Competitor research refers to the process of collecting, sorting, analyzing and evaluating the relevant information of competitors to understand the advantages and disadvantages, strategic intentions, behavior patterns, market performance, etc. of competitors, so as to provide a reference basis for enterprises to formulate their own competitive strategies and countermeasures. Competitor research is an important part of corporate strategic management and one of the basic tasks of corporate marketing. However, in the actual competitor research process, many companies or consulting agencies will fall into some misunderstandings, resulting in distorted or invalid research results. This paper analyzes the common misunderstandings of competitor research from three aspects, namely, the goal is not clear, the method is not scientific, the content is not objective, and put forward the corresponding improvement suggestions to help enterprises improve the quality and effect of competitor research.

Myth 1: The goal is not clear

What is the goal of competitor research? This is the first and most important step of competitor research. If there is no clear goal, it is impossible to determine the scope, content, methods and standards of the research, and it is impossible to effectively use the research results. The goal of competitor research should be formulated according to the strategic needs of the enterprise and the market situation, and should not blindly pursue comprehensive, meticulous and in-depth, nor can it be superficial, rough and perfunctory at will. The objectives of competitor research should have the following characteristics:

Clarity: The goal should clearly express the theme, object, scope and focus of the research, and avoid vague, vague and generalized expressions.

Quantifiable: The objectives should have specific quantitative indicators and criteria to measure the progress, effectiveness and quality of the research.

Achievable: The goal should be in line with actual conditions and capabilities, neither too conservative nor too idealistic, and must be challenging and feasible.

Time-bound: The target should have a clear time node and deadline to facilitate the planning, implementation and monitoring of the research.

Valuable: The goal should be able to provide valuable information and support for the company's strategy and decision-making, avoiding irrelevant or repetitive research.

Misunderstanding 2: the method is not scientific

What is the method of competitor research? This is the second step of competitor research, and it is also a very critical step. Without scientific methods, it is impossible to effectively collect, organize, analyze and evaluate competitors' information, nor can it guarantee the reliability and validity of research results. The method of competitor research should be selected according to the goal, content, object and environment of the research, and should not be generalized or pieced together at will. The method of competitor research should have the following characteristics:

System: The method should follow a certain logic and process, from determining the purpose, scope, object and content of the research, to designing the research plan, tools and samples, to implementing the collection, collation, analysis and evaluation of the research, and finally to outputting the research reports, suggestions and strategies to form a complete system.

Flexible: The method should be adjusted and optimized according to the actual situation and needs of the survey. It should neither rigidly apply a fixed model nor arbitrarily change the original plan. It must have a certain degree of flexibility and adaptability.

Diversity: The method should use a variety of techniques and tools, such as literature analysis, web search, questionnaires, interviews, observation participation, experimental testing, etc., in order to obtain more comprehensive, in-depth and more realistic competitor information from different angles and levels.

Innovation: The method should constantly explore and try new technologies and tools, such as big data analysis, artificial intelligence, social media, blockchain, etc., in order to use more advanced, more efficient and smarter ways to conduct competitor research.

Misunderstanding three: the content is not objective

What is the content of competitor research? This is the third and most important step of competitor research. If there is no objective content, it is impossible to truly reflect the situation of competitors, and it is impossible to accurately formulate its own strategies and measures. The content of competitor research should be determined according to the objectives, methods, results and feedback of the research, and should not be subjective, biased and one-sided, exaggerated and reduced. The content of competitor research should have the following characteristics:

Comprehensive: The content should cover all aspects of the competitor, such as the basic situation of the competitor, development process, strategic intention, core competitiveness, market performance, product characteristics, channel strategy, price strategy, promotion strategy, brand image, customer satisfaction, Innovation ability, risk factors, etc., in order to facilitate a comprehensive understanding and evaluation of competitors.

In-depth: The content should explore the internal causes, motivations, logic and laws of competitors, not just superficial phenomena, data and facts, so as to facilitate in-depth interpretation and prediction of competitors.

Truthfulness: The content should reflect the true situation of the competitor, rather than the competitor's propaganda, exaggeration or concealment, so as to facilitate an objective and fair evaluation of the competitor.

Targeted: the content should be aimed at the strategic objectives and problems of the enterprise, and put forward targeted suggestions and strategies, rather than generalities or empty things, so that enterprises can take effective actions according to the research results.

Conclusion

Competitor research is an important basis for enterprises to formulate strategies and decisions, and it is also an effective means for enterprises to learn from and warn and avoid risks. However, in the actual competitor research process, many companies or consulting agencies will fall into some misunderstandings, resulting in distorted or invalid research results. This paper analyzes the common misunderstandings of competitor research from three aspects, namely, the goal is not clear, the method is not scientific, the content is not objective, and put forward the corresponding improvement suggestions to help enterprises improve the quality and effect of competitor research. The content and recommendations of this paper refer to the many years of competitor research experience and cases of Champ Consulting, as follows:

Shangpu Consulting once provided competitor research services for a leading domestic e-commerce platform to help it clarify that the goal of the research is to analyze competitors' market share, user satisfaction, product innovation, marketing strategies, etc., in order to develop its own Differentiation and advantage strategy.

Shangpu Consulting once provided competitor research services for an internationally renowned automobile manufacturer, helping it to choose appropriate methods, such as literature analysis, network search, questionnaire survey, interview, observation and participation, etc., in order to obtain competitor information from different angles and levels, such as competitor's technical level, product characteristics, price strategy, brand image, customer demand, etc.

Shangpu Consulting Company once provided competitor research services for a well-known domestic fast-moving consumer product company, helping it determine objective content, such as competitors' advantages and disadvantages, strategic intentions, behavior patterns, market performance, etc., and proposed targeted Suggestions and strategies, such as strengthening their own product innovation, channel expansion, promotional activities, brand building, etc.

Shangpu Consulting Company is a professional consulting agency that provides a variety of consulting services such as competitor research, market research, strategic planning, organizational change, and human resource management to help customers improve their competitiveness and performance. If you have any consultation needs, welcome to contact us.