1. pay too much attention to benchmarking enterprises and ignore customers and markets

The purpose of enterprise research is to help enterprises better understand and deal with the competitive environment, rather than simply to understand the benchmark enterprises. Therefore, enterprise research can not be separated from the background of customers and market, otherwise it may lead enterprises into self-centered thinking, ignoring the needs of customers and changes in the market. For example, when investigating the products and services of benchmarking companies, some companies only focus on the comparison of features and prices, without taking into account customer preferences and satisfaction, or without paying attention to market trends and potential, thus missing out on innovation and expansion Opportunities.

In order to avoid this pit, enterprises should analyze the advantages and disadvantages of benchmarking enterprises, as well as the impact on customers and markets, from the perspective of customers and markets. At the same time, enterprises should also pay attention to their own advantages and disadvantages, as well as the impact on customers and the market, so as to find out their own differentiation and competitiveness. Champ Consulting used this approach when conducting corporate research for an automaker. Shangpu Consulting not only analyzes the product line, market share, cost structure, marketing strategy and other aspects of benchmarking enterprises, but also analyzes the customer's purchasing behavior, preference, satisfaction, loyalty and other aspects, as well as the market size, growth, distribution, segmentation, forecast and other aspects. Through such analysis, Shangpu Consulting has helped automakers discover their own advantages in terms of brand, quality, service, innovation, etc., as well as their disadvantages in terms of price, channel, region, market segment, etc., thus formulating targeted competition strategies and improving market competitiveness.

2. selection of inappropriate benchmarking enterprises, lack of pertinence and representativeness

The object of enterprise research is other enterprises that have direct or indirect competition with themselves in the same market or industry. However, not all benchmarking enterprises are worthy of investigation, and not all benchmarking enterprises can reflect the real situation of the market. If an enterprise chooses an inappropriate benchmarking enterprise, it may lead to the lack of pertinence and representativeness of the research results, and can not effectively guide the decision-making and action of the enterprise. For example, when investigating benchmarking companies, some companies focus only on market leaders or challengers and ignore market followers or newcomers, thus ignoring the diversity and dynamics of the market. Or some companies only focus on their own country or region when investigating benchmarking companies, while ignoring international or cross-regional benchmarking companies, thus ignoring the globality and integration of the market.

In order to avoid this pit, enterprises should choose suitable benchmarking enterprises according to their own goals and strategies when conducting enterprise research, so as to ensure that the research objects are sufficiently targeted and representative. At the same time, companies should also regularly update the list of benchmarking companies according to market changes to ensure that the research objects have sufficient timeliness and flexibility. Champ Consulting used this approach when conducting corporate research for an e-commerce platform. According to the target market, target customers, target products and target channels of the e-commerce platform, Shangpu Consulting has selected five benchmark enterprises that have direct or indirect competition with them, namely, two domestic leaders, one domestic newcomer, one international leader and one international newcomer. Through this choice, Shangpu Consulting ensures that the research objects can reflect the competition situation of different levels, subdivisions and regions of the market, thus helping the e-commerce platform to formulate targeted and representative competition strategies and improve the market competitiveness.

3. the use of inaccurate or outdated data, affecting the reliability of the analysis

The data of enterprise research is the basis of analysis, which can help enterprises understand the current situation, development, trends, problems, opportunities and other aspects of benchmarking enterprises. However, the data of enterprise research is often not easy to obtain, or there are certain errors and lags. If enterprises use inaccurate or outdated data, the results of analysis may be distorted and invalid. For example, some companies rely only on publicly available financial reports when investigating the financial data of benchmarking companies, without taking into account the rules for the preparation of financial reports, adjustment projects, audit opinions, etc., thus affecting the accuracy and comparability of the data. Or some companies use only past historical data when investigating the market data of benchmarking companies, without taking into account market changes and forecasts, thus affecting the timeliness and forward-looking nature of the data.

In order to avoid this pit, companies should use accurate and up-to-date data as much as possible when conducting corporate research to ensure that the results of the analysis are reliable and valid. At the same time, enterprises should also process and adjust the data reasonably according to the source, quality, scope, time and other factors of the data to ensure that the results of the analysis are consistent and applicable. Champ Consulting used this approach when conducting corporate research for a pharmaceutical company. Champ Consulting not only uses public data, such as financial reports, annual reports, news reports, industry reports, etc., but also uses private data, such as patent databases, clinical trial databases, market research reports, expert research, etc., to obtain more comprehensive and in-depth data. Through such data, Shangpu Consulting helps pharmaceutical companies analyze the research and development capabilities, product pipelines, market share, marketing strategies and other aspects of benchmarking companies, so as to formulate reliable and effective competitive strategies and improve market competitiveness.

4. lack of systematic and in-depth analysis, only the comparison of the surface

The analysis of enterprise research is the core of research, which can help enterprises to reveal the characteristics, advantages and disadvantages, strategies, trends, threats, opportunities and so on. However, the analysis of enterprise research is often not easy to carry out, or there is a certain degree of subjective and one-sided, if the enterprise lacks systematic and in-depth analysis, may lead to the lack of value and significance of the results of the research. For example, when analyzing benchmarking enterprises, some enterprises only carry out simple numerical comparisons, such as income, profit, market share, etc., but do not carry out in-depth causal analysis, such as why benchmarking enterprises have such performance, how benchmarking enterprises achieve such performance, and how benchmarking enterprises will maintain or change such performance, thus lacking real understanding and insight into benchmarking enterprises. Or some enterprises in the analysis of benchmarking enterprises, only from their own point of view, such as their own goals, strategies, capabilities, etc., but not from the perspective of benchmarking enterprises, such as benchmarking enterprise goals, strategies, capabilities, etc., thus lacking a comprehensive and objective evaluation of benchmarking enterprises.

In order to avoid this pit, companies should use systematic and in-depth analytical methods when conducting corporate research to ensure that the results of the research are valuable and meaningful. At the same time, companies should also conduct a comprehensive and objective analysis of benchmarking companies from multiple perspectives and dimensions, such as customers, markets, products, channels, finance, organization, culture, innovation, etc., to ensure that the results of the survey have breadth and depth. Champ Consulting used this approach when conducting corporate research for an education and training institution. Shangpu Consulting uses SWOT analysis, Porter's five-force analysis, value chain analysis, etc., to conduct a systematic and in-depth analysis of benchmarking enterprises, thus revealing the strengths and weaknesses, opportunities and threats, competitiveness and profitability, value creation and value capture. Through such analysis, Shangpu Consulting helps education and training institutions to find their own advantages in terms of course content, teaching quality, teaching staff, service level, and disadvantages in terms of price strategy, channel expansion, brand building, etc., thus formulating valuable and meaningful competitive strategies to improve market competitiveness.

5. fail to translate findings into action, lack of execution

The goal of corporate research is to help companies develop and implement effective competitive strategies, not to simply collect and analyze data. Therefore, the results of corporate research must be able to be translated into action, otherwise the results of research may be useless and wasteful. For example, after completing the enterprise research, some enterprises only put the research report in the drawer or only discuss it at the meeting, but did not implement the research results into specific action plans, assign them to specific responsible persons, and monitor the specific implementation effect, resulting in the research results not having any impact or change. Or some enterprises, after completing the enterprise research, only copy the practice of benchmarking enterprises, or only make some superficial improvements, but not according to their own actual situation, to create their own competitive advantage, resulting in the research results do not produce any differences and advantages.

In order to avoid this pit, enterprises should translate the research results into actions when conducting enterprise research to ensure that the research results have execution and effect. At the same time, enterprises should also create their own competitiveness and advantages according to their own goals and strategies to ensure that the results of the survey are innovative and competitive. Champ Consulting used this approach when conducting corporate research for a restaurant chain. Shangpu Consulting not only provides research reports, but also provides action plans, including specific goals, strategies, measures, indicators, time, responsible persons, etc., as well as regular follow-up and evaluation to ensure the implementation and effectiveness of research results. Through such an action plan, Shangpu Consulting has helped catering chain companies achieve breakthroughs and advantages in product innovation, service improvement, channel expansion, and brand building, thereby improving market competitiveness.

Conclusion

Corporate research is an essential component of corporate strategic analysis. It enables firms to gain a deeper understanding of the market environment, identify competitive advantages, and develop effective competitive strategies. However, there are also some common misunderstandings and difficulties in enterprise research, which, if not paid attention to, may lead to the deviation and failure of the research results. Based on the practical experience of Shangpu Consulting, this paper summarizes the five pits that need to be avoided in enterprise research, namely: excessive attention to benchmark enterprises, ignoring customers and markets; choosing inappropriate benchmark enterprises, lacking pertinence and representativeness; using inaccurate or outdated data, affecting the reliability of analysis; lacking systematic and in-depth analysis, only staying on superficial comparison; no research results into action, lack of execution. This paper also provides some solutions and suggestions, hoping to help enterprises to improve the effect and value of enterprise research.