Industrial market research refers to the market research, analysis and evaluation of industrial products or industrial services, aiming to understand the market size, structure, demand, competition, trends and other aspects of information, for enterprises to formulate market strategy and marketing strategy to provide the basis. Industrial market research is very different from consumer market research, mainly in the following aspects:

The size of the industrial market is usually smaller, but the value of individual customers is higher;

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

The decision-making process in industrial markets is long, involving multiple roles and levels;

The competition pattern of the industrial market is relatively stable, but technological innovation and differentiation are the key;

It is difficult to obtain information in the industrial market, which requires professional methods and channels.

Due to the particularity and complexity of industrial market research, in practice, many companies have some misunderstandings, resulting in inaccurate, incomplete or impractical results. According to the many years of experience and customer cases of Shangpu Consulting, this paper summarizes the ten misunderstandings of industrial market research, and puts forward corresponding suggestions, hoping to help enterprises avoid detours and improve the research effect and efficiency.

Myth 1: No clear research objectives and problems

Many enterprises do not have clear research objectives and problems when conducting industrial market research, but just want to obtain some basic information, such as market size, competitors, customer satisfaction, etc. Doing so can cause the following problems:

the scope of the study is too broad for in-depth analysis;

the research content is too superficial to solve practical problems;

Research resources are wasted in insignificant ways;

The research results are lack of pertinence and operability.

Recommendation: Before conducting industrial market research, you should be clear about what problems you want to solve, such:

How big is our target market and how much of it do we have?

Who are our target customers and what are their needs and preferences?

Who are our competitors? What are their advantages and disadvantages?

What are the advantages and disadvantages of our products or services? How to improve?

What are the changes and trends in our market environment? How to deal with them?

In this way, research programmes can be designed more specifically, data can be collected and analyzed, and valuable conclusions and recommendations can be drawn.

Myth 2: No appropriate research methods and tools

Many companies do not have the right research methods and tools when conducting industrial market research, but rely on their own experience or regular data sources, such as networks, reports, exhibitions, etc. Doing so can cause the following problems:

Inaccurate, incomplete or untimely research data;

Research data do not meet the characteristics and needs of the industrial market;

The research data can not reflect the deep-seated information and dynamic changes of the market;

Research data cannot support effective analysis and decision making.

Recommendation: When conducting industrial market research, appropriate research methods and tools should be selected according to the research objectives and problems, such:

First-hand data: through quantitative or qualitative means, directly from the target market, customers, competitors, etc. to obtain data, such as questionnaires, interviews, observations, experiments, etc;

Second-hand data: Collect existing data through various channels, such as industry reports, government statistics, professional organizations, media reports, etc;

Desktop research: through the integration and analysis of first-hand data and second-hand data, the formation of systematic market understanding and judgment, such as market analysis, competition analysis, demand analysis, etc;

Model building: through the use of mathematical, statistical, economic and other methods, the establishment of quantitative models of the market, such as market forecasting, price elasticity, risk assessment and so on.

In this way, data can be obtained and used more effectively, and the quality and efficiency of research can be improved.

Myth 3: Insufficient research samples and coverage

Many companies do not have sufficient research samples and coverage when conducting industrial market research. They just choose some objects that are easy to contact or familiar to themselves, such as existing customers, partners, peers, etc. Doing so can cause the following problems:

The study sample is not representative and random;

Research coverage is not extensive and in-depth;

There are deviations and errors in the research results;

The findings do not reflect the diversity and complexity of the market.

Recommendation: When conducting industrial market research, appropriate research samples and coverage should be determined based on research objectives and issues, such:

Determine the overall research: according to the definition and division of the market, determine the scope of the object to be studied, such as industry, region, scale, type, etc;

Design sampling scheme: according to the characteristics and distribution of the population, design reasonable sampling methods and proportions, such as simple random sampling, stratified sampling, group sampling, etc;

Select Sampling Unit: according to the sampling plan, a certain number of objects are randomly or purposefully selected from the population as sampling units, such as enterprises, departments, personnel, etc;

Implementation of sampling operations: according to the sampling unit, the implementation of the corresponding data collection methods, such as questionnaire distribution;

Test sampling effect: according to the quality and quantity of data, test whether the sampling meets the expected objectives and requirements, such as effective recovery rate, confidence level, sampling error, etc.

In this way, the reliability and validity of the research can be ensured more scientifically.

Myth 4: No reasonable research analysis and interpretation

Many companies conduct industrial market research without reasonable research analysis and interpretation, but simply aggregate and describe the data, or arbitrarily infer and summarize the data, such as averages, percentages, correlations, causality, etc. Doing so can cause the following problems:

lack of logic and methodology in research and analysis;

Lack of basis and evidence for research interpretation;

the findings are flawed and misleading;

The findings do not support effective decision-making and action.

Recommendation: When conducting industrial market research, reasonable research analysis and interpretation should be adopted according to the research objectives and problems, such:

Data cleaning: by checking and processing data, eliminate errors, missing or abnormal values in the data, and improve the accuracy and consistency of the data;

Data collation: by classifying and coding data, the data is transformed into an analyzable format to improve the readability and usability of the data;

Data analysis: through the use of statistics, charts, models and other tools, the data description, comparison, correlation, attribution and other operations, to extract the information and value of the data;

Data interpretation: By combining the background, characteristics, changes and other factors of the market, the results of data analysis are interpreted, evaluated, predicted and other operations to form the meaning and enlightenment of the data.

In this way, data can be mined and utilized more systematically to improve the depth and breadth of research.

Myth 5: not enough research communication and exchange

Many companies do not have sufficient research communication and exchange when conducting industrial market research, but only unilaterally complete research tasks, or just submit research reports to superiors or customers. Doing so can cause the following problems:

Lack of feedback and improvement in the research process;

Lack of consensus and recognition of research findings;

Lack of attractiveness and impact of research reports;

Lack of dissemination and application of research results.

Recommendation: When conducting industrial market research, you should make full use of various communication and exchange methods and opportunities, such:

Pre-research communication: communicate with relevant stakeholders to understand their needs, expectations, suggestions, etc. before determining the research objectives and plans, so as to increase the pertinence and rationality of the research;

Communication in research: in the implementation of the research plan, communicate with relevant executives or collaborators, share their progress, difficulties, experiences, etc., and increase the coordination and efficiency of the research;

Post-research communication: After completing the research report, communicate with relevant decision makers or users to present their results, conclusions, suggestions, etc., to increase the persuasiveness and practicality of the research;

Communication outside the research: during or outside the research process, communicate with relevant experts or peers to exchange their views, opinions, evaluations, etc., so as to increase the reference and innovation of the research.

In this way, the quality and value of research can be promoted more effectively.

Myth 6: No timely research updates and follow-up

Many enterprises in the industrial market research, there is no timely research update and follow-up, just the research as a one-time project, or just regularly repeat the research. Doing so can cause the following problems:

The results lose timeliness and adaptability;

The research results can not reflect the changes and development of the market;

Research findings do not guide practical strategies and actions;

The results of the study can not form a sustained advantage and competitiveness.

Recommendation: When conducting industrial market research, the research should be updated and followed up in a timely manner according to market dynamics and needs, such:

Monitoring market changes: through the establishment and maintenance of market information collection, analysis, storage, sharing and other mechanisms, real-time monitoring of market changes and development, such as demand, competition, technology, policy, etc;

Adjust the research direction: according to the impact and significance of market changes, adjust the research objectives and issues, such as adding, deleting, modifying, refining, etc;

Update research data: according to the adjustment of the research direction, update the data sources and methods of the research, such as adding, replacing, optimizing, expanding, etc;

Correction of research results: According to the update of research data, the analysis and interpretation of the study are revised, such as confirmation, denial, supplement, improvement, etc.

In this way, it can respond more flexibly to the challenges and opportunities of the market.

Myth 7: not combined with their own strengths and weaknesses

Many enterprises do not combine their own advantages and disadvantages when conducting industrial market research, but only objectively describe the current situation and trends of the market, or subjectively imagine the opportunities and threats of the market. Doing so can cause the following problems:

The results lack pertinence and difference;

Lack of feasibility and accessibility of research results;

Lack of optimization and promotion of research results;

Research results lack competitiveness and leadership.

Recommendation: When conducting industrial market research, one should combine one's own strengths and weaknesses and analyze the impact and significance of the market on oneself, such:

Assess your own capabilities: by comparing the differences between yourself and the market or competitors in terms of products, services, technologies, brands, channels, etc., evaluate your own capabilities in the market, such as strengths, weaknesses, potentials, risks, etc;

Determine your own positioning: Determine the type of positioning you have in the market, such as leader, challenger, and follower, based on how well your capabilities match the market demand or competitive landscape.

Develop your own goals: according to the relationship between your own positioning and market opportunities or threats, develop your own target direction in the market, such as growth, maintenance, contraction, exit, etc;

Determine your own strategy: According to the adaptability of your own goals and market conditions or competitive behavior, determine your own strategic choices in the market, such as differentiation, centralization, diversification, low cost, etc.

In this way, market strategies and marketing strategies can be more targeted and executed.

Myth 8: Not considering customer needs and preferences

Many companies do not consider customer needs and preferences when conducting industrial market research, but only from their own perspective or product perspective, or simply rely on customer expression or feedback. Doing so can cause the following problems:

The research results lack customer orientation and value orientation;

research results lack of customer satisfaction and loyalty;

Research results lack customer relationship and word of mouth;

Research results lack customer segmentation and customization.

Recommendation: When conducting industrial market research, customer needs and preferences should be considered, from a customer perspective or value perspective, such:

Identify customer needs: through in-depth understanding of the customer's industry, business, objectives, problems and other aspects, identify the actual needs and potential needs of customers, such as function, performance, quality, efficiency, etc;

Analysis of customer preferences: by exploring the customer's psychology, emotion, attitude, behavior and other aspects, analysis of the customer's subjective preferences and implicit preferences, such as brand, service, trust, experience, etc;

Build customer value: by comparing customer needs and preferences with their own capabilities and advantages, establish customer value models and frameworks, such as core value, added value, expected value, etc;

Delivering customer value: Delivering information and evidence of customer value, such as products, prices, promotions, channels, etc., through the design and implementation of an effective marketing mix.

In this way, customer expectations and needs can be met and exceeded more effectively.

Myth 9: Not combining the strengths and weaknesses of competitors

Many enterprises do not combine the advantages and disadvantages of competitors when conducting industrial market research, but simply understand the basic information of competitors, or blindly imitate the behavior of competitors. Doing so can cause the following problems:

lack of competition awareness and sensitivity;

lack of competitive analysis and evaluation of research results;

lack of competitive strategies and actions;

The findings lack competitive advantage and differentiation.

Suggestion: When conducting industrial market research, the advantages and disadvantages of competitors should be combined, from the perspective of competitors or behavior, such:

Identify competitors: identify the scope and type of competitors, such as direct competitors, indirect competitors, potential competitors, etc., by analyzing companies in the market that have similar or different products, services, technologies, brands, channels, etc., and identifying the scope and type of competitors, such as direct competitors, indirect competitors, potential competitors, etc;

Analysis of competitors: by collecting and sorting out all kinds of information about competitors, analyze the capabilities, goals, strategies, behaviors and other aspects of competitors, such as advantages, disadvantages, opportunities, threats, etc;

Evaluate competitors: by comparing competitors with their own performance and influence in the market, evaluate the strength and position of competitors, such as market share, growth rate, profit margin, customer satisfaction, etc;

Dealing with competitors: According to the evaluation results of competitors, formulate and implement corresponding competitive strategies and actions, such as attack, defense, cooperation, avoidance, etc.

In this way, it can be more targeted to deal with and surpass competitors.

Myth 10: Not combined with market trends and changes

Many companies conduct industrial market research without incorporating market trends and changes, but based on historical or current market data, or on market intuition or hunches. Doing so can cause the following problems:

The research results are lack of foresight and innovation;

Lack of flexibility and adaptability of research results;

Lack of risk and uncertainty;

The findings lack development and sustainability.

Suggestion: When conducting industrial market research, it should be combined with market trends and changes, from a market perspective or a future perspective, such:

Identify market trends: identify the direction and extent of market trends by analyzing the factors that exist or may change in the market, such as technology, policy, environment, society, etc;

Analysis of market changes: by exploring the impact and significance of market trends on market size, structure, demand, competition, etc., to analyze the characteristics and laws of market changes, such as opportunities, threats, challenges, obstacles, etc;

Predicting the future of the market: predicting the possible future development and outcomes of the market through the use of various methods and tools, such as forecasting models, scenario analysis, Delphi, etc;

Adapt to the future of the market: develop and implement adaptive strategies and actions, such as innovation, change, lead, follow, etc., based on future market forecasts.

In this way, we can grasp and lead the market more forward-looking.

Summary

Industrial market research is an important basis for enterprises to formulate market strategy and marketing strategy, but in practice, many enterprises have some misunderstandings, resulting in inaccurate, incomplete or impractical results. Based on the many years of experience and customer cases of Shangpu Consulting, this paper summarizes the ten misunderstandings of industrial market research, and puts forward corresponding suggestions, hoping to help enterprises avoid detours and improve research results and efficiency.