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B2B Research – The benefits and methods
May 7, 2023
What is B2B Research?
Business to business (B2B) research is a series of information gathering techniques to gain valuable insights into the B2B market. It also includes systematic and tailored data analysis to help inform sales strategies, marketing campaigns, and more. There are many ways that B2B research can be done, with common examples including surveys, focus groups, and interviews.
Research in the B2B market is a service in which Vision One has a wealth of experience, as we recognise it’s essential for modern business leaders to enhance their performance and achieve long term goals.
Why do B2B Market Research
There are many benefits to conducting regular B2B research within your market, which makes it an essential tool for companies in today’s competitive business environment. Knowledge is power and B2B market research provides an insight into the sector, along with information around customers, markets, and competitors. Oftentimes, conducting this research alongside regular operations is simply too draining on company resources, which is where a dedicated B2B market research agency steps in.
By analysing B2B data, you will be able to make business decisions that are driven by relevant and up-to-date research. The result is that companies locally and around the world can make data-driven decisions, identify market opportunities, understand customer behaviour, gain a competitive edge, enhance product development, mitigate risks, and expand their market presence.
There are significant differences in terms of B2B and business to consumer (B2C) research.
Compared with B2C research….
- In B2B, there are far fewer customers to sell to but they often tend to have much higher spending levels
- B2B decision-making units are larger
- A particular issue is that decision-makers are much harder to engage and locate
- Overall this means that B2B research is more expensive as they are generally much harder to get hold of.
Secondly, they are significantly more complex issues at hand
- B2B products and services tend to be much larger, more complex and involve a combination of product and service.
- Products are likely to be sold through multiple distribution channels
- Understanding B2B customer requirements needs fast thinking and a good understanding of businesses and decision-makers.
Third, there are differences in how B2B purchases are made:
- The B2B buying journey is often much longer with more stages and stakeholders
- Buyers require more information throughout the buying process
- B2B purchases can be less emotionally driven but not entirely so
A qualitative research agency provides a versatile approach to B2B research. This enables you to..
- Develop your Thought Leadership
- Explore and develop new product or service ideas
- Obtain a detailed understanding of B2B decision-making processes
- Evaluate reactions to marketing comm such as websites and promotional materials
- Explore perceptions of a company, brand or product
- Understand your brand positioning or reactions to your marketing strategy
- Develop market segments and personas
Quantitative B2B survey research is useful when the research is going to inform critical business decisions and to..
- Test new product ideas or service concept
- Review and identify the optimal pricing strategy
- Track brand image and perceptions of competitors
- Monitor and evaluate customer satisfaction
- Monitor changes and discover emerging trends in the market
- Customer and market segmentation
- Evaluate reactions to messaging and promotional materials
Key benefits of using B2B research:
Customer Research
- Buyer personas along with customer segmentation
- Decision-making process
- Reasons for lost sales
- Brand equity(e.g., awareness, consideration)
- Customer satisfaction and loyalty
- Needs and decision-making criteria (e.g. price, service, features)
- Which products or services are most needed and why
Innovation
- Generating new ideas and opportunities
- Testing product and service ideas
- Developing go-to-market strategies
- Setting prices & price optimisation
Watch our short 40sec video introduction to BrandVision here:
Interested in B2B market research services?
As an international research company, there are many different aspects to our B2B research services. Get in touch for more information and to discuss how best we can help.
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