Market status and market opportunities for market research companies

The current market situation of a market research company refers to the market environment in which the market research company operates and the state of market competition, which can generally be described by the concept of Red Sea competition. Red Sea competition refers to the competition between market research companies and other market research companies in an existing, saturated and regulated market, mainly relying on cost reduction, quality improvement and service increase to compete for limited market share and profit space. The characteristics of the Red Sea competition are:

Market boundaries and rules have been determined, the service scope and process of market research companies have been fixed, and the innovation space and development space of market research companies have been limited;

Market demand and supply have been balanced, the service prices and profits of market research companies have fallen, and the cost pressure and competitive pressure of market research companies have increased;

Market competition has been white-hot, the service quality and effect of market research companies have been similar, and the differentiation and advantages of market research companies have been lacking;

Market risk has increased, the service demand and satisfaction of market research companies have decreased, and the customer loyalty and market share of market research companies have decreased.

The market opportunity of a market research company refers to the market potential and the possibility of market innovation owned by the market research company, which can generally be described by the concept of blue ocean strategy. Blue ocean strategy refers to the cooperation between market research companies and other market research companies in a non-existent, undeveloped and unregulated market, mainly relying on creating value, expanding demand and breaking boundaries to create unlimited market share and profit space. Blue Ocean Strategy is characterized:

Market boundaries and rules are not determined, the service scope and process of market research companies are not fixed, and the innovation space and development space of market research companies are unlimited;

Market demand and supply are not balanced, the service prices and profits of market research companies rise, and the cost pressure and competitive pressure of market research companies decrease;

Market competition is not white-hot, the service quality and effect of market research companies are not similar, and the differentiation and advantages of market research companies are prominent;

Market risk does not increase, market research firm's service demand and satisfaction rise, market research firm's customer loyalty and market share increase.

Market research firm's blue ocean strategy and red ocean competition methods and examples

The blue ocean strategy and the red ocean competition method of the market research company refer to the different market strategies and market behaviors adopted by the market research company in different market environments and market competition to achieve the market objectives and market value of the market research company. Generally speaking, the blue ocean strategy of market research companies and the methods of red ocean competition can be divided into the following four types:

From the red ocean to the blue ocean method: this method refers to the market research company from an existing, saturated and regulated market, to find and create a non-existent, undeveloped and unregulated market, so as to realize the innovation and breakthrough of the market. The core of this method is to create value, that is, the market research company should attract and meet the new, different and valuable market demand of customers by providing new, different and valuable market research services, so as to form a new, different and valuable market supply of the market. Examples of this approach are:

Market research company A has shifted from traditional market research services to providing market research services based on big data and artificial intelligence, using advanced data technology and analysis technology to provide customers with faster, more accurate and smarter market research results and Recommendations, so as to meet customers' needs for efficient and intelligent market research, and create a new market space;

Market research company B, from a single market research service to provide comprehensive market consulting services, using its own market research expertise and experience to provide customers with a full range of market consulting services from market research to market strategy, so as to meet customers' demand for comprehensiveness and consistency of market research and create a new market space.

The method of survival in the Red Sea: This method refers to the market research company in an already existing, saturated, and regulated market, competing with other market research companies, so as to achieve the survival and development of the market. The core of this method is to reduce costs, that is, market research companies should reduce their own market research costs, improve their own market research efficiency, and increase their own market research by providing low-cost, high-quality, and diverse market research services. Choose to form a low-cost, high-quality, and diverse market supply in the market. Examples of this approach are:

Market research company C, through the use of online, self-service, standardized market research services, to reduce the cost of market research manpower, material resources, time and other costs, improve the speed, accuracy, convenience and other quality of market research, increase the scope of market research, type, frequency and other choices, so as to meet the low-cost, high-quality, diverse needs of customers for market research, increased market share and profitability;

Market research company D, through the use of outsourced, cooperative and shared market research services, reduces the cost of market research equipment, venues and specialties, improves the coverage, participation and win-win quality of market research, and increases the choice of market research objects, channels and resources, so as to meet customers' low-cost, high-quality and diverse needs for market research, and improve their market share and profit margin.

The method of seeking development in the blue ocean: This method refers to the cooperation between market research companies and other market research companies in a non-existent, undeveloped and unregulated market, so as to achieve market innovation and breakthrough. The core of this method is to expand the demand, that is, the market research company should expand and create new, different and valuable market demand of customers by providing valuable, differentiated and creative market research services, so as to form a valuable, differentiated and creative market supply of the market. Examples of this approach are:

Market research company E, by providing market research services based on social media, using social media platforms, users, content, etc., to provide customers with broader, more interactive and more interesting market research results and suggestions, so as to meet customers' market research The social and entertaining needs of the company have created a new market space;

Market research company F, by providing market research services based on virtual reality, using virtual reality technology, scenes, experiences, etc., to provide customers with more real, more immersive, and more sensible market research results and suggestions, so as to meet customers' market The authenticity and perceptual needs of the survey have created a new market space.

The way to lead in the blue ocean: this method refers to the market research company in a non-existent, untapped, unregulated market, with other market research companies to lead, so as to achieve market leadership and advantage. The core of this method is to break the boundary, that is, the market research company should break the traditional, fixed and limited market boundary of market research by providing cross-industry, cross-domain and cross-functional market research services, so as to form a cross-industry, cross-domain and cross-functional market supply of the market. Examples of this approach are:

Market research company G, by providing cross-industry market research services, using its own market research expertise and experience, to provide suitable market research services for customers in different industries, so as to meet customers' diversified and professional needs for market research, break the industry boundaries of market research, and form a new market field;

Market research company H, by providing cross-field market research services, using its own market research resources and network, provides cooperative market research services for customers in different fields, so as to meet customers' demand for market research synergy and network, break the field boundary of market research and form a new market network.

Conclusion

Market research is an important service provided by consulting companies for customers, which can help customers understand the market situation, formulate effective market strategies and improve market competitiveness. Market research companies are specialized in market research services institutions, they are facing fierce market competition, the need to find and create their own market advantages and differentiation. This paper uses the theory of blue sea strategy and red sea competition to analyze the market situation and market opportunities of market research companies, and puts forward the methods and examples of blue sea strategy and red sea competition of market research companies, with a view to providing some useful reference and enlightenment for market research companies and customers.