so as to find the blank point. For example, when Shangpu Consulting conducted a competitor survey for a clothing brand, it found that the industry attaches great importance to sustainable development, while competitors lack awareness and actions in this regard. Therefore, Shangpu Consulting provides customers with sustainable development solutions and helps customers establish a good image in this field.

From their own advantages. Its own advantages are the basis of enterprise innovation and differentiation. Enterprises should give full play to and make use of their own advantages, especially those core or unique advantages that are difficult for competitors to imitate or surpass, so as to find blank spots. For example, when Shangpu Consulting conducted a competitor survey for a catering chain, it found its own advantages in brand, quality, service, etc., and the performance of competitors in these aspects was relatively general, so Shangpu Consulting provided customers with Brand, quality, and service solutions help customers consolidate their advantages in these areas.

Conclusion

Competitor research is an important part of corporate strategic analysis, which can help companies understand the competitive environment, discover competitive advantages, and formulate effective competitive strategies. Starting with the purpose, method and steps of competitor research, this paper discusses how to find the possibility of differentiation and breakthrough point from the blank points of competitors. The blank spots refer to the deficiencies or uncovered areas of competitors in products, services, channels, markets, etc., which are opportunities for innovation and differentiation. Taking Shangpu Consulting as an example, this paper introduces how to find and utilize blank spots through competitor research to provide valuable solutions to customers. I hope this paper can help and inspire enterprises to conduct research on competitors.