Industrial market research refers to the systematic analysis and prediction of the market demand, competitive landscape and customer behavior of industrial products or services, so as to provide the basis and suggestions for the decision-making of enterprises. Industrial market research is very different from consumer market research, mainly in the following aspects:

Industrial markets are typically smaller, but the value of each customer is higher, requiring a more precise and in-depth understanding of customer needs, decision-making processes and buying behavior.

Products or services in the industrial market often involve multiple technical fields, with high complexity and professionalism. Therefore, it is necessary to evaluate the performance, advantages and disadvantages of products or services more professionally and comprehensively.

The competitive landscape of the industrial market is generally stable, but there is also the possibility of rapid change and innovation. Therefore, it is necessary to be more sensitive and flexible to grasp the market dynamics and competitors' strategies.

Due to the particularity and difficulty of industrial market research, many enterprises will encounter some misunderstandings and difficulties when conducting industrial market research, which leads to inaccurate or impractical results and even wrong decisions. This article will introduce three major misunderstandings of industrial market research from three aspects, and how to avoid or overcome these misunderstandings.

Myth 1: Too much reliance on secondary data

Secondary data refers to data that already exists and is collected and collated by other people or institutions, such as industry reports, government statistics, online information, etc. Secondary data has the advantages of easy access, low cost and wide range, and is one of the indispensable data sources in industrial market research. However, too much reliance on secondary data will also bring some problems, mainly the following:

The quality and reliability of secondary data are difficult to guarantee, and there may be problems such as distortion, obsolescence, incompleteness and inconsistency, which require strict screening and verification.

The content and form of secondary data may not meet the research objectives and needs, and appropriate adjustments and transformations are required.

Secondary data does not reflect the subjective feelings and preferences of customers and needs to be supplemented and verified with first-hand data.

Therefore, when conducting industrial market research, one cannot rely solely on secondary data, but should combine first-hand data for comprehensive analysis. First-hand data refers to the data collected and collated by the researchers themselves, such as questionnaires, interviews, observation experiments, etc. First-hand data has the advantages of strong pertinence, good timeliness and high authenticity, which can provide a more in-depth and comprehensive understanding of customer needs, decision-making process and purchase behavior. Of course, first-hand data also has some shortcomings, such as difficulty in obtaining, high cost, limited samples, etc., which require reasonable design and implementation.

Myth 2: Ignoring customer segmentation

Customer segmentation refers to dividing customers into different groups or categories according to certain characteristics or behaviors of customers in order to better meet customer needs and improve market efficiency. Customer segmentation is one of the important steps of industrial market research, and it is also the foundation and premise of industrial marketing. However, many companies ignore the importance and necessity of customer segmentation when conducting industrial market research, leading to the following problems:

Can not accurately identify and locate the target customers, resulting in waste of resources and reduced effectiveness.

The inability to fully understand and meet the needs and preferences of different customer groups leads to the homogenization of products or services and the decline of competitiveness.

Failure to effectively distinguish and utilize the value and potential of different customer groups leads to loss of revenue and increased risk.

Therefore, when conducting industrial market research, we should pay attention to the process and method of customer segmentation. According to the research objectives and market characteristics, we should choose the appropriate segmentation basis and segmentation criteria, such as customer scale, industry, region, purchase behavior, demand motivation, etc., divide customers into groups or categories with similar characteristics or behaviors, and conduct in-depth analysis and evaluation of each market segment, to identify target markets and differentiation strategies.

Myth 3: Lack of competitor analysis

Competitor analysis is the systematic collection, collation, analysis and evaluation of existing or potential competitors to understand their strengths and weaknesses, strategies and actions, trends and changes in order to develop an effective competitive strategy. Competitor analysis is one of the important contents of industrial market research, and it is also the core and key of industrial market competition. However, many companies will lack the awareness and ability to analyze competitors when conducting industrial market research, leading to the following problems:

Failure to fully identify and monitor competitors leads to inadequate information and errors.

The inability to accurately assess and predict the strength and behavior of competitors leads to bias and error in judgment.

The inability to effectively respond to and surpass the challenges and threats of competitors leads to strategic passivity and failure.

Therefore, when conducting industrial market research, we should pay attention to the methods and skills of competitor analysis. According to the research objectives and market environment, we should determine the appropriate scope and dimensions of competition, such as products or services, prices or costs, channels or networks, brands or images, and systematically collect, sort out, analyze and evaluate each competitor. According to the results of competitor analysis, develop appropriate competitive strategies.

Summary

Industrial market research is an important basis and tool for industrial enterprises to make decisions and marketing. However, when conducting industrial market research, many companies will encounter some misunderstandings and difficulties, which will affect the quality and effectiveness of the research results. This article introduces three major misunderstandings in industrial market research from three aspects: too much reliance on secondary data, neglect of customer segmentation, lack of competitor analysis, and how to avoid or overcome these misunderstandings. It is hoped that this paper can be helpful to the practice and promotion of industrial market research.