Why do 1. do competitor research?

In the market economy, the competition between enterprises is inevitable, and the essence of competition is the competition for resources. In order to gain an advantage in the competition, companies need to constantly understand their own strengths and weaknesses, as well as the opportunities and threats of the external environment. As the most direct object of competition, the dynamic and strategic impact of competitors on enterprises cannot be ignored. Therefore, doing a good job of competitor research is an important basis for strategic decision-making and an effective means to enhance market competitiveness.

The main objectives of competitor research are as follows:

Understand the basic situation of competitors, such as scale, product, price, channel, promotion, brand, etc;

Analyze the strengths and weaknesses of competitors, such as quality, technology, innovation, service, reputation, etc;

Explore competitors' strategies and trends, such as goals, vision, values, market entry, product development, partners, etc;

Discover opportunities and threats from competitors, such as market demand, consumer preferences, policies and regulations, industry trends, potential competitors, etc;

Learn from the successful experience and lessons of competitors, such as best practices, innovation models, risk aversion, crisis response, etc;

Develop your own competitive strategy and action plan, such as differentiation, positioning, marketing, innovation, cooperation, etc.

2. how to determine the research object and cycle?

The first step in competitor research is to determine the research object and cycle. The research object refers to the enterprise that has direct or indirect competition with the enterprise in the same market or field, and the research cycle refers to the time span and frequency of the research.

There are several ways to determine the research object:

Select industry leaders, challengers, followers and newcomers based on market share and visibility;

Select companies that provide the same or similar products or services based on the substitutability of the product or service;

Select the main competitors in the target market or market segment according to the choice of customers or consumers;

According to the Porter Five Forces model, suppliers, buyers, potential entrants, substitutes and competitors in the industry are selected.

There are several ways to determine the research cycle:

According to the enterprise's strategic objectives and plans, set long-term, medium-term and short-term research cycle;

According to the importance of competitors and the degree of change, set different research frequency;

Set regular or irregular research time points according to market dynamics and trends;

According to the content and depth of the research, set a reasonable research time span.

How do 3. break down research dimensions and content?

The second step in competitor research is to break down the research dimensions and content. The research dimension refers to the direction and scope of the research, and the research content refers to the specific questions and information of the research.

There are several ways to break down the research dimensions:

According to the value chain of competitors, it is broken down into strategic planning, marketing, product development, manufacturing, supply chain management, financial management and other dimensions;

According to the competitor's 4P marketing mix, it is broken down into product, price, channel, promotion and other dimensions;

According to the SWOT analysis of competitors, it is decomposed into dimensions such as advantages, disadvantages, opportunities and threats;

According to the related parties of competitors, it is broken down into upstream suppliers, midstream enterprises themselves, downstream partners, end consumers and other dimensions.

There are several ways to break down the research content:

According to the research dimension, put forward specific research questions, such as what are the characteristics of competitors' products? What are competitors' price strategies? What is the channel coverage of competitors? What are the promotion methods of competitors? etc;

According to the research questions, collect relevant research information, such as competitor's product introduction, price list, channel list, promotion case, etc;

Based on research information, data analysis, such as competitors' product strengths and weaknesses, price levels and flexibility, channel efficiency and effectiveness, promotion costs and benefits.

How do 4. conduct in-depth and detailed research and analysis?

The fourth step in competitor research is in-depth and detailed research and analysis. Research analysis refers to the systematic collation, induction, comparison, evaluation and interpretation of the collected research information in order to obtain valuableConclusionand recommendations.

There are several methods of in-depth and detailed research and analysis:

Using qualitative and quantitative analysis methods, such as PEST analysis, Porter's five forces analysis, SWOT analysis, BCG matrix, Ansoff matrix, financial analysis, statistical analysis, etc;

Use logic and thinking analysis methods, such as induction, deduction, contrast, analogy, causality, hypothesis, etc;

Use innovative and creative analysis methods, such as brainstorming, mind mapping, six thinking hats, TRIZ theory, SCAMPER technology, etc;

Use visual and graphical analysis methods, such as tables, charts, flowcharts, organization charts, fishbone diagrams, KJ methods, etc.

How do 5. sort out the report?

The fifth step in competitor research is to sort out the report. Sorting out the report refers to presenting the results and recommendations of the research and analysis in written form for easy transmission and communication. To remove the false and keep the true means to ensure the authenticity, accuracy, completeness and validity of the report.

There are several ways to sort out the report:

According to the purpose and audience of the report, determine the structure and format of the report, such as title,AbstractCatalogue,Text、ConclusionAppendices, etc;

According to the content and depth of the report, determine the language and style of the report, such as formal, concise, clear, logical, persuasive, etc;

According to the information and data of the report, determine the evidence and sources of the report, such as citations, comments, references, attachments, etc;

According to the quality and effect of the report, check and modify the report, such as spelling, grammar, logic, format, content, etc.

Case analysis

To better illustrate the five tips for competitor research, this article will be analyzed in conjunction with a real-world case study from Champ Consulting. Shangpu Consulting is a professional market research and consulting company, providing customers with a full range of market research, competitive intelligence, strategic planning, brand management and other services. One of the clients of Shangpu Consulting is a well-known domestic e-commerce platform. The client wants to know about its main competitors in the international market so as to formulate its overseas expansion strategy. Champ Consulting conducted a competitor survey for this client, and the following is the process and results of its survey:

Identify research objects and cycles

According to the customer's needs and market conditions, Shangpu Consulting has determined the object and period of research. The subjects of the survey are the three major e-commerce platforms in the international market, namely Amazon in the United States, Alibaba in China and Flip Carter in India. The research cycle is three months, and the research is conducted once a month, and the time span of each research is one month.

Breakdown of research dimensions and content

According to the customer's objectives and problems, Shangpu Consulting has broken down the dimensions and contents of the research. The dimensions of the research are four aspects, namely, market conditions, product services, operating models and financial conditions. The content of the research is the following questions:

Market status: In which countries and regions do the competitors operate? What is the market share and growth rate of the competitors? Who are the target customers and consumer groups of the competitors?

Products and services: What types and types of products and services are provided by competitors? What are the characteristics and advantages of competitors' products and services? What are the prices and quality of competitors' products and services?

Operation mode: What is the operation mode of the competitor? What is the supply chain and logistics system of the competitor? What are the marketing and promotion strategies of the competitor?

Financials: What are the competitors' revenues and profits? What are the competitors' costs and investments? What are the competitors' financial risks and challenges?

Mobilizing multi-channel information sources

According to the dimensions and contents of the research, Champu Consulting has mobilized multi-channel information sources. Information sources include the following:

Public sources of information: competitor's official websites, annual reports, press releases, social media, industry reports, market research, etc;

Hidden information sources: competitors' employees, partners, customers, suppliers, etc;

Active information sources: actively obtain information through telephone, email, interview, interview, investigation, etc;

Passive information sources: through the network, newspapers, magazines, television, radio and other ways to passively receive information.

in-depth and meticulous investigation and analysis

According to the information collected, Champu Consulting conducted in-depth and detailed research and analysis. The methods of research and analysis include the following:

Qualitative and quantitative analysis methods: using PEST analysis, Porter's five forces analysis, SWOT analysis, financial analysis, statistical analysis and other methods to analyze the external environment of competitors, industry structure, internal advantages and disadvantages, financial situation, market performance, etc;

The analysis method of logic and thinking: using induction, deduction, comparison, analogy, causal method, hypothesis method and other methods to analyze the strategic objectives, strategic choice, strategic implementation, strategic effect of competitors;

Analysis methods of innovation and creation: use brainstorming, mind mapping, six thinking hats, TRIZ theory, SCAMPER technology and other methods to analyze competitors' innovation ability, innovation mode, innovation achievements, innovation impact, etc;

Visual and graphical analysis methods: use tables, charts, flowcharts, organization charts, fishbone diagrams, KJ methods and other methods to analyze competitors' data characteristics, data relationships, data changes, data patterns, etc.

To sort out the report by removing the false and preserving the true.

According to the results and suggestions of the research and analysis, champ consulting has compiled the report. Methods for organizing reports include the following:

According to the purpose and audience of the report, the structure and format of the report are determined, such as the title,AbstractCatalogue,Text、ConclusionAppendices, etc;

According to the content and depth of the report, the language and style of the report are determined, such as formal, concise, clear, logical and persuasive;

According to the information and data of the report, the evidence and sources of the report are determined, such as citations, notes, references, attachments, etc;

According to the quality and effect of the report, the report is checked and modified, such as spelling, grammar, logic, format, content, etc.

Conclusionand recommendations

Based on the research report, Champu Consulting has made the following points for its clientsConclusionand recommendations:

Amazon is an e-commerce leader in the international market. Its advantages lie in its strong brand influence, rich product categories, efficient logistics network, innovative technology applications and diversified profit models. Its disadvantages are its high operating costs, low profit margins, frequent legal disputes and intense competitive pressures. The opportunity lies in its expanding emerging markets, increasing membership services, enriching its content ecosystem and exploring new business areas. The threat lies in its policy supervision, consumer feedback, social responsibility and security risks.

Alibaba is the e-commerce leader in the Chinese market. Its advantages lie in its huge market scale, perfect platform ecology, flexible business model, leading payment technology and extensive social impact. Its disadvantages are its dependence on the Chinese market, lack of international experience, brand and quality challenges, intellectual property litigation and limited government intervention. The opportunity lies in its active expansion of overseas markets, strengthening relationships with local partners, improving user experience and service quality, and building an intelligent and digital future. The threat lies in the cultural and legal barriers it encounters, the threat of competition and substitution, the loss of users and businesses, and the risk of data and security.

Flip Carter is an e-commerce leader in the Indian market. Its advantages lie in its deep localization, rapid growth rate, favorable price strategy, strong investment background and young user group. Its disadvantages lie in its lower market share, weaker logistics base, higher customer acquisition cost, poorer user satisfaction and less innovation ability. The opportunity lies in its huge market potential, ever-improving infrastructure, increasing Internet penetration and ever-enriching products and services. Its threat lies in its fierce competition environment, strict policy norms, unstable economic situation and unpredictable social factors.

Customers in the development of its overseas expansion strategy, should fully consider the situation of competitors, as well as their own strengths and weaknesses. Customers are advised to adopt the following strategies:

Choose favorable target markets, such as Southeast Asia, the Middle East, Africa, etc., to avoid direct confrontation with strong competitors such as Amazon;

Make use of its own product advantages, such as localization, personalization, customization, etc., to meet the different needs and preferences of different markets;

Establish strong partnerships, such as with local telecom operators, logistics companies, payment platforms, content providers, etc., to enhance their operational capabilities and market influence;

Strengthen their own brand building, such as through social media, word-of-mouth marketing, public welfare activities, etc., to establish their own image and reputation, increase user trust and loyalty;

Pay attention to their own innovation and development, such as through the introduction of new technologies, new functions, new services, etc., to enhance their competitiveness and differentiation, and create more value and experience.