Industrial market research is one of the important services provided by consulting companies to clients, which not only involves the collection, analysis and presentation of data, but also requires consulting firms to use innovative thinking and practical methods to help clients identify market opportunities, solve problems, formulate strategies and implement plans. This paper introduces the basic process and methods of industrial market research, as well as the innovative thinking and practice of consulting companies in industrial market research, including the use of diversified data**, the use of multi-dimensional analysis frameworks, the construction of dynamic market models, the design of targeted research tools, and the use of story-based presentation. The paper also provides examples of industrial market research services provided by consulting firms to an auto parts company, a power equipment company, and a chemical company, and briefly analyzes the value and effectiveness of these services.
Industrial market research refers to the demand, supply, competition, channels, policies and other aspects of industrial products or services to conduct systematic investigation and analysis, to help enterprises or institutions understand the current situation and trends of the market, find market opportunities and potential, and formulate reasonable market strategies and marketing plans. Industrial market research is one of the important services provided by consulting firms to clients, which not only involves the collection, analysis and presentation of data, but also requires consulting firms to use innovative thinking and practical methods to help clients solve problems, formulate strategies and implement solutions.
Consulting FirmsInc. is an international consulting firm focused on the industrial sector, with more than 20 years of industry experience and expertise, providing high-quality consulting services to thousands of industrial enterprises around the world. The consulting company has rich experience and achievements in industrial market research, providing customers with comprehensive, in-depth, accurate and valuable market insights and advice. This article will take a consulting company as an example to introduce its basic processes and methods in industrial market research, as well as its innovative thinking and practice in industrial market research.
When conducting industrial market research, consulting firms generally follow these four steps:
Step 1: Define your goals and scope. In this step, the consulting firm communicates with the client to understand the client's background, needs, expectations, and goals, clarify the topic, object, content, and scope of the study, and develop a research plan and timeline.
Step 2: Collect and organize data. In this step, the consulting company will use a variety of data**, including public data, internal data, third-party data, etc., to collect relevant quantitative and qualitative data, clean, verify and organize the data to form a database and document library.
Step 3: Analyze and interpret the data. In this step, the consulting company will use a variety of analysis tools and methods, including statistical analysis, trend analysis, causal analysis, correlation analysis, cluster analysis, regression analysis, ** analysis, etc., to conduct in-depth mining and interpretation of the data, discover the laws, logic and meaning behind the data, and form market insights and conclusions.
Step 4: Present and communicate the results. In this step, the consulting company will use a variety of presentation methods, including reports, charts, models, presentations, etc., to present the research results to the client in a clear, concise and powerful way, fully communicate and discuss with the client, and provide feasible suggestions and solutions.
In these four steps, the consulting firm not only follows the basic principles and standards of industrial market research, but also demonstrates its innovative thinking and practice in industrial market research. Here are some of the innovations of the consulting firm in industrial market research:
Use diverse data**. Rather than being content with traditional data, such as official statistics, industry reports, expert interviews, etc., consulting firms are actively seeking out and utilizing new data**, such as social, web searches, consumer reviews, satellite imagery, etc., to obtain more comprehensive, real-time, and authentic market information.
Adopt a multi-dimensional analytical framework. Consulting companies are not limited to using a single analytical framework, such as Porter's Five Forces Model, SWOT analysis, etc., but flexibly select and combine multiple analytical frameworks, such as Pestel analysis, value chain analysis, blue ocean strategy, etc., according to different research topics and objects, in order to conduct a comprehensive analysis of the market from different perspectives and levels.
Build dynamic market models. Consulting companies are not satisfied with the use of static market models, such as market size, market share, etc., but use advanced modeling technology and software, such as system dynamics models, Monte Carlo simulations, etc., to build dynamic market models to reflect the changes and evolution processes of the market, the future development trends and scenarios of the market.
Design targeted research tools. Instead of relying on general research tools, such as questionnaires and in-depth interviews, consulting companies design targeted research tools according to different research objectives and objects, such as focus group interviews, neuromarketing tests, scenario simulation experiments, etc., to obtain deeper, more detailed and more personalized market feedback and perception.
Use storytelling. Consulting companies not only use traditional presentation methods, such as text reports, numerical charts, etc., but also use story-based presentations, such as case stories, customer journey maps, scripts, etc., to convey research results and recommendations to clients in a more vivid, interesting and convincing way.
In order to further illustrate the innovative thinking and practice of consulting companies in industrial market research, this article will introduce the industrial market research services provided by consulting companies to industrial enterprises in three different industries, and briefly analyze the value and effectiveness of these services.
Case 1: Provide strategic planning services for an auto parts company in the Chinese market. The company is a European auto parts manufacturer, mainly producing core components such as engines, gearboxes, and chassis, with advanced technology and quality, but its share and popularity in the Chinese market are low. The company hopes to understand the current situation and future trends of China's automotive market through the services of consulting companies, and formulate strategic planning and marketing plans suitable for the Chinese market. The consulting firm provided the following services to the business:
Collect and organize data. The consulting company uses a variety of data**, including public data, internal data, third-party data, etc., to collect relevant data of China's auto market, such as automobile production and sales, car type, car brand, auto **, automobile consumer characteristics, automobile policy, etc., and cleans, verifies and sorts out the data to form a database and document library.
Analyze and interpret data. The consulting company uses a variety of analysis tools and methods, including statistical analysis, trend analysis, causal analysis, correlation analysis, cluster analysis, regression analysis, ** analysis, etc., to conduct in-depth mining and interpretation of the data, and find the following characteristics of China's auto market:
China's auto market is huge, but the growth rate is slowing down and the competition is fierce.
China's auto market presents diversified demand, and consumers have higher requirements for the quality, performance, safety and environmental protection of automobiles.
There are opportunities for differentiation in China's automotive market, with different regions, city levels, and consumer groups having different preferences and needs.
China's auto market is affected by policies, and new technologies and models such as new energy vehicles and intelligent networked vehicles have been supported and promoted.
Present and communicate results. The consulting company presented the findings and recommendations to the company in the form of a case story using a story-based presentation method. The case story depicts a fictional Chinese consumer, Xiao Wang, who is a young white-collar worker who wants to buy a new car. The case story shows the various situations and influencing factors that Xiao Wang experienced in the purchase decision-making process, such as information search, brand recognition, product comparison, evaluation, test drive experience, etc., and explains how the company successfully attracted Xiao Wang and facilitated the transaction through its strategic planning and marketing plan in the Chinese market. The case story is both authentic and representative, showing both the logic behind the data and the effect behind the recommendations.
Provide feasible recommendations and solutions. Based on the research results and case stories, the consulting firm provided the following recommendations and solutions for the company:
In the Chinese market, it is positioned as a high-quality, high-performance, high-safety and high-environmental protection auto parts manufacturer, highlighting its technical advantages and quality assurance in core components.
Adopt differentiated strategies in the Chinese market, provide different product portfolios and best strategies for different regions, city levels, and consumer groups to meet different needs and preferences.
Strengthen brand building and publicity and promotion in the Chinese market, use a variety of channels and methods to improve its visibility and reputation in the Chinese market, and enhance the trust and recognition of consumers.
In the Chinese market, we will actively follow up on policy changes and technological development, invest more R&D resources, and develop auto parts products that adapt to new technologies and new models such as new energy vehicles and intelligent networked vehicles, so as to seize market opportunities.
The company expressed a high degree of satisfaction and appreciation for the services of the consulting company, believing that the consulting company provided it with comprehensive, in-depth, accurate and valuable market insights and suggestions, helped it formulate strategic planning and marketing plans suitable for the Chinese market, and laid a solid foundation for its development in the Chinese market.
Case 2: Provide global market competition analysis services for a power equipment company. The company is a Chinese power equipment manufacturer, mainly producing transformers, switchgears, cables and other power equipment products, with strong production capacity and cost advantages, occupies a large share in the domestic market, and also has a certain export business in the international market. The company hopes to understand the competitive landscape and competitors in the global power equipment market through the services of the consulting company, and formulate a more targeted internationalization strategy and competitive strategy. The consulting firm provided the following services to the business:
Collect and organize data. The consulting company uses a variety of data**, including public data, internal data, third-party data, etc., to collect relevant data of the global power equipment market, such as market size, market growth rate, market structure, market distribution, market demand, etc., and cleans, verifies and sorts out the data to form a database and document library.
Analyze and interpret data. The consulting company uses a variety of analysis tools and methods, including statistical analysis, trend analysis, causal analysis, correlation analysis, cluster analysis, regression analysis, ** analysis, etc., to conduct in-depth mining and interpretation of the data, and find the following characteristics of the global power equipment market:
The global power equipment market is huge, but the growth rate is slow and the competition is fierce.
The global power equipment market is characterized by regionalization, and different regions have different market demand and competition patterns.
There are opportunities for differentiation in the global power equipment market, and different product types have different market potential and competitive advantages.
The global power equipment market is affected by policies, and new technologies and models such as renewable energy, energy conservation and environmental protection have been supported and promoted.
Present and communicate results. The consulting company used a multi-dimensional analytical framework to present the research results and recommendations to the company in the form of value chain analysis and blue ocean strategy. The value chain analysis shows the upstream and downstream links of the global power equipment market, such as raw materials, equipment manufacturing, equipment sales, equipment installation, equipment operation and maintenance, etc., and analyzes the market demand, market share, market competition, market profit and other conditions of each link, helping the company find its positioning and advantages in the value chain. The Blue Ocean Strategy showcases the existing competitive space and potential innovation space in the global power equipment market, and analyzes how to create unique competitive advantages and market opportunities by reducing costs, improving quality, increasing functions, and creating demand.
Provide feasible recommendations and solutions. Based on the results of the study and the analytical framework, the consulting firm provided the following recommendations and programs for the company:
Adopt a regionalized strategy in the global power equipment market, provide different product portfolios and strategies for different regions, and meet different market needs and competitive patterns.
Strengthen the competitiveness of core products in the global power equipment market, and use its advantages in production capacity and cost advantages to increase its market share and profit margin in core products such as transformers and switchgears.
Expand the market potential of new products in the global power equipment market, use its advantages in technology research and development and innovation capabilities, develop power equipment products that adapt to new technologies and new models such as renewable energy, energy conservation and environmental protection, and seize market opportunities.
Optimize the collaborative relationship between upstream and downstream links in the global power equipment market, use its advantages in chain management and customer service, establish stable cooperative relations with partners in upstream and downstream links, and improve its position and influence in the value chain.
The company expressed a high degree of satisfaction and appreciation for the services of the consulting company, believing that the consulting company provided it with comprehensive, in-depth, accurate and valuable market insights and suggestions, helped it formulate a more targeted internationalization strategy and competitive strategy, and laid a solid foundation for its development in the global power equipment market.
Case 3: Provided European market entry analysis services for a chemical company. The company is a Chinese chemical enterprise, mainly producing coatings, inks, plastics and other chemical products, with strong R&D capabilities and brand advantages, occupying a large share in the domestic market, and also has a certain export business in the international market. Through the services of the consulting company, the company hopes to understand the current situation and future trends of the European chemical market, and develop an entry strategy and marketing plan suitable for the European market. The consulting firm provided the following services to the business:
Collect and organize data. The consulting company uses a variety of data**, including public data, internal data, third-party data, etc., to collect relevant data of the European chemical market, such as market size, market growth rate, market structure, market distribution, market demand, etc., and cleans, verifies and sorts out the data to form a database and document library.
Analyze and interpret data. The consulting company uses a variety of analytical tools and methods, including statistical analysis, trend analysis, causal analysis, correlation analysis, cluster analysis, regression analysis, ** analysis, etc., to conduct in-depth mining and interpretation of the data, and find the following characteristics of the European chemical market:
The European chemical market is large, but the growth rate is slower and the competition is more stable.
The European chemical market presents a high-end demand, and consumers have higher requirements for the quality, performance, safety, and environmental protection of chemical products.
There are opportunities for segmentation in the European chemical market, and different product types have different market potential and competitive advantages.
The European chemical market is affected by policies, and the EU has strict regulations and restrictions on the standards, supervision, and ** of chemical products.
Present and communicate results. The consulting firm presented the findings and recommendations to the company in the form of a system dynamics model using a dynamic market model. The system dynamics model shows the interaction and influence between the variables of the European chemical market, such as demand, volume, level, competition intensity, etc., and simulates different scenarios and strategies to help the company find the best time and way to enter the European chemical market.
Provide feasible recommendations and solutions. Based on the results of the study and the system dynamics model, the consulting company provided the following recommendations and solutions for the company:
In the European chemical market, it is positioned as a high-end, high-performance, high-safety and high-environmental protection chemical product manufacturer, highlighting its advantages in R&D capabilities and brand advantages to meet the high-end needs of European consumers.
In the European chemical market, we adopt a segmentation strategy, and provide different product portfolios and strategies for different product types to meet different market potential and competitive advantages.
Strengthen compliance and adaptability in the European chemical market, comply with EU regulations and restrictions on chemical product standards, regulations, and regulations, and adapt to the characteristics and changes of the European chemical market.
Seek partners and channels in the European chemical market, establish stable cooperative relations with local distributors, first-class businessmen, cooperative enterprises, etc., and use its resources and influence in the local market to improve its visibility and share in the European chemical market.
The company expressed a high degree of satisfaction and appreciation for the services of the consulting company, and believed that the consulting company provided it with comprehensive, in-depth, accurate and valuable market insights and suggestions, helped it formulate an entry strategy and marketing plan suitable for the European chemical market, and laid a solid foundation for its development in the European chemical market.
This paper introduces the basic process and methods of industrial market research, as well as the innovative thinking and practice of consulting companies in industrial market research, including the use of diversified data**, the use of multi-dimensional analysis frameworks, the construction of dynamic market models, the design of targeted research tools, and the use of story-based presentation. The paper also provides examples of industrial market research services provided by consulting firms to an auto parts company, a power equipment company, and a chemical company, and briefly analyzes the value and effectiveness of these services. Through this article, it can be seen that industrial market research is not only about data, but also requires consulting companies to use innovative thinking and practical methods to help customers identify market opportunities, solve problems, develop strategies and implement plans.