Market research studies are effective ways to help B2B companies better understand how to market their services and products to business owners and decision makers. With all the turmoil in global markets and the disruption of supply chains, we’ve seen an uptick in B2B market studies.
Our recruiting teams manage a lot of recruiting projects for B2C and B2B studies, and while the two types of studies share many similarities, B2B studies tend to be more challenging to pull off. From recruiting to execution, you’re often working with executives, niche industries, and/or proprietary information, which adds layers of complexity from beginning to end.
Qualitative market research can help identify touchpoints for B2B companies and provide insights about their clients purchase decision-making process. B2B studies can also help companies determine the cost-per-acquisition of a client and how best to market their offering.
B2B Market Research Benefits
When B2B companies invest in market research, they benefit from greater insights into their clients, as well as general trends in the market. Qualitative B2B studies can provide valuable information about:
The competition: B2B businesses can identify the competition in their field gather information that can help ensure their product/service stands out.
Opportunities: Market research studies are great at helping businesses identify new opportunities for development, as well as ways to differentiate their product/service.
Economic trends and shifts: Market research can help B2B companies identify trends and shifts in the market so they can adapt their products/services accordingly. Given the upheaval in the markets, this is especially useful and viable information for companies.
The Particulars of B2B Market Research
Similar to ANY market research study, the success of B2B studies hinges on recruiting the right participants. As we mentioned earlier, B2B studies can be challenging to recruit for, especially for niche industries. Most market researchers partner with nationwide recruiting agencies for B2B studies, knowing that B2B recruiting expertise is required to find qualified candidates.
As we begin to return to “normal” after the COVID-19 pandemic, it is crucial for B2B businesses to reconnect with their customers and understand what has changed; be able to respond to their concerns; and rethink how to market products and services in these unprecedented times. Qualitative market research is a proven tool that can help companies achieve their goals, even in these topsy-turvy times.
