Industrial market research is one of the important services provided by consulting companies for industrial equipment manufacturers. It aims to help customers understand market needs, competitive trends, technological trends, innovation opportunities, etc., so as to formulate effective strategies and decisions. This paper introduces the methods and tools commonly used by consulting companies in industrial market research, including industry analysis, market research, competitor research, satisfaction research, digital transformation, etc., and shows how consulting companies use these methods to provide valuable insights and suggestions to customers with the specific cases of Shangpu consulting services customers.

Overview of Industrial Market Research by 1. Consulting Company

Industrial market research refers to the activities of collecting, analyzing and interpreting relevant information on the market problems faced by industrial equipment manufacturers, using scientific methods and techniques, so as to provide customers with information and suggestions that contribute to decision-making. Compared with consumer market research, industrial market research has the following characteristics:

Industrial markets are smaller, but transaction amounts are larger, involving multiple decision makers and influencers;

The demand of the industrial market is influenced by such factors as derivativeness, instability, irregularity and elasticity;

The industrial market has a variety of products, high technical content, long product life and high service requirements;

The industrial market is highly competitive, with high price sensitivity and low brand loyalty.

Therefore, when consulting companies conduct industrial market research, they need to select appropriate methods and tools according to the specific needs and problems of customers to obtain accurate, comprehensive and in-depth market information and propose practical solutions.

Industrial Market Research Methods and Tools for 2. Consulting Firms

The methods and tools commonly used by consulting firms in industrial market research include the following categories:

1. Industry analysis

Industry analysis refers to the systematic analysis and evaluation of the development status, scale, structure, trends and influencing factors of a particular industry. Industry analysis can help customers understand the overall situation of the industry, identify industry opportunities and threats, determine their position and competitiveness in the industry, and formulate corresponding strategies and goals. Common methods and tools for industry analysis are:

PEST analysis: political (Political), economic (Economic), social (social) and technical (Technological) analysis used to assess the impact of the macro environment on the development of the industry;

Porter's Five Forces Model: I .e., the impact of the five forces of intra-industry competitors (Rivalry), potential entrants (Entrants), substitutes (Substitutes), suppliers (Suppliers) and buyers (Buyers) on industry profitability;

SWOT analysis: that is, strength (Strengths), weakness (Weaknesses), opportunity (Opportunities) and threat (Threats) analysis, used to assess the customer's competitive advantages and weaknesses in the industry, as well as opportunities and threats;

Industry life cycle analysis: that is, the analysis of the different stages of the industry from birth, growth, maturity to decline, in order to understand the development stage and characteristics of the industry, as well as the corresponding strategic choices.

2. Market research

Market research refers to the collection, collation, analysis and interpretation of market-related data and information to understand market demand, size, structure, distribution, changes, etc., so as to provide customers with information and advice about the market. Market research can help clients understand the potential and opportunities in the target market, determine market segmentation and positioning, develop market strategies and plans, and evaluate market performance. Commonly used methods and tools for market research are:

First-hand data collection: that is, through questionnaires, interviews, observations, experiments and other ways, directly from the target market buyers, sellers, intermediaries, etc. to obtain raw data;

Second-hand data collection: access to existing data through literature, reports, databases, networks and other channels;

Data analysis: the use of statistics, mathematics, economics and other methods, the collection of data to organize, summarize, infer and explain;

Data presentation: the use of charts, reports, presentations, etc., the results of the analysis and recommendations in a clear, concise and persuasive form presented to the customer.

3. Competitor Research

Competitor research refers to the identification, analysis and evaluation of existing or potential competitors faced by customers to understand competitors' strategies, capabilities, strengths and weaknesses, trends, etc., so as to provide customers with information and suggestions about competitors. Competitor research can help clients understand the competitive environment, identify competitive advantages and differentiations, develop competitive strategies and responses, and predict competitor behavior. The methods and tools commonly used in competitor research are:

Competitor identification: I .e. the identification of direct competitors (enterprises providing the same or similar products or services) and indirect competitors (enterprises providing alternative or comparable products or services) faced by customers based on the similarity, substitutability and comparability of products or services;

Competitor analysis: that is, according to the competitor's objectives, strategies, capabilities, assumptions and reactions and other dimensions, analysis of the characteristics and level of competitors;

Competitor assessment: that is, according to the strengths, weaknesses, opportunities and threats of competitors, to assess the competitiveness and development prospects of competitors;

Competitive intelligence collection: that is, through various channels, such as public information, industry activities, media reports, social networks, etc., to collect the latest information about competitors.

4. Satisfaction survey

Satisfaction survey refers to measuring the satisfaction of customers or other stakeholders with a product or service to understand their feelings, evaluations and suggestions on the product or service, so as to provide customers with information and suggestions on satisfaction. Satisfaction surveys can help customers understand the quality and performance of products or services, increase customer loyalty and satisfaction, improve the design and delivery of products or services, and enhance customer relationships. Commonly used methods and tools for satisfaction surveys are:

Satisfaction measurement: that is, the use of scales, indicators, models and other ways to customers or other stakeholders on the satisfaction of products or services for quantitative or qualitative measurement;

Satisfaction analysis: that is, the use of statistics, mathematics, economics and other methods, the measurement of satisfaction data to organize, summarize, infer and explain;

Satisfaction improvement: According to the analysis results and suggestions, formulate and implement corresponding improvement measures to improve the quality and performance of products or services, so as to improve the satisfaction of customers or other stakeholders.

5. Digital Transformation

Digital transformation refers to the use of digital technology and data-driven methods to innovate and optimize customers' products, services, processes, models, etc., in order to improve customers' efficiency, effectiveness and competitiveness. Digital transformation can help customers adapt to the changes and challenges of the digital age, seize the opportunities and advantages brought by digitalization, and realize digital transformation in business, so as to become an industrial X.0 enterprise. Common methods and tools for digital transformation are:

Digital strategy development: that is, according to the customer's vision, goals, needs and problems, to develop a digital strategy in line with customer characteristics and industry trends, including digital goals, paths, resources, organizations, etc;

Digital technology application: that is, the use of artificial intelligence, Internet of Things, cloud computing, big data, blockchain and other digital technologies to innovate and optimize customers' products, services, processes, models, etc;

Digital data analysis: that is, the use of data mining, machine learning, deep learning and other data-driven methods to analyze and interpret the massive data collected by customers to obtain valuable insights and suggestions;

Digital culture cultivation: that is, through training, communication, motivation and other ways, cultivate the digital thinking, ability and atmosphere within customers, so as to promote the smooth implementation and sustainable development of digital transformation.

Industrial Market Research Cases for 3. Consultants

This section shows how consulting firms can use the above methods to provide industrial market research services to clients, taking into account the specific cases of clients of Shangpu Consulting Services.

1. Industry analysis case

An internationally renowned industrial equipment manufacturer (hereinafter referred to as Company A) hopes to enter the Chinese market and establish a production base in China. Company A commissioned Shangpu Consulting to provide it with an analysis report on China's industrial equipment industry. Champ Consulting has adopted the following approach:

PEST Analysis: Shangpu Consulting analyzes the impact of China's political environment (such as policies and regulations, industry standards, etc.), economic environment (such as GDP growth rate, fixed asset investment, etc.), social environment (such as population structure, labor market, etc.) and technological environment (such as scientific and technological innovation, digital development, etc.) on the industrial equipment industry, and summarizes the macro-environmental advantages and disadvantages of China's industrial equipment industry;

Porter's Five Forces Model: Shangpu Consulting analyzes the impact of competitors (such as domestic and foreign brands, scale, etc.), potential entrants (such as emerging enterprises, cross-border enterprises, etc.), substitutes (such as new materials, new energy, etc.), suppliers (such as raw materials, parts, etc.) and buyers (such as government, enterprises, individuals, etc.) in China's industrial equipment industry, the competitive pressure and profitability of China's industrial equipment industry are summarized;

SWOT analysis: Shangpu Consulting analyzes the advantages (such as brand awareness, technical level, service quality, etc.), disadvantages (such as market share, cost control, localization adaptation, etc.), opportunities (such as market demand, policy support, partners, etc.) and threats (such as competitors, trade frictions, legal risks, etc.) of Company A in China's industrial equipment industry, A company's competitive position and development prospects in China's industrial equipment industry are summarized;

Industry life cycle analysis: Shangpu Consulting analyzes the development process of China's industrial equipment industry from birth to maturity, as well as the current development stage and characteristics, and summarizes the development trend and strategic choice of China's industrial equipment industry.

Based on the above analysis, Shangpu Consulting provides Company A with an analysis report on China's industrial equipment industry, including industry overview, market size, market structure, market distribution, market changes, market forecasts, market opportunities, market threats, market strategies, etc., and gives the feasibility and suggestions for Company A to establish a production base in China.

2. Market research case

A leading domestic industrial robot manufacturer (hereinafter referred to as Company B) hopes to open up the market in the field of automobile manufacturing and increase the market share of its products in this field. Company B commissioned Shangpu Consulting to provide market research services in the field of automobile manufacturing. Champ Consulting has adopted the following approach:

First-hand data collection: Shangpu Consulting designed a questionnaire survey for automobile manufacturing enterprises, and conducted a survey of 100 automobile manufacturing enterprises nationwide through telephone, network and on-site, and obtained data on the demand, usage, satisfaction, selection criteria, purchase intention of automobile manufacturing enterprises for industrial robots;

Second-hand data collection: Shangpu Consulting consulted relevant literature, reports, databases, networks and other channels to obtain data on the development status, scale, structure, trends, and influencing factors of the automobile manufacturing industry;

Data analysis: Shangpu Consulting uses descriptive statistics, inferential statistics, correlation analysis, regression analysis and other methods to sort out, summarize, infer and explain the collected data to obtain insights about the demand characteristics, usage status, satisfaction level, selection factors, purchase intention and other aspects of industrial robots by automobile manufacturers;

Data presentation: Shangpu Consulting presents the analysis results and suggestions to Company B in a clear, concise and convincing form by means of charts, reports and demonstrations, including the market overview, market opportunities, market obstacles and market strategies in the field of automobile manufacturing, and gives the feasibility and suggestions for Company B to increase its market share in this field.

3. Competitor Study Case

A well-known European manufacturer of industrial automation equipment (hereinafter referred to as Company C) hopes to compete with its main competitors in the Chinese market and improve the competitiveness of its products in this market. Company C commissioned Shangpu Consulting to provide competitor research services in the Chinese market. Champ Consulting has adopted the following approach:

Competitor identification: based on the similarity, substitution and comparability of products or services, Champ Consulting has identified the direct competitors (e. g. Siemens, ABB, etc.) and indirect competitors (e. g. domestic industrial automation equipment manufacturers, etc.) faced by Company C in the Chinese market;

Competitor analysis: Champu Consulting analyzes the characteristics and levels of competitors according to the dimensions of competitors' goals, strategies, capabilities, assumptions and reactions. For example, Siemens' goal is to become the leader in the field of industrial automation in China, its strategy is to provide comprehensive solutions, its ability is to have strong technical and brand advantages, and its assumption is that the Chinese market will continue to grow, the response is to actively invest in research and development and marketing, etc;

Competitor evaluation: Champu Consulting evaluates the competitiveness and development prospects of competitors according to the advantages, disadvantages, opportunities and threats of competitors. For example, Siemens' advantages in the Chinese market are leading technology, well-known brand and loyal customers, while its disadvantages are high price, insufficient localization and untimely service. Its opportunities are strong demand in the Chinese market, policy support and many partners, the threats are the rise of domestic competitors, the intensification of trade frictions and the increase of legal risks;

Competitive intelligence collection: Champ Consulting collects the latest information about competitors through various channels, such as public information, industry activities, media reports, social networks, etc., such as the launch of new products, new services, and new activities by Siemens in the Chinese market. Wait.

Based on the above analysis, Shangpu Consulting provided Company C with a competitor research report on the Chinese market, including competitor profile, competitor analysis, competitor assessment, competitive intelligence, etc., and gave the feasibility and suggestions for Company C to improve its competitiveness in the Chinese market.

4. Satisfaction survey cases

A well-known domestic manufacturer of industrial hydraulic equipment (hereinafter referred to as D company) wants to know its customer satisfaction with its products and services, as well as ways and means to improve satisfaction. Company D commissioned Shangpu Consulting to provide customer satisfaction research services. Champ Consulting has adopted the following approach:

Satisfaction measurement: Shangpu Consulting has designed a satisfaction questionnaire for D company's customers, including the overall satisfaction with D company's products and services, the satisfaction of various subdivided indicators, the importance and room for improvement, etc. It has investigated 200 D company's customers nationwide through telephone, network and on-site, and has obtained data on customer satisfaction;

Satisfaction analysis: Shangpu Consulting uses descriptive statistics, inferential statistics, correlation analysis, regression analysis and other methods to organize, summarize, infer and explain the collected data to obtain insight into the level, structure, influencing factors, improvement direction of customer satisfaction;

Satisfaction improvement: According to the analysis results and suggestions, Shangpu Consulting formulates and implements corresponding improvement measures, such as optimizing product design, improving product quality, strengthening service training, increasing service frequency, etc., to improve customer satisfaction with D company's products and services.

Based on the above analysis, Shangpu Consulting provided D Company with a customer satisfaction survey report, including customer satisfaction profile, customer satisfaction analysis, customer satisfaction improvement, etc., and gave D Company's feasibility and suggestions to improve customer satisfaction.

5. Digital Transformation Cases

A leading domestic industrial pump manufacturer (hereinafter referred to as Company E) hopes to use digital technology and data-driven methods to innovate and optimize its products, services, processes, and models to improve its efficiency, effectiveness, and competitiveness. Company E commissioned Champ Consulting to provide digital transformation services. Champ Consulting has adopted the following approach:

Digital strategy formulation: According to E company's vision, goals, needs and problems, Champ Consulting has formulated a digital strategy in line with E company's characteristics and industry trends, including digital goals (such as improving product performance, reducing operating costs, increasing customer value, etc.), digital paths (such as establishing digital platforms, developing digital products, providing digital services, etc.), digital resources (such as digital technology, digital data, digital talents, etc.), digital organizations (such as digital culture, digital processes, digital structures, etc.);

Digital technology application: Shangpu Consulting uses artificial intelligence, Internet of Things, cloud computing, big data, block chain and other digital technologies to innovate and optimize the products, services, processes and models of Company E. For example, it uses Internet of Things technology to realize remote monitoring and management of industrial pumps, artificial intelligence technology to realize fault prediction and maintenance of industrial pumps, and cloud computing technology to realize data storage and sharing of industrial pumps, use big data technology to achieve performance analysis and optimization of industrial pumps, and use blockchain technology to achieve supply chain management and traceability of industrial pumps;

Digital data analysis: Shangpu Consulting uses data-driven methods such as data mining, machine learning, and deep learning to analyze and explain the massive data collected by Company E to obtain valuable insights and suggestions, such as discovering the use of industrial pumps through data analysis The mode and user needs, and optimizing the price strategy and marketing strategy of industrial pumps through data analysis, evaluate the market effect and customer satisfaction of industrial pumps through data analysis;

Cultivation of digital culture: Shangpu Consulting cultivates digital thinking, ability and atmosphere within Company E through training, communication and incentives to promote the smooth implementation and sustainable development of digital transformation, such as improving the digital skills and literacy of Company E employees through training, enhancing the digital awareness and confidence of Company E employees through communication, and stimulating the digital innovation and participation of Company E employees through incentives.

Based on the above analysis, Shangpu Consulting provided E Company with a digital transformation service report, including digital strategy, digital implementation, digital effects, digital recommendations, etc., and gave E Company's feasibility and recommendations for achieving digital transformation in the business.

Conclusion

This paper introduces the methods and tools commonly used by consulting companies in industrial market research, including industry analysis, market research, competitor research, satisfaction research, digital transformation, etc., and shows how consulting companies use these methods to provide valuable insights and suggestions to customers with the specific cases of Shangpu consulting services customers.