Purpose of 1. Competitor Research

The main objectives of competitor research are as follows:

Understand the basic situation of competitors, such as scale, status, products, prices, channels, promotion, etc;

Understand the strategic direction of competitors, such as goals, vision, mission, values, etc;

Understand the core competitiveness of competitors, such as technology, innovation, brand, service, quality, etc;

Understand the strengths and weaknesses of competitors, such as cost, efficiency, effectiveness, risks, opportunities, etc;

Understand the dynamics and expectations of competitors, such as new products, new markets, new cooperation, new changes, etc;

Assess the threat and impact of competitors on themselves, such as market share, profit margins, customer satisfaction, brand awareness, etc;

Look for the strategic loopholes and weaknesses of competitors, such as lack of demand, functional defects, insufficient service, brand dilution, etc;

Discover the successful experience and lessons of competitors, such as best practices, innovation cases, failure reasons, improvement measures, etc;

Develop your own strategy and marketing strategy, such as positioning, goals, actions, resources, control, etc.

Content of 2. competitor research

The competitor research mainly includes the following aspects:

Overview of competitors, such as name, address, contact information, establishment time, legal representative, registered capital, shareholder structure, organizational structure, business scope, main business, main customers, main partners, etc;

The financial position of competitors, such as operating income, operating costs, operating profit, net profit, asset-liability ratio, current ratio, profit margin, growth rate, return on investment, etc;

Competitors' market conditions, such as market size, market share, market growth, market structure, market distribution, market demand, market trends, market opportunities, market threats, etc;

Product status of competitors, such as product types, product features, product functions, product quality, product innovation, product design, product packaging, product standards, product evaluation, etc;

The price status of competitors, such as price level, price range, price strategy, price elasticity, price change, price impact, price competition, price merits, etc;

Channel status of competitors, such as channel type, number of channels, channel coverage, channel efficiency, channel control, channel cooperation, channel conflict, channel advantages and disadvantages, etc;

The promotion status of competitors, such as promotion objectives, promotion budget, promotion methods, promotion content, promotion media, promotion effect, promotion evaluation, promotion advantages and disadvantages, etc;

Competitor's brand status, such as brand name, brand logo, brand slogan, brand story, brand image, brand positioning, brand proposition, brand value, brand awareness, brand reputation, brand loyalty, etc;

The strategic situation of competitors, such as strategic objectives, strategic direction, strategic choice, strategic implementation, strategic evaluation, strategic advantages, strategic disadvantages, strategic risks, strategic opportunities, etc;

The dynamic status of competitors, such as new product development, new market development, new cooperation establishment, new changes, new problems, new measures, new results, etc.

Methods of 3. competitor research

There are several main methods of competitor research:

The literature method, that is, by consulting the competitor's official website, annual report, announcement, news, report, paper, patent, trademark and other literature materials, to obtain the relevant information of the competitor;

Interview method, that is, through interviews with competitors' managers, employees, customers, suppliers, partners, industry experts and other relevant personnel to understand the internal situation and external evaluation of competitors;

Observation method, that is, by personally or entrusting others to the competitor's business premises, sales outlets, exhibition activities and other places for on-site observation, to grasp the actual operation and performance of competitors;

Trial purchase method, that is, by purchasing competitors' products or services as ordinary consumers, experience competitors' product quality, service level, price strategy, sales skills, etc;

Experimental method, that is, by designing and implementing some experiments against competitors, such as simulating the competitor's product, price, channel, promotion and other variables, to observe the reaction and behavior of competitors;

Network law, that is, through the use of the Internet, social media, search engines, databases and other network tools, to collect and analyze competitors' online information, such as website traffic, user reviews,Keywordsrankings, online advertising, etc.

Steps to 4. competitor research

The general steps for competitor research are as follows:

Determine the scope of competitors, that is, according to market positioning, product categories, target customers and other criteria, screening out with their own direct or indirect competition between enterprises, to determine the number and type of competitors;

Determine the objectives of competitor research, that is, according to their own strategic needs and the characteristics of competitors, to determine what aspects of competitors to understand, such as strategy, products, prices, channels, promotion, brand, etc;

Determine the method of competitor research, that is, according to the objectives and content of competitor research, select the appropriate research methods, such as literature method, interview method, observation method, trial purchase method, experimental method, network method, etc;

Collecting competitor information, I .e., obtaining information about competitors from a variety of channels and sources based on competitor research methods, such as official websites, annual reports, announcements, news, reports, papers, patents, trademarks, managers, employees, customers, suppliers, partners, industry experts, business premises, sales outlets, exhibition activities, products or services, the Internet, Social media, search engines, databases, etc;

Analyze the competitor's information, that is, according to the objectives and contents of the competitor's research, the collected competitor's information is sorted, classified, compared, evaluated, summarized, etc., and the analysis results of the competitor's strategy, ability, advantages, disadvantages, dynamics and expectations are obtained;

Develop your own strategy, that is, based on the analysis of competitors, combined with their own situation and objectives, to develop appropriate strategies and marketing strategies, such as positioning, objectives, actions, resources, control, etc., in order to improve their competitiveness and create differentiation.

5. best practices for competitor research

In order to better illustrate the best practices of competitor research, this article will combine the actual case of Shangpu Consulting to show the process and effect of competitor research.

Shangpu Consulting Co., Ltd. is a company specializing in consulting services in the fields of corporate strategy, market, innovation, organization, and operation. It has many years of industry experience and professional knowledge to provide customers with tailor-made solutions and value-added services in various industries. service. Champ Consulting's competitors are mainly in the following categories:

Internationally renowned consulting companies, such as McKinsey, Boston, Bain, etc., these companies have strong brand influence, global network coverage, rich industry cases, excellent talent reserves and other advantages, but also have high costs, lack of localization, too theoretical and other disadvantages;

Domestic well-known consulting companies, such as Washington, Booz, Huawei, etc., these companies have a good market reputation, in-depth localization, practical methodology and other advantages, but also have a small scale, narrow professional, weak innovation and other disadvantages;

Emerging consulting companies, such as cloud consulting, smart consulting, easy consulting, etc., these companies have flexible service models, innovative technology applications, low price concessions and other advantages, but also have inexperience, unstable quality, low reputation and other disadvantages.

In order to improve its competitiveness and market share, Shangpu Consulting decided to conduct systematic research on these competitors to understand their strategies, capabilities, strengths, weaknesses, dynamics and expectations, so as to develop more effective strategies and marketing strategies for itself. The specific steps of the competitor survey of Champu Consulting are as follows:

Determine the scope of competitors, that is, according to their own market positioning, product categories, target customers and other criteria, screening out with their own direct or indirect competitive relationship of consulting companies, to determine the number and type of competitors, as described above;

Determine the objectives of competitor research, that is, according to their own strategic needs and the characteristics of competitors, determine what aspects of competitors to understand, such as strategy, products, prices, channels, promotion, brands, etc., as well as the research results to be achieved, such as improving their competitiveness and market share;

Determine the method of competitor research, that is, according to the objectives and content of competitor research, select the appropriate research methods, such as literature, interview, observation, trial purchase, experimental, network, etc., as well as the corresponding research tools, such as questionnaires, interview guides, observation forms, trial purchase lists, experimental design, network platform, etc;

Collecting competitor information, I .e., obtaining information about competitors from a variety of channels and sources based on competitor research methods, such as official websites, annual reports, announcements, news, reports, papers, patents, trademarks, managers, employees, customers, suppliers, partners, industry experts, business premises, sales outlets, exhibition activities, products or services, the Internet, Social media, search engines, databases, etc., while verifying and screening the authenticity, validity, completeness, timeliness, etc. of information;

Analyze the competitor's information, that is, according to the objectives and contents of competitor research, the collected competitor's information is sorted, classified, compared, evaluated, summarized and other analysis processes, so as to obtain the competitor's strategy, ability, advantage, disadvantage, dynamic and expected analysis results, and test and evaluate the reliability, rationality and usefulness of the analysis results;

Formulate their own strategy, that is, according to the analysis results of competitors, combined with their own situation and objectives, formulate corresponding strategies and marketing strategies, such as positioning, objectives, actions, resources, control, etc., in order to improve their competitiveness and market share, while testing and improving the feasibility, effectiveness and optimization of the strategy.

Through its research of competitors, Champu Consulting has come up with the following keyConclusionand revelation:

The advantages of internationally renowned consulting companies lie in their brand influence, global network coverage, rich industry cases, and excellent talent reserves, but their disadvantages lie in their high costs, lack of localization, and over-theorization. In the competition with such competitors, Shangpu consulting company should highlight its own characteristics of cost performance, localization and actual combat, and learn their best practices and innovative cases to improve its brand awareness and professional level;

The advantages of well-known domestic consulting companies lie in their good market reputation, in-depth localization, and practical methodology, but their disadvantages lie in their small scale, narrow professionalism, and weak innovation. In the competition with such competitors, Shangpu Consulting Company should highlight its own scale advantage, professional breadth, innovation ability and other characteristics, and at the same time learn from their market experience and methodology to improve its own customer satisfaction and service quality;

The advantages of emerging consulting firms lie in their flexible service models, innovative technology applications, and low price concessions, but their disadvantages lie in their lack of experience, unstable quality, and low reputation. In the competition with such competitors, Shangpu consulting company should highlight its rich experience, stable quality and reliable reputation, and pay attention to their service mode and technology application, so as to improve its service efficiency and technical level.

Based on the analysis of competitors, Champu Consulting has developed the following strategies and marketing strategies:

Positioning: Shangpu Consulting Company is positioned as a professional, practical and innovative consulting company, providing customers with tailor-made solutions and value-added services to help customers achieve strategic goals and market success;

Objectives: Champ & Co. aims to achieve the following objectives within the next three years:

Increase market share, from the current 5% to 10%;

Increase the number of customers from the current 100 to 200;

Increase customer satisfaction, from the current 80% to 90%;

Increase brand awareness, from the current 60% to 80%;

Increase innovation capacity, from the current 10 patents to 20 patents;

Actions: The actions of Champ & Co. include the following:

Strengthen market research, understand customer needs, pain points, expectations, satisfaction, etc., as well as industry trends, opportunities, threats, etc., to provide a basis for the development of solutions and service strategies;

Strengthen product development, according to customer needs and industry trends, develop products and services that meet market needs, such as strategic planning, market analysis, innovation management, organizational change, operation optimization, etc., to improve product quality, function, innovation, etc;

Strengthen the price strategy, according to the customer's budget and value perception, to develop a reasonable price strategy, such as pricing, discount, package, value-added, etc., to improve the price competitiveness, flexibility, effect, etc;

Strengthen channel construction, establish and maintain effective channels, such as direct sales, agency, cooperation, network, etc., according to the distribution and preference of customers, and improve the coverage, efficiency and control of channels;

Strengthen promotion activities, design and implement effective promotion activities according to the characteristics and behaviors of customers, such as advertising, public relations, activities, word-of-mouth, etc., and improve the promotion objectives, budget, methods, contents, media, effects, etc;

Strengthen brand building, according to the customer's cognition and feelings, create and spread strong brands, such as name, logo, slogan, story, image, positioning, proposition, value, etc., to improve brand awareness, reputation, loyalty, etc;

Resources: Champ Consulting's resources include the following:

Human resources, that is, the employees of Shangpu Consulting Company, including management, consultants, researchers, market members, technicians, etc., are the core assets of Shangpu Consulting Company. They need to continuously recruit, train, motivate, retain, etc., to improve the number, quality, ability, satisfaction, etc. of employees;

Financial resources, that is, the funds of Shangpu Consulting Company, including operating income, operating cost, operating profit, net profit, asset-liability ratio, current ratio, profit margin, growth rate, return on investment, etc., are important resources of Shangpu Consulting Company. It is necessary to continuously raise, allocate, use, control, etc., to improve the scale, efficiency, effect, safety, etc. of funds;

Material resources, that is, the equipment, materials and sites of Shangpu Consulting Company, including office equipment, research and development equipment, production equipment, communication equipment, office supplies, research and development supplies, production supplies, office space, research and development sites, production sites, etc., are the basic resources of Shangpu Consulting Company, which need to be continuously purchased, maintained, updated and optimized to improve the performance, quality, innovation and energy saving of equipment;

Information resources, namely the data, knowledge and patents of Shangpu Consulting Company, including customer data, market data, competitor data, industry data, consulting methods, consulting cases, consulting experience, consulting patents, consulting reports, consulting papers, etc., are the strategic resources of Shangpu Consulting Company, which need to be continuously collected, analyzed, stored, shared and protected, improve the authenticity, validity, integrity and timeliness of information;

Control: The control of Champ Consulting includes the following aspects:

Target control, that is, according to the objectives of Shangpu Consulting Company, formulate corresponding indicators, such as market share, number of customers, customer satisfaction, brand awareness, innovation ability, etc., as well as corresponding standards, such as growth rate, achievement rate, surpassing rate, etc., to monitor, evaluate, feedback and adjust the actual completion of the indicators, so as to improve the realization degree and effect of the objectives;

Process control, that is, according to the actions of Shangpu Consulting Company, formulate corresponding processes, such as market research, product development, price strategy, channel construction, promotion activities, brand construction, etc., as well as corresponding steps, responsibilities, time, resources, etc., Supervise, check, correct, improve, etc. the actual implementation of the process, and improve the rationality and efficiency of the process;

Resource control, that is, according to the resources of Shangpu Consulting Company, formulate corresponding plans, such as human resource plan, financial resource plan, material resource plan, information resource plan, etc., as well as corresponding demand, allocation, use, protection, etc., to account, audit, optimize and save the actual management of resources, and improve the scale and effect of resources;

Risk control, that is, according to the external and internal environment of Shangpu Consulting Company, identify the risks that may affect the objectives and processes, such as market risk, competition risk, technical risk, legal risk, quality risk, human risk, etc., as well as the corresponding probability, impact, response, etc., to prevent, emergency, recovery, summary, etc., to improve the ability of risk prevention and response.

By implementing these strategies and marketing strategies, Champ Consulting has achieved the following results:

In terms of market, Shangpu Consulting Company has successfully increased its market share from 5% to 10%, surpassing domestic well-known consulting companies, approaching internationally well-known consulting companies, and becoming one of the leaders in the industry;

In terms of customers, Shangpu Consulting Company has successfully increased its number of customers from 100 to 200, covering customers from all walks of life, such as finance, manufacturing, retail, education, medical care, government, etc., and also improved its own customer satisfaction, from 80% to 90%, which has been highly recognized and praised by customers;

In terms of brand, Shangpu Consulting Company has successfully increased its brand awareness from 60% to 80%, establishing a professional, practical and innovative brand image in the industry, and at the same time increasing its brand reputation and loyalty, attracting more potential customers and partners;

In terms of innovation, Shangpu Consulting Company has successfully increased its own innovation ability, from 10 patents to 20 patents, leading the development and application of some new technologies and methods in the industry, and at the same time increasing its own innovation effect and value, creating more competitive advantages and market opportunities for customers.