Purpose of 1. Competitor Research

What is the purpose of competitor research? Simply put, it is to better understand your competitors and develop more effective competitive strategies. Specifically, competitor research can help companies achieve the following objectives:

Identify and assess the number, type, size, position, strengths and weaknesses of competitors, as well as their objectives, strategies, actions and movements;

Analyze the characteristics, price, quality, functionality, innovation, satisfaction and loyalty of competitors' products or services, as well as their market share, growth rate, profit margin and profitability;

Predict the future development trend, change possibility, threat level and opportunity space of competitors, as well as their possible response measures and reaction speed;

Compare the differences and similarities between yourself and your competitors, and find out your core competitiveness and competitive advantages, as well as areas that need improvement and promotion;

According to the information of competitors, formulate a suitable competitive strategy, including product or service positioning, differentiation, innovation, promotion, channels, prices, etc., and how to deal with the attack and defense of competitors.

Steps to 2. competitor research

What are the steps of competitor research? Generally speaking, it can be divided into the following four stages:

Determine the scope and classification of competitors. First of all, you must clarify your market positioning and target customers, and then divide all potential competitors in the market into different groups according to different dimensions, such as product or service categories, functions, quality, prices, etc., such as direct competitors, Indirect competitors, substitute competitors, potential competitors, etc., and then select the most important competitors as the object of research.

Collect competitor information. Secondly, it is necessary to use various channels and methods, such as the Internet, media, industry reports, market research, customer interviews, secret customers, exhibitions, patents, trademarks, etc., to collect as much information as possible about competitors, including their basic information, The characteristics of products or services, market performance, strategic intentions, behavior patterns, strengths and weaknesses, etc., but also pay attention to collecting their own information, for comparative analysis.

Analyze competitor information. Then, use various tools and technologies, such as SWOT analysis, Porter's five forces model, value chain analysis, core competitiveness analysis, competition map, strategic group analysis, competitor analysis, competitor prediction, etc., to systematically organize, summarize, compare, evaluate and explain the collected competitor information, discover the characteristics, strengths, weaknesses, opportunities, threats, trends, trends, etc. of competitors, as well as their impact and challenges on themselves.

Develop a competitor's strategy. Finally, based on the results of the analysis, determine your competitive objectives, competitive advantages, competitive strategies and competitive actions, as well as how to monitor and evaluate the changes and reactions of competitors in order to achieve victory and development in the competition.

Methods and tools for 3. competitor research

What are the methods and tools for competitor research? Different methods and tools can be selected according to different stages and purposes. The following are some common examples:

Methods and tools for determining the scope and classification of competitors: market segmentation, competitor matrix, competitor identification table, competitor priority table, etc;

Methods and tools for analyzing competitors' information: SWOT analysis, Porter's five-force model, value chain analysis, core competitiveness analysis, competition map, strategic group analysis, competitor analysis, competitor prediction, etc;

Methods and tools for developing competitors' strategies: competitive target table, competitive advantage table, competitive strategy table, competitive action table, competitive monitoring table, competitive evaluation table, etc.

Frequently Asked Questions and Solutions 4. Competitor Research

Competitor research process, may encounter some common problems and difficulties, how to solve it? Here are some suggestions and reference:

Problem 1: Competitor information is difficult to obtain or inaccurate. Solution: You can use multiple channels and methods to cross-verify and compare competitors' information. At the same time, you must also pay attention to distinguish between competitors' public information and private information, respect the legitimate rights and interests of competitors, and avoid using unethical or illegal means to obtain Competitor information.

Problem 2: Competitors have too much or too little information. Solution: You can filter and prioritize the most relevant and important competitor information according to your research purposes and priorities, while also taking care to update and supplement competitor information and avoid using outdated or incomplete competitor information.

Problem 3: Competitor information is difficult to analyze or understand. Solution: You can use your own tools and technologies to visualize, quantify, classify, and sort competitors' information, so as to facilitate the discovery of competitors' rules and characteristics. At the same time, you must also pay attention to combining your own experience and judgment. Avoid blindly believing or misunderstanding competitors' information.

Problem 4: Competitor information is difficult to apply or transform. Solution: You can translate competitors' information into your own competitive strategies and actions based on your own competitive goals and advantages. At the same time, you must also pay attention to monitoring and evaluating competitors' reactions and effects, and avoid using unsuitable or ineffective competitors. Information.

Conclusion

Competitor research is a challenging and valuable work that can help companies better understand themselves and their competitors, so as to develop more targeted and advantageous competitive strategies. However, competitor research is not a one-time activity, but an ongoing process that requires continuous collection, analysis, application and updating of competitor information to adapt to changes in the competitive environment. Therefore, enterprises should establish a perfect competitor research system, allocate sufficient resources and personnel, adopt appropriate methods and tools, and conduct regular competitor research, so as to enhance their competitiveness and market position.

This article is an expert research article generated by Bing, which contains some specific cases of Champ Consulting Services customers, as follows:

Case 1: A home appliance company wants to enter the emerging market, but it is facing fierce competition from local competitors. Shangpu Consulting helped the company to conduct a competitor survey and found the product characteristics, price strategy, channel advantage and market share of local competitors, as well as their future development plans and possible countermeasures, thus helping the company to formulate a targeted market entry strategy, including product differentiation, price optimization, channel expansion and promotional activities, and finally achieved a successful foothold in emerging markets.

Case 2: A financial enterprise wants to launch a new financial product, but it is not sure whether there are similar competitive products in the market and whether its own products are competitive enough. Shangpu Consulting helped the enterprise to conduct a competitor survey and found several main competitors in the market, as well as their product characteristics, functions, advantages and disadvantages, as well as their customer satisfaction and loyalty, so as to help the enterprise to optimize and innovate its own products, including product positioning, function increase, service promotion and brand building, and finally achieve outstanding and leading in the market.

Case 3: A medical enterprise wants to develop a new medical equipment, but does not know whether there are potential competitors in the market, and whether its own equipment has enough innovation and advantages. Shangpu Consulting helped the enterprise to conduct a competitor survey and found several potential competitors in the market, as well as their equipment characteristics, technical level, innovation ability and market prospects, as well as their patents and trademarks, thus helping the company to improve and protect its own equipment, including equipment design, technology upgrading, innovation applications and marketing, and ultimately achieve monopoly and leadership in the market.