Find out how an effective B2B market research plan can help your company sell to your business customers.
In some respects, the requirements of business-to-business marketing is more straightforward than those associated with business to consumer marketing. B2B marketing content can often be more information-based as it is aligned to business purchasing decisions rather than those of individual customerss.
Furthermore, return on investment (ROI) is one of the primary drivers in purchasing decisions made by companies but isn’t something that individual consumers pay much attention to. So ensuring that your business customers feel that they are getting value for money is one of the primary drivers in closing a business to business deal.
But how do you decide which information to share with your B2B customers? In this article, we will look at how B2B market research can help your business create effective marketing strategies that will make your products or services more appealing to your business customers.
B2B vs B2C Market Research.
By researching your target market, you can discern the specific characteristics of your customers. B2C marketing focuses on customer trends and how to engage with new customers or keep existing customers satisfied.
B2B market research requires a different approach. Business customers are looking for the set of circumstances that will bring the best return on their investment in a product or service. Selling to businesses tends to require a greater scope of information as they will be looking to satisfy the needs of many different customer segments. With this in mind, your B2B market research will have to focus on the segments of the market that your target business sells to.
Complex and niche markets
Knowing the type of market your B2B clients sell to is of primary importance. Your business customers may sell a product or service that caters to a set of complex market audiences. So they will need to be convinced that your particular product can be onsold to a large range of different customer types within their particular sector.
Alternatively, the business customers you are trying to attract may sell a very specific product to a very distinct customer group. So determining which of these market types you are targeting your marketing drive towards will require an in-depth B2B market research programme.
B2B customers can be scarce.
An ordinary bricks and mortar shop, or an online store, will usually have customers walking past it or searching for it online. Your business customers, on the other hand, may be much fewer in number.
So your B2B market research programme will need to provide accurate and up-to-date information about your small numbers of potential clients, as you may only have one shot at attracting them!
B2B Market Research methods.
The type of B2B market research that you undertake will depend largely on the sort of business you are in. Choosing the correct research parameters can be a challenging task, so companies such as Primary Metrics Group can be of great benefit when it comes to tailoring an effective strategy for you.
As a general rule, however, there are a number of standard B2B market research methods that you can add to your strategy.
Primary research methods
This is when you contact your potential customers directly to find out about their customers and what their purchasing requirements are. This gets you straight to the heart of what your B2B customers need. But this approach can have the disadvantage of being costly, time-consuming, and creating lots of extraneous data.
Secondary research methods
This involves hiring a third party to conduct your market research. The advantage of this is that it may provide more accurate data and interpretations. A third party will be able to provide an objective view of your B2B market without being clouded by preconceived ideas or judgements. However, you need to be very sure that the sources a third party market research company uses are reliable.
Qualitative research methods
Using focus groups and interviews is a good way to get access to market information from a small pool of potential B2B clients. B2B decision-makers may respond well to personalized approaches, and the added advantage of this is that you can begin building relationships while you are conducting your B2B market research.
Choose a B2B Market Research Provider that Best Suits Your Business
Primary Metrics Group are experts in B2B market research that is tailor-made for small organizations seeking an effective approach to gaining new B2B clients and staying engaged with existing clients.
They can help you to avoid the pitfalls inherent in B2B market research and develop a research strategy that will deliver the best results for your ROI.