Definition and Characteristics of 1. Industrial Market Research

Industrial market research refers to the systematic analysis and prediction of the demand, supply, competition, price, channel and innovation of industrial products and services to help industrial enterprises formulate effective market strategies and marketing decisions. Industrial market research and consumer market research have the following main differences and characteristics:

The size of the industrial market is small, but the amount of transactions is large, more decision makers are involved, the decision-making process is longer, and the influencing factors are more complex;

The demand of the industrial market is affected by the derivative demand, that is, the demand of the final consumer and the macro-economy, with volatility and uncertainty;

The supply of industrial market is affected by technology, that is, by the innovation and improvement of products and services, which is dynamic and diverse;

Competition in the industrial market is affected by globalization, that is, by competitors and partners in the international market, which is intense and complex;

The price of the industrial market is affected by multiple factors, such as cost, quality, delivery, service, reputation, relationship, etc., which is flexible and negotiable;

The channel of industrial market is affected by network, that is, by the coordination and integration of supply chain and distribution chain, with efficiency and synergy;

Innovation in the industrial market is influenced by users, I .e., by their feedback and participation, and is interactive and co-creative.

The Importance of 2. Industrial Market Research

The importance of industrial market research is that it can help industrial enterprises understand the changing trend of the market and the needs of customers, so as to improve the quality and competitiveness of products and services, enhance market share and profitability. Specifically, industrial market research can provide value to industrial companies in the following areas:

Market opportunity analysis: through the research on the demand, supply, competition, price, channel and innovation of the industrial market, we can find the potential demand and gap of the market, identify the opportunities and threats of the market, formulate the target and positioning of the market, and formulate the entry and expansion strategy of the market;

Product development analysis: through the research on the technology, function, performance, quality, design, packaging, brand and other aspects of the industrial market, to understand the product preferences and demand differences in the market, to determine the specifications and characteristics of the product, to determine the product differentiation and customization strategy;

Price strategy analysis: through the study of the cost, value, competition, demand and psychology of the industrial market, to understand the price sensitivity and willingness to pay, to determine the price target and level, to determine the price elasticity and change strategy;

Promotion strategy analysis: through the study of decision makers, influencers, information sources, communication methods, incentives and other aspects of the industrial market, to understand the purchase behavior and process of the market, to determine the objectives and objects of promotion, to determine the content and form of promotion, to determine the timing and frequency of promotion;

Channel strategy analysis: through the study of distributors, agents, distributors, wholesalers, retailers, end users and other aspects of the industrial market, to understand the channel structure and function of the market, to determine the objectives and choices of channels, to determine the management and incentives of channels, to determine the coordination and control of channels;

Service strategy analysis: through the research on the demand, satisfaction, loyalty, complaints and suggestions of pre-sales, sales and after-sales service in the industrial market, we can understand the service expectation and perception of the market, determine the service objectives and standards, determine the content and form of service, and determine the evaluation and improvement of service.

The Status Quo of Industrial Market Research in 3.

The current situation of industrial market research is that with the development of industrial 4.0, industrial market research is facing new challenges and opportunities, such as the sea quantification of data, the intelligence of analysis, the real-time research, the diversification of methods and so on. Specifically, the current state of industrial market research is manifested in the following areas:

Quantification of data: The core of industrial 4.0 is data. The amount of data that needs to be processed and analyzed in industrial market research is increasing exponentially, such as data generated by technologies such as the Internet of Things, big data, and cloud computing, which requires industrial market research to have stronger Data acquisition, storage, cleaning, integration, and management capabilities;

Intelligent analysis: the characteristic of industrial 4.0 is intelligence. the analysis technology that industrial market research needs to use and apply is developing at a high speed, such as the analysis provided by artificial intelligence, machine learning, deep learning and other technologies, which requires real-time industrial market research: the requirement of industrial 4.0 is real-time, and the research results that industrial market research needs to provide and update are changing in real time, such as real-time monitoring, early warning, feedback and other functions to provide the results, which requires industrial market research with faster data analysis, report generation, the ability to deliver results;

Diversification of methods: The trend of industrial 4.0 is diverse. The research methods that industrial market research needs to adopt and combine are diversified, such as the combination of quantitative and qualitative, active and passive, online and offline, traditional and innovative methods. Industrial market research requires a wider data source, richer data types, and more flexible data processing capabilities.

Development Direction of 4. Industrial Market Research

The development direction of industrial market research is to adapt to the changes of industrial market, use new technologies and tools, improve the efficiency and quality of research, and provide more valuable insights and suggestions for industrial enterprises. Specifically, the development direction of industrial market research is shown in the following aspects:

Data integration: industrial market research to achieve data integration, that is, to be able to extract, convert, integrate, share data from different data sources, data types, data formats, to form a complete data system, in order to facilitate comprehensive data analysis and application;

Deepening of analysis: industrial market research should realize the deepening of analysis, that is, to be able to use advanced analysis techniques and tools to carry out deep-seated data mining and modeling, discover the laws and relationships of data, extract the value and significance of data, and generate insights and suggestions for data;

Customization of research: industrial market research should be customized, that is, it should be able to design and implement suitable research programs and methods according to the different research purposes, research objects and research needs of industrial enterprises, and provide and present consistent research results and reports;

Innovation of methods: Industrial market research should be innovative, that is, it should be able to explore and try new research methods and techniques, such as virtual reality, augmented reality, social media, gamification and other methods, in order to increase the interest and effectiveness of the research.

5. industrial market research case from Champ Consulting

Shangpu Consulting is a professional industrial market research and consulting company, with many years of industrial market research experience and professional industrial market research team, providing a full range of industrial market research and consulting services for industrial enterprises. Here are some of the industrial market research examples from Champ Consulting:

Market opportunity analysis of an auto parts enterprise: Shangpu Consulting provides the enterprise with research on the demand, supply, competition, price, channel, innovation and other aspects of the global auto parts market, finds out the potential demand and blank of the market, identifies the opportunities and threats of the market, formulates the target and positioning of the market, and formulates the entry and expansion strategy of the market;

Product development analysis of an industrial robot enterprise: Shangpu Consulting provides the enterprise with research on the technology, function, performance, quality, design, packaging, brand and other aspects of the global industrial robot market, understands the product preference and demand difference of the market, determines the product specifications and characteristics, and determines the product differentiation and customization strategy;

Analysis of the price strategy of a chemical raw material enterprise: Shangpu Consulting provides the enterprise with research on the cost, value, competition, demand and psychology of the global chemical raw material market, understands the price sensitivity and willingness to pay of the market, determines the price target and level, and determines the price elasticity and change strategy;

Analysis of the promotion strategy of a power equipment enterprise: Shangpu Consulting provides the enterprise with research on the decision makers, influencers, information sources, communication methods, stimulating factors and other aspects of the global power equipment market, understands the purchase behavior and process of the market, determines the goals and objects of promotion, determines the content and form of promotion, and determines the timing and frequency of promotion;

Channel strategy analysis of a food packaging enterprise: Shangpu Consulting provided the enterprise with research on distributors, agents, distributors, wholesalers, retailers, end users and other aspects of the global food packaging market, understood the channel structure and function of the market, determined the target and selection of the channel, determined the management and incentive of the channel, and determined the coordination and control of the channel;

Analysis of the service strategy of an environmental protection equipment enterprise: Shangpu Consulting has provided the enterprise with research on the demand, satisfaction, loyalty, complaints and suggestions of pre-sales, in-sales and after-sales service in the global environmental protection equipment market, understood the service expectation and perception of the market, determined the service objectives and standards, determined the service content and form, and determined the service evaluation and improvement.

Conclusion

Industrial market research is an important work, which can help industrial enterprises understand the changing trend of the market and the needs of customers, so as to improve the quality and competitiveness of products and services, enhance market share and profitability. The current situation of industrial market research is that with the development of industrial 4.0, industrial market research is facing new challenges and opportunities, such as the sea quantification of data, the intelligence of analysis, the real-time research, the diversification of methods and so on. The development direction of industrial market research is to adapt to the changes of industrial market, use new technologies and tools, improve the efficiency and quality of research, and provide more valuable insights and suggestions for industrial enterprises. Shangpu Consulting is a professional industrial market research and consulting company, with many years of industrial market research experience and professional industrial market research team, providing a full range of industrial market research and consulting services for industrial enterprises.