Industrial market research is an important consulting service, which can help enterprises understand the market environment, customer needs, competitors, industry trends and other key factors, so as to formulate reasonable strategic planning, product development, marketing strategies and so on. However, industrial market research is not a simple matter. It involves a variety of complex factors and relationships. It requires professional knowledge and skills, as well as rich experience and creativity to make valuable analysis and suggestions.

Shangpu Consulting is a consulting company focusing on the industrial field. It has many years of experience in industrial market research and provides high-level services to many well-known enterprises at home and abroad. Here, we have summarized some best practices and experiences applied in industrial market research, hoping to inspire and help others who are engaged in or interested in it.

Determine research objectives and scope

The first step in industrial market research is to clarify the research objectives and scope. This is a very important link, because it determines the subsequent data collection and analysis methods, as well as the final output form. According to different objectives and scope, industrial market research can be divided into the following types:

Market size and growth rate: This type of research focuses on fundamental indicators such as size, share, and growth rate of the market as a whole or in a segment, as well as the drivers and challenges that affect changes in these indicators. This type of research can help companies assess market potential and attractiveness, identify target markets and market segments.

Market structure and competitive landscape: This type of research focuses on the supply and demand balance of the market, value chain analysis, competitor analysis, market entry barriers, etc., as well as the changing trends and impacts of these aspects. This type of research can help companies understand the competitiveness and advantages of the market and develop appropriate positioning and differentiation strategies.

Customer behavior and needs: This type of research focuses on the target customer group of the market, the customer decision-making process, customer needs and preferences, customer satisfaction and loyalty, and the changing factors and influences of these aspects. This type of research can help companies gain insight into customer psychology and behavior and design products and services that meet customer needs and expectations.

Market Opportunities and Risks: This type of research focuses on future trends in the market, emerging technologies and applications, emerging markets and segments, potential threats and challenges, and the extent and likelihood of these impacts. This type of research can help companies grasp market opportunities, avoid market risks, and develop forward-looking strategic plans.

In determining the objectives and scope of the study, the following questions need to be considered:

What is the research goal? What problem is it to solve or meet what needs?

What is the scope of the study? What products or services are involved, which regions or countries, which industries or fields, and which time periods or stages?

How will the results of the study be used? What kind of decisions or actions are intended to support? What kind of information or advice is needed?

Based on these issues, a clear research outline can be developed, including research background, objectives, scope, methods, output, etc., in order to facilitate subsequent implementation and communication.

Selection of appropriate data sources and collection methods

The second step in industrial market research is the selection of appropriate data sources and collection methods. This is a very critical link because it determines the quality and credibility of the research results. According to different data types, industrial market research can be divided into the following two methods:

Secondary data (Secondary Data): Refers to data that already exists, such as public reports, statistical data, professional magazines, industry associations, government agencies, media reports, etc. Secondary data has the advantages of low collection cost, wide coverage and strong comparability, but it also has the disadvantages of inconsistent data quality, low timeliness and incomplete information. Therefore, when using secondary data, the following points need to be noted:

Choose authoritative and reliable data sources and avoid using unclear or untrustworthy data sources.

Check the validity and accuracy of the data and avoid using outdated or incorrect data.

Compare the consistency and difference between different data sources and avoid using contradictory or incompatible data.

Supplement missing or insufficient data and avoid using incomplete or incomplete data.

Primary data (Primary Data): Refers to the data collected through surveys or interviews designed and implemented by ourselves, such as questionnaires, in-depth interviews, focus interviews, case studies, etc. Primary data has the advantages of strong pertinence, high timeliness and high uniqueness, but it also has the disadvantages of high collection cost, small coverage and poor comparability. Therefore, when using primary data, you need to pay attention to the following points:

Design sound and effective data collection tools and avoid the use of unclear or irrelevant questions or indicators.

Select appropriate and representative data collection objects and avoid using non-eligible or non-representative samples or objects.

Adopt scientific and standardized data collection methods and avoid using inappropriate or illegal methods or channels.

Analyze and process data for reliability and validity, avoiding the use of inaccurate or unreasonable methods or techniques.

In general, industrial market research requires a combination of secondary and primary data to achieve complementary and validated results. When selecting data sources and collection methods, the following issues need to be considered:

What are the data requirements and what kind of information or metrics are needed?

What is data availability? Is there a ready source or channel for data? Do you need to collect data yourself?

What is the data quality? Is the data accurate, complete, timely, consistent, comparable, etc?

What is the cost of data? How much time, money, manpower, and other resources will it take to collect the data?

Based on these issues, a reasonable data collection plan can be developed, including data sources, data types, data volumes, data methods, etc., for subsequent implementation and monitoring.

Use multi-dimensional analytical frameworks and tools

The third step in industrial market research is the use of multi-dimensional analytical frameworks and tools. This is a very important link because it determines the depth and breadth of the research results. Depending on the objectives and content of the analysis, industrial market research can use the following commonly used analytical frameworks and tools:

PEST analysis (Political, Economic, Social, Technological): This is a macro-environmental analysis framework for analyzing the political, economic, social, technological and other external factors in which the market is located, as well as the impact and opportunities of these factors on the development of the market. This analysis can help companies understand the overall trends and changes in the market, as well as the opportunities and threats in the market.

Five forces model (Porter’s Five Forces): This is an industry structure analysis framework for analyzing the five competitive forces that exist in the market, namely supplier bargaining power, buyer bargaining power, new entrant threat, substitute threat, industry competition, and the impact of these forces on market profitability. This analysis can help companies understand the competitive landscape and advantages of the market, as well as the attractiveness and barriers of the market.

SWOT analysis (Strengths, Weaknesses, Opportunities, Threats): This is a strategic positioning analysis framework for analyzing the internal and external factors such as strengths, weaknesses, opportunities, and threats that a company has in the market, as well as the impact and recommendations of these factors on the development of the company. This analysis can help companies understand their own competitiveness and improvement points, as well as the market potential and risks.

Value Chain Analysis (Value Chain Analysis): This is a value creation analysis framework for analyzing the various activities and links involved in the products or services provided by an enterprise in the market, as well as the contribution and cost of these activities and links to the value of the enterprise. This analysis can help companies understand their core competencies and differentiation points, as well as the value proposition and optimization direction of the market.

4P analysis (Product, Price, Place, Promotion): This is a marketing mix analysis framework for analyzing the product, price, channel, promotion and other marketing strategies used by enterprises in the market, as well as the impact and effect of these strategies on market demand and satisfaction. This analysis can help companies understand their own marketing power and improvement points, as well as market needs and preferences.

When applying analytical frameworks and tools, the following issues need to be considered:

What is the purpose of the analysis? What questions or hypotheses is it designed to answer?

What is the content of the analysis? What aspects or dimensions are concerned?

What is the analysis method and what frameworks or tools are used?

What are the results of the analysis and what conclusions or recommendations are drawn?

Based on these questions, a clear analysis plan can be developed, including analysis steps, analysis logic, analysis data, analysis output, etc., for subsequent execution and presentation.

Build customer insights and value propositions

The fourth step in industrial market research is to build customer insights and value propositions. This is a very important link because it determines the usefulness and impact of the research results. Depending on the customer type and needs, industrial market research can construct two core outputs:

Customer Insights (Customer Insight): Refers to the in-depth understanding and discovery of customer behavior, needs, preferences, expectations, etc., and the impact and opportunities of these aspects on customer decision-making and satisfaction. Customer insights can help companies better understand the psychology and behavior of their customers and design products and services that meet their needs and expectations.

Value proposition (Value Proposition): Refers to the clear expression and communication of the value and benefits that the product or service provided by the enterprise in the market, as well as the impact and attractiveness of these values and benefits on customer decision-making and satisfaction. Value propositions can help companies better demonstrate their strengths and differentiation, and increase customer awareness and loyalty.

When building customer insights and value propositions, the following questions need to be considered:

What are the customer types and what customer groups or segments are they targeting?

What are the customer's needs? What are the problems or pain points that the customer has when buying or using the product or service?

What are the wishes or goals of the customer when purchasing or using the product or service?

What is the enterprise value? What are the advantages or characteristics of the enterprise in providing products or services?

What are the benefits to the business? What benefits or benefits can the business bring to its customers when it provides a product or service?

Based on these questions, a persuasive customer insight and value proposition can be developed, including customer problems, customer aspirations, business solutions, business benefits, etc., for subsequent communication and promotion.

Demonstrate the effectiveness of industrial market research services through specific cases

In order to better demonstrate the service effect of Shangpu Consulting in industrial market research, we introduce how we provide high-quality industrial market research services to customers in different industries and fields through several specific cases.

Case 1: China market research services for a leading global manufacturer of industrial robots

Customer background: The customer is a global leading manufacturer of industrial robots, with a variety of types and functions of industrial robot products, widely used in automotive, electronics, metal, food and other industries. The customer hopes to further explore the Chinese market and increase its share and popularity in the Chinese market.

Research objectives: to provide the client with a comprehensive and in-depth research report on China's industrial robot market, including market size and growth rate, market structure and competitive landscape, customer behavior and demand, market opportunities and risks, as well as specific analysis and recommendations for different industries and segments.

Research methods: We used a combination of secondary data and primary data to collect a large amount of data and information about China's industrial robot market, including public reports, statistical data, professional magazines, industry associations, government agencies, media reports, etc. Secondary data, as well as primary data collected through questionnaires, in-depth interviews, case studies, etc. We usedPESTanalysis, five-force model,SWOTanalysis, value chain analysis,4PA variety of analytical frameworks and tools, such as analysis, systematically and comprehensively analyze and evaluate the collected data.

Research results: We provide a detailed and professional research report on China's industrial robot market, including the following parts:

Market overview: This paper introduces the development history, current situation and future trend of China's industrial robot market, as well as the political, economic, social, technological and other external factors that affect the development of the market.

Market size: The overall size and growth rate of China's industrial robot market are analyzed, as well as the market segments and growth rates of different types (articulated, linear, cylindrical, etc.), different functions (welding, assembly, handling, etc.), different industries (automotive, electronics, metals, etc.), and different regions (East China, South China, North China, etc.).

Market structure: Analysis of China's industrial robot market supply and demand balance, value chain analysis, competitor analysis (including domestic and foreign major manufacturers of product characteristics, price strategy, channel layout, market share, etc.), market entry barriers.

Customer behavior: the target customer group, customer decision-making process, customer needs and preferences (including the needs and preferences of industrial robot function, performance, brand, service, etc.), customer satisfaction and loyalty are analyzed in China's industrial robot market.

Market opportunities: the future development trend of China's industrial robot market, emerging technologies and applications (such as intelligence, flexibility, collaboration, etc.), emerging markets and segments (such as medical, agriculture, services, etc.), potential threats and challenges (such as policy changes, rising labor costs, security risks, etc.) are analyzed.

Market advice: According to the above analysis, the customer is provided with specific suggestions for different types, different functions, different industries and different regions of the industrial robot market, including product development, price strategy, channel layout, promotion methods and so on.

Customer feedback: The customer is very satisfied with our research report and believes that our report is comprehensive and in-depth, with both data support and insight findings, as well as overall analysis and segmentation recommendations. It is for their strategic planning and marketing in the Chinese market. The strategy provides valuable reference and guidance.

Case 2: Customer Insight for a Leading Industrial Lubricant Manufacturer in China

Customer background: The customer is a leading domestic industrial lubricant manufacturer with various types and brands of industrial lubricant products, which are widely used in steel, cement, mining and other industries. The customer hopes to further enhance their brand awareness and loyalty, and increase the customer's repurchase rate and recommendation rate.

Research objective: to provide the customer with in-depth insight into its target customer group, including customer behavior, needs, preferences, expectations, etc., as well as the impact and opportunities of these aspects on customer decision-making and satisfaction, as well as specific recommendations for different customer types.

Research methods: We used the primary data-based approach, through the design and implementation of a series of questionnaires, in-depth interviews, focus interviews, etc., to collect a large number of data and information about the customer's target customer groups. We used a variety of analytical techniques such as cluster analysis, association analysis, and factor analysis to systematically and comprehensively analyze and evaluate the collected data.

Findings: We provided this client with a detailed and professional customer insight report that included the following sections:

Customer segmentation: According to the differences in the frequency, amount and purpose of use of industrial lubricants, customers are subdivided into four types, that is, high frequency high volume type (high frequency of use and large amount of use), high frequency low volume type (high frequency of use but small amount of use), low frequency high volume type (low frequency of use but large amount of use), low frequency low volume type (low frequency of use and small amount of use), and analyzed the proportion and characteristics of each type of customer.

Customer decision-making: According to the different stages of cognition, evaluation, selection, purchase, use and feedback experienced by customers when purchasing or using industrial lubricants, the customer's information sources, evaluation criteria, selection preferences, purchase channels, usage methods, feedback channels, etc., as well as the influence and opportunities of these aspects on customer decision-making are analyzed.

Customer needs: according to the customer's needs and preferences for the function, performance, brand and service of industrial lubricants, the basic needs, expected needs, value-added needs and other levels of customers are analyzed, as well as the impact and opportunities of these needs on customer satisfaction.

Customer expectations: according to the customer's expectations and goals in terms of the use effect, use experience and use experience of industrial lubricants, the customer's rational expectations, emotional expectations, social expectations and other levels, as well as the impact and opportunities of these expectations on customer loyalty are analyzed.

Customer Suggestions: Based on the above analysis, the customer is provided with specific suggestions for customers of different types, different stages, different needs and different expectations, including product development, price strategy, channel layout, promotion methods, service improvement and so on.

Customer feedback: the customer is very satisfied with our customer insight report. He thinks that our report is both in-depth and detailed, with data support and insight findings, overall analysis and segmentation suggestions, which provides valuable reference and guidance for them to enhance brand awareness and loyalty.

Case 3: Value Proposition for an internationally renowned industrial gas supplier

Customer background: The customer is an internationally renowned industrial gas supplier with various types and specifications of industrial gas products, which are widely used in chemical, medical, food and other industries. The customer hopes to further enhance their product value and market competitiveness, increase customer awareness and selection rate.

Research objectives: to provide the customer with a clear representation and communication of the value and benefits of the product or service offered in the market, as well as the impact and attractiveness of these values and benefits on customer decision-making and satisfaction, as well as specific recommendations for different product types and industry sectors.

Research methods: We used a primary data-based approach, through the design and implementation of a series of questionnaires, in-depth interviews, case studies, etc., to collect a large number of data and information on the customer's target market and target customer groups. We used a variety of analytical techniques, such as value chain analysis, cost-benefit analysis, and competitive advantage analysis, to systematically and comprehensively analyze and evaluate the data collected.

Findings: We provided this client with a detailed and professional value proposition report that included the following sections:

Value chain analysis: an analysis of the various activities and processes involved in the product or service provided by the customer in the market, as well as the contribution and cost of these activities and processes to the value of the enterprise.

Cost-benefit analysis: an analysis of the cost savings and benefits of the product or service provided by the customer in the market, as well as the quantification and value of these cost savings and benefits.

Competitive advantage analysis: analyzes the competitive advantages and differentiation points of the products or services provided by the customer in the market, as well as the performance and demonstration of these competitive advantages and differentiation points.

Value proposition construction: Based on the above analysis, a value proposition for the customer is constructed for different product types and industry sectors, including customer problems, customer aspirations, enterprise solutions, enterprise benefits, etc., to facilitate subsequent communication and promotion.

Customer feedback: The customer is very satisfied with our value proposition report and thinks that our report is clear and powerful, with both data support and value expression, both overall construction and segmentation presentation, which provides valuable reference and guidance for them in improving product value and market competitiveness.