1. the misunderstanding of competitor research.

The main misunderstandings of competitor research are the following:

1. Focus only on direct competitors and ignore potential competitors and substitutes

When conducting competitor research, many companies only focus on those companies that directly compete with their products or services, ignoring potential competitors who may enter the market from other areas or channels, and those that can meet the same or similar user needs. Substitutes. This will lead to an incomplete understanding of the competitive environment, miss some important competitive information and opportunities, and increase the risk of being overtaken or replaced by competitors.

Solution: When conducting competitor research, companies should collect and analyze competitive information extensively at both the macro and micro levels. At the macro level, we should pay attention to the development trend of the industry, policies and regulations, technological innovation, changes in user demand and other factors, and identify potential competitors and substitutes that may have an impact on ourselves. At the micro level, it is necessary to conduct in-depth research on direct competitors to understand their product or service characteristics, price strategy, market share, marketing methods, customer satisfaction, brand image, financial status, development planning, etc., to find out their own Competitive advantages and disadvantages, formulate corresponding competitive strategies.

2. Only focus on the advantages of competitors, ignore the shortcomings of competitors

When conducting competitor research, many companies only focus on the advantages of competitors, such as the innovation, quality, performance, and functionality of the product or service, and ignore the shortcomings of competitors, such as the cost, risk, reliability, and reliability of the product or service. Safety, after-sales service, etc. This will lead to the enterprise's evaluation of competitors is not objective, exaggerate the advantages of competitors, underestimate their own advantages, but also miss some opportunities to use the shortcomings of competitors to enhance their competitiveness.

Solution: When conducting competitor research, companies should comprehensively evaluate the strengths and weaknesses of competitors from multiple dimensions, and do not look at competitors one-sidedly. Enterprises should be based on their own goals and positioning, determine the strengths and weaknesses of competitors on their own impact, targeted to take countermeasures. For example, if the advantage of competitors is the innovation of products or services, and their own advantage is the cost of products or services, then enterprises can attract those price-sensitive users by improving their cost-effectiveness, or by strengthening their R & D capabilities, improve their own innovation, and form differentiated competition with competitors. If the competitor's shortcoming is the reliability of the product or service, and its own advantage is the quality of the product or service, then the company can increase the trust of users by emphasizing its own quality assurance, or by providing better after-sales service, Increase the loyalty of users and form an advantage competition with competitors.

3. Only focus on the current situation of competitors, ignoring the dynamics of competitors

When conducting competitor research, many companies focus only on the current situation of their competitors, such as the characteristics, price, and market share of their products or services, and ignore the dynamics of their competitors, such as product or service updates, price changes, and market expansion. Wait. This will lead to a lag in the understanding of competitors, lose the opportunity to grasp competitive opportunities and respond to competitive threats, and reduce their competitive sensitivity and responsiveness.

Solution: When conducting competitor research, enterprises should continuously track and monitor the dynamics of competitors, obtain and analyze competitive information in a timely manner, predict the behavior and intentions of competitors, and formulate corresponding coping strategies. Enterprises can collect dynamic information of competitors through a variety of channels, such as the Internet, media, industry associations, exhibitions, customers, suppliers, employees, etc., such as product or service updates, price changes, market expansion, changes in cooperation, investment plans, personnel adjustments, etc. Enterprises can organize, analyze, evaluate, store and disseminate competitive information by establishing a competitive intelligence system to support decision-making. Enterprises can provide protection for response by developing a competition early warning mechanism to classify, rate, report and process competition information.

FAQ 2. Competitor Research

The common problems of competitor research are mainly the following:

1. The research objectives are not clear and the research content is not focused.

Many enterprises do not have clear research objectives when conducting competitor research, but only collect competitive information, and do not determine the focus and scope of research according to their actual needs and problems. This will lead to the research content is too general, not targeted, but also a waste of time and resources, reducing the effectiveness and value of the research.

Solution: when conducting competitor research, enterprises should first clarify the objectives of the research, that is, what problems to solve, what effects to achieve, and what decisions to support. Then, according to the research objectives, determine the focus and scope of the research, that is, what information to collect, what problems to analyze, what suggestions to provide. Finally, according to the focus and scope of the research, formulate the research plan and method, that is, what channels to use, what tools to use, what resources to allocate, what processes to follow, and what risks to avoid.

2. The research data is inaccurate and the research analysis is not objective.

Many enterprises do not strictly test the source, quality and validity of the research data when conducting competitor research, which leads to inaccurate, unreliable and inconsistent research data, which affects the correctness and effectiveness of research and analysis. In addition, many enterprises in the competitor analysis, did not use scientific analysis methods and tools, did not consider a variety of factors and scenarios, did not compare a variety of programs and results, resulting in research and analysis is not objective, not comprehensive, not in-depth, affecting the feasibility and practicality of research recommendations.

Solution: When conducting competitor research, enterprises should strictly screen and verify the research data to ensure that the source of the research data is credible, the quality is high, the effectiveness is long, and the consistency is strong. Companies can improve the accuracy and reliability of research data in a variety of ways, such as comparison, cross-over, validation, and update. When analyzing competitors, enterprises should adopt scientific analysis methods and tools, such as SWOT analysis, Porter's five forces analysis, value chain analysis, strategic map, etc., to carry out systematic, structural and logical analysis of competitors, consider a variety of factors and scenarios, compare a variety of programs and results, and improve the objectivity and comprehensiveness of research and analysis.

3. The research results are not timely and the research feedback is not effective.

Many enterprises do not present the research results to decision makers and relevant personnel in a timely manner when conducting competitor research, resulting in the loss of timeliness and value of the research results, unable to provide timely support and guidance for decision-making. In addition, many companies do not effectively obtain and process research feedback when conducting competitor research, resulting in research results that cannot be verified and improved, and cannot provide continuous optimization and improvement for research.

Solution: when conducting competitor research, enterprises should present the research results to decision makers and relevant personnel in a timely manner, adopt appropriate forms and methods, such as reports, reports, discussions, presentations, etc., highlight the focus and suggestions of the research, and improve the influence and persuasiveness of the research. When conducting competitor research, enterprises should effectively obtain and deal with research feedback, actively solicit and listen to the opinions and suggestions of decision makers and relevant personnel, timely revise and improve the research results, and constantly improve the quality and level of research.

3. epilogue

Competitor research is an important market research activity that helps companies understand the competitive environment, identify competitive strengths and weaknesses, and develop effective competitive strategies. However, there are also some misunderstandings and common problems in competitor research, which need to be recognized and avoided by enterprises to improve the effect and value of competitor research. Based on many years of competitor research experience of Shangpu Consulting, this paper summarizes the misunderstandings and common problems of competitor research, as well as the corresponding solutions and suggestions, hoping to provide reference and guidance for enterprises and help enterprises to conduct better competitor research.