Development Status and Challenges of 1. Market Research Companies

Market research is an important business activity, which can help companies understand market demand, consumer behavior, competitive situation, industry trends, policies and regulations, etc., so as to formulate reasonable strategies and plans to improve market competitiveness and profitability. A market research company is a professional organization that provides market research services. Its main business includes market research, user research, investment consulting, IPO consulting, feasibility study report, industrial planning, business plan, etc.

The history of market research companies dates back to the early 20th century, when the advertising and consumer goods industries in the United States began to emerge and needed to understand consumer needs and preferences in order to develop effective marketing strategies. With the development of market economy and the process of globalization, the scale and scope of market research companies have been expanding, involving many industries and fields, and the service objects have also expanded from enterprises to governments, social organizations and individuals. According to the International Association for Market Research (ESOMAR), revenue from the global market research industry reached $46.7 billion billion in 2019, up 6.3 percent year-on-year.

However, market research companies are also facing some challenges and difficulties, mainly in the following aspects:

-Market competition is becoming increasingly fierce. There are more and more market research companies, including traditional market research institutions, consulting companies, data analysis companies, social media companies, e-commerce platforms, etc., all of which are using their own advantages and resources to provide market research services in various forms and contents, forming a fierce competition pattern. If market research companies want to stand out in the competition, they need to continuously improve their core competitiveness, create differentiated value propositions, and meet the diversified needs of customers.

Customer needs are increasingly complex and changing. With the changes in the market environment and the improvement of customer awareness, the demand for market research is constantly changing and upgrading. Customers are no longer satisfied with the traditional quantitative and qualitative market research methods, but want to obtain more in-depth, more detailed, more real-time, more dynamic market insights and solutions. Customers no longer only pay attention to the results of market research, but pay more attention to the process and quality of market research, and require market research companies to provide more efficient, more transparent, more reliable and more professional market research services.

-Data and technology challenges and opportunities. Data and technology are not only the important foundation and tools of market research, but also the important driving force and change force of market research. With the development and application of new technologies such as big data, cloud computing, artificial intelligence, and the Internet of Things, the data sources, data collection, data analysis, and data presentation of market research have undergone profound changes, bringing market research More possibilities and innovation space. But at the same time, data and technology also bring some challenges and risks, such as data quality, safety, compliance, ethics and other issues, as well as the cost, complexity, popularity, operability and other issues of technology, which require effective response and management by market research companies.

To sum up, market research companies are in an era full of opportunities and challenges. In order to maintain competitive advantage and sustainable development in the market, they need to constantly innovate, enhance their own capabilities and value, and provide customers with better market research services.

Innovation Model of 2. Market Research Company

Innovation is the vitality of market research companies, but also the core competitiveness of market research companies. The innovation model of market research companies can be analyzed from the following four aspects:

-Product innovation. Product innovation refers to market research companies developing new or improving existing market research products to meet new customer needs or improve customer satisfaction. Product innovation can involve the theme, content, method, form, quality and other aspects of market research, so as to provide more valuable, more attractive and more influential market research products. For example, Shangpu Consulting has launched a series of in-depth industry research reports, covering emerging fields such as semiconductors, artificial intelligence, autonomous driving, new energy, financial technology, and medical health, providing customers with comprehensive, accurate, timely and continuous Industry insight helps customers grasp industry development trends and opportunities.

-Service innovation. Service innovation refers to market research companies improving or creating new market research services to improve customer experience and satisfaction. Service innovation can involve market research processes, methods, channels, interactions, feedback, etc., in order to provide more efficient, more convenient, more intimate, more professional market research services. For example, Shangpu Consulting has launched a one-stop market research service platform, which integrates the functions of market research demand release, project management, data collection, data analysis, report generation and report sharing, providing customers with a comprehensive, integrated and intelligent market research service experience.

-Technological innovation. Technological innovation refers to the introduction or development of new market research technologies by market research companies to improve the efficiency and quality of market research. Technological innovation can involve market research data collection, data analysis, data presentation, data management, etc., in order to provide faster, more accurate, more visual, more intelligent market research technology. For example, Shangpu Consulting uses artificial intelligence, machine learning, natural language processing and other technologies to build an intelligent market research and analysis engine, which can automatically collect, organize, analyze, summarize, and generate market research reports of various types and topics., Which greatly improves the efficiency and quality of market research.

-Management innovation. Management innovation refers to market research companies by improving or creating new market research management models to improve the effectiveness and value of market research. Management innovation can involve the organizational structure of market research, team collaboration, project management, quality control, customer relations, etc., in order to provide more flexible, more collaborative, more efficient, better quality, more lasting market research management. For example, Shangpu Consulting adopts a platform-based market research management model, which connects all aspects and roles of market research, forming an open, shared, collaborative and innovative market research ecosystem, providing customers with more choices and possibilities.

Innovation Case of 3. Market Research Company

In order to show the innovation model and achievements of the market research company more specifically, this paper selects three specific cases of Shangpu Consulting for analysis, namely:

-Case 1: Provided an in-depth research report on the new energy vehicle market for a leading global automaker. Shangpu Consulting uses its strong data collection and analysis capabilities, combined with the product innovation of its industry in-depth research report, to provide customers with a comprehensive, detailed and authoritative in-depth research report on the new energy vehicle market, including the market size of new energy vehicles, market structure, market distribution, market demand, market competition, market forecast and other aspects, it provides strong support and guidance for customers to formulate strategies and plans for new energy vehicles.

-Case 2: Provides user research and user experience design services for a well-known Internet company. Shangpu Consulting uses its one-stop market research service platform and combines its service innovation to provide customers with a complete service process of user research and user experience design, including user demand analysis, user portrait, user journey map, user testing, user feedback and other links, It provides effective methods and suggestions for customers to improve the user experience and user satisfaction of their products and services.

-Case 3: Investment advisory and IPO advisory services for an entrepreneurial fintech company. Shangpu Consulting uses its intelligent market research and analysis engine, combined with its technological innovation, to provide customers with a fast, accurate and professional investment consulting and IPO consulting services, including the analysis of the financial technology industry, the analysis of competitors, the analysis of investment institutions, the formulation of investment strategies, the guidance of IPO process, the preparation of IPO documents and other links, it provides all-round support and help for customers to achieve their financing and listing goals.

4.Conclusion

Market research is an important business activity, and a market research company is a professional organization that provides market research services. Market research companies are facing challenges and opportunities in market competition, customer demand, data and technology, and need to constantly innovate, enhance their capabilities and value, and provide customers with better market research services. The innovation model of market research companies can be analyzed from four aspects: product innovation, service innovation, technological innovation and management innovation, and taking Shangpu Consulting as an example, this paper shows the innovation results and value of market research companies, hoping to provide some reference and enlightenment for the innovation and development of market research companies.