Competitor research is a kind of market research activity, which aims to collect, analyze and evaluate the relevant information of other enterprises that have direct or indirect competitive relationship with their own enterprises, so as to reveal their relative advantages and disadvantages in the market, as well as the strategic intention, behavior pattern and development trend of competitors, so as to provide basis and reference for their own enterprises to formulate reasonable strategic decisions. The importance, purpose, methodology and steps of competitor research are as follows:

The Importance of Competitor Research

The importance of competitor research is mainly reflected in the following aspects:

To help their own enterprises understand the market environment and competitive situation, timely find market changes and competitors' trends, predict the future actions and possible impact of competitors, so as to do a good job in response and prevention.

Help their own enterprises to identify and analyze the strengths and weaknesses of competitors, find out their own strengths and weaknesses, so as to formulate targeted competitive strategies to improve their competitiveness and market share.

Help your own company to discover and grasp the shortcomings and opportunities of competitors, find and create differentiated and innovative value propositions, meet and create customer needs, and increase your own company's core competitiveness and brand influence.

Help their own enterprises to learn from the successful experience and lessons of competitors, absorb and use the excellent practices and resources of competitors, avoid and correct the mistakes and defects of competitors, and improve the management level and operational efficiency of their own enterprises.

Purpose of Competitor Research

The main purposes of competitor research are as follows:

Understand the basic situation of competitors, such as enterprise scale, development process, organizational structure, operating status, financial situation, market position, etc.

Understand the strategic direction of competitors, such as corporate vision, mission, values, strategic goals, strategic choices, strategic execution, etc.

Understand the core competitiveness of competitors, such as corporate culture, brand image, product quality, service level, technological innovation, channel construction, customer relationship, etc.

Understand the market performance of competitors, such as market share, sales, profit margin, customer satisfaction, customer loyalty, market influence, etc.

Understand the competitive strategy of competitors, such as product strategy, price strategy, promotion strategy, channel strategy, human resource strategy, public relations strategy, etc.

Understand the strengths and weaknesses of competitors, such as product advantages, cost advantages, technical advantages, channel advantages, brand advantages, innovation advantages, etc., as well as product disadvantages, cost disadvantages, technical disadvantages, channel disadvantages, brand disadvantages, innovation disadvantages, etc.

Understand the shortcomings and opportunities of competitors, such as product shortcomings, service shortcomings, quality shortcomings, reputation shortcomings, management shortcomings, risk shortcomings, etc., as well as market opportunities, technical opportunities, policy opportunities, cooperation opportunities, innovation opportunities, etc.

Methodology for competitor research

There are several main methods of competitor research:

Desktop research method, that is, by collecting and analyzing the public information of competitors, such as official websites, annual reports, news reports, industry reports, market research reports, patent applications, trademark registration, etc., to obtain the basic situation and market performance of competitors.

On-the-spot investigation method, that is, by personally or entrusting a third party to the competitor's business premises, production base, sales outlets, etc. to conduct on-the-spot observation and investigation, to obtain the competitor's product quality, service level, channel construction and other information.

Customer interview method, that is, through the existing or potential customers of competitors interview or questionnaire survey, to obtain the competitor's customer satisfaction, customer loyalty, customer needs, customer preferences and other information.

Employee interview method, that is, through the existing or former employees of competitors to interview or questionnaire survey, to obtain the competitor's corporate culture, organizational structure, management level, human resources strategy and other information.

Espionage law, that is, through secret or illegal means, such as infiltrating the competitor's internal, buying the competitor's employees, stealing the competitor's confidential documents, etc., to obtain the competitor's strategic direction, core competitiveness, competitive strategy and other information.

Steps for competitor research

The main steps of competitor research are as follows:

Determine the research object, that is, according to the market positioning and target customers of their own enterprises, determine other enterprises that have direct or indirect competition with their own enterprises. Generally, competitors can be classified and screened according to the standards of popularity, market share, competition intensity, etc., that is, according to the characteristics and importance of competitors, competitors are divided into different categories, such as major competitors, minor competitors, potential competitors, etc, according to the purpose and resources of the research, the competitors that need to be focused on are selected.

Collect and organize information, that is, according to the purpose and content of the research, the use of appropriate methods, such as desktop research, field visits, customer interviews, employee interviews, espionage, etc., to collect information about competitors, and organize and summarize, to form a competitor's information file.

Analysis and evaluation of information, that is, according to the purpose and content of the research, the use of appropriate tools and techniques, such as SWOT analysis, Porter's five forces model, value chain analysis, strategic group analysis, competition map method, etc., analysis and evaluation of competitors' information, draw competitors' strengths and weaknesses, shortcomings and opportunities, as well as threats and impacts on their own enterprises.

Formation and presentation of reports, I .e., preparation and presentation of reports on competitor research based on the purpose and content of the research, including the background, purpose, methodology, results,Conclusion, recommendations, etc., as well as related charts, data, attachments, etc., to provide reference and support for their own strategic decisions.

Competitor Research Cases

Shangpu Consulting Company is a company specializing in market research and consulting services, providing customized solutions for customers from all walks of life to help customers improve market competitiveness and performance growth. When conducting competitor research, Shangpu Consulting followed the above methods and steps, combined with its own professional knowledge and experience, to find the shortcomings and opportunities of competitors for customers, so as to formulate an effective competitive strategy for customers. Here are some of the cases studied by Champ Consulting's competitors:

Case 1: Shangpu Consulting provided a competitor research service for an automobile manufacturer to understand the development and strategic direction of competitors in the field of new energy vehicles, as well as their own advantages and disadvantages in this field. Through desktop research, field visits and customer interviews, Shangpu Consulting collected information on competitors' basic situation, strategic direction, core competitiveness, market performance, competitive strategy, etc., and analyzed and evaluated competitors' information through SWOT analysis and value chain analysis, resulting in the following.Conclusion：

Competitors' advantages: Competitors have strong technological innovation capabilities in the field of new energy vehicles, and have a number of patents and leading technologies, such as battery management systems, intelligent driving systems, etc., which improve product performance and safety; competitors In the field of new energy vehicles, there is a high brand awareness and influence, through a variety of channels and methods, such as advertising, public relations, social media, etc, it has shaped the image of environmental protection, fashion and avant-garde of the products, attracting a large number of target customers; competitors have a wide market coverage and penetration in the field of new energy vehicles, and improve the accessibility and sales of products by establishing and expanding a variety of sales channels, such as direct stores, dealers, online shopping malls, etc.

Disadvantages of competitors: the high price of competitors' products in the field of new energy vehicles exceeds the consumption ability and expectations of some customers, and reduces the market competitiveness and customer satisfaction of products; competitors have fewer types of products in the field of new energy vehicles, which can not meet the personalized and diversified needs of different customers, limiting the market potential and customer loyalty of products; the low service level of competitors in the field of new energy vehicles and the lack of effective after-sales service and customer relationship management have led to product quality problems and customer complaints, which have affected product reputation and reputation.

Shortcomings of competitors: Competitors' product supply capacity in the field of new energy vehicles is weak, and due to the capacity and cost of batteries, they cannot meet market demand in time, resulting in an imbalance between product supply and demand and the loss of customers; competitors' product innovation ability in the field of new energy vehicles is weak, relying too much on existing technologies and models, and lacking sensitivity and adaptability to market changes and customer needs, this has led to the homogenization and backwardness of products, and competitors have weak product compliance in the field of new energy vehicles, facing policy uncertainty and regulatory pressure, such as emission standards, subsidy policies, safety regulations, etc., which affect the legitimacy and sustainability of products.

Competitors' opportunities: Competitors have greater market opportunities in the field of new energy vehicles. With the improvement of environmental awareness and the advancement of energy transformation, the market demand and development prospects of new energy vehicles will continue to grow, providing competitors with a broad Market space and growth potential; competitors have greater technical opportunities in the field of new energy vehicles. With the advancement of technology and the development of innovation, the technical level and performance of new energy vehicles will continue to improve, providing strong technical support and advantages for competitors; competitors have greater opportunities for cooperation in the field of new energy vehicles, with the integration and cooperation of the industry, the industrial chain and ecosystem of new energy vehicles will continue to improve, providing competitors with diversified partners and resources.

Case 2: Shangpu Consulting Company provided a competitor research service for a catering chain enterprise. The purpose is to understand the development and strategic direction of competitors in the field of takeout service, as well as the advantages and disadvantages of their own enterprises in this field. Through desktop research, field visits and customer interviews, Shangpu Consulting collected information on competitors' basic situation, strategic direction, core competitiveness, market performance, competitive strategy, etc., and analyzed and evaluated competitors' information through SWOT analysis and value chain analysis, resulting in the following.Conclusion：

Competitor's advantages: Competitors have strong platform advantages in the field of takeout services, with a huge user base, rich merchant resources, efficient logistics systems, and perfect payment functions, which increase the flow and transaction volume of the platform; competitors In the field of takeout services, it has a high brand advantage, through a variety of channels and methods, such as advertising, public relations, social media, etc, it has shaped the convenient, safe and preferential image of the platform, and enhanced the trust and recognition of users; competitors have a wide market advantage in the field of takeout services, and through continuous expansion and coverage of multiple cities and regions, the market share and influence of the platform have been improved.

Disadvantages of competitors: the product quality of competitors in the field of takeout service is low, which is subject to the food safety and hygiene standards of merchants, as well as the time and temperature control of logistics, which leads to the dissatisfaction of some users with the taste and hygiene of takeout, reducing the satisfaction and loyalty of users; the product innovation of competitors in the field of takeout service is weak, and they rely too much on existing products and models, the lack of sensitivity and adaptability to market changes and user needs has led to the homogenization and backwardness of products; the low level of service of competitors in the field of takeaway services and the lack of effective after-sales service and customer relationship management have led to product complaints and disputes, affecting the reputation and reputation of the platform.

Competitors' shortcomings: Competitors' cost pressure in the field of takeout services is relatively high, which is subject to platform commissions, logistics costs, user subsidies, etc., resulting in low profit margins on the platform and difficulty in achieving profitability; competitors are in takeout The service field has greater risks and challenges, facing policy uncertainty and regulatory pressure, such as tax policies, labor regulations, consumer rights, etc, affect the legitimacy and sustainability of the platform; competitors in the field of takeaway services fierce competition, facing the strong entry and preemption of other platforms, such as Meituan takeaway, hungry, Baidu takeaway, etc., affecting the competitiveness and market position of the platform.

Competitors' opportunities: Competitors have greater market opportunities in the field of e-commerce platforms. With the upgrading of consumption and the formation of online shopping habits, the market demand and development prospects of e-commerce platforms will continue to grow, providing competitors with broad market space and growth potential. Competitors have greater technical opportunities in the field of e-commerce platforms. With the progress of science and technology and the development of innovation, the technical level and performance of e-commerce platforms will continue to improve, providing strong technical support and advantages for competitors; competitors have greater opportunities for cooperation in the field of e-commerce platforms. With the integration and collaboration of the industry, the industry chain of e-commerce platforms And the ecosystem will continue to improve, providing competitors with diversified partners and resources.