B2B Market Research
B2B market research is used to find insights by surveying the business decision makers in the required industry. Participants will mostly include titles such as C-level executives on top and going below till Manager roles. Companies need the opinion of these business decision makers to determine the motivations and reasons of their business buying for any product or services.
Market Research Process
Typically, the research process consists of these 4 steps: Survey questionnaire design, survey programming, data collection or sampling and data analytics or final reporting.
Questionnaire Design:
Let’s start with the questionnaire design. Behind any research there’s a need to know what’s going on for the businesses. They reach out to full-service Market Research firms like Inginit with their problems and we design a survey questionnaire which will get us the answers we need from the people we want to target.
Survey Programming:
Next step is survey programming. It is programmed in any one of the leading survey programming software based on best fit scenario based on questionnaire’s complexity and clients’ budget. Inginit has survey programming experts in all leading survey software.
Data Collection or Sampling:
Post Programming comes the data collection part in which the required business decision makers are targeted using survey panel websites like elspur. The questionnaire design part identifies the type of B2B decision makers needed for the research.
Data Analytics or Final Reporting:
Online surveys generate huge amount of data points. To get the relevant data insights, the role of an expert team of data analytics is very crucial. This team picks out the actionable items and turns it around in easier to understand and visually stunning reports. Inginit is an expert in this domain.
Benefits of B2B Market Research.
For any business it is extremely important to know their standing in the market. B2B Research driven decisions taken in business, help in growth and profitability. In fact, firms that conduct regular market research grow up faster and are more profitable than firms that don’t. Our suggestion for frequency of research is to do it quarterly or at least bi-annual because the market is constantly shifting gears. If you do regular market research you can adjust your messaging and services to the needs of your customers
Top 10 questions for doing B2B Market Research
Top 10 questions you must know if you are thinking about improving your business:
Where do you stand in the marketplace, what you are known for, how your customers find you, and who are your competitors?
Are your customers fully aware of all of your key products or services?
What are your advantages and differentiators against those competitors?
What services your customers appreciate most, and why?
Are there any emerging opportunities in the marketplace in your line of business or is there a new untapped market for your products or services?
Do you need to adjust your marketing outreach to reflect what customers reallywant to hear?
What do your customers think about your business? Are they mentioning some problem which needs immediate fix?
Why some customers chose to buy from your competitors? Or why some of them chose you instead?
How is your pricing in comparison with the competition? How important is price vs. service to your customers?
How is your brand image perceived by your customers and how much different it is from your inter organizational view? What is your Net Promoter Score (a.k.a NPS, how likely your customers will recommend you to others)?
Trusted providers of B2B Market Research.
A professional market research organisation like Inginit.com run by research professionals can easily do this research for you in a far lower budget than traditional industry giants.
We are able to do this because your budget for research goes in fulfilling that research while traditional firms have to accommodate paying for a lot of overheads.
Few Types of B2B Market Research and uses for same.
B2B market research often involves custom research work but in general these can be considered a part of B2B market research.
Brand Tracking— What do your customers think about you and how is your brand image perceived by your customers? How’s it for your competitor brands? The best use for this information is to differentiate your business from your competitors and strengthen your brand.
Client Focussed Research — What do your clients want from you or your competitors and how you can deliver it? The best use for this information to create your advertising, services and operations to meet the needs of the marketplace.
Market Research— How is your product or service fairing in the market against your competitors? Are there new needs of customers or new markets open for you? The best use for this information will help you grow your brand.
CSAT research — How happy are your customers with your product or service and will they recommend you to others? The best use of this information is to make changes in your products or operations services team to stand out from the competition.
Brand journey research — What path your new customers take to find you and buy your products or services? The best use of this information is to enhance your buying process, improve your closing rate and raising your service standards.
Survey Participants count for Sampling
Sampling, by definition is the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population.
For most B2B market research surveys, you will need to choose Quota sampling. Ideally the quotas chosen would proportionally represent the characteristics of the underlying population.
The survey respondents’ group is identified in broader terms, e.g. IT decision makers for an IT Product or Services survey or HR decision makers for a Benefits related survey. If you need to remove bias, you will opt for a larger count of people to take part in the survey, e.g. 500 or more decision makers across a country or in multi countries. If, however, you are simply tracking the behavior of your customers sentiments, a fixed count of interviews done every quarter will suffice.
Finding the best B2B Market Research firm
To do research right, you should seek out an outside research partner like Inginit. Considering market research, a hobby or DIY activity will not produce desired results. Instead, it is more likely to carry a bias and taking action on biased results could lead to problems.
Few questions to ask from the firm would be:
What is their experience in B2B Market Research?
Do they fulfil the market research needs of the publicly listed companies?
Are they technically and resourcefully qualified to do full-service in market research work, i.e. completing all activities in-house without outsourcing any part of it?
Conclusion
A full-service B2B market research partner can make the whole market research work easy for you and give you the insights that you should be able to act on right away. Please contact us for further details.
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