Overview of 1. Industrial Market Research

1. Definition of industrial market research

Industrial market research refers to the systematic analysis and prediction of supply and demand, market size, competitive landscape, customer behavior, market opportunities, etc. of industrial products and services. The purpose of industrial market research is to provide valuable market information and insight for enterprises, help enterprises understand the current situation and changing trends of the market, discover market demand and potential opportunities, formulate effective market strategies and marketing strategies, and improve market performance and competitive advantage.

2. Characteristics of industrial market research

Compared with consumer market research, industrial market research has the following characteristics:

(1) The size of the industrial market is relatively small, but the transaction amount is large. Customers in the industrial market are mainly enterprises, governments, institutions and other organizations, rather than individual consumers. The number of customers in the industrial market is relatively small, but the amount of each transaction is high, and the products and services involved are often high-value, high-tech, and high-risk. Therefore, industrial market research requires a more accurate and in-depth understanding of customer needs, decision-making processes, purchasing behavior, and evaluation criteria.

(2) The structure of the industrial market is relatively complex, but changes slowly. The structure of the industrial market is affected by many factors, such as industry characteristics, supply chain relationships, market environment, policies and regulations. The structure of the industrial market often presents the characteristics of multi-level, multi-link and multi-participant, involving many stakeholders, long transaction process and difficult coordination. Therefore, industrial market research needs to analyze the structure and dynamics of the market more comprehensively and systematically, and grasp the laws and mechanisms of the market.

(3) The demand of the industrial market is relatively stable, but the innovation is fast. The demand of the industrial market is mainly affected by the downstream market, which is closely related to the economic cycle, industry development and technological progress. Demand in the industrial market tends to show some stability and predictability, but it also fluctuates and adjusts as the market changes. At the same time, the competition in the industrial market also promotes the innovation and upgrading of products and services, which makes the market demand constantly appear new changes and challenges. Therefore, industrial market research needs to be more flexible and agile to track market needs and innovations, and to seize market changes and opportunities.

3. Methods of industrial market research

The methods of industrial market research mainly include the following:

(1) Literature analysis. Literature analysis refers to the collection, collation and analysis of various literature materials, such as industry reports, policy documents, professional journals, academic papers, etc., to obtain basic information and theoretical knowledge of the market, and provide reference and basis for market research.

(2) Statistical analysis. Statistical analysis refers to the collection, collation and analysis of various statistical data, such as industry data, market data, financial data, customer data, etc., using mathematical and statistical methods to quantify and quantitatively analyze the size, structure, changes, influencing factors of the market, and provide evidence and support for market research.

(3) Investigation and research method. Survey and research method refers to the design, implementation, analysis of various questionnaires, interviews, observations, etc., directly or indirectly to obtain first-hand information of the market, such as customer demand, satisfaction, loyalty, decision-making process, purchase behavior, etc., to provide in-depth and detailed insight and suggestions for market research.

(4) Case study method. The case study method refers to the selection, description and analysis of representative or typical market cases, such as successful or failed market strategies, product innovation, marketing, etc., to reveal the laws and characteristics of the market and provide experience and inspiration for market research.

(5) Model analysis. Model analysis refers to the establishment, verification, the use of various mathematical, economic, management and other models, such as market demand model, market competition model, market forecasting model, etc., to simulate and predict the current situation and future of the market, to provide theory and methods for market research.

4. Application of Industrial Market Research

The application of industrial market research mainly includes the following aspects:

(1) Market analysis. Market analysis refers to a comprehensive and systematic analysis of the scale, structure, changes and influencing factors of the industrial market, revealing the current situation and trends of the market, assessing the attractiveness and potential of the market, and providing a basis for the formulation of market strategy.

(2) Market segmentation. Market segmentation refers to dividing the market into a number of relatively balanced and relatively independent sub-markets according to the different characteristics of customers, products, regions and channels of the industrial market, identifying different needs and opportunities of the market, and providing a basis for the choice of market strategy.

(3) Market positioning. Market positioning refers to determining the target market and competitive advantage of an enterprise according to the segmentation results of the industrial market, clarifying the market image and differentiation strategy of the enterprise, and providing direction for the implementation of the market strategy.

(4) Marketing. Marketing refers to the formulation and implementation of product, price, channel, promotion and other strategies for the target market according to the positioning results of the industrial market, so as to meet the needs and expectations of customers and enhance the market influence and competitiveness of enterprises.

(5) Market assessment. Market evaluation refers to the evaluation of the effectiveness and efficiency of market strategy and marketing strategy through the collection, analysis and feedback of the actual effect and feedback information of the market, such as market share, market growth, market satisfaction, market loyalty, etc., to provide a basis for the adjustment and improvement of market strategy.

Frontier Trends and Trends in 2. Industrial Market Research: Experts Share

In order to better understand the cutting-edge dynamics and future trends of industrial market research, we invited several experts from Shangpu Consulting to share their practical experience and opinions in the field of industrial market research. Here are their wonderful shares:

1. Senior Partner, Head of Industrial Market Research, Champ Consulting

Industrial market research is one of the core businesses of Shangpu Consulting, and it is also an important foundation for Shangpu Consulting to establish long-term cooperative relationships with customers. He believes that the frontier dynamics and future trends of industrial market research are mainly reflected in the following aspects:

(1) Data driven. With the development of big data, cloud computing, Internet of Things and other technologies, industrial market research can obtain and process more, faster and more accurate market data, thereby improving the quality and efficiency of market research. At the same time, industrial market research also needs to use more advanced data analysis methods and tools, such as artificial intelligence, machine learning, data mining, etc., to extract valuable information and insights from massive amounts of data and provide customers with more intelligent decision support.

(2) Customer orientation. The ultimate goal of industrial market research is to provide customers with satisfactory products and services, therefore, industrial market research needs to pay more attention to customer needs and expectations, more in-depth understanding of customer decision-making process and purchase behavior, more effectively influence and motivate customer behavior and attitude. At the same time, industrial market research also needs to be more flexible to adapt to the different needs and scenarios of customers, and more customized to provide personalized solutions and suggestions.

(3) Innovation driven. With the increasingly fierce competition in the industrial market, industrial market research requires continuous innovation and breakthroughs to provide customers with more valuable products and services, and create greater market opportunities and competitive advantages for customers. At the same time, industrial market research also needs to constantly explore and try new market research methods and models, such as design thinking, agile development, collaborative innovation, etc., to provide customers with more creative market research experience and results.

2. Senior Manager, Industrial Market Research Project Leader, Champu Consulting

She shared some of her success stories in industrial market research projects, demonstrating the practical application and value of industrial market research. Here are some of her cases:

(1) Provide a global leading industrial robot manufacturer with demand forecast and competitive analysis of the Chinese market. By collecting and analyzing industry data, customer data, competitor data, etc., the demand forecasting model of the industrial robot market is established, and the demand scale, structure and change of the Chinese market in the next five years are predicted, and the market strategy and marketing strategy are formulated for customers. At the same time, through the investigation and analysis of customer demand, satisfaction, loyalty, etc., the customer's market share, market growth, market satisfaction, market loyalty, etc. are evaluated, and suggestions are provided for customers to optimize product structure and service quality. In addition, by investigating and analyzing competitors' products, prices, channels, promotions, etc., the advantages and disadvantages of competitors are analyzed, which provides support for customers to improve market competitiveness and influence.

(2) For a well-known domestic industrial lubricant manufacturers to provide new product market testing and promotion programs. Through the design and implementation of a series of market testing activities, such as product trial, customer interviews, user feedback, etc., to test the performance, quality, effect of new products, to provide customers with new product market feedback and improvement opinions. At the same time, through the design and implementation of a series of marketing activities, such as product display, customer training, user experience, etc., to promote the characteristics of new products, advantages, value, etc., to provide customers with new product market awareness and acceptance provides a guarantee.

(3) Provide an opportunity assessment and entry strategy for a European industrial equipment leasing service provider in the Chinese market. By collecting and analyzing industry data, market data, policy data, etc., the attractiveness and potential of the Chinese market are evaluated, and the target market and target customers are determined for customers. At the same time, by investigating and analyzing the customer's needs, decision-making process, purchase behavior, etc., the market opportunities and challenges of customers are analyzed, and the market positioning and differentiation strategy are provided for customers. In addition, by investigating and analyzing competitors' products, prices, channels, promotions, etc., the market strategy and market performance of competitors are analyzed, and the marketing and market entry strategies are supported for customers.

3. Senior Consultant, Industrial Market Research Specialist, Champu Consulting

From their own professional point of view, the methods and tools of industrial market research are introduced and prospected, showing the theory and technology of industrial market research. Here are some of his views:

(1) The methods of industrial market research should be diversified and integrated, not limited to a single method or tool, but should be based on different market problems and objectives, select and combine suitable methods and tools to form an effective market research program. For example, for the analysis of market demand, literature analysis, statistical analysis, investigation and research methods can be used; for the analysis of market competition, case study, model analysis, data mining, etc. can be used;

(2) The tools of industrial market research should be advanced and intelligent, and should not rely on traditional tools or platforms, but should use the latest technology and resources to improve the effectiveness and efficiency of market research. For example, the use of big data, cloud computing, Internet of Things and other technologies can obtain and process more, faster and more accurate market data; the use of artificial intelligence, machine learning, data mining and other technologies can extract valuable information and insights from massive data; the use of design thinking, agile development, collaborative innovation and other technologies can provide more creative market research experience and results.

(3) The methods and tools of industrial market research should be complementary and mutually reinforcing, and should not be used or developed in isolation, but should be reasonably selected and combined according to the purpose and process of market research to form an effective market research system. For example, literature analysis and statistical analysis can provide reference and basis for investigation and case study; investigation and case study can provide data and experience for model analysis and data mining; model analysis and data mining can provide theory and method for literature analysis and statistical analysis.

3. epilogue

Industrial market research is a discipline with both theory and practice, a technology with both methods and tools, and a field with both value and challenge. The development of industrial market research requires continuous exploration and innovation, continuous learning and improvement, and continuous service and contribution. As a professional industrial market research service provider, Shangpu Consulting has been committed to providing customers with high-quality, high-efficiency and high-value industrial market research solutions to help customers succeed and lead in the industrial market. We look forward to discussing and sharing the cutting-edge trends and future trends of industrial market research with more customers and partners, and jointly promote the development and progress of industrial market research.