Industrial market research refers to the systematic and purposeful information collection and analysis of the demand, supply, competition, price, channels, etc. of industrial products or services. Industrial market research differs from consumer market research in many ways, such:

The size of the industrial market is usually smaller, but the amount of a single transaction is larger;

The decision-making process of industrial market is long, involving multiple levels and departments;

The demand of the industrial market is affected by the downstream market, which is cyclical and volatile;

The competitive landscape of the industrial market is relatively stable, but there are also potential substitutes and new entrants;

Prices in the industrial market are influenced by many factors, such as cost, quality, technology and service;

The channels of the industrial market are more complex, involving direct sales, agency, distribution, e-commerce and other forms.

Therefore, industrial market research requires the use of some special skills and methods to improve the effectiveness and accuracy of research. This paper introduces the skills of industrial market research from five aspects, namely:

Determine the objectives and scope of the study. Industrial market research should be based on specific problems or needs to develop clear objectives and scope, avoid too broad or too detailed. For example, if you want to understand the overall situation of an industry or market segment, you can use macro analysis (PESTEL), to assess the impact of the external environment on the industry or market in terms of politics, economy, society, technology, environment and law; if you want to understand the demand and potential of a product or service in a region or customer group, you can use the demand forecasting method (TAM/SAM/SOM), from the overall available market (TAM), Services Available Market (SAM) and the target available market (I am) three levels to estimate the size of demand; if you want to understand the competitive advantages and disadvantages of a product or service in an industry or market segment, you can use competitive analysis (SWOT), to evaluate their own and competitors' performance in terms of strengths, weaknesses, opportunities and threats.

Select appropriate data sources and collection methods. Industrial market research needs to make full use of the various available data sources, both primary and secondary. First-hand data refers to data obtained through direct contact with target markets or customers, such as questionnaires, interviews, observations, experiments, etc.; second-hand data refers to data obtained through other channels or institutions, such as industry reports, government statistics, professional magazines, online media, etc. The advantage of first-hand data is that it is closer to the actual situation and can better reflect the real needs and preferences of customers, but it also has shortcomings such as high cost, long time, small sample, and difficult quality control; the advantage of second-hand data is more convenient, more extensive, and more System, but there are also shortcomings such as outdated, inaccurate, incomplete, and inconsistent. Therefore, industrial market research should choose appropriate data sources and collection methods according to the research objectives and scope, and pay attention to verifying the reliability and validity of the data.

Use a variety of analytical tools and models. Industrial market research requires in-depth analysis and interpretation of the collected data to draw valuable conclusions and recommendations. To this end, a variety of analytical tools and models can be used, such:

Segmentation analysis (Segmentation), divide the market or customers according to different characteristics or needs to identify target market segments or customer groups;

Positioning analysis (Positioning), determine the position or image of the product or service in the target market segment or customer group to distinguish it from competitors;

Value Chain Analysis (Value Chain), analyze the value created by products or services in production, sales, and use to improve efficiency and reduce costs;

Value proposition analysis (Value Proposition), to identify the core values or benefits that the product or service can provide to the target market segment or customer group in order to attract and retain customers;

Product life cycle analysis (Product Life Cycle), to determine the stage of development of the product or service (introduction, growth, maturity or decline) in order to formulate appropriate market strategies;

Porter's Five Forces Model (Porter’s Five Forces) to assess the degree of competition and profitability of the industry from five aspects: competitors within the industry, potential entrants, substitutes and suppliers and buyers outside the industry;

The Boston Matrix (BCG Matrix), according to the relative market share and market growth rate of products or services in the market, they are divided into four types: star products, problem products, Taurus products or thin dog products to guide resource allocation and investment decisions;

Ansoff Matrix (Ansoff Matrix), according to whether the product or service is novel and whether the market already exists, it is divided into four growth strategies: market penetration, market development, product development or diversification to guide market expansion and innovation.

Focus on industry trends and trends. Industrial market research should not only understand the current market situation, but also pay attention to the future market changes. To this end, industry dynamics and trends can be grasped in the following ways, such:

Follow the actions and strategies of leading companies in the industry and analyze their impact and implications on the market;

Focus on industry-related policies and regulations, technological innovation, social change and other factors, and analyze their threats and opportunities to the market;

Using scenario analysis (Scenario Analysis), constructing different assumptions and predicting possible future market conditions and directions;

Using the Delphi method (Delphi Method), invite industry experts or opinion leaders to form consensus and expectations for the future market through multiple rounds of questionnaires and feedback.

Combine customer needs and feedback. The ultimate goal of industrial market research is to meet customer needs and improve customer satisfaction and loyalty. Therefore, industrial market research should combine customer needs and feedback to optimize the design, pricing, promotion, and distribution of products or services. To this end, customer needs and feedback can be understood and met in the following ways, for example:

ApplicationKANOModel (Kano Model), the customer's needs are divided into three types: basic needs, expected needs and exciting needs to determine the minimum standards, differentiation factors and innovation points of the product or service;

Using the servo-litt model (Servqual Model), evaluate service quality from five aspects: reliability, responsiveness, assurance, tangibility and empathy, in order to narrow the gap between customer expectations and actual feelings;

Using the snare chart (Net Promoter Score), measure customer loyalty through a simple question (will you recommend our products or services to your friends or colleagues?) to improve customer conversion rate and retention rate;

Using the user experience map (Customer Journey Map), from the customer's perspective, describe the various stages, contacts, emotions and behaviors that customers experience in the process of using products or services to optimize customer experience and increase customer value.

These are the five tips of industrial market research, I hope to help you. Below we will combine the specific cases of Champ Consulting Services customers to show the effect of these techniques in practical application.

Case 1: If an auto parts manufacturer wants to enter the Chinese market, it needs to understand the scale, structure, competition, and opportunities of the Chinese auto parts market. Champ Consulting provides the following services:

Using macro-analysis (PESTEL), to assess the impact of China's auto parts market on six aspects: politics, economy, society, technology, environment and law;

Using subdivision analysis (Segmentation), divide China's auto parts market according to product type, application field, region and other dimensions, and determine the target market segment;

The use of competitive analysis (SWOT), evaluate the strengths, weaknesses, opportunities and threats faced by the manufacturer in the target market segment, and compare it with the main competitors;

Using positioning analysis (Positioning), determine the position or image of the manufacturer in the target market segment, and formulate corresponding brand strategies;

Using the demand forecasting method (TAM/SAM/SOM), estimate the manufacturer's demand and potential in the target market segment, and formulate corresponding sales targets;

Using value chain analysis (Value Chain), analyze the value created by the manufacturer in the production, sales, use and other links, and put forward corresponding improvement suggestions;

Using value proposition analysis (Value Proposition), clarify the core values or benefits that the manufacturer can provide to the target market segment, and formulate corresponding marketing strategies;

Using scenario analysis (Scenario Analysis), construct different assumptions, predict possible future market conditions and development directions, and formulate corresponding countermeasures.

Through the services of Shangpu Consulting, the manufacturer successfully entered the Chinese auto parts market and achieved good performance in the short term.

Case 2: A chemical company wants to develop a new type of environmentally friendly coatings, and needs to understand the needs, innovations, and trends of the environmentally friendly coatings market. Champ Consulting provides the following services:

Using product life cycle analysis (Product Life Cycle), judge the development stage (growth stage) of the environmental protection coating market, and formulate corresponding market strategies;

Using the Porter's Five Forces Model (Porter’s Five Forces), evaluate the degree of competition and profitability of the environmental protection coatings market to determine entry barriers and exit barriers;

Using the Boston Matrix (BCG Matrix), dividing different products or services in the environmental protection coating market into four types: star products, problem products, Taurus products or thin dog products to guide resource allocation and investment decisions;

Using the Ansoff matrix (Ansoff Matrix), divide the different growth strategies in the environmental protection coatings market into four types: market penetration, market development, product development or diversification to guide market expansion and innovation;

Using the Delphi method (Delphi Method), invite industry experts or opinion leaders to form a consensus and expectation on the future environmental protection coating market through multiple rounds of questionnaire survey and feedback;

AdoptKANOModel (Kano Model), divide the needs of customers in the environmental protection coatings market into three types: basic needs, expected needs and exciting needs to determine the minimum standards, differentiation factors and innovation points of new environmental protection coatings;

Using the servo-litt model (Servqual Model), evaluate the service quality of new environmentally friendly coatings from five aspects: reliability, responsiveness, assurance, tangibility and empathy, so as to narrow the gap between customer expectations and actual feelings;

Using the snare chart (Net Promoter Score), through a simple question (will you recommend our new environmentally friendly coatings to your friends or colleagues?) to measure the customer's loyalty to the new environmentally friendly coatings to improve the customer conversion rate and retention rate;

Using user experience maps (Customer Journey Map), from the customer's point of view, describe the various stages, contacts, emotions and behaviors that customers experience in the process of using new environmentally friendly coatings to optimize customer experience and increase customer value.

Through the service of Shangpu Consulting, the chemical enterprise has successfully developed a new type of environmental protection coating, and has obtained good response and evaluation in the market.