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The real-world experience of competitor analysis: sharing dry goods.

2024-07-18 15:51:59 Source: Champu Consulting Visits:0

Purpose of Competitor Analysis

The essence of competitor analysis is to understand the competition. The strengths and weaknesses of competitors, the competitive strategy of competitors, the brand performance of competitors, the product strategy of competitors, the channel strategy of competitors, etc., define competitors from the brand level, look for the strategic weaknesses of competitors, and lock their most suitable competitive strategy.

The purpose of competitor analysis is the following:

Find the opponent's way to success (the core factor behind success)

Analyze the competitive strategies of competitors

Finding a competitor's strategic weakness (macro view)

Analyze the mental point of consumers occupied by competitors.

Looking for Differentiation Possibilities

Find your own breakthrough point in the industry

Methods of competitor analysis

There are a variety of methods of competitor analysis, depending on the analysis objectives and data sources, you can choose the appropriate method. Here are some common methods:

4P analysis: from the product (Product), price (Price), channel (Place) and promotion (Promotion) four aspects, analysis of competitors' market combination strategy, compare their own and competitors' differences and advantages and disadvantages.

SWOT analysis: Analyze the internal and external environment of competitors from four aspects: strengths (Strengths), weaknesses (Weaknesses), opportunities (Opportunities) and threats (Threats), and assess the competitiveness and development potential of competitors.

Michael Porter's Competitive Strategy Framework: Divide competition into five categories: industry competitors, buyers, suppliers, potential rivals and substitutes, and analyze the competitive situation and competitive advantage of competitors.

Competitor map: Position and group competitors according to different dimensions (e. g. market share, product quality, price level, brand awareness, etc.) to form an intuitive competitor map that shows the relative position and relationship of competitors.

Steps for competitor analysis

The steps of competitor analysis generally include the following:

Collect competitor information: Collect competitor information and establish a competitor database through public channels (e. g., official website, social media, news reports, financial reports, etc.) and private channels (e. g., customer feedback, employee turnover, secret purchases, etc.).

Analyze competitors' strategies: analyze competitors' strategic intentions, strategic objectives, strategic choices, strategic execution, and strategic effects through competitors' information to understand competitors' strategic thinking and strategic behavior.

Identify the strengths and weaknesses of competitors: Identify the strengths and weaknesses of competitors through strategic analysis of competitors, compare and evaluate them from different perspectives (e. g. brand, product, channel, price, promotion, etc.), and identify the strengths and weaknesses of competitors.

Insight into the future trends of competitors: through the historical changes, current conditions and market trends of competitors, insight into the strategies and possible competitive reactions that competitors may adopt in the future, and predict the future development direction and competitive situation of competitors.

Champ Consulting's Competitor Analysis Case

Shangpu Consulting is a well-known independent third-party research and investment and financing consulting agency in China, dedicated to providing professional solutions for corporate strategic decision-making. One of the professional services provided by Champ Consulting to clients is competitor analysis, which helps clients understand the competitive environment and develop effective competitive strategies. Here are some of the actual cases analyzed by Champ Consulting's competitors:

A well-known restaurant chain brand competitor analysis:

Customer demand: the customer is a restaurant chain brand with high visibility and market share in the Chinese market, mainly engaged in Chinese fast food, facing fierce competitive pressure, hoping to find out their competitive advantages and disadvantages through competitor analysis, and formulate more effective competitive strategies.

Champ Consulting's services: Champ Consulting provides this client with a comprehensive competitor analysis service, including the following aspects:

Determine the scope of competitors: Through market research, it is determined that there are 10 direct competitors of the customer, including McDonald's, KFC, Pizza Hut, Burger King, Damien, Xiabu Xiabu Xiabu, Yonghe King, Zhen Kung Fu, Xibei Naked Noodles Village and Little Sheep, etc., as well as 5 potential competitors, including Starbucks, Lucky Coffee, Haidilao, Weiqian Ramen and Dingtai.

Collecting competitor information: Through public and private channels, we collected competitor information, including company profile, financial data, market share, product line, pricing strategy, channel layout, promotional activities, brand image, customer satisfaction, etc.

Analysis of competitor strategy: through the competitor's information, analysis of the competitor's strategic intent, strategic objectives, strategic choices, strategic implementation and strategic effects, to understand the competitor's strategic thinking and strategic behavior.

Identify the strengths and weaknesses of competitors: through the strategic analysis of competitors, the strengths and weaknesses of competitors are identified, compared and evaluated from different angles, and the strengths and weaknesses of competitors are identified.

Results of Champ Consulting: Champ Consulting provided the client with a detailed competitor analysis report, including the following sections:

Competitor overview: introduces the basic situation of competitors, including company name, brand positioning, market share, financial status, product features, price level, channel coverage, promotion methods, etc.

Competitor strategy analysis: analyzes the strategic intent, strategic objectives, strategic choices, strategic execution and strategic effects of competitors, and reveals the strategic logic and strategic path of competitors.

Competitor strengths and weaknesses assessment: Assess the strengths and weaknesses of competitors, compare and evaluate them from different perspectives, and identify the strengths and weaknesses of competitors, as well as their own strengths and weaknesses.

Competitor's future outlook: looks forward to the future trends of competitors, predicts the future strategies and competitive reactions of competitors, analyzes the future threats and opportunities of competitors, and their own coping strategies and suggestions.

Customer feedback: the customer is very satisfied with the competitor analysis service of Shangpu consulting. He thinks that the analysis of Shangpu consulting is in-depth, professional and valuable, which provides a lot of useful information and inspiration, helps it formulate more effective competitive strategies and enhances its competitiveness in the market.

A well-known car brand competitor analysis:

Customer demand: this customer is a car brand with high reputation and market share in the Chinese market, mainly engaged in medium and high-end cars and SUVs, facing the challenges of domestic and foreign competitors, hoping to find out their competitive advantages and disadvantages through competitor analysis, and formulate more effective competitive strategies.

Champ Consulting's services: Champ Consulting provides this client with a comprehensive competitor analysis service, including the following aspects:

Determine the scope of competitors: through market research, it is determined that there are 15 direct competitors of the customer, including Audi, BMW, Mercedes-Benz, Volkswagen, Honda, Toyota, Nissan, Ford, Chevrolet, Hyundai, Kia, Mazda, Volvo, Land Rover and Tesla, as well as 10 potential competitors, including BYD, Geely, Chang'an, Great Wall, Rongwei, Hongqi, Weilai, Xiaopeng, Ideal and Weima, etc.

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Customer Evaluation

More than 20 years of focus on the Chinese market consulting, won the user recognition, user satisfaction reached more than 96%, the following is part of the user praise