Competitor research refers to consulting services that provide professional solutions for corporate strategic decisions by collecting, analyzing and interpreting information about the market, consumers, competitors and the environment to assess their competitiveness and market opportunities. The methods of competitor research include field research and copywriting research, which mainly include observation, experimental, questionnaire, street visit, telephone interview, mailing questionnaire and so on.

The importance of competitor research is self-evident, it can help enterprises:

Understand the scale, structure, trends and changes of the market, as well as the number, type, scale, geographical distribution, market share, product characteristics, price strategy, marketing channels, promotional activities, brand image, customer satisfaction, loyalty and other information of competitors;

Identify consumers' needs, preferences, motivations, behaviors, psychology, attitudes, satisfaction, loyalty and other information, as well as various factors that affect consumers' purchase decisions, such as social, cultural, economic, political, legal, technological and other environmental factors;

Analyze their own strengths and weaknesses, as well as the strengths and weaknesses of competitors, so as to determine their own competitive position and competitive strategies, such as product differentiation, price advantage, brand building, channel development, service innovation, customer relationship management, etc;

Predict the development direction and potential opportunities of the market, as well as the possible actions and reactions of competitors, so as to formulate effective marketing strategies and development plans, such as market segmentation, target market selection, market positioning, product development, price setting, promotion planning, channel management, etc.

However, in the actual competitor research process, many companies or consulting agencies will fall into the following three misunderstandings, resulting in distorted or invalid research results:

Myth 1: There is no clear goal and scope

Some companies do not know what they want to achieve, what information they need to collect, and the scope and depth of their research. This will lead to the direction of the research is not clear, waste time and resources, or collect irrelevant or repeated information, can not be effectively analyzed and used.

In order to avoid this misunderstanding, enterprises should first clarify their own research purposes before conducting competitor research, such as understanding the competitor's market strategy, evaluating their own competitiveness, looking for market opportunities, etc. Then, according to the purpose of the research, determine the object, content, method, time, place and other specific elements of the research, formulate detailed research plans and programs, clarify the scope and depth of the research, and avoid deviation from the theme or omission of important information.

Misunderstanding 2: the method is not scientific

Some enterprises do not choose the right method or use the method correctly when conducting competitor research, which leads to the low quality and effect of the research. For example, some enterprises use only one method, ignoring the complementary role of other methods, or use inappropriate methods, such as using a qualitative description method but a quantitative method, or a questionnaire method but an observation method. For example, some enterprises do not have well-designed research tools, such as questionnaires, interview guides, observation forms, etc., or do not have standardized research processes, such as sample selection, data collection, data cleaning, data analysis, data presentation, etc., resulting in inaccurate or unreliable research results.

In order to avoid this misunderstanding, enterprises should choose the appropriate method according to the purpose, content, object, environment and other factors of the research, or use a variety of methods to improve the effectiveness and comprehensiveness of the research. At the same time, enterprises should design reasonable research tools to ensure that the content and form of research meet the requirements of the research, and follow the standardized research process to ensure that the process and results of the research meet scientific standards.

Misunderstanding three: the content is not objective

Some companies do not maintain an objective attitude when conducting competitor research, or do not use objective data, resulting in biased or misleading research results. For example, some enterprises only focus on the disadvantages of competitors, ignoring the advantages of competitors, or only focus on their own advantages, ignoring their own disadvantages, resulting in complacency or inferiority, affecting their own strategic decisions. For another example, some companies only use their own subjective judgments, do not use third-party objective data, or use unreliable data sources, such as the Internet, media, word-of-mouth, etc., resulting in untrue or incomplete research results.

In order to avoid this misunderstanding, enterprises should maintain an objective attitude when conducting competitor research, not only to see the advantages and disadvantages of competitors, but also to see their own advantages and disadvantages, so as to form a correct sense of competition and competitive strategy. At the same time, companies should use objective data sources, such as official statistics, industry reports, authoritative organizations, professional media, etc., or collect and analyze reliable first-hand data on their own to ensure that the results of the survey are true and complete.

Case 1: A competitor survey of an automobile company.

An automobile company is a well-known domestic independent brand automobile manufacturer, mainly producing and selling cars, SUVs and new energy vehicles. The company is facing fierce challenges from domestic and foreign competitors, especially in the SUV market, where its market share and profit margin have declined. In order to improve its competitiveness and market performance, the company commissioned Shangpu Consulting to conduct a competitor survey.

According to the purpose of the enterprise's research, Shangpu Consulting has determined the object, content, method and scope of the research. The objects of the survey include major competitors at home and abroad, such as Volkswagen, Toyota, Honda, Nissan, Ford, Audi, BMW, Mercedes-Benz, Tesla, etc. The content of the survey includes the competitor's market strategy, product characteristics, price strategy, marketing channels, promotional activities, brand image, customer satisfaction, loyalty, etc. The research methods include copywriting research and field research. The copywriting research mainly collects and analyzes information such as competitors' official websites, social media, news reports, industry reports, market research reports, etc. Field research mainly obtains first-hand data and information by visiting competitors' sales outlets, test driving experience, questionnaire survey, interview, etc. The scope and depth of the research are distinguished according to the importance and influence of competitors. For direct competitors, comprehensive and in-depth research is conducted, and for indirect competitors, general and brief research is conducted.

After completing the competitor survey, Champ Consulting conducted a systematic analysis and interpretation of the results of the survey, thus providing the company with the following professional solutions:

The company's competitive position and competitive strategy in the SUV market. By comparing and analyzing the market share, product line, price range, sales volume, profit margin and other indicators of the enterprise and its competitors in the SUV market, Shangpu Consulting found that the enterprise's competitive position in the SUV market belongs to the challenger, and its competitive strategy should be product differentiation and price advantage, that is, to attract and retain consumers by providing SUV products with independent innovation and personalization, as well as more cost-effective prices than competitors.

The company's target market and market positioning in the SUV market. By analyzing the characteristics, functions, performance, quality, design, safety, environmental protection and other aspects of the SUV products of the company and its competitors, as well as the needs, preferences, motives, behaviors, psychology, attitudes and other aspects of consumers, Shangpu Consulting found that the target market of the company in the SUV market should be young, fashionable, individual and innovative consumers, its market positioning should be to provide SUV products with independent brand characteristics and excellent quality to meet the diversified and personalized needs of consumers.

The company's product development and price setting in the SUV market. By evaluating the advantages and disadvantages of the company and competitors' SUV products, as well as market development trends and potential opportunities, Shangpu Consulting recommends that the company's product development in the SUV market should focus on the following aspects: First, strengthen independent innovation, Improve the technical level and performance level of products, such as adopting more advanced power systems, intelligent systems, safety systems, etc; the second is to highlight the individualization and differentiation of products, and improve the design level and aesthetic level of products, such as adopting more unique appearance, interior decoration, color, etc.; the third is to increase the diversification and enrichment of products, and expand the coverage and selection space of products, such as launching more models, configurations, versions, etc. Shangpu Consulting also recommends that the company's price setting in the SUV market should consider the following aspects: First, determine the value and pricing basis of the product based on the cost, quality, function, performance and other factors of the product, such as the use of cost-plus method, Target profit method, value pricing method, etc.; second, adjust product prices and pricing strategies according to market demand, competition, environment and other factors, such as the use of market penetration method, market follow method, market advantage method, etc.; third, according to the consumer's psychology, behavior, feedback and other factors, optimize the price of products and pricing methods, such as the use of package pricing method, bundled pricing method, psychological pricing method.

The company's promotional planning and channel management in the SUV market. By analyzing the promotion activities, channel selection, channel effect and other aspects of SUV products of the enterprise and its competitors, as well as the purchase process, purchase decision, purchase feedback and other aspects of consumers, Shangpu Consulting suggests that the enterprise should pay attention to the following aspects in the promotion planning of SUV market: first, improve the popularity and recognition of the products, and increase the exposure and dissemination of the products, such as the use of advertising, public relations, the Internet, social media, etc.; the second is to improve the attractiveness and temptation of the product, and increase the trial and experience of the product, such as the use of gifts, discounts, coupons, test drive, display, etc.; the third is to improve The trust and loyalty of the product increase the satisfaction and recommend of the product, such as the use of guarantee, warranty, after-sales, return visit, points, membership, etc. Shangpu Consulting also suggested that the enterprise should consider the following aspects in the channel management of SUV market: first, choose the appropriate channel type, according to the characteristics of the product, the characteristics of the market, the characteristics of consumers and other factors, determine the directness, professionalism, coverage and other characteristics of the channel, such as the use of direct sales channels, professional channels, comprehensive channels and so on;

The second is to establish an effective channel relationship, and determine the cooperation mode, incentive mechanism, management mode, etc. of the channel according to the power, interest, cooperation, conflict and other factors of the channel, such as the agency mode, cooperation mode, control mode, etc.; the third is to optimize the efficiency and effect of the channel, and evaluate the performance and problems of the channel according to the cost, income, satisfaction, loyalty and other indicators of the channel, such as sales, profit margin, market share, customer satisfaction, customer loyalty, etc.

Through the competitor research of Champ Consulting, the auto company has achieved the following benefits:

Improve the understanding and awareness of the market and competitors, enhance their own competitive awareness and competitive strategy;

Clarify its own goals and positioning in the SUV market, highlighting its own advantages and characteristics;

Optimized its own products and prices in the SUV market, and improved its product competitiveness and price competitiveness;

It has innovated its own promotion and channels in the SUV market, and improved its own marketing capabilities and market share.

Case 2: A survey of competitors of a clothing enterprise

A clothing enterprise is a well-known domestic fast fashion brand, mainly producing and selling men's and women's clothing, shoes and hats, bags and other products. The company faces strong competition from domestic and international competitors, especially in the young consumer market, and its brand influence and customer loyalty have declined. In order to improve its brand competitiveness and market performance, the company commissioned Shangpu Consulting to conduct a competitor survey.

According to the purpose of the enterprise's research, Shangpu Consulting has determined the object, content, method and scope of the research. The research objects include the main competitors at home and abroad, such as ZARA, H & M, UNIQLO, GAP, ONLY, VEROMODA, etc. The content of the survey includes competitors' brand strategy, product characteristics, price strategy, marketing channels, promotional activities, brand image, customer satisfaction, loyalty, etc. The research methods include copywriting research and field research. The copywriting research mainly collects and analyzes information such as competitors' official websites, social media, news reports, industry reports, market research reports, etc. Field research mainly obtains first-hand data and information by visiting competitors' sales outlets, try-on experience, questionnaire survey, interview, etc. The scope and depth of the research are distinguished according to the importance and influence of competitors, with comprehensive and in-depth research conducted for direct competitors and general and brief research conducted for indirect competitors.

After completing the competitor survey, Champ Consulting conducted a systematic analysis and interpretation of the results of the survey, thus providing the company with the following professional solutions:

The firm's competitive position and competitive strategy in the young consumer market. By comparing and analyzing the market share, product line, price range, sales volume, profit margin and other indicators of the enterprise and its competitors in the young consumer market, Shangpu Consulting found that the competitive position of the enterprise in the young consumer market belongs to the follower, and its competitive strategy should be brand building and service innovation, that is, by improving the brand's popularity, recognition, attractiveness, trust and loyalty, and providing better services, to enhance and maintain relationships with consumers.

The target market and market positioning of the enterprise in the young consumer market. By analyzing the characteristics, function, quality, design, fashion, environmental protection and other aspects of the products of the company and its competitors, as well as the needs, preferences, motives, behaviors, psychology, attitudes and other aspects of consumers, Shangpu Consulting found that the target market of the company in the young consumer market should be consumers who pursue fashion, personality, quality and value, its market positioning should be to provide fast fashion features and cost-effective clothing products to meet the diverse and personalized needs of consumers.

The enterprise in the young consumer market product development and price setting. By evaluating the advantages and disadvantages of the products of the enterprise and its competitors, as well as the development trend and potential opportunities of the market, Shangpu Consulting suggested that the enterprise should pay attention to the following aspects in product development in the young consumer market: first, to speed up the update speed of products and improve the fashion and freshness of products, such as adopting the production mode of rapid response, small batch and multi-variety, and the way of cooperation with fashion industry, stars, online celebrities, etc.; the second is to highlight the individualization and differentiation of products, improve the design level and aesthetic level of products, such as adopting more unique styles, elements, colors, etc., and providing customized and personalized services; the third is to improve the quality and value of products, and improve the quality and performance level of products, such as using better materials, technology, technology, etc, and provide more valuable functions, effects, experiences, etc. Shangpu Consulting also suggests that the company should consider the following aspects in price setting in the young consumer market: first, determine the value and pricing basis of the product according to the cost, quality, function, performance and other factors of the product, such as using cost-plus method, target profit method, value pricing method, etc.; second, adjust the price and pricing strategy of the product according to market demand, competition, environment and other factors, such as the use of market penetration method, market follow method, market advantage method, etc.; third, according to the consumer's psychology, behavior, feedback and other factors, optimize the price of products and pricing methods, such as the use of package pricing method, bundled pricing method, psychological pricing method.

The company's promotional planning and channel management in the young consumer market. By analyzing the promotion activities, channel selection, channel effect and other aspects of the products of the enterprise and its competitors, as well as the purchase process, purchase decision, purchase feedback and other aspects of consumers, Shangpu Consulting suggested that the enterprise should pay attention to the following aspects in the promotion planning of the young consumer market: first, improve the popularity and recognition of the products, and increase the exposure and dissemination of the products, such as the use of advertising, public relations, the Internet, social media, etc.; the second is to improve the attractiveness and temptation of the product, and increase the trial and experience of the product, such as the use of gifts, discounts, coupons, try-on, display, etc.; the third is to improve The trust and loyalty of the product increase the satisfaction and recommend of the product, such as the use of guarantee, warranty, after-sales, return visit, points, membership, membership, etc. Shangpu Consulting also recommends that the company's channel management in the young consumer market should consider the following aspects: First, choose the appropriate channel type, and determine the directness of the channel according to factors such as product characteristics, market characteristics, and consumer characteristics., Professionalism, coverage and other characteristics, such as the use of direct sales channels, professional channels, comprehensive channels, etc.; the second is to establish effective channel relationships, according to the power, interests, cooperation, conflicts and other factors of the channel, determine the cooperation mode, incentive mechanism and management mode of the channel, such as the agency mode, cooperation mode and control mode; the third is to optimize the efficiency and effect of the channel, and evaluate the performance and problems of the channel according to the cost, benefit, satisfaction, loyalty and other indicators of the channel, such as sales, profit margin, market share, customer satisfaction, customer loyalty, etc.

Through the competitor research of Shangpu Consulting, the clothing company has obtained the following benefits:

Improve the understanding and awareness of the market and competitors, enhance their own brand awareness and brand strategy;

Clarify their own goals and positioning in the young consumer market, highlighting their own brand characteristics and value proposition;

Optimized its own products and prices in the young consumer market, and improved its own product competitiveness and price competitiveness;

Innovate their own promotion and channels in the young consumer market, improve their own brand marketing capabilities and brand loyalty.