Industrial Market Research: What it is and Why it is Important

Staying ahead is impossible without industrial market research in this highly competitive and dynamic landscape. It helps businesses forecast trends, identify pain points, and unlock new business opportunities.

Businesses need to prepare for supply chain disruptions and explore the market to retain potential customers and revenue. 

With the right agile industrial market research and consulting strategies, any business can stay ahead of market shifts and identify approaches for sustainable success.  

With the Industrial Revolution and entry into the 5.0 era, matching the industrial vibe is necessary. The way is to get into the market trends and understand how you can optimize the supply chain and operations- manufacturing market research.

In this blog, you will learn how you can future-proof your business with industrial market research.

Industrial Market Research Explained

Market research is not limited to just one industry. From healthcare, and ecommerce, to fintech, retail, food, and manufacturing, each industry is relying on market research for improved decision-making. 

Manufacturing market research helps you study your supply chains, customers, competitors, and industry trends. You can work with experts along the supply chain to understand global production, lead times, and any weak links. This helps you create strategies to reduce risks.

It also helps you learn more about your customers and workforce so you can meet their needs better. You will identify the latest trends and best practices in the industry to transform your manufacturing journey. 

Industrial market research helps you answer important business questions and guides better decision-making. There are two types of industrial market research-

• Quantitative Industrial Market Research:
  Quantitative industrial market research collects data about competitors and target customers. This is done through surveys, questionnaires, and interviews. The goal is to understand consumer behavior and get specific information to improve business processes.
• Qualitative Industrial Market Research:
  Qualitative industrial market research focuses on understanding the hidden reasons behind customer choices. This involves talking to potential customers to learn their feelings and opinions about a product or service. It helps explain why consumers think a certain way. Knowing these motivations is key to running successful marketing campaigns and reaching business goals.

Also read– Qualitative vs Quantitative Market Research – Which is Better for Data Analysis

The Role of Industry and Market Research in Business Strategy

Industry and market research is transforming business strategies. Here’s how-

• Helps find new market trends and gaps for growth.
• Provides insights into customer needs and preferences.
• Reveals strengths and weaknesses of competitors.
• Guides businesses in creating products that meet market demands.
• Aids in designing effective marketing campaigns.
• Helps businesses make informed decisions, reducing risks.
• Provides data for setting future goals and strategies.
• Keeps businesses updated on market changes for quick adaptation.

However industrial market research is different from retail market research. 

How is the Industrial Market Different from Retail Market Research?

Based on the market demand, both differ on a larger scale. Companies must tailor their marketing strategies accordingly to reach their potential audiences.

But, how do industrial marketing vs consumer marketing differ? 

Industrial Marketing vs Consumer Marketing

Industrial marketing differs significantly from consumer marketing. 

Where to use industrial marketing

• Targets businesses and organizations (B2B).
• Focuses on the efficiency and functionality of products.
• Sales cycles are often longer and involve multiple decision-makers.
• Emphasizes building long-term relationships.
• Uses detailed technical information to explain products.
• Marketing strategies include trade shows, industry publications, and direct sales.

When to use Consumer Marketing

• Targets individual customers (B2C).
• Appeals to emotions, desires, and personal preferences.
• Sales cycles are usually shorter and more straightforward.
• Focuses on attracting customers through branding and promotions.
• Uses simple language and catchy ads to communicate benefits.

However, the current industrial marketing is facing some challenges, that everyone must understand.

Industrial Marketing Challenges

Here are some challenges that need expertise solutions.

• Sales take a long time because decisions are slow.
• It’s hard to explain complex or technical products.
• Finding the right audience in a a vast market is tough.
• The industrial market has high competition, making it difficult to stand out.
• Technological advancements have hit the industrial market. Integrating technology into existing systems is challenging.
• Managing global supply chains changing the outlook.

What is the Process of Industrial Market Research?

The process of industrial market research has four simple steps.

1. Define Goals and Objectives

First, decide what you want to learn from the research. Many researchers fail because they are unclear about their goals. Ask yourself: What do I want to find out? Common goals include:

• Understanding how consumers think and act.
• Learning about successful competitors.
• Knowing industry trends.
• Getting information about products.

2. Develop the Research Plan

Next, create a plan for your research and decide what type of data you will require for research. There are two types of data:

• Primary Data: New information you collect yourself.
• Secondary Data: Existing information that you can use. Secondary data is valuable and can help you a lot.

3. Implement the Research Plan, conducting surveys

This step takes time. It involves collecting data from the sources identified in the above step. After that, you can different methods to gather the information, such as surveys and questionnaires. 

Reaching out to trusted people who can complete surveys for businesses is challenging. They need a seamless panel management platform that allows them to conduct smooth surveys to gather relevant information quickly from the right people at the right time.

Explore how OnGraph created an AI-powered panel management solution “Innovate” to help a US client solve their diverse sampling needs.  

4. Compile Data and Report Findings

In the final step, organize the data you collected. This helps you identify important business decisions. You will learn about consumer behavior and trends that can help you reach your goals.

To get accurate insights into the market, you need market research consultants. 

Why do You Need Industrial Market Research Consulting for Your Business?

Industrial strategy consulting helps businesses create better solutions and stand out in a highly competitive landscape. They will help you with-

• Understanding key market and customers- Consultants help you understand your target market, audience, challenges, and specific client’s goals. They conduct detailed market research to help you understand trends that will give you a competitive advantage.
• Tailored marketing strategies- They will help you develop improved marketing strategies that will effectively market your services and products by targeting potential customers in no time.
• Identify and implement the latest technologies- They will help you analyze key market trends and where you can incorporate them to improve operational efficiency. With AI dominance, they will suggest the best AI-powered market research tools to streamline your research journey. 
• Improved customer focus- They help you focus more on your customers. From setting new processes to technological and cultural shifts, they help you drive innovation.

There are several Leading Industrial Market Research Companies that will help you with market research strategies.

Leading Industrial Market Research Companies

Trends Reshaping the Industrial Marketplace

Industrial markets are evolving, and so are industrial marketplaces. Businesses need new technologies to reshape how they operate. Here are some trends that are making a significant difference.

• Integration of Advanced Analytics: Using Big Data and machine learning helps predict market changes. This gives businesses deeper insights to make informed decisions.
• Emphasis on Sustainability: Focusing on eco-friendly practices and technologies meets consumer demand for sustainability. This can enhance brand reputation and attract more customers.
• User Experience (UX) Research: creating amazing visuals will help you target more audiences and engage them for better conversions.
• Real-time Data Collection: Using IoT devices for instant data allows businesses to react quickly to market changes. This agility can provide a competitive advantage. With AI-integrated panel management tools, businesses can simply connect with panels in real time for real-time insights. 
• The shift from Quantitative to Qualitative: Emphasizing qualitative insights through interviews and observations helps understand customer needs deeply. This leads to more effective strategies and products.
• Personalization of the Industrial Buyer’s Journey: Creating a personalized experience for B2B buyers enhances engagement. Understanding their unique needs helps businesses cater to specific requirements.
• Focus on Digital Transformation: Understanding the impact of digital changes helps businesses stay relevant. It prepares them for advancements like automation and AI, ensuring they don’t fall behind.

Also read- The Role of AI in Market Research

The Future of Industrial Market Research

Industrial market research is a way for businesses to make decisions using data. It involves carefully gathering and analyzing information to help businesses understand the market.

This understanding is crucial for making smart choices that help achieve business goals.

How OnGraph can Help?

It is really difficult to get through to relevant customers and panelists who will help you with accurate feedback. Their opinions are not only just data, they will help you devise your business strategy.

Having the right panel management software will help you manage your resources and get the information right in place. Without the right customer feedback, you cannot move forward.

So if you are lacking market research expertise to connect with the right customer, OnGraph can help you build panel management software to recruit and manage your panelists at your fingertips. 

Explore how our AI-powered white-label panel management solution can make a significant difference to your research.

FAQs

Q. How can businesses conduct industry market research?

Here is a simple trick to start with industry market research.

• Define Objectives
• Conduct Secondary Industry Research
• Perform Primary Industry Research
• Competitor Analysis
• Analyze Market Trends
• Utilize Data Analytics Tools
• Forecast and Interpret Data
• Document and Present Findings

Q. How can businesses connect with potential people for their study?

Businesses can connect with potential participants for their study using panel management software, which streamlines recruiting, managing, and engaging a targeted audience for research.

This tool helps build and maintain a responsive participant pool, improving data quality and study efficiency.

Q. Benefits of choosing a panel management tool?

• Efficient Participant Recruitment
• Enhanced Data Quality
• Time and Cost Savings
• Real-Time Analytics
• Improved Targeting
• Long-Term Participant Engagement

Q. How can panel management tools help in industry market research?