Significance and purpose of 1. competitor research

Competitor research refers to the process of collecting, collating, analyzing and utilizing information about competitors to understand competitors' strategies, capabilities, behaviors, strengths, weaknesses, trends, reactions, etc., so as to provide a basis and reference for their own decisions. The significance and purpose of competitor research are as follows:

Help enterprises understand their relative position in the market, evaluate their competitive advantages and disadvantages, find out their core competitiveness and differentiation advantages, and enhance their market competitiveness;

Help enterprises grasp the opportunities and threats of the market, discover the needs and trends of the market, predict the changes and development of the market, and formulate strategies and actions to adapt to the market;

Help enterprises to understand the strategy and behavior of competitors, predict the future trend and reaction of competitors, formulate effective competitive strategies and countermeasures, avoid the threat of competitors, take advantage of the weaknesses of competitors, and realize competitive advantage;

Help enterprises to learn the advantages and experience of competitors, learn from the success stories and innovative practices of competitors, improve their products and services, improve their brand and reputation, and increase their customers and market share.

Steps and methods for 2. competitor research

Competitor research is a systematic project that needs to follow certain steps and methods to ensure the effectiveness and accuracy of the research. In general, the steps and methods of competitor research can be divided into the following four stages:

1. Determine the research objectives, objects and cycle

Before conducting a competitor survey, you must first clarify the objectives, objects, and cycles of the survey. The research goal refers to the main problems and concerns of the research, which is the starting point and orientation of the research, and should have the characteristics of clarity, quantifiability and realizability. The research object refers to the competitors who need to be investigated. According to their own market positioning, competition scope, competition intensity and other factors, they should choose the most influential and threatening competitors to avoid too much or too little. Generally, it is recommended to choose 3-5 major competitors. Research cycle refers to the time span and frequency of research, should be based on the speed of market changes, the degree of activity of competitors, their own decision-making needs and other factors, to determine a reasonable research cycle, generally recommended quarterly or semi-annual competitor research.

2. Decompose the research object and divide the research dimension

After determining the research objectives, objects and cycles, the next step is to break down the research objects and divide the research dimensions. The decomposition of the research object refers to finding out all the roles associated with the research object and conducting the research in turn. For example, for an e-commerce enterprise, the survey object can be broken down into four interrelated directions: upstream suppliers (source), midstream enterprises themselves, downstream partners, and end consumers. The division of research dimensions refers to determining the type and scope of information that needs to be collected and analyzed according to the research objectives. For example, for an e-commerce enterprise, the research dimension can be divided into time dimension, commodity dimension, price dimension, channel dimension, promotion dimension, etc., and many small problems can be subdivided into each dimension. When dividing the research dimensions, we should follow the principle of "greed for perfection, get out of the rough, and focus on attention", that is, ask as many questions as possible, and then select the most valuable questions for yourself, focus on and dig deeply.

3. Mobilize all resources, multi-channel research

After breaking down the research object and dividing the research dimension, the actual information collection work should be carried out next. Information collection is the core link of competitor research, and it is also the most time-consuming and laborious link. It is necessary to mobilize all available resources and use multiple channels to conduct research. The resources of information collection can be divided into internal resources and external resources. Internal resources refer to the existing information about competitors within the enterprise, such as sales data, customer feedback, employee experience, etc., which can be obtained through internal communication, meetings, reports, etc. External resources refer to the information about competitors that can be obtained outside the enterprise, such as competitors' official websites, social media, news reports, industry reports, expert opinions, third-party organizations, government departments, industry associations, suppliers, partners, customers, consumers, etc., through network search, telephone access, email consultation, offline visits, questionnaire survey, mysterious customers, etc.

4. remove the false and keep the true, sort out and form a report

After collecting a large amount of information, the final step is to filter, verify, analyze and organize the information, remove invalid and incorrect information, retain useful and true information, and form a systematic competitor research report. The content and structure of the competitor's research report should vary according to the research objectives and objects, but generally includes the following parts: research background, research objectives, research methods, research results, research analysis, research recommendations, research summary, etc. Competitor research reports should be written in accordance with the following principles: objective and fair, data support, clear logic, concise language, intuitive charts, focus and so on.

Tips and considerations for 3. competitor research

Competitor research is a skill that needs to be continuously learned and improved. In addition to following the above steps and methods, some skills and considerations need to be mastered to improve the efficiency and quality of research. Here are some common competitor research tips and considerations:

Define the scope of competition. The scope of competition refers to the intersection of oneself and competitors in the market, including products, services, regions, customers, channels and so on. Defining the scope of competition can help companies identify their competitive strengths and weaknesses, as well as the threats and opportunities of competitors, so as to conduct targeted research and strategy formulation.

Use multiple sources of information. Information sources refer to the channels and methods of obtaining competitor information, including public information, non-public information, active information, passive information, etc. Using multiple sources of information can help companies obtain more comprehensive and in-depth competitor information, avoiding the limitations and biases of a single source.

Pay attention to the dynamics of competitors. Competitor dynamics refer to the changes and developments of competitors in the market, including new products, new services, new collaborations, new activities, new policies, etc. Focusing on the dynamics of competitors can help companies discover the strategic intentions and direction of action of competitors, as well as market needs and trends, so as to respond and prevent them.

Assess the strength of competitors. The strength of competitors refers to the comprehensive ability and influence of competitors in the market, including scale, finance, technology, talent, brand, reputation and so on. Assessing the strength of competitors can help companies understand the strengths and weaknesses of competitors, as well as their own competitive position and gaps, so as to formulate reasonable competitive strategies and goals.

Identify strengths and weaknesses of competitors. The strengths and weaknesses of competitors refer to the strengths and weaknesses of competitors relative to themselves in the market, including products, services, prices, channels, promotion, innovation and so on. Identifying the strengths and weaknesses of competitors can help enterprises find out their core competitiveness and differentiation advantages, as well as the weaknesses and loopholes of competitors, so as to formulate effective competitive strategies and actions.

Compare the differences between yourself and your competitors. The difference between oneself and competitors refers to the differences between oneself and competitors in the market, including products, services, prices, channels, promotion, innovation and so on. Comparing the differences between themselves and their competitors can help companies clarify their market positioning and target customers, as well as competitors' market share and customer satisfaction, so as to formulate targeted competitive strategies and actions.

Predict the future behavior and reaction of competitors. The future behavior and reaction of competitors refers to the possible actions and responses of competitors in the market, including new products, new services, new cooperation, new activities, new policies, etc. Predicting the future behavior and reactions of competitors can help companies prepare and plan in advance, as well as adjust their strategies and actions in time, so as to seize opportunities and advantages in the market.

Develop a targeted competitive strategy. Competitive strategy refers to the enterprise in the market against competitors programs and measures, including products, services, prices, channels, promotion, innovation and so on. The development of targeted competitive strategies can help companies achieve their own market goals and customer needs, as well as avoid the threat of competitors and exploit the weaknesses of competitors to achieve competitive advantage.

Cases and value of 4. competitor research

Competitor research is a very practical work, which needs to be combined with specific market and industry conditions to carry out targeted research and analysis. The following are examples and values of competitor research provided by Champ Consulting for an automaker:

1. Case background

The automaker is a company focusing on new energy vehicles, with independent technology and brands, mainly for the high-end market, and its products are positioned as smart, environmentally friendly and comfortable new energy vehicles. The main competitors of the enterprise are the following categories:

Traditional automakers, such as Volkswagen, Toyota, Honda, etc., have strong brands, channels, finances, technology and other advantages, but they have relatively little investment and innovation in new energy vehicles, and mainly rely on hybrid vehicles to cope with the market Changes;

Emerging car manufacturers, such as Tesla, Weilai, Xiaopeng, etc., these companies focus on the research and development and production of new energy vehicles, have advanced technology and innovation capabilities, and are mainly oriented to the high-end market, and their products are positioned as smart, environmentally friendly and fashionable New energy vehicles;

Low-end car manufacturers, such as BYD, Jianghuai, Great Wall, etc., these companies mainly face the low-end market, and their products are positioned as economical, practical and convenient new energy vehicles, which mainly rely on low prices and subsidies to attract consumers.

2. Case Objectives

The automaker commissioned a competitor survey from Champ Consulting with the main objectives:

Understand the needs and trends of the new energy vehicle market, as well as the strategies and behaviors of competitors;

Evaluate their own strengths and weaknesses in the NEV market, as well as differences and gaps with competitors;

Develop effective competitive strategies and action plans to enhance their market competitiveness and share.

3. Case method

The following competitor research methods were used by Champ Consulting:

Determine the research objectives, objects and cycle. According to the needs of the client, the goal of the research is to analyze the needs and trends of the new energy vehicle market, as well as the strategies and behaviors of competitors; the research objects are determined to be traditional car manufacturers, emerging car manufacturers and low-end car manufacturers. The main competitors, a total of 10 companies were selected, namely Volkswagen, Toyota, Honda, Tesla, Weilai, Xiaopeng, BYD, Jianghuai, Great Wall and Wuling; the cycle of research is determined to be for the whole year of 2022, with a quarterly competitor survey for one month each.

Break down the research object and divide the research dimension. According to the research objectives, the research object is decomposed and the research dimension is divided. The decomposition of the research object refers to finding out all the roles associated with the research object and conducting the research in turn. For example, for a car manufacturer, the survey can be broken down into four interrelated directions: upstream suppliers (source), midstream enterprises themselves, downstream partners, and end consumers. The division of research dimensions refers to determining the type and scope of information that needs to be collected and analyzed according to the research objectives. For example, for an automobile manufacturer, the research dimension can be divided into market dimension, product dimension, price dimension, channel dimension, promotion dimension, technology dimension, innovation dimension, financial dimension, etc., and many small problems can be subdivided into each dimension. When dividing the research dimensions, we should follow the principle of "greed for perfection, get out of the rough, and focus on attention", that is, ask as many questions as possible, and then select the most valuable questions for yourself, focus on and dig deeply.

Mobilize all resources, multi-channel research. After breaking down the research object and dividing the research dimension, the actual information collection work should be carried out next. Information collection is the core link of competitor research, and it is also the most time-consuming and laborious link. It is necessary to mobilize all available resources and use multiple channels to conduct research. The resources of information collection can be divided into internal resources and external resources. Internal resources refer to the existing information about competitors within the client, such as sales data, customer feedback, employee experience, etc., which can be obtained through internal communication, meetings, reports, etc. External resources refer to the information about competitors that can be obtained from the client, such as the competitor's official website, social media, news reports, industry reports, expert opinions, third-party organizations, government departments, industry associations, suppliers, partners, Customers, consumers, etc., can be obtained through online search, telephone interviews, email consultations, offline visits, questionnaires, mysterious customers, interviews with competitors' employees, etc. The channels of information collection can be divided into active channels and passive channels. Active channels refer to ways to actively seek information from competitors or related parties, such as telephone interviews, email consultations, offline visits, questionnaires, mysterious customers, and employees who interview competitors. Passive channels refer to the use of existing sources of information to obtain information, such as Internet search, competitors' official websites, social media, news reports, industry reports, expert opinions, third-party agencies, government departments, industry associations, etc. When collecting information, we should follow the principle of "multi-channel, multi-angle and multi-level", that is, we should make use of various channels as much as possible to obtain different levels of information from different angles, so as to improve the comprehensiveness and depth of information.

To remove the false and keep the true, organize and form a report. After collecting a large amount of information, the final step is to filter, verify, analyze and organize the information, remove invalid and incorrect information, retain useful and true information, and form a systematic competitor research report. The content and structure of the competitor's research report should vary according to the research objectives and objects, but generally includes the following parts: research background, research objectives, research methods, research results, research analysis, research recommendations, research summary, etc. The writing of competitor research reports should follow the following principles: objective and fair, data support, clear logic, concise language, intuitive charts, focused and so on.

4. Case Results

According to the method of competitor research, Shangpu Consulting Company collected and analyzed a large amount of information, formed a detailed competitor research report, and provided the following main research results to the client:

Needs and trends in the NEV market. The new energy vehicle market is showing explosive growth, driven by multiple factors such as national policies, environmental awareness, technological innovation, and consumption upgrades. It is expected that by 2025, the market penetration rate of new energy vehicles will reach 50%, and by 2030 it will exceed 70%. The demand characteristics of the new energy vehicle market mainly include the following points: First, consumers' awareness and acceptance of new energy vehicles continue to increase, and their requirements for the performance, battery life, charging, and safety of new energy vehicles are also increasing. High; Second, consumers' choices of brands, prices, styles, and services of new energy vehicles are becoming more and more diversified, forming different market segments and consumer groups; third, consumers' demand for intelligence, personalization and networking of new energy vehicles is becoming stronger and stronger.

5. Case Value

The value of the competitor research report provided by Champ Consulting for the automaker is as follows:

Help the automaker to fully understand the needs and trends of the new energy vehicle market, as well as the strategies and behaviors of competitors, and provide a basis for its market strategy and product planning;

Help the automaker assess its strengths and weaknesses in the NEV market, as well as its differences and gaps with competitors, and provide a reference for it to increase its competitiveness and market share;

Help the automaker predict the future behavior and reactions of competitors, and provide guidance for response and prevention;

Help the automaker to develop a targeted competitive strategy and action plan to provide solutions for achieving market goals and customer needs.