The ‘competitor research‘ process is more of a legal term than a common term in business. But this term was first used by my predecessor Mr. Cranfield, he calls it ‘Competitor Research’, and indeed I thought that it is a very good term to define the thing.
How to answer Competitor research: one should know how to do Competitor research? If your competitor does something, it is your duty to answer this question. It is not that you will like your competitor’s decision, but if your competitor’s decision can be better, then you should study what your competitor is doing and improve.
Competitor research is very important as you have to know whether it is a wise choice, a wrong one or you should wait for your competitor to do the right decision. There are many cases which happened to my company and the result will be the one of much interest, some of them are the worst possible example.
For example the Case: My Boss is very angry because the company wants to give up its customer service functions to a competitor, I asked my boss for the reply, and the Boss replied that he would not think about it, he is going to fire me for this thing. And I felt very happy. So my Boss thought well I might as well do the right thing and I agreed to do the best I can with Competitor research.
Competitor research I did was not my intention. So I write here to let you understand what I did on Competitor research, and how we improved in our business. Competitor research is a way of comparing your competitor with your own product or services.
What you can do when you do Competitor research is to keep in mind the product or services that your competitor has already done well. When you find the things they have done well, you have to copy those things. Another example: When you found out that your competitors have already improved their products, it is easy to improve. Try to understand the company first; the basic structure of the company, look at its competitors’ products.
You have to understand what your competitor does, and the behavior of your competitors. Then you have to compare the products or services that your competitors have done and you have to follow them.
After you have researched all the things you can change, you have to explain to your employees or partners that what you have to learn is actually your competitor. After some time you will be the first one to enter the market without any customers, and you will find the market demand and products will be so low that no one will buy anything.
It will be a great situation for you and your Competitor. Competition always make the market a lot of crowded. As a consequence we get to know each other, and we will find ways to improve our own products or services.
However, the situation that can happen to a company work when they have enough competition to their products or services, and they have to offer something much better, but of course not at the same price. Their competitors will make it possible for them to dominate the market, and they will be like the super producers.
To do perfect competitor research, we need to study more our competitors. Do you have a better idea about your competitor? Visit their website, do market research about them, visit their competitors’ websites and find the fact that which you can become the Super Producers of your market.