Marketing research is gaining popularity these days. And nowhere is research more popular than in the business-to-business world, where it plays a significant role in the success of many companies. In this post, we’ll take a step-by-step look at this powerful marketing tool, breaking down B2B marketing research into a series of questions and answers. You’ve probably been thinking about some of these questions as well.
What Exactly Is B2B Marketing Research?
B2B marketing research is the process of gathering information about your market by surveying a representative sample of its participants. Customers, former customers, prospective buyers, lost prospects (buyers who chose to buy from another company), and influencers could all be participants. In a competitive labor market, research may also include current and prospective employees.
The research process is typically divided into two stages: data collection and analysis.
Let us begin with data collection. There are two broad approaches to data collection that you can take:
A. Qualitative
In this approach, researchers speak directly with people to gather their experiences and opinions about your company, product, or other market aspects. This type of research takes more time and effort to conduct because it involves live conversations, and it can be more difficult to analyze.
On the plus side, qualitative research offers unparalleled depth and allows you to ask open-ended questions and pursue new lines of inquiry as opportunities present themselves. The most common methods for conducting qualitative research in businesses are phone interviews, face-to-face interviews, and focus groups.
B. Quantitative
Whereas qualitative research allows you to delve deeply into a small sample, quantitative research derives its power from volume. The researcher uses a standardized survey questionnaire to ask everyone the same set of questions (though branched questions, in which an answer determines what question comes next, are also an option).
While open-ended questions are certainly possible in quantitative research, they are used less frequently so that the large amount of data can be analyzed more easily. Quantitative research’s more rigid structure lends itself to a variety of formats, including online, mail, and phone surveys.
Which research method is superior, qualitative or quantitative? There are no correct or incorrect answers. Each serves a distinct function. To put it simply, quantitative research is useful for understanding what is happening in the market, whereas qualitative research is good for determining why.
Qualitative research allows for a great deal of flexibility and yields a large amount of data. Because quantitative research is highly structured, it is easier to identify patterns and draw broad conclusions from the data. Because of the time and money involved in conducting qualitative marketing research, it frequently addresses a small sample size, sacrificing some statistical confidence in exchange for a deeper dive into the subjects.
Choosing who to interview can be a difficult task, and only a small percentage of those chosen will be willing or available to participate in the study. Qualitative research, on the other hand, can frequently reach a much larger audience, so its sample may be statistically more representative of the group you want to understand.
Some studies combine quantitative and qualitative data. This allows them to get a more complete picture of the audiences they’re looking into.
What Are the Advantages of Market Research?
Our own research on professional services firms has revealed a strong link between research and growth/profitability. Firms that conduct frequent research (at least quarterly) grow up to 70% faster and are nearly 50% more profitable than firms that do not.
Here are some numbers highlighting benefits of market research:
The most successful businesses understand that the market is constantly changing, and the only way to stay on top of everything is to conduct regular research. With current intelligence, they can adjust their messaging and services to meet the changing needs of their audiences.
How Can Market Research Help My Company?
There are almost infinite ways to use Market Research to improve your business. Here are 25 examples to help you think about your own situation:
- Learn who your true competitors are in the marketplace (you will be surprised, we promise)
- Discover your unique selling points.
- Discover your competitive advantage.
- Discover which services your clients value the most and why.
- Look for emerging market opportunities.
- Change your marketing messages to reflect what your customers truly want to hear.
- Discover what your customers think of you.
- Determine which flaws must be addressed immediately.
- Calculate your Net Promoter Score to see if your customers are likely to recommend your company to others.
- Discover how well-known your company is in the marketplace.
- Investigate why some customers chose to purchase from another company instead.
- Find out how your pricing stacks up against the competition.
- Determine how important price is to your buyers.
- Determine whether there is a market for your new product or service.
- Recognize emerging marketplace trends
- Show that you care about your customers — conducting research demonstrates that you are interested in them and their opinions.
- Find out what your customers would change about your company.
- Determine whether you are well positioned to enter a new market.
- Determine which issues you should write and speak about in order to engage your audience and increase your visibility.
- Determine whether your company’s internal perceptions match its external perceptions.
- Discover how your customers find you.
- Discover why your customers chose you over a competitor. Determine whether or not your customers are aware of all of your key products or services.
- Discover what you are well-known for in the marketplace.
- Compare your company to competitors in your industry.
What Kinds of B2B Marketing Research Exist?
There are numerous approaches to marketing research. Here are a few examples of the most common:
a. Brand Research
Learn how your brand is perceived in the marketplace and where your opportunities are. Use this information to distinguish your company and strengthen your brand.
b. Client Research
Client research entails determining what your clients and prospects want and how you can provide it. Use this data to adjust your marketing messages, services, and operations to meet changing market demands.
c. Market Research
Market research entails determining who your true competitors are, what services you should provide, and what opportunities exist.
d. Client satisfaction survey
Respond to the question, “How satisfied are your clients with your work and service?”
Client journey research entails tracing the steps people take to discover, trust, and purchase your products or services. Use this information to reduce buyer friction, improve your closing rate, and raise your service standards.
e. Client persona research
Who are the people who buy your services or influence the decision-makers? What messages do they require? Persona research will help you identify and profile them so that your marketing and sales are more effective.
Conclusion
Marketing research can help your B2B company become more self-aware, market-aware, and prepared for change. Don’t be concerned if you’ve never conducted this type of research before. A qualified research partner can do the heavy lifting and provide a more nuanced interpretation of the results — results on which you should be able to act immediately.
Marketing research is a powerful but under-utilised tool and Maction can help you do it. Whether you want to know how to re-establish your company’s momentum, what’s going on in the market, why your top competitor is winning all the business, or how to maintain your competitive edge, the answers are available. All you need is the will and the means to extract them.
