Industrial market refers to the market with production materials as the main object, including raw materials, equipment, spare parts, energy, services, etc. Compared with the consumer goods market, the industrial market has the characteristics of demand derivative, large scale, complex structure and specialized transaction. Therefore, when conducting marketing activities, industrial enterprises need to conduct in-depth research on the market in order to understand the needs and preferences of customers, analyze the strengths and weaknesses of competitors, and grasp the development trends and technological changes in the industry, so as to make effective strategic decisions.

However, industrial market research is not an easy task and it requires a lot of time, resources and expertise. Industrial companies often struggle to accomplish this task on their own or lack an objective and comprehensive perspective. This is where consulting firms come into play. A consulting firm is a service organization that provides expertise and advice to clients. By providing industrial market research services to industrial enterprises, the consulting company helps customers solve practical problems, improve competitiveness and achieve sustainable development.

So, how do consulting firms conduct industrial market research? This article will introduce the following aspects:

Main Contents of Industrial Market Research

Methods and processes of industrial market research

The Value and Challenge of Industrial Market Research

Champ Consulting's Success Story

Main Contents of Industrial Market Research

Industrial market research refers to the process of systematic collection, analysis and interpretation of information on the industrial market. Industrial market research can be divided into the following types according to different purposes and contents:

Market demand research: aims to understand the number, characteristics, needs, preferences, purchasing behavior, etc. of potential or existing customers in the industrial market. For example, if an auto parts manufacturer wants to enter the Chinese market, it needs to investigate the scale, structure, growth rate, policies and regulations of the Chinese auto industry, and segment and position the target customer group.

Market competition research: aims to understand the number, types, advantages, disadvantages, strategies, dynamics, etc. of competitors in the industrial market. For example, if a chemical company wants to develop a new coating product, it needs to compare and analyze the existing coating products on the market and evaluate its competitiveness and differentiation advantages.

Market trend research: aims to understand the changing trends of various factors affecting demand and supply in the industrial market, such as economy, society, politics, technology, environment, etc. For example, if a power equipment company wants to formulate a future development strategy, it needs to forecast and analyze the global and Chinese energy demand, supply, price, policy, technology, etc.

Market innovation research: aims to understand new products, new technologies, new models, new needs and other innovation opportunities in the industrial market, and evaluate their feasibility and commercial value. For example, if a machinery company wants to increase the added value of its products, it needs to track and research new technologies, new materials, and new functions on the market, and carry out product innovation and improvement.

Methods and processes of industrial market research

The methods of industrial market research mainly include qualitative research and quantitative research. Qualitative research refers to the collection and analysis of non-numerical data in an unstructured or semi-structured manner to reveal the motivations, attitudes, and feelings behind market phenomena. The methods commonly used in qualitative research are interview method, focus group method, observation method, case analysis method and so on. Quantitative research refers to the collection and analysis of numerical data in a structured manner to describe and explain the patterns, relationships, and effects of market phenomena. The commonly used methods of quantitative research include questionnaire, experimental method, mathematical statistics and so on.

The process of industrial market research generally includes the following steps:

Identify research objectives: Identify the question and purpose of the study, as well as the type and scope of information required.

Design research program: select the appropriate research methods, determine the data source and collection methods, design data collection tools, such as interview outline, questionnaire, etc.

Data collection: According to the research plan, data are obtained from primary or secondary sources, such as interviews with customers or competitors, questionnaires, literature or reports, etc.

Analysis of data: the use of appropriate analysis techniques, the collection of data to organize, summarize, classify, compare, calculate, etc., in order to obtain effective information.

Report writing: Based on the analysis results, write a clear, complete and convincing report, including background introduction, research methods, main findings, conclusions and recommendations, etc., with supporting instructions such as charts or attachments.

The Value and Challenge of Industrial Market Research

Industrial market research is of great value to both consulting firms and industrial enterprises. For consulting companies, industrial market research is an important way to demonstrate their professional capabilities and service level, and it is also an important basis for building trust and cooperation with customers. By providing high-quality industrial market research services, consulting companies can increase their visibility and reputation in the industry, attract more customers, expand their business scope and scale, and increase their revenue and profits. For industrial enterprises, industrial market research is an important means to improve their marketing capabilities and effectiveness, and it is also an important basis for making their strategic decisions. By using the industrial market research services of consulting companies, industrial enterprises can more accurately understand the current situation and future of the market, more effectively meet the needs and expectations of customers, more targeted to optimize their products and services, and more flexibly respond to market changes and competition, so as to improve their market share and profitability.

However, industrial market research also faces some challenges. For consulting firms, industrial market research is more difficult and requires a wealth of industry knowledge, professional skills, and data resources. At the same time, the cost of industrial market research is high, requiring a lot of time, manpower, capital and so on. In addition, the effect of industrial market research is difficult to evaluate and requires good communication and feedback mechanisms with customers. For industrial enterprises, there are fewer choices for industrial market research, and it is necessary to find suitable consulting companies to cooperate. At the same time, the application of industrial market research is more difficult, and the research results need to be translated into specific action plans, and effectively implemented and monitored.

Champ Consulting's Success Story

Shangpu Consulting Company is an internationally renowned consulting company specializing in market research, strategic planning, management consulting and other services for industrial enterprises. With many years of industry experience and professional team, Shangpu Consulting has provided high-quality consulting services to thousands of industrial enterprises around the world, and has achieved remarkable results. Here are some of the success stories of Champu Consulting in industrial market research:

A wind power equipment manufacturer: This customer is a leading global wind power equipment manufacturer and wants to enter the Chinese market and establish a production base in China. Shangpu Consulting provided the customer with services such as China wind power market demand research, competition research, and trend research. Based on the research results, it formulated suggestions for the customer such as China market entry strategy, site selection plan, and partner selection. In accordance with the recommendations of Shangpu Consulting, the customer successfully established a production base in China and established cooperative relations with a number of domestic wind power companies, achieving rapid expansion in the Chinese market.

A steel company: The customer is a well-known domestic steel company that wants to improve its competitiveness in the field of high-end steel and develop new products and applications. Shangpu Consulting Company provided the customer with global high-end steel market demand research, competition research, innovation research and other services, and based on the research results, formulated product innovation strategy, technological innovation roadmap, application field expansion plan and other suggestions for the customer. In accordance with the recommendations of Shangpu Consulting, the customer launched a number of new products in the field of high-end steel, and successfully entered the automotive, aviation, medical and other new applications, increasing the added value of their products and market share.

A fertilizer company: The customer is a leading fertilizer company in China, who wants to improve their production efficiency and energy saving and emission reduction level, and reduce their own costs and risks. Shangpu Consulting Company provided the customer with domestic fertilizer market demand research, competition research, trend research and other services, and based on the research results, formulated production efficiency improvement plan, energy saving and emission reduction plan, cost control plan, risk management plan and other suggestions for the customer. In accordance with the recommendations of Shangpu Consulting, the customer introduced a number of new technologies and new equipment in the fertilizer production process, and optimized the production process and management system, achieving a significant increase in production efficiency, a significant improvement in energy conservation and emission reduction, and a significant reduction in costs. The effective control of risks.