Why research matters in B2B?

B2B research is much more than asking generic questions relevant to your product or service. Ideally it should give an insight into the mind of your customer and make you aware of your competitor’s influence and strategies. Along with it, B2B research tells you about:

• Current market condition
• Trends to look out for
• Pricing structures generating maximum interest
• Influential and productive partners
• Buying criteria
• Ideal length of service contracts
• Potential for disruption
• Major obstacles and challenges in the industry

The strategic foresight and consumer insight that you gain from B2B research will help you identify and estimate the real impact of certain key elements of business such as:

• Product development
• Innovation
• Market segmentation
• Branding
• Positioning
• Marketing
• Performance
• Customer experience

How is this different from B2C research? Well, the primary objectives may not be too different in B2C and B2B research as both of them aim at understanding the market and its sentiment, but the stakes are slightly higher in B2B:

Customer base

B2B products and services do not cater to a huge population. Though a relatively smaller customer base can be considered as an opportunity to build better relationships, it also makes the competition fiercer. Your mistakes will seldom be forgotten.

Purchase decision

Often a B2B purchase decision involves multiple people like consultants, accountants, suppliers etc. Sometimes the technical nature of the product or service may delay the purchase as data sheet analysis and performance evaluation take time. Moreover, the value of the purchase is also significantly higher. Such complexities demand meticulous research before making any decision.

Switching constraints

Interruptions in supply of products or rendering of services cannot be substituted easily in B2B relationships due to a variety of reasons, such as, lack of better alternatives, budget limitations, and deadlines, among others. Research helps in reducing such risks by helping a company make a well calculated decision.

At Tech Demand, we understand the importance of market research and realise that every company may not have the resources or expertise to conduct research effectively. If you are worried about your B2B research, maybe we can help you.

Fill out our campaign builder now, and let us know how we can assist you.