1.Crowdfunding industrycharacteristics and classification

Crowdfunding (Crowdfunding) is an innovative way to raise funds from the public through an Internet platform. It provides a financing channel for entrepreneurs and start-ups, as well as a way for consumers to participate in and support innovative projects.

The crowdfunding industry is developing rapidly worldwide, especially in the Chinese market. In 2023, China's crowdfunding market reached 88.7 billion billion yuan, up 18.9 percent year-on-year, and the number of users reached 0.15 billion, up 18.4 percent year-on-year. It is estimated that by 2028, the scale of China's crowdfunding market will reach 1.27 trillion billion yuan and the number of users will reach 0.32 billion.

The characteristics of the crowdfunding industry are the following:

The crowdfunding industry is a diversified industry, covering various subdivisions such as technology, film and television culture, and agriculture. The characteristics and needs of various projects are different, and customized strategies and strategies are required for different target groups and market environments. Program.

The crowdfunding industry is a high-risk industry. Due to the uncertainty, complexity and heterogeneity of crowdfunding projects, the success rate of projects is low, the risk of failure is high, and there are also legal and ethical issues such as fraud, infringement, and extension. It is necessary to strengthen the construction of supervision and trust mechanisms.

The crowdfunding industry is a highly innovative industry. Due to the diversity, novelty and forward-looking nature of crowdfunding projects, it provides consumers with more choices and experiences, and also provides entrepreneurs with more opportunities and challenges. Continuously innovate and optimize to adapt to market changes and needs.

Depending on the form of return on crowdfunding projects, the crowdfunding industry can be divided into the following four types:

Donation-based crowdfunding (Donation-basedCrowdfunding): Crowdfunders raise funds from the public to support a public good or social purpose without providing any form of return, such as disaster relief, charity, etc.

Reward-based crowdfunding (Reward-basedCrowdfunding): Crowdfunders raise funds from the public to support an innovative or creative project, while providing some form of non-financial return, such as products, services, experiences, etc.

Debt-based crowdfunding (Debt-basedCrowdfunding): Crowdfunders raise funds from the public to support a business or personal project and provide some form of financial return, such as interest, principal, etc.

Equity-based crowdfunding (Equity-basedCrowdfunding): A crowdfunding that raises funds from the public to support a growth or potential project, while providing some form of equity or income rights, etc.

Purpose, content and methods of 2. consumer research

Consumer research refers to the process of collecting, analyzing and interpreting consumer needs, preferences and behaviors to help crowdfunders develop and implement effective project strategies and programs.

The main purpose of consumer research is the following:

Understand the needs and pain points of consumers, discover the opportunities and potential of the market, evaluate the feasibility and attractiveness of the project, and improve the success rate and influence of the project.

Understand consumer preferences and expectations, design and optimize the product, price, channel and promotion of the project to enhance the competitiveness and satisfaction of the project.

Understand consumer behavior and feedback, monitor and evaluate the implementation and effectiveness of the project, identify and solve the problems and risks of the project, and improve the quality and value of the project.

The content of consumer research mainly includes the following aspects:

Market Analysis: Refers to a comprehensive and in-depth analysis of the market environment, industry trends, competitors, target customers, etc. of the crowdfunding project to determine the market positioning and target market of the project, as well as the advantages and disadvantages of the project, opportunities and threats.

Product testing: refers to the actual testing and evaluation of the products or services of crowdfunding projects in order to obtain feedback on consumers' cognition, attitude, willingness and satisfaction with the products or services, so as to improve and perfect the products or services to meet the needs and expectations of consumers.

User feedback: refers to the continuous tracking and communication of users of crowdfunding projects to collect feedback on project evaluations, suggestions, complaints, etc., in order to adjust and optimize the project to improve user loyalty and reputation.

Consumer research methods include the following:

Questionnaire survey: refers to the design and distribution of a series of questions to collect consumer basic information, opinions, feelings and other aspects of data, in order to carry out quantitative and statistical analysis. The advantage of questionnaire survey is that a large amount of data can be collected, which is convenient for statistics and analysis. The disadvantage is that there may be distortion and deviation of data, as well as low recovery rate.

In-depth interview: refers to the method of collecting data on consumers' deep-seated motivations, feelings, experiences, etc. through face-to-face or telephone conversations with consumers in order to conduct qualitative and explanatory analysis. The advantage of in-depth interviews is that they can obtain rich and detailed data, which is convenient for in-depth and understanding. The disadvantage is that there may be subjectivity and difficulty in quantifying the data, as well as insufficient sample size.

Focus group: A method of collecting data on consumer interaction and communication by inviting a group of consumers to have a collective discussion for group and comparative analysis. The advantage of focus groups is that they can obtain diverse and dynamic data, facilitate communication and innovation, but the disadvantage is that there may be data bias and difficult to control, as well as high organizational costs.

Experimental method: refers to the design and implementation of a series of experiments to collect data on consumer behavior and reactions in order to carry out causal and verification analysis. The advantage of the experimental method is that objective and scientific data can be obtained, which is convenient for verification and inference, but the disadvantage is that there may be problems such as the human nature and inapplicability of the data, as well as the limitations of the experimental conditions.

Effect and Value Evaluation of 3. Consumer Research

The evaluation of the effectiveness and value of consumer research refers to the process of testing and evaluating the process and results of consumer research to determine the quality and contribution of consumer research, as well as the impact and improvement of the project. The evaluation of the effectiveness and value of consumer research mainly includes the following aspects:

Data evaluation: refers to the evaluation of the data collected by consumer research to determine the quality of the accuracy, validity, reliability and practicality of the data. Data evaluation methods include data cleaning, verification, integration, analysis, etc., to eliminate data errors, missing, duplication, deviations and other issues to improve the quality and value of the data.

Project evaluation: refers to the evaluation of projects supported by consumer research to determine the quality of the project's objectives, strategies, implementation, and effectiveness. Project evaluation methods include project planning, monitoring, evaluation, and improvement to test the rationality, effectiveness, efficiency, and effectiveness of the project to improve the quality and value of the project.

Contribution evaluation: refers to the evaluation of the contribution of consumer research to determine the impact and improvement of consumer research on the project, as well as the value of the development and innovation of the crowdfunding industry. The method of contribution evaluation includes the identification, quantification, attribution and optimization of contribution to measure the benefits, costs, risks and opportunities of consumer research in order to improve the value and significance of consumer research.

Case Analysis of 4. Shangpu Consulting Company

Shangpu Consulting Company (ShangpuConsulting) is a consulting service company specializing in industry research, providing a full range of consulting solutions for sponsors, platforms and investors of crowdfunding projects, including market analysis, project planning, product testing, user feedback, effect evaluation and other services. Shangpu Consulting Company has rich experience and advantages in consumer research. The following are some specific cases of Shangpu Consulting Company:

Case 1: A reward-based crowdfunding platform wants to launch a smartwatch product and needs to conduct market analysis and product testing to determine the product's market potential and user needs. Champ Consulting provides the following services for the platform:

Market analysis: Through questionnaires and in-depth interviews, we collected data on the size, growth, competition and segmentation of the target market, as well as data on the characteristics, needs and preferences of the target customers, and analyzed the market positioning and target market of the product, as well as the advantages and disadvantages, opportunities and threats of the product.

Product testing: through the experimental method and focus group, the function, performance, design, price, etc. of the product are tested and evaluated, and the data of users' cognition, attitude, willingness and satisfaction of the product are collected, so as to improve and perfect the product to meet the needs and expectations of users.

Service Results: Through market analysis and product testing, Champ Consulting has provided a detailed report for the platform, including market analysis.Conclusionand recommendations, product testing results and improvements, as well as product promotion and operational strategies and programs. According to the content of the report, the platform optimized and adjusted the products, successfully raised more than the target amount of funds on the crowdfunding platform, and obtained the recognition and support of users.

Case 2: An equity-based crowdfunding platform that wants to invest in a start-up requires user feedback and performance evaluation to determine the execution and effectiveness of the project, as well as the impact and value of the investment. Champ Consulting provides the following services for the platform:

User feedback: Through questionnaires and in-depth interviews, the basic information, evaluations, suggestions, complaints and other data of the users of the project are collected in order to track and communicate the project to improve the loyalty and reputation of users.

Effectiveness evaluation: Through experimental methods and data analysis, data on the implementation and effectiveness of the project, including the progress, quality, cost, benefits, etc. of the project, are collected in order to monitor and evaluate the project in order to improve the quality and value of the project.

Service results: Through user feedback and effect evaluation, Champ Consulting provides an accurate report for the platform, including analysis and improvement of user feedback, effect evaluation.Conclusionand optimization, as well as the evaluation and attribution of project impacts and contributions. According to the content of the report, the platform adjusted and optimized the project, successfully achieved the goal of the project, and obtained the return and value of the investment.

5. Conclusion

Crowdfunding industry is a diversified, high-risk, high-innovation industry, consumer research is an important part of the crowdfunding industry, it can help crowdfunding to understand and meet the needs, preferences and behavior of consumers, improve the success rate and influence of crowdfunding projects, create the value and significance of the crowdfunding industry. Consumer research should be conducted at different stages of the crowdfunding project, including early market analysis, mid-term product testing and late-stage user feedback, in order to adjust the project design, pricing, promotion and improvement in a timely manner. The effectiveness and value of consumer research can be evaluated from multiple dimensions, including the accuracy, validity, reliability and usefulness of the data, as well as the impact and contribution to the project. This paper also combines some specific cases of Shangpu Consulting Company to show the application and value of consumer research in the crowdfunding industry.