Definition and purpose of 1. competitor research

Competitor research refers to the process of systematically collecting, analyzing and evaluating the situation of other enterprises that directly or indirectly compete with the enterprise in the market environment in which the enterprise is located. The purpose of competitor research is to help companies understand their position and competitiveness in the market, identify the strengths and weaknesses of competitors, discover the strategic intentions and action plans of competitors, predict the future trends and reactions of competitors, and formulate strategies and actions to adapt to market changes and surpass competitors.

The importance of competitor research is self-evident, it can help enterprises to achieve the following aspects of value:

Improve market sensitivity and insight, discover market changes and opportunities in time, and seize opportunities;

Enhance self-awareness and self-assessment, find out their own strengths and weaknesses, enhance their competitiveness;

Optimize resource allocation and decision-making, allocate resources rationally and formulate effective competitive strategies according to the situation of competitors;

Reduce risk and uncertainty, predict the behavior and reaction of competitors, avoid or reduce competitive conflicts, and improve competitive winning rates.

Methods and procedures for 2. competitor research

The methods and steps of competitor research can be carried out at both the macro and micro levels, with the macro level mainly analyzing the overall market environment and competitive landscape and the micro level mainly analyzing specific competitors. Specifically, the methods and steps of competitor research include the following:

1. Macro-level analysis

Determine the scope of competition and the type of competitors. The scope of competition refers to the scope and degree of competition faced by enterprises, which can be determined according to the division and segmentation of the market, as well as the substitution and differentiation of products. The type of competitor refers to the category of other enterprises that compete with the enterprise, which can be divided according to the market position and strategic objectives of the competitor. In general, competitors can be divided into the following four types:

Market leader: refers to the enterprise with the largest share and the strongest influence in the market. It usually has high brand awareness and loyalty, as well as strong innovation ability and market control ability. Its strategic goal is to maintain or expand its market advantage and defend against or combat the challenges of other competitors;

Market challenger: refers to a company with a certain share and strength in the market, it usually has a high degree of enterprise and risk awareness, as well as strong aggressiveness and flexibility, its strategic goal is to challenge or surpass the market leader, compete for its market share and position;

Market follower: refers to an enterprise with a small share and weak strength in the market, which usually has a low innovation ability and competitive consciousness, as well as a weak offensive and defensive nature. Its strategic goal is to follow or imitate the market leader or challenger and maintain its market share and position;

Market niche: An enterprise that focuses on a particular market segment or a particular customer base at the Secondary specialized school of the market, usually with high professionalism and differentiation, as well as strong customer relationships and loyalty, and whose strategic goal is to develop or protect its market niche and avoid direct competition with other competitors.

Analyze the market environment and competitive landscape. The market environment refers to the external factors that affect enterprises and competitors, including political, economic, social, technical, legal, environmental and other aspects, which can be analyzed by PESTEL analysis. The competitive landscape refers to the number, size, distribution, behavior and other characteristics of competitors in the market, which can be analyzed by Porter's five forces analysis. By analyzing the market environment and competition pattern, we can understand the overall situation and development trend of the market, as well as the attractiveness and competitiveness of the market.

2. Micro-level analysis

Determine the scope and priority of competitors. The scope of competitors refers to the scope and extent of other enterprises competing with the enterprise, which can be determined according to the type of competitors, as well as the similarity and interaction with the enterprise. The priority of competitors refers to the assessment of the importance and urgency of competitors, which can be determined according to the market share and growth rate of competitors, as well as the threats and opportunities to the enterprise. In general, competitors can be divided into the following three ranges:

-Direct competitors: refers to enterprises that provide the same or similar products or services in the same market as the enterprise. The competition between them is the most intense and direct, and their priority is the highest;

-Indirect competitors: refers to enterprises that provide different but alternative products or services in different markets, and the competition between them is more hidden and indirect, and their priority is second;

-Potential competitors: refers to enterprises that do not currently compete with the enterprise, but are likely to enter its market in the future, or attract customers from its market. The competition between them is more potential and predicted, and their priority is the lowest.

Collect competitor information and data. Competitor information and data refers to various facts and figures related to competitors, which can be collected from a variety of channels and sources, including the following:

Public sources: refers to the information and data publicly released by competitors, such as official websites, annual reports, press releases, advertisements, recruitment information, social media, etc., which are less expensive to obtain, but may vary in reliability and timeliness;

Private sources: refers to information and data not publicly released by competitors, such as internal documents, employee interviews, customer feedback, supplier cooperation, industry associations, government agencies, etc., which are more expensive to obtain, but may be more reliable and timely;

Source of analysis: refers to the information and data obtained through the processing and analysis of competitors' information and data, such as financial analysis, market analysis, strategic analysis, organizational analysis, product analysis, etc., which are more expensive to obtain, but may be of greater value and significance.

Analyze the situation and capabilities of competitors. The situation and capabilities of competitors refer to the various characteristics and performances of competitors, which can be analyzed from the following aspects:

Financial position: refers to the financial position and financial performance of competitors, such as income, profit, assets, liabilities, cash flow, costs, investments, etc., which can be analyzed by financial ratio analysis, such as ROE, ROA, ROS, EPS, PE, PS, PB, etc;

Market conditions: refers to the market conditions and market performance of competitors, such as market share, market growth rate, market coverage, market penetration rate, market segmentation rate, market concentration rate, market competition intensity, etc., which can be analyzed by market ratio analysis, such as BCG matrix, GE matrix, ANSOFF matrix, etc;

Strategic situation: refers to the strategic situation and strategic performance of competitors, such as strategic objectives, strategic direction, strategic choice, strategic implementation, strategic assessment, strategic adjustment, etc., which can be analyzed by strategic analysis, such as SWOT analysis, VRIO analysis, value chain analysis, balanced scorecard analysis, etc;

Organizational status: refers to the organizational status and organizational performance of competitors, such as organizational structure, organizational culture, organizational climate, organizational process, organizational communication, organizational change, etc., which can be analyzed by organizational analysis, such as MCKINSEY 7S analysis, OCAI analysis, KOTTER analysis, etc;

Product condition: refers to the product condition and product performance of competitors, such as product type, product quality, product price, product function, product innovation, product life cycle, product differentiation, etc., which can be analyzed by product analysis method, such as KANO analysis, QFD analysis, RWW analysis, etc.

3. competitor survey results and applications

The results of competitor research refer to the various information and data about competitors, as well as various evaluations and judgments about competitors, obtained through macro and micro-level analysis of competitors. The application of competitor research refers to the use of the results of competitor research to provide reference and support for the formulation and implementation of the enterprise's strategy, as well as to provide the basis and direction for the enterprise's competitive advantage and market opportunities. The results and application of competitor research can be carried out from the following aspects:

1. Find market gaps

Market gaps are customer needs or pain points in the market that have not yet been fully met by competitors, and they represent potential opportunities and growth space in the market, as well as competitive advantage and differentiation. There are several ways to find market gaps:

From the customer's point of view, through surveys, interviews, observations, experiments, etc., to understand the customer's needs, preferences, satisfaction, loyalty, conversion rate and other indicators, to find out the customer's unmet needs or pain points, as well as the customer's expectations or wishes;

From the perspective of competitors, through analysis, comparison, evaluation, prediction, etc., to understand the competitors' products, services, prices, channels, promotions, innovation and other elements, to find out the strengths and weaknesses of competitors, as well as the threats or opportunities of competitors;

From the market point of view, through research, monitoring, identification, tracking and other ways to understand the size, structure, trends, changes, impact and other factors of the market, to find out the opportunities and threats of the market, as well as the potential or risks of the market.

2. Take advantage of market gaps

The use of market gaps refers to the characteristics and value of market gaps, to provide guidance and advice for the formulation and implementation of the enterprise's strategy, in order to achieve the development and utilization of market gaps, so as to enhance the competitiveness and market share of enterprises. There are several ways to take advantage of market gaps:

According to the size and importance of market gaps, determine the priority and urgency of market gaps, so as to formulate reasonable goals and plans, allocate appropriate resources and time, and take effective measures and actions;

According to the nature and source of market gaps, determine the types and categories of market gaps, so as to facilitate the selection of appropriate strategies and strategies, the design of reasonable products and services, the development of reasonable prices and channels, the implementation of effective promotion and innovation;

According to the changes and dynamics of the market blank point, determine the stability and continuity of the market blank point, so as to facilitate continuous monitoring and evaluation, timely adjustment and improvement, and maintain competitive advantage and market opportunities.

4. Champu Consulting's Competitor Research Case

Shangpu Consulting is a professional strategic consulting company, providing customers in different industries with services such as competitor research, helping customers find and take advantage of market gaps, and enhance their competitiveness and market share. The following are specific examples of Champu Consulting's discovery and exploitation of market gaps in the process of providing competitor research services to clients in different industries:

1. Provide competitor research services for an e-commerce platform

Customer background: The customer is an e-commerce platform that focuses on providing personalized customized products. It is mainly aimed at young consumers and provides various customizable products such as clothing, accessories, stationery, etc. The core competitiveness of the customer is its creativity and personality. The customer's goal is to become a leader in the field of personalized customization;

Service process: Shangpu Consulting conducted competitor research for customers, analyzed the market environment and competition pattern of customers from macro and micro levels, as well as the situation and ability of customers' main competitors, found the market gaps of customers, and provided strategic suggestions and action plans for customers;

Service results: Champ Consulting found that the customer's market gaps mainly include the following aspects:

The customer's product category is relatively single, mainly concentrated in clothing, accessories, stationery and other categories, and there are many other categories of products in the market, such as home, beauty, digital, etc., also have high personalized customization needs. The market space of these products is large, but the coverage of competitors is low. Customers can consider expanding their product lines to increase the diversity and richness of their products;

Customers' product customization methods are more traditional, mainly relying on customers to upload or choose their favorite patterns or text on the website, and there are many other methods in the market, such as artificial intelligence, virtual reality, augmented reality, etc., which can improve customers' customization Experience and satisfaction, these methods have a high level of technology, but the application rate of competitors is low, customers can consider introducing these technologies, promote the innovation and differentiation of their products;

The customer's product customization cycle is relatively long, mainly limited by the customer's order volume and production capacity, and there are many customers in the market, for personalized customized products, there is a high timeliness and urgency, the demand of these customers is large, but the satisfaction rate of competitors is low, customers can consider optimizing their production processes and logistics channels to shorten the delivery time and cost of their products.

Champ Consulting has developed the following strategic recommendations and action plans for clients based on their market gaps:

Expand product line, increase product diversity and richness. Through market research, customers can understand the needs and preferences of customers, and choose those product categories with higher personalized customization needs and larger market space, such as home furnishing, beauty makeup, digital, etc., to carry out product development and promotion to meet the needs of more customers and expand their market share;

Introduce new technologies to improve product innovation and differentiation. Through technical cooperation, customers can introduce artificial intelligence, virtual reality, augmented reality and other technologies to provide customers with more intelligent and immersive customized experience, such as analyzing customers' preferences and styles through artificial intelligence to recommend suitable products and designs for customers, or through virtual reality and augmented reality, customers can experience and try on their customized products in virtual scenes, to increase customer satisfaction and loyalty;

Optimize production processes and logistics channels to reduce product delivery time and costs. Customers can optimize their production processes and logistics channels through production management, such as improving their production efficiency and quality by adopting more advanced and efficient production equipment and technologies, or reducing their logistics by establishing more convenient and fast logistics networks and partners Time and cost to meet the timeliness and urgency of customers, and improve the conversion rate and repurchase rate of customers.

The competitor research service of Shangpu Consulting helps customers find and take advantage of market gaps, and improves their competitiveness and market share. Customers have expressed high recognition and satisfaction with the service of Shangpu Consulting.

2. Provide competitor research services for an education and training institution

Customer background: The customer is an educational institution focusing on providing English training, mainly for adults and children, providing online and offline English courses. The core competitiveness of the customer is its teachers and teaching materials, and the customer's goal is to become a leader in the field of English training;

Service process: Shangpu Consulting conducted competitor research for customers, analyzed the market environment and competition pattern of customers from macro and micro levels, as well as the situation and ability of customers' main competitors, found the market gaps of customers, and provided strategic suggestions and action plans for customers;

Service results: Champ Consulting found that the customer's market gaps mainly include the following aspects:

The customer's course type is relatively single, mainly focusing on oral English, English listening, English reading and other aspects, while there are many other English courses in the market, such as English writing, English translation, English examination and so on. There is also a high demand for English training. These courses have a large market space, but the coverage rate of competitors is low. Customers can consider expanding their course lines, increase the diversity and richness of its curriculum;

The customer's course form is more traditional, mainly relying on the interaction between teachers and students, and there are many other forms of English courses in the market, such as games, animation, video, music, etc., which can improve students' learning interest and effect. The teaching level of these forms is relatively high, but the application rate of competitors is relatively low. Customers can consider introducing these forms to enhance the interest and interaction of their courses;

-The course effect of customers is more difficult to measure, mainly relying on students' self-experience and feedback. There are still many customers in the market who have higher expectations and requirements for the effect of English training. These customers have greater demand, but competitors The satisfaction rate is low. Customers can consider establishing a more scientific and objective course evaluation and feedback mechanism to improve the quality and reputation of their courses.

Champ Consulting has developed the following strategic recommendations and action plans for clients based on their market gaps:

Expand the course line and increase the diversity and richness of the course. Through market research, customers can understand the needs and preferences of customers, and choose courses with higher English training needs and larger market space, such as English writing, English translation, English examination, etc., to develop and promote courses to meet the needs of more customers and expand their market share;

Introduce new forms to enhance the interest and interactivity of the course. Through teaching innovation, customers can introduce games, animation, video, music and other forms to provide students with more interesting and vivid learning experience. For example, through games, students can learn English through play, or through animation and video, students can learn English through audio-visual, or through music, students can learn English through singing, so as to improve students' learning interest and effect;

Establish an evaluation mechanism to improve the quality and credibility of the curriculum. Customers can establish a more scientific and objective curriculum evaluation and feedback mechanism through curriculum management, such as providing students with clear learning orientation and evaluation basis by setting curriculum objectives and standards, or providing students with timely learning feedback and improvement suggestions by designing curriculum tests and questionnaires, or providing students with powerful learning incentives and recognition by publishing curriculum results and certificates, to improve the quality and credibility of the course.

The competitor research service of Shangpu Consulting helps customers find and take advantage of market gaps, and improves their competitiveness and market share. Customers have expressed high recognition and satisfaction with the service of Shangpu Consulting.