Considered in B2B Market Research
Businesses can’t thrive in a competitive B2B landscape without solid market research. This kind of data-driven insight equips them with the knowledge they need to succeed in their chosen markets – from understanding what their business audience wants from a supplier to predicting how a product will perform in their market.
B2B market research is a specific type of market research that examines businesses as customers of products and services. It is distinct from general or consumer market research because it deals with a more complex decision-making process that involves a wider range of stakeholders and often a longer sales cycle.
In most cases, market research in the B2B sector is conducted face-to-face with one-on-one interviews via telephone/videoconference or via a focus group setting online or in person. In some instances, especially when researching a more senior or difficult-to-reach audience (e.g., junior decision-makers), a combination of one-on-one and focus group interviewing is preferred.
When it comes to gathering quantitative data, online surveys are generally preferred due to their cost-efficiency and ease of administration. However, in some scenarios, such as when you need to access a list of potential respondents via email, it is sometimes necessary to conduct direct interviews by telephone.
What Factors Should Be Considered in B2B Market Research?
Often, the goal of a B2B marketing survey is to measure customer satisfaction and identify opportunities for improving service or growing business revenue. A common measure used is net promoter score, which looks at the proportion of respondents who are ‘promoters’ of your business (i.e., highly satisfied with your product/service and more than likely to recommend it to others) as well as those who are ‘detractors’ (i.e., dissatisfied with the product/service and less likely to recommend it).
A B2B survey can also ask for demographic information, such as industry, job title, years of experience, and more. This allows you to segment your target audiences and develop more targeted strategies for each of them. Quantitative research, on the other hand, is data-driven and focuses on measuring and quantifying trends, behaviors, and patterns. It often involves larger sample sizes and the use of statistical analysis to ensure reliability and generalizability. Common quantitative research methods include:
Another important consideration is that the B2B market typically has a smaller audience than a consumer market. As a result, there is a greater need to provide more compelling incentives for them to choose your product/service. This is because businesses are usually operating on tight budgets and will need to justify the expense of buying your product/service to their internal teams.
Additionally, the long-term nature of many B2B purchase decisions can make it more challenging to switch suppliers as business customers tend to be resistant to change and may fear disruptions or unwanted upheaval to their operations. This can be particularly the case in more complex supply chains that involve multiple intermediaries or third-party vendors. To mitigate these issues, it is advisable to use social listening in your b2b market research, which involves monitoring conversations on platforms such as Reddit or LinkedIn and identifying the opinions of key influencers within your target audience. This can help you spot trends and map gaps in your brand perception that you might not have been aware of.