Competitor research refers to the process of collecting, sorting, analyzing and evaluating information related to enterprise competition to understand the basic situation, advantages and disadvantages, strategies and actions, market performance and development trends of competitors, so as to evaluate the competitive environment and competitiveness, and formulate corresponding competitive strategies and countermeasures.

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

Help enterprises to clarify their own market positioning and goals, find out their own advantages and disadvantages, and enhance their core competitiveness;

Help enterprises to understand the strategic intention and action plan of competitors, predict the trend and change of competitors, and make timely response and adjustment;

Help enterprises to find the advantages and disadvantages of competitors, learn from the successful experience and lessons of competitors, and avoid repeated mistakes and waste of resources;

Help enterprises identify and grasp market opportunities and threats, discover and create market needs and gaps, expand and develop market potential and value;

Help enterprises to establish and maintain a good competitive relationship, achieve win-win cooperation and common development, and promote the health and progress of the industry.

Common problems and solutions for competitor research

Question 1: How to determine the research object and scope?

Answer: Determining the research object and scope is the first and most important step in competitor research. The determination of the research object and scope needs to be comprehensively considered and selected according to the strategic objectives and market positioning of the enterprise, as well as the characteristics and changes of the competitive environment. In general, there are the following principles and methods:

Take the market demand as the guide, select the competitors with the same or similar products or services as the enterprise, or can meet the needs of the same kind of customers as the research objects;

Taking market share as a reference, select competitors with high sales or sales volume in the target market, or with strong growth momentum or potential as research objects;

On the basis of market influence, select competitors with high popularity or reputation in the target market, or with strong innovation ability or leadership as research objects;

Taking market changes as the motivation, select competitors with large changes or fluctuations in the target market, or with strong threats or opportunities as research objects;

Based on market segmentation, select competitors with more obvious segmentation characteristics or advantages in the target market, or with strong differentiation or customization as the research object.

While determining the research object, it is also necessary to determine the scope of the research, that is, the depth and breadth of the research. The depth of the research refers to the depth of the research content and details of each competitor, and the breadth of the research refers to the degree of coverage of the number and type of competitors. The depth and breadth of the research requires a reasonable balance and trade-off based on the resources and capabilities of the company, as well as the purpose and focus of the research. In general, there are the following principles and methods:

Focus on key competitors and conduct comprehensive and in-depth research on them, including their basic situation, strategic direction, market performance, product characteristics, price strategy, channel layout, promotion methods, advantages and disadvantages, etc;

General competitors, supplemented by general and brief research, focusing on their basic situation, market share, product line, price range, channel model, promotion means and other major aspects;

Using potential competitors as a reference, the research on their prediction and analysis focuses on their willingness to enter, entry barriers, entry methods, entry impact and other possible aspects.

Case: As a professional market research, investment consulting, and IPO consulting agency, in order to enhance its market competitiveness, Shangpu Consulting has conducted systematic research on its competitors. In determining the subject and scope of the survey, Champ Consulting used the following methodology:

According to their own business areas and target markets, competitors are divided into three categories: similar competitors, heterogeneous competitors, and cross-border competitors. Similar competition refers to institutions that provide the same or similar consulting services as Champ Consulting, such as Analysys Consulting, Sadie Consulting, Zero Point Research, etc. Heterogeneous competition refers to institutions that provide different but related consulting services from Champ Consulting, such as Deloitte, PricewaterhouseCoopers, McKinsey, etc. Cross-border competition refers to institutions that provide different and unrelated consulting services from Champ Consulting, such as Baidu, Alibaba, Tencent, etc.

According to the category and importance of competitors, competitors are divided into three levels: first-level competitors, second-level competitors, and third-level competitors. The first-level competition refers to the institutions that have direct competition with Champ Consulting in the business field and target market, such as Analysys Consulting, Sadie Consulting, etc.; the second-level competition refers to the institutions that have indirect competition with Champ Consulting in the business field or target market, such as Deloitte, PricewaterhouseCoopers, etc; the three-tier competition refers to institutions that have potential competitive relationships with Shangpu Consulting in their business areas and target markets, such as Baidu and Alibaba.

Determine the depth and breadth of research based on the category and level of competitors. For the first-level competitors, Shangpu Consulting conducted in-depth and comprehensive research, covering its strategic planning, business model, organizational structure, financial status, market share, customer satisfaction, product innovation, service quality, brand image, competition Advantages and other aspects; for the second-level competitors, Shangpu Consulting conducted a brief and general research, it mainly focuses on its business scope, market positioning, product line, price strategy, channel mode, promotion means, partners, competitive disadvantages, etc. For the three-tier competitors, Shangpu Consulting conducted analysis and prediction research, mainly focusing on their entry motivation, entry barriers, entry mode, entry impact and so on.

Question 2: How to collect and analyze effective data?

Answer: Collecting and analyzing effective data is the second and most critical step in competitor research. The quality and quantity of data directly affect the accuracy and reliability of the survey. Collecting and analyzing effective data requires appropriate data sources and data tools, scientific data methods and data processes, clear data objectives and data indicators, and rigorous data verification and data evaluation. In general, there are the following principles and methods:

Supported by systematic data tools, select appropriate data collection and data analysis tools to improve data collection efficiency and analysis results. The tools of data collection can be divided into active collection and passive collection. Active collection refers to the way enterprises obtain data from competitors or markets, such as questionnaires, interviews, field visits, etc. Passive collection refers to the way enterprises use existing data from competitors or markets, such as web crawlers, social media, public reports, etc. The tools of data analysis can be divided into basic analysis and advanced analysis. Basic analysis refers to descriptive or comparative analysis of data, such as data aggregation, data sorting, data comparison, etc. Advanced analysis refers to inferential or predictive analysis of data, such as data modeling, data mining, data prediction, etc.

Guided by scientific data methods, select suitable data collection and data analysis methods to ensure the quality of data collection and analysis effectiveness. The method of data collection can be divided into one-time collection and continuous collection. One-time collection refers to one-time data acquisition of competitors or markets within a certain period of time, such as project research, special research, case analysis, etc.; Continuous collection refers to continuous data tracking of competitors or markets within a long-term time span, such as intelligence monitoring, dynamic updating, trend analysis, etc. Data analysis methods can be divided into single-dimensional analysis and multi-dimensional analysis, single-dimensional analysis refers to the analysis of data from one dimension or angle, such as competitor analysis, customer analysis, product analysis, etc.; multi-dimensional analysis refers to the analysis of data from multiple dimensions or angles, such as comprehensive market analysis, competitiveness evaluation, strategy

With the process of data flow as a guarantee, follow the different data steps and data stages to collect the competitor's data, such as preliminary data, intermediate data, final data, raw data, processing data, analysis data, etc;

Guided by rationalized data methods, different data techniques and data techniques were used to analyze competitors' data, such as descriptive analysis, inferential analysis, predictive analysis, causal analysis, correlation analysis, cluster analysis, etc;

Based on the scientific data model, different data frames and data structures are constructed to analyze the data of competitors, such as SWOT analysis, PEST analysis, five forces analysis, value chain analysis, Boston matrix, life cycle analysis, etc;

For the purpose of clear data display, different data charts and data languages are used to display competitors' data, such as tables, graphs, images, words, numbers, symbols, etc;

With in-depth data interpretation as the core, different data logic and data thinking are used to interpret competitors' data, such as data background, data meaning, data enlightenment, data suggestion, data strategy, data action, etc.

Question 3: How to develop a reasonable research method and process?

Answer: developing reasonable research methods and processes is the third and most practical step in competitor research. The formulation of research methods and processes requires clear research purposes and research priorities, suitable research methods and research time, sound research plans and research teams, and effective research control and research evaluation. In general, there are the following principles and methods:

On the premise of clear research purpose, determine the main objectives and expected results of the research, such as understanding the basic situation of competitors, evaluating the strengths and weaknesses of competitors, predicting the development trend of competitors, formulating the coping strategies of competitors, etc;

Select appropriate research methods and techniques, such as literature research, network research, questionnaire research, interview research, observation research, experimental research, etc., according to the content and object of the research;

Take the perfect research plan as the guide, according to the purpose and method of the research, formulate detailed research steps and tasks, such as the scope and object of the research, the time and place of the research, the tools and resources of the research, the division of labor and responsibilities of the research, etc;

With effective research control as the guarantee, according to the research plan and progress, real-time research supervision and adjustment, such as research progress and problems, research quality and efficiency, research risk and response, research improvement and optimization;

Take effective research and evaluation as feedback, and conduct objective research evaluation and summary according to the results and objectives of the research, such as the harvest and shortcomings of the research, the advantages and disadvantages of the research, the experience and lessons of the research, the suggestions and opinions of the research, etc.

Case: In developing the methodology and process for competitor research, Champ Consulting used the following methods:

On the premise of clear research purpose, the main objectives and expected results of the research are determined, that is, to understand the basic situation of competitors, to evaluate the advantages and disadvantages of competitors, to predict the development trend of competitors, and to formulate the coping strategies of competitors;

According to the content and object of the research, the appropriate research methods and techniques are selected, namely, literature research, network research, questionnaire research, interview research, observation research, experimental research, etc;

With the perfect research plan as the guide, according to the purpose and method of the research, the detailed research steps and tasks are formulated, such as the scope and object of the research, the time and place of the research, the tools and resources of the research, the division of labor and responsibilities of the research, etc;

With effective research control as a guarantee, real-time research supervision and adjustment are carried out according to the research plan and progress, such as the progress and problems of the research, the quality and efficiency of the research, the risk and response of the research, the improvement and optimization of the research, etc;

With effective research and evaluation as feedback, according to the results and objectives of the research, an objective research evaluation and summary is carried out, such as the harvest and shortcomings of the research, the advantages and disadvantages of the research, the experience and lessons of the research, the suggestions and opinions of the research, etc.

Question 4: How to avoid research bias and error?

Answer: Avoiding research bias and error is the fourth and most difficult step in competitor research. Research deviations and errors refer to the differences and deviations between the data and information of the research and the actual data and information due to various reasons, which affect the authenticity and effectiveness of the research. To avoid research deviations and errors, it is necessary to have keen research awareness and research literacy, strict research norms and research discipline, correct research attitude and research methods, and sufficient research verification and research correction. In general, there are the following principles and methods:

Based on a keen awareness of research, always pay attention to possible deviations and errors in the research process, such as distortion, omission, duplication, redundancy, inconsistency, etc., incomplete, inaccurate, untimely, irrelevant information, etc., analysis of subjective, one-sided, biased, misleading, etc;

With strict research norms as the guarantee, abide by the principles and requirements in the research process, such as the validity, reliability, objectivity, representativeness, etc. of the data, the integrity, accuracy, timeliness, relevance, etc. of the information, and the scientific, systematic, logical and objective nature of the analysis;

Guided by a correct research attitude, discard various prejudices and misunderstandings in the research process, such as personal emotions, preconceptions, self-centeredness, obstinacy, blindly following the trend, etc., to maintain the objectivity of data, the authenticity of information, and the fairness of analysis;

By means of sufficient research and verification, the data and information collected during the research process are verified and compared in many aspects, such as the source, method, scope, time, sample, etc. of the data, the consistency, credibility, validity, completeness, etc. of the information, and the basis, logic, method and conclusion of the analysis;

In time, the research correction is supplemented, and the necessary adjustments and improvements are made to the deviations and errors found in the research process, such as the addition, deletion, modification and update of data, the increase, decrease, change and supplement of information, and the correction, improvement, optimization and promotion of analysis.

Case in point: Champ Consulting has used the following methods to avoid biases and errors in competitor research:

Based on a keen awareness of research, always pay attention to possible deviations and errors in the research process, such as distortion, omission, duplication, redundancy, inconsistency, etc., incomplete, inaccurate, untimely, irrelevant information, etc., analysis of subjective, one-sided, biased, misleading, etc;

With strict research norms as the guarantee, abide by the principles and requirements in the research process, such as the validity, reliability, objectivity, representativeness, etc. of the data, the integrity, accuracy, timeliness, relevance, etc. of the information, and the scientific, systematic, logical and objective nature of the analysis;

Guided by a correct research attitude, discard various prejudices and misunderstandings in the research process, such as personal emotions, preconceptions, self-centeredness, obstinacy, blindly following the trend, etc., to maintain the objectivity of data, the authenticity of information, and the fairness of analysis;

By means of sufficient research and verification, the data and information collected during the research process are verified and compared in many aspects, such as the source, method, scope, time, sample, etc. of the data, the consistency, credibility, validity, completeness, etc. of the information, and the basis, logic, method and conclusion of the analysis;

In time, the research correction is supplemented, and the necessary adjustments and improvements are made to the deviations and errors found in the research process, such as the addition, deletion, modification and update of data, the increase, decrease, change and supplement of information, and the correction, improvement, optimization and promotion of analysis.

Question 5: How to write a competitor research report?

Answer: Writing a competitor research report is the fifth and final step in competitor research. The writing of research reports requires a clear report structure and report content, a standardized report format and report language, wonderful report highlights and report value, and a sound report annex and report reference. In general, there are several principles and methods:

Organize and arrange the main parts and chapters of the report, such as the report cover, report catalogue, report summary, report body, report conclusion, report recommendation, report attachment, report reference, etc., with a clear report structure as the framework and in a logical order and hierarchy;

Take the standard report format as the standard, follow the general specifications and requirements of report writing, unify and standardize the layout, font, font size, line spacing, page number, title, number, chart, reference, annotation, etc. of the report;

Highlight and display the core content and innovation points of the report, such as the characteristics, advantages, disadvantages, trends and strategies of competitors, as well as the impact, enlightenment and suggestions on the enterprise;

Supplemented by a complete report annex, provide and attach relevant information and materials of the report, such as research data, information, analysis, evidence, cases, tools, etc., to increase the credibility and reference of the report.

Case: Champ Consulting used the following methods in writing its competitor research report:

With a clear report structure as a framework, organize and arrange the main parts and chapters of the report according to a logical order and hierarchy, such as the report cover, report catalog, reportAbstractReportTextReportConclusionReport recommendations, report attachments, report references, etc;

Take the standard report format as the standard, follow the general specifications and requirements of report writing, unify and standardize the layout, font, font size, line spacing, page number, title, number, chart, reference, annotation, etc. of the report;

Highlight and display the core content and innovation points of the report, such as the characteristics, advantages, disadvantages, trends and strategies of competitors, as well as the impact, enlightenment and suggestions on the enterprise;

Supplemented by a complete report annex, provide and attach relevant information and materials of the report, such as research data, information, analysis, evidence, cases, tools, etc., to increase the credibility and reference of the report.