The Importance of 1. Competitor Research

In today's market environment, competition is increasing and consumer needs and preferences are constantly changing. In order to stay ahead of the competition, companies need to constantly understand their market positioning and the differentiation of their products or services from competitors. Competitor research is an effective tool to help companies achieve this goal.

The main objectives of the competitor survey are:

Identify and evaluate competitors' size, market share, characteristics of products or services, pricing strategies, marketing strategies, financial status, innovation capabilities, strengths and weaknesses, etc;

Analyze factors such as competitors' goals, motivations, strategies, actions, priorities, strengths and weaknesses;

Predict the future development trend, opportunities and threats of competitors;

Based on the information and analysis of competitors, formulate your own competitive strategy, including product or service improvement, pricing strategy adjustment, marketing strategy optimization, innovation ability, partner selection and other measures.

The main benefits of competitor research are:

Help companies discover their competitive advantages, that is, those characteristics or capabilities that make them unique in the market, such as brand image, quality, service, technology, innovation, cost, channels, etc;

Help companies avoid or reduce competitive risks, I .e. factors that may cause them to lose their advantage or suffer losses in the market, such as competitors' new products or services, price wars, marketing activities, legal proceedings, policy changes, etc;

Help companies identify and seize competitive opportunities, that is, those factors that can allow them to increase revenue or profit in the market, such as competitors' defects or mistakes, market needs or trends, consumer feedback or preferences, etc;

Help companies improve their competitiveness, that is, those capabilities that can make them more effective or efficient in the market, such as product or service quality, function, design, innovation, cost, speed, flexibility, reliability, satisfaction, etc.

Methods of 2. competitor research

Competitor research methods fall into two main categories: active research and passive research.

Active research refers to the active collection and analysis of competitor information, such:

Visit competitors' websites, social media, blogs, forums and other online platforms to understand the introduction, evaluation, feedback and update of their products or services;

Purchase or experience competitors' products or services and evaluate their quality, functionality, design, price, service, etc;

Participate in competitors' exhibitions, conferences, seminars, training and other activities, and observe their presentations, speeches, interactions, and publicity;

Investigate or interview competitors' customers, suppliers, partners, employees, former employees and other relevant personnel to understand their views, feelings, suggestions and other opinions on competitors;

Hire or commission professional consultants or individuals to provide yourself with competitor information and analysis.

Passive research refers to the use of existing or readily available competitor information, such:

Read competitors' annual reports, quarterly reports, financial statements, press releases, advertisements, recruitment information and other public documents to understand their size, market share, financial situation, strategy, actions and other information;

Analyze competitors' patents, trademarks, copyrights, domain names and other intellectual property rights to understand their technologies, innovations, brands and other aspects;

Monitor competitors' prices, promotions, discounts, coupons and other marketing activities to understand their pricing strategies, marketing strategies and other aspects;

Pay attention to external factors such as competitors' legal proceedings, policy changes, market dynamics, industry trends, etc., and understand their opportunities and threats.

Whether it is active research or passive research, we need to follow the following principles:

The selection of suitable competitors, I .e. those enterprises or institutions that compete directly or indirectly with their own products or services, can be screened according to market segmentation, geographical scope, customer groups and other criteria;

Determine the objectives of the research, I .e., information and analysis of competitors that have a significant impact on their competitive strategy, which can be determined based on their market positioning, competitive advantage, competitive risk, competitive opportunities and other factors;

Design research programs, that is, methods and steps that can effectively collect and analyze competitors' information, can be selected according to their own time, budget, resources, capabilities and other conditions;

The process of carrying out research, that is, according to the requirements of the plan, the actual collection and analysis of competitors' information, it should be noted that the research should be conducted in an objective, fair, honest and legal manner, so as to avoid infringing upon the privacy or interests of competitors and to avoid exposing their own information or intentions;

Summarize the results of the survey, that is, organize the information and analysis of competitors into organized, logical, and well-founded reports or documents, which can be presented using tools such as tables, charts, matrices, and frameworks;

Apply the results of research, that is, according to the information and analysis of competitors, formulate or adjust their own competitive strategy, implement or optimize their own competitive actions, monitor or evaluate their competitive effects.

3. Competitor Research Cases

To better illustrate the methods and benefits of competitor research, this article will introduce several examples of competitor research provided by Champ Consulting for its clients.

Case 1: Competitor Survey of E-commerce Platform

The client of Shangpu Consulting Company is an e-commerce platform, which mainly provides fashionable products such as clothing, shoes, bags and so on. The customer wanted to understand their competition in the domestic market and how to increase their market share and brand influence.

Champ Consulting conducted a competitor survey for this client, using the following methodology:

Visited the websites of major domestic e-commerce platforms, such as Taobao, Jingdong, Vipshop, Amazon, etc., and learned about their product types, price ranges, sales rankings, user evaluations, return and exchange policies, logistics services and other information;

Purchase some products of competitors and evaluate their product quality, packaging, distribution, after-sales and other aspects;

Participated in some offline activities of competitors, such as fashion shows, brand conferences, discount promotions, etc., and observed their brand image, marketing methods, customer feedback, etc;

Investigated some of the competitor's customers to understand their satisfaction, loyalty, preferences, suggestions and other opinions to the competitor;

Hired a professional market research organization to provide itself with data and analysis of competitors' market share, growth rate, profit margin, customer group, channel distribution, etc.

Based on the results of the competitor survey, Champ Consulting made the following recommendations for the client:

Make use of their competitive advantages, that is, high standards in the brand, design, quality and service of fashion products, strengthen their brand publicity and promotion, and improve their brand awareness and reputation;

Avoid or reduce direct price competition with competitors, but adopt a differentiated pricing strategy, according to their own product characteristics and target customer demand and ability to pay, set a reasonable price range and discount range;

Pay attention to and seize the defects or mistakes of competitors, such as product quality problems, logistics delays, customer complaints, etc., and adjust their products or services in time to provide better user experience and satisfaction;

Improve their ability to innovate, continue to introduce new products or services to meet market needs and trends, and increase their market attractiveness and competitiveness.

The client adopted the recommendations of Champ Consulting and implemented corresponding competitive strategies and actions with good results. In one year, the customer's market share increased by 5 percentage points, brand influence increased by 10 percentage points, and customer satisfaction increased by 15 percentage points.

Case 2: Competitor Survey of Education and Training Institutions

The client of Champ Consulting is an education and training institution that mainly provides courses in English, mathematics, programming and so on. The client wanted to know how competitive he was in the local market and how he could improve the quality of his courses and the number of students.

Champ Consulting conducted a competitor survey for this client, using the following methodology:

I read the official website, WeChat official account, Weibo and other network platforms of major local education and training institutions, and learned about their curriculum, teachers, teaching methods, learning effects, student evaluation and other information;

Experienced some courses of competitors and evaluated their course content, difficulty, interest, interaction, feedback, etc;

Participated in some offline activities of competitors, such as open days, lectures, competitions, etc., and observed their institutional environment, teaching equipment, activity organization, and student participation;

Investigate some students of competitors and understand their satisfaction, loyalty, preference and suggestions to competitors;

Hired a professional education consultant to provide himself with data and analysis of competitors' course quality, number of students, market share, word-of-mouth communication, etc.

Based on the results of the competitor survey, Champ Consulting made the following recommendations for the client:

Make use of their competitive advantages, that is, high standards in the professionalism, practicality, and cutting-edge of English, mathematics, programming and other courses, strengthen their own course publicity and recommend, and improve their own course visibility and recognition;

Avoid or reduce direct price competition with competitors, but adopt differentiated pricing strategies, and formulate reasonable price ranges and preferential policies according to their own course characteristics and the needs and ability to pay of target students;

Pay attention to and seize the defects or mistakes of competitors, such as curriculum quality problems, teachers' level problems, learning effect problems, etc., and adjust their own courses or teaching in time to provide better learning experience and effect;

Improve their ability to innovate, continue to introduce new courses or services to meet market needs and trends, and increase their market attractiveness and competitiveness.

The client adopted the recommendations of Champ Consulting and implemented corresponding competitive strategies and actions with good results. Within one year, the customer's course quality increased by 10 percentage points, the number of students increased by 20 percentage points, and the market share increased by 15 percentage points.

Case 3: Competitor survey of restaurant chains

Champ Consulting's client is a restaurant chain that offers mostly Chinese fast food. The customer wants to know how competitive they are in the national market and how to improve their brand image and customer loyalty.

Champ Consulting conducted a competitor survey for this client, using the following methodology:

I read the official website, APP, take-out platform and other network platforms of major catering chain stores in the country, and learned about their food types, price ranges, sales ranking, user evaluation, membership system, preferential activities and other information;

Tasted some of the competitors' dishes and evaluated their taste, quantity, hygiene, service, etc;

Participated in some offline activities of competitors, such as new store opening, festival celebrations, theme activities, etc., and observed their store decoration, atmosphere creation, customer attraction, etc;

Investigated some of the competitor's customers to understand their satisfaction, loyalty, preferences, suggestions and other opinions to the competitor;

Hired a professional catering consultant to provide himself with data and analysis of competitors' brand image, customer loyalty, market share, word-of-mouth communication, etc.

Based on the results of the competitor survey, Champ Consulting made the following recommendations for the client:

Make use of their competitive advantages, that is, the high cost performance in the variety, quality and price of Chinese fast food, strengthen their brand publicity and promotion, and improve their brand awareness and reputation;

Avoid or reduce direct price competition with competitors, but adopt differentiated pricing strategies, and formulate reasonable price ranges and preferential policies according to the characteristics of their dishes and the needs and ability to pay of target customers;

Pay attention to and seize the defects or mistakes of competitors, such as taste problems, hygiene problems, service problems, etc., and adjust their dishes or services in time to provide better user experience and satisfaction;

Improve their ability to innovate, continue to introduce new dishes or services to meet market needs and trends, and increase their market attractiveness and competitiveness.

The client adopted the recommendations of Champ Consulting and implemented corresponding competitive strategies and actions with good results. Within a year, the customer's brand image increased by 15 percentage points, customer loyalty increased by 20 percentage points, and market share increased by 10 percentage points.

Conclusion

Competitor research is a method of analyzing companies or institutions that compete with their own products or services in the market, with the aim of understanding their strengths and weaknesses, as well as their strategies and actions. Competitor research can help companies discover their competitive advantages, that is, those characteristics or capabilities that make them stand out in the marketplace. The methods of competitor research are mainly divided into active research and passive research, both of which need to follow the principles of selecting suitable competitors, determining the objectives of the research, designing the research plan, executing the research process, summarizing the results of the research, and applying the results of the research. The case analysis of competitor research shows the practical application and effect of competitor research, and provides valuable reference and reference for enterprises.