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The top three benefits of competitor research, you know?

2024-07-18 16:19:14 Source: Champ Consulting Visits:0

1. identify market opportunities

Competitor research can help companies identify market opportunities, that is, customer needs and market gaps that competitors have not fully met or ignored. Through competitor research, companies can understand competitors' product characteristics, pricing strategies, sales channels, marketing tools, customer satisfaction, etc., from which they can find out the shortcomings of competitors, as well as the potential needs and preferences of customers. This information can provide valuable market opportunities for enterprises, so that enterprises can develop and launch products or services that are more in line with customer needs, so as to gain market recognition and advantages.

For example, Shangpu Consulting once conducted a competitor survey for an automaker and found that its main competitor has less investment and innovation in the field of electric vehicles, while the market demand for energy-saving and environmentally friendly electric vehicles is growing. Therefore, Shangpu Consulting recommends that the automaker increase its R & D and promotion in the field of electric vehicles to seize market opportunities and stand out in the highly competitive automotive market.

2. against competitive threats

Competitor research can also help companies guard against competitive threats, I .e., the actions and movements of competitors that may negatively affect a company's market share, profitability, brand image, etc. Through competitor research, enterprises can understand the strategic objectives, development plans, new product plans, market expansion, partners, etc. of competitors, from which they can predict the future actions of competitors, as well as the possible impact and threats to the enterprise. This information can provide useful warnings for enterprises, so that enterprises can make timely responses and adjustments to protect their market position and interests.

For example, Shangpu Consulting once conducted a competitor survey for a clothing brand and found that its biggest competitor is preparing to enter the Chinese market, which is an important growth point for the clothing brand. Therefore, Shangpu Consulting Company recommends that the clothing brand strengthen its brand building and marketing activities in the Chinese market to consolidate its leading position in the Chinese market, and at the same time improve the quality of its products and the level of service to increase its loyalty in the Chinese market. And word of mouth.

3. optimization product innovation

Competitor research can also help companies optimize product innovation, that is, innovative ideas and methods that can enhance the competitiveness and differentiation of their products. Through competitor research, enterprises can understand the direction, degree, effect and cost of competitors' product innovation, learn from the advantages and experience of competitors, and avoid the shortcomings and mistakes of competitors. This information can provide useful enlightenment for enterprises, so that enterprises can have clearer goals and more effective strategies in product innovation, so as to improve the performance, function, design, quality and so on of their products, so as to win the favor and trust of customers.

For example, Shangpu Consulting once conducted a competitor survey for a mobile phone manufacturer and found that its main competitors have more prominent innovations in the artificial intelligence, camera, security and other aspects of smartphones, and the market demand for these aspects is also relatively strong. Therefore, Shangpu Consulting recommends that the mobile phone manufacturer strengthen innovation in these areas on its next-generation smartphones to improve the intelligence, camera effect, and security of its smartphones, so as to gain more in the highly competitive smartphone market. Many users and market share.

Conclusion

Competitor research is a vital work for the development of enterprises, which can help enterprises understand and evaluate their competitive environment from multiple angles, so as to formulate more reasonable and effective competitive strategies. The benefits of competitor research are threefold: identifying market opportunities, protecting against competitive threats, and optimizing product innovation. Enterprises should choose the appropriate methods and contents of competitor research according to their actual situation and objectives, so as to obtain more valuable information and insight, so as to enhance their competitiveness and profitability.

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