B2B market research – An Introduction:
B2B market research is vastly different from B2C market research and both present their own unique challenges. Eventually both kinds of research are partaken to evolve business strategies. In this regard market research typically falls into two broad categories namely qualitative research and quantitative research.
Quantitative research requires accurate facts and data analysis in order for the data to be amenable to statistical tools in order to derive beneficial results. This requires large sample data for appropriate conclusions to be drawn. It is often difficult.
Qualitative data on the other hand is more commonly used but it is difficult as well and presents its own challenges. It requires one to be connected with the appropriate individual who would care to give out relevant information about his industry, which may or may not cause competitor firms to gain a business advantage.
Difficulties that Market Research can essentially pose:
- Each business is unique and different in its own way and a model which works well for one business may not make sense for the other.
- Differences arise even if two businesses belong to the same sector and cater to the same set of customers as each firm operates differently and each has its own set of problems.
- Getting connected to the appropriate individual who can provide the relevant information isn’t easy. The individual may not always be perched at the top of the hierarchical level in the company. Sometimes the person you need to connect with is the project engineer and not the CEO.
- There is always a scarcity of time. Since all business models operate on extremely tight schedules and loss of time means loss of market opportunity, so each project is bundled within a strict time constraint.
According to a research by Market Quotient, even if all the above constraints are resolved, there still remain several unresolved issues:
- Even if you manage to get all of the above things right, there is still the question of why the decision maker whom you have decided to contact would agree to give out relevant information pertaining to his industry which might cause a loss in competitive advantage?
- Often companies operate as a group so one individual may not have all the information that you need to use. In order for top notch data you would necessarily need to talk to a group.
Tact utilized by professional Market Research firms:
- B2B market research firms employ experienced professionals who are knowledgeable about industry, know the right people to connect with and ask the right type of questions.
- People are more open to provide information to individuals they know, therefore as a decision maker of your firm you should allow the MR firms to leverage relationships by paving a path for them to target your pre-existing contacts of targeted companies.
- Professionals often make things easy for the respondents. Short questionnaires, online surveys or even the prospects of monetary benefits or gift cards are great incentives.
Are you facing issues with data collection and market research? Reach out to Market Quotient today. We would love to hear from you.