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The ultimate guide to b2b market research.

14 min read Knowing how your target customers are going to act and what they’re looking for can be the difference between business success and failure. Read our ultimate guide to B2B market research to understand how to carry out and use research to expand your business potential.

What is B2B market research?

B2B market research is the process of gathering data on what potential customers are looking for and what they need . The research can cover everything from brand perception , product fit, customer service requirements , sales and marketing strategies, and more.

It involves taking a sample of your target audience and understanding their motivations and preferences. By researching how your potential audience thinks, feels, and behaves , your strategic planning for attracting your target market will be more effective.

Not only that, but when you have them on board, you won’t risk creating an experience gap where your customers aren’t getting what they expect. You’ll be better able to predict future trends and tackle issues before they happen.

Download the market research eBook guide now

Differences between B2B and B2C market research

There are differences between B2B market research and B2C market research.

For example:

• B2B research might be looking at more complex and niche markets. Enterprise and other large businesses often have very focused or very complicated market audiences, whereas B2C might be a bit simpler in nature.
• B2B customers may need more convincing than B2C customers, which means research needs to be more in-depth. Your target audience will need greater incentives to choose you – so your research needs to be detailed enough that you can make the most attractive offer.
• B2B customers might be more scarce – meaning you need to have a competitive advantage. Understanding how your offering is perceived w hen compared to your competitors is more important when the customer pool is smaller.

What are the benefits of doing B2B market research?

With business research behind you, you can more effectively target customers and encourage engagement with your brand. The more tailored your offering is to what they want, the more they’ll spend with you.

Up-to-date insights on customers’ mindsets

Your potential customers’ needs and desires may change frequently, and keeping up can be tricky. Basing your future plans on past customer behavior might not be accurate. B2B market research can help you stay on top of any new developments and keep ahead of market fluctuations.

More significant customers

If you’re looking to target more than just small fry, you’ll need market research to understand exactly what your competitive advantage is – or what you have to do to get one.

Performance monitoring

Asking potential or current customers how you’re doing on a regular basis means that you can tailor your approach to fit their needs and expectations . Rather than guessing how you’re doing, you’ll have proof of your success (or failure).

B2B market research methods

There are many different types of market research , so it’s worth doing your homework before launching any research campaign. However, there are some common research types and tips that can help you to get started.

Primary research methods: pros and cons

B2B marketing research is usually divided into two types of research: primary and secondary.

Primary research is where your brand speaks directly to the target audience to get data and insights. This type of research can be qualitative research or quantitative research (more on that shortly).

Pros: This type of research gets to the heart of your particular audience, and gets words directly from your participants’ mouths.

Cons: It can be costly and time-consuming to gather large amounts of data and analyze it. Your B2B participants may not have the time or the inclination to help you in your research, meaning you need to make the experience quick, easy, and engaging.

Secondary research methods: pros and cons

Secondary research is research that has been conducted by a third party and is publicly available.

Pros: This type of method is important, as it can yield information from outside your experience that can inform your results. For example, asking people directly for answers (primary research) might not actually reveal their real intentions. Sometimes, understanding audience behavior is easier when using secondary research.

Cons: You’ll have to evaluate what third-party data is actually useful for your needs. This research can also be biased, or be inaccurate – you need to check your sources thoroughly.

Qualitative research: pros and cons

Qualitative research involves the collation of data that can’t be summed up in numbers. It’s helpful for understanding potential explanations of behavior , rather than providing an exact explanation. Using this type of research, you’ll be able to form a hypothesis about your target market and potential customers.

You might use the following methods for qualitative research: :

• Focus groups
• Open-ended survey questions

Pros: This type of approach is specifically useful for B2B market research as you might not have a large enough target audience to get quantitative data. Given this market’s complexity, you might need in-depth, smaller discussions to get to the bottom of certain behaviors or perceptions.

B2B decision-makers are also likely to respond better to a personalized approach, rather than being quantified. You can build a closer relationship with your customers if you ask them questions in a more personalized setting.

Cons: This is a time-consuming approach to research, and it can be difficult to analyze insights for comparison. The interviewer can also skew results, making it difficult to maintain an unbiased approach. For groups, scheduling can be an issue.

Quantitative research: pros and cons

Quantitative research collects information that can be defined numerically. It’s much more definitive than qualitative data and is often used to prove a hypothesis with empirical evidence.

You might use the following approaches for quantitative research:

• Questionnaires

Pros: Using numerical data makes comparisons easy, and you can gather a greater number of responses in a more cost-effective way. It’s easier to reduce bias as there’s no interpersonal element. B2B decision-makers are also able to easily fit this into their likely busy schedules.

Cons: Though you will get concrete data using this approach, it’s hard to get nuance from structured results summarized in numbers. There might be less incentive to respond to a questionnaire or survey as it feels less personal, and answers might not be as in-depth.

How to carry out B2B market research

Identifying your research topic: exploratory vs specific research.

You might already know what you’re looking for when conducting your research, but sometimes you’re just looking for patterns and trends that you’re not aware of. This is where exploratory vs. specific research comes into play.

Exploratory research is generic and open, where you’re not looking for specific answers. You might use open-ended interviews with your panel or individual customers to get the lay of the land. Qualitative data is more helpful for this approach.

Specific research is for when you know the parameters of your research topic (a problem to solve, the success of a specific product). Your approach will likely be more structured and use quantitative data.

Choosing participants

Your participants are ideally formed of your target audience to get results that you can use to make informed strategic decisions. You’ll need a good sample size and a mix of participants to get useful results, and you should screen your participants for suitability before you carry out your research.

For B2B international market research, you might need to use a few different approaches to choosing participants. For example, you might:

• Ask your current or forthcoming customers: The best way to understand what attracts customers you want to your business is to ask the people who’ve already followed that path.
• Create your own research panel : This requires a lot of effort but can pay dividends, as you can access this panel repeatedly.
• Access an existing research panel or buy a list : This is a costly approach, and B2B customers are unlikely to participate – but in some cases, it can be a good start.
• Advertising on your website, a trade journal, or an industry community: Accessing participants may be easier if you advertise in spaces where potential customers might be.
• Sourcing competitors’ contacts : Your competitors’ clientele are a good source of information for competitive intelligence.

Engaging your participants

Our best tips for engaging your participants are:

• Personalizing your approach to each participant
• Offer multiple methods of response to allow for preferences and availability
• Avoid carrying out market research at peak times of the year or day
• Provide a good reason why they should take part in your research. This could be potential service improvements or tailored products, or a financial incentive to encourage them

Deciding on your B2B market research questions

The questions you decide to use can have a marked difference on the resulting information that you get. Choosing the right questions very much depends on what your goal is, and your questions will vary depending on whether they’re closed or open-ended .

Read our guide to market research questions to learn more

Choosing when to carry your research out

You might have a specific reason for carrying out your research at a certain time – a new product launch , for example – but market research is useful at all stages of a B2B business.

You do need to establish a timeframe in which to carry out your research, however. This helps you to tie your results to specific instances and narrow down reasons why particular data has been gathered.

Collecting and analyzing your data

The quantity of data you receive can be significant – so having a plan for how to analyze the information you get is key. This is where Qualtrics’ market research solutions, such as Qualtrics Core XM , can help.

How to use your B2B market research

Once you’ve completed your market research, it’s time to use the insights you’ve gained. It’s all well and good gathering information – taking action is where the true benefits of market research lie.

Here are a few ways in which you can leverage the data you’ve collected and get a good return on investment .

Create detailed market segments

You might use your B2B market research to create:

• Buyer personas : Who within each customer business are you aiming your efforts at?
• Customer segments : How can you create products and services that will fit the different types of customers you’re aiming to attract?
• Competitive intelligence : What can you offer that your competitors don’t?

Improve brand perception

Your research can help you to tackle:

• Brand perception : How do customers think of you? How aware of your presence are they ?
• USP : What is unique about your brand when compared to others?
• Customer retention : Why do customers continue to choose you over competitors?
• Marketing strategy: How can you leverage your brand perception in your marketing and inform sales strategy? How are your current efforts perceived?

Develop products and services

By undertaking market research, you can get feedback on:

• New product and service concepts : What do your customers want to buy?
• Current product and service development: What are customers currently keen on, and how could you improve?
• Pricing : How do customers currently feel about the prices of what you offer?
• Forecasts : What will the market for your products and services look like in the future?

Optimize the buying process

You can utilize your market research to understand more about:

• Decision-makers : Who makes the decisions about making a purchase, and how can you target them?
• Drivers : What makes a customer choose one brand over another?
• Wins and losses : Why did you win a pitch, or why did you lose a customer?

Measure success

Your research results can help you to track success across the following areas:

• Brand equit y : Does your target market think well of your brand? How aware are they of your existence?
• Customer satisfaction and loyalty: Are your customers happy and will they come back?
• Performance against decision-making factors: Are you successful in attracting customers with your price, ease of use, and more?
• Product and service success : How successful are you in selling your products and services?

How Qualtrics can help with your B2B market research

Qualtrics’ solutions can help you avoid pitfalls and develop market research reports that help you to actively improve your business success.

Business decisions are most accurate and cost-efficient when backed by data, meaning your B2B market research needs to be thorough and easily integrated into your business operations.

Rather than hiring a one-time B2B market research consultant, our solutions – such as Qualtrics Research Services – help you to create ongoing market research campaigns that provide you with valuable data that’s actionable.

Read our market research eBook guide for more insights.

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Related resources

Market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, qualitative research questions 11 min read, qualitative research design 12 min read, primary vs secondary research 14 min read, request demo.

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Our ability to reach hard-to-reach decision-makers and delve into specific areas within an industry highlights our effectiveness in conducting B2B market research.

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B2B Market Research: Key Methods & Strategies (2023)

September 2, 2020

What is B2B market research?

B2B market research is the systematic and objective collecting and analysis of information connected to the business-to-business (B2B) market. This study assists businesses in better understanding their target consumers, the competitive environment, and general market dynamics.

B2B market research methodologies might include surveys, interviews, focus groups, and data analysis. The information gathered may be utilised to acquire insight into client demands, preferences, and habits, as well as discover market trends and opportunities. This data may then be utilised to guide strategic product development, pricing, marketing, and sales choices.

The purpose of B2B market research is to assist businesses in making educated decisions based on data-driven insights rather than assumptions or guesswork. Companies can better understand their consumers and the market if they first understand them.

Adience is a b2b market research agency . See more about them here.

Behind every good consumer product is a string of B2B transactions, involving multiple B2B products and services. Let’s take the example of a chocolate bar:

• The companies supplying the raw materials and ingredients to the chocolate bar manufacturer are B2B organizations
• The chocolate bar may be manufactured at a ‘co-packing facility’ rather than in a factory operated by the brand owner. That co-packing facility is a B2B organization
• The brand owner may get advice from professional services organizations such as marketing agencies. They are all B2B organizations
• The brand owner may sell to businesses as well as consumers. So they may themselves be a B2B organization

In short, B2B is big.

And B2B markets differ from consumer markets in several ways .

First, there are significant differences in terms of who is being sold to :

• In B2B, there are far fewer customers to sell to
• The gap between the highest spending and lowest spending customers tends to be higher
• Decision-making units are larger
• Decision-making units are also more volatile because people move roles/companies
• Decision-makers are harder to engage and locate

Second, there are differences in terms of what is being sold and where :

• Spend on products tends to be higher in B2B markets
• Products are more customized and complex
• Products are likely to be sold through multiple distribution channels

Third, there are differences in how B2B purchases are made :

• The B2B buying journey is long as it has more stages and stakeholders
• Buyers require more information throughout the buying process
• B2B purchases are (slightly) less emotionally driven

Business-to-business (B2B) marketing research is the practice of exploring B2B buyers’ attitudes, motivations, and behaviors. This knowledge is used to inform sales and marketing strategies for B2B organizations.

Why do businesses conduct B2B marketing research?

B2B organizations use B2B marketing research to achieve a variety of business objectives .

First, they use it to build market segmentations , including developing:

• Buyer personas
• Customer or market segments
• Competitor/marketplace maps

Second, they use it to better understand the buying process , including determining:

• Who influences and makes decisions (i.e., the decision-making unit)
• The inter-personal dynamics within the decision-making unit
• How and where customers find them
• What drives the target audience to select a provider (e.g., price)
• Finding out why they won or lost a sale

Third, they use it to develop their brand , including understanding:

• Perceptions of their brand
• What makes their brand unique versus competitors’
• What keeps customers coming back
• What the target audience thinks of potential new messages or straplines
• The optimal marcomms channels and messaging frameworks
• The optimal brand architecture

Fourth, they use it to track perceptions of their business , including measuring:

• Brand equity (e.g., awareness, consideration)
• Customer satisfaction and loyalty
• Performance in crucial decision-making criteria (e.g., price, ease of doing business)
• Which products or services are most appreciated

Fifth, they use it to develop products and services , including:

• Generating new ideas and opportunities
• Testing product and service ideas
• Developing go-to-market strategies
• Optimizing pricing
• Developing market forecasts

Finally, they use it to develop content and thought leadership , including:

• Developing content strategy and identifying key topics to engage your audience
• Developing research-based content and thought leadership reports
• Tweaking existing content and messaging to resonate more

Most businesses only have time or budget for a small number of projects each year. In our experience, there are a few projects that B2B organizations should prioritize :

• Exploring what matters to customers and identifying segments . Not all customers are the same. B2B organizations often segment their customer base by firmographic factors (e.g., size, sector). Segmenting by customers’ motivations, behaviors or ‘jobs to be done’ can help to set a foundation for all future research
• Monitoring performance. Once an organization knows what matters to customers, they then need to check that they are meeting customers’ expectations. Generally, agencies recommend measuring Net Promoter Score (NPS). NPS is not always relevant in B2B markets, as the nature of loyalty is different , so it should be used with caution if at all
• Identifying what is on the customer’s mind. Research can help businesses to keep on top of what keeps their customer up at night. For example, it can identify the trends and threats customers are responding to, which should inform product and service development. It can also inform the creation of content about how to respond to these trends and threats

What are the key methods for conducting B2B research?

Marketing research tends to use a mix of:

• Qualitative primary research – in-depth and exploratory techniques
• Quantitative primary research – structured techniques
• Secondary research methods – using publicly available data to answer questions about business decision-makers’ behavior and attitudes

Primary research methods engage directly with the target audience to elicit insights into their attitudes and behaviors. Most B2B marketing research projects include some element of primary research.

Our experience is that secondary research is also essential for each project. Behavioral datasets are a far better way to understand how people act or think than asking individuals for their opinions directly , so secondary research should be used in parallel with primary research to validate the results.

Looking at each technique in turn…

#1. Qualitative research

Qualitative methods are necessary for B2B research for four reasons:

• B2B markets are small, and the target audience can be niche. In some instances, quantitative research isn’t even possible
• B2B markets are more complex, and understanding them requires more detailed questions
• The B2B decision-making process tends to be more opaque, and qualitative techniques allow us to pick up non-verbal signs
• B2B decision-makers are accustomed to doing things on their terms, and tend to respond better to more open, exploratory techniques

Indeed, qualitative research is often the only way to achieve the following business objectives:

• Generate and develop new product and service ideas
• Obtain a detailed understanding of B2B decision-making processes

Qualitative research is also needed, in parallel with quantitative research, to:

• Evaluate reactions to websites and promotional materials
• Explore perceptions of a company, brand or product
• Identify the optimal brand positioning or marketing strategy
• Develop market segments
• Develop content marketing and thought leadership

There are a variety of different qualitative techniques that you can use when conducting research, including:

• In-depth interviews, which can be conducted face-to-face, by telephone or by videoconference
• Ethnography, which should be done in-person, but can be approximated using mobile apps
• Focus groups, which can be done face-to-face or online

Not all of these techniques are relevant to B2B marketing research due to the hard-to-find nature of the target audience.

In many projects, one-on-one interviews via telephone/videoconference are preferred. For specific audiences (e.g., junior decision-makers), it is sometimes preferable to conduct focus groups (online or in-person) or remote observation by mobile app.

Regardless of the qualitative technique used, it is essential to follow best practices:

• Don’t just speak to customers and prospects, make sure to interview internal stakeholders, who will have a wealth of insight into the target audience
• Use skilled (and independent) qualitative interviewers and moderators, who can limit bias and improve the quality of insights
• Use a range of techniques (e.g., projective questions, neuroscientific techniques) to dig deeper and elicit responses you wouldn’t get through direct questions

#2. Quantitative research

Quantitative techniques are necessary for B2B research for three reasons:

• You can conduct many interviews cost-effectively, which is useful when the research is going to inform critical business designs
• Quantitative research is more structured than qualitative research, which limits bias and makes it easier to compare responses between individuals or groups of individuals
• Quantitative data sets can be the foundation for some fascinating analysis (e.g., combining with CRM data or doing statistical analysis). It can also help to settle contentious internal issues

Indeed, quantitative research is the only way to achieve the following business objectives:

• Validate and test a product or service concept
• Identify the optimal pricing strategy
• Track and manage brand perceptions and levels of customer satisfaction
• Identify changes in market trends and patterns

Quantitative research is also needed, in parallel with qualitative research, to:

Quantitative research can be conducted online, face-to-face, or by telephone. In B2B marketing research, online surveys are typically preferred because they are more time- and cost-efficient.

However, online research is not always possible – for example, you may not be able to access a list of potential respondents’ emails. In those instances, the survey needs to be conducted via telephone. Face-to-face surveys are scarce in B2B due to the nature of the target audience.

Regardless of the quantitative technique used, it is essential to follow best practices:

• Be comfortable with smaller sample sizes than consumer surveys
• Be careful about where you are sourcing participants (see below)
• If you’ve done qualitative research, use it
• Don’t just speak to customers (or prospects)
• Use a range of techniques to dig deeper and unlock hidden insights

#3. Secondary research

Typically, qualitative or quantitative interviews tell only part of the story. Often there is additional information available, both online and offline, that could help us to obtain a better understanding of an issue.

Secondary research – also called ‘desk research’ – can be a cost-effective, easy, and quick way to access even more information.

Information gathered through secondary research is often used to help with the design of the primary research questions, e.g., coming up with a list of competitors to include in a survey. However, desk research can also help with some of the core objectives for a project.

So what are the benefits of secondary market research? In our experience, it can help with the following project objectives:

• Understanding the structure and size of a market
• Uncovering brand perceptions
• Gathering competitive or customer intelligence
• Building lists
• Developing an initial understanding of the buying process
• Informing content marketing strategy
• Exploring industry trends
• Undertaking a risk analysis

Once you know what you are looking for, you need to know where to look. There tend to be ten types of information source that are useful in B2B secondary research:

• Government datasets of business (e.g., census.gov, Bureau of Labor Statistics)
• Special government reports (e.g., rulings by competition and consumer protection authorities such as the FTC)
• Company directories and databases
• Market research reports (e.g., marketresearch.com, Statista)
• Company websites, especially Investor Relations pages if they exist
• Online communities (e.g., LinkedIn groups, review sites, and specialist online communities)
• Business departments of academic institutions
• Trade associations
• General, business and trade press
• Social and search tools

Each source helps with specific objectives:

How do you find B2B research participants?

The target market for B2B research is small. Those within the target audience are hard to find and may not be willing to take part in a study.

To make the process easier, cast the net as wide as possible. It’s not a problem if you find contacts who are not relevant to the research. It is better to screen out irrelevant people than to miss relevant people.

There are 12 potential routes for finding relevant business decision-makers :

• Purchasing a list (or research panelists). Buying a list can be an effective but expensive way to acquire potential contacts. Panels and sampling marketplaces are even more costly, but unlike lists, they are notoriously unreliable for B2B research. Very few B2B decision-makers are likely to be on a research panel. And even when they are, the cost of recruitment can be prohibitive relative to other options
• Leveraging internal data or knowledge. A critical resource for B2B market research recruitment is a company’s database or CRM. This database is likely to contain customers that might be worth interviewing. There are also likely to be individuals in client-facing roles (e.g., sales) who can point you in the direction of prospects
• LinkedIn. LinkedIn is an excellent starting point for any project in which you need to recruit B2B decision-makers, especially if you cannot leverage internal lists or knowledge. Some decision-makers may not have profiles, and others may not log in regularly or have accurate data. Even then, in most industries, LinkedIn is likely to be the biggest and most up-to-date database for finding potential research participants
• Twitter. Twitter is not seen as a ‘B2B social network’, and it is far less structured, but it has its uses when you are trying to identify business decision-makers. Specifically, the Lists and Followers/Following functions can help you to find potential interviewees
• Industry events/conferences. Industry events bring together many people with similar job titles. In some instances, it can be useful to attend them to research the audience directly. But industry events can even be helpful if they happened in the past, or if you are unable to attend. That is because some conferences/events publish lists of attendees or exhibitors, which can be a useful source of potential research participants
• Industry associations/communities. Industry associations/groups are often an excellent recruiting resource for B2B research. They may allow you to attend meetings or advertise in publications. More importantly, you can take a look at group membership, attendance, or speaker lists to identify people who may be able to take part in your study
• Online forums. Online forums can be useful for the same reason as industry associations, i.e., you can search through membership lists. Many forums also allow you to post questions, or invite people to take part in research (or more accurately, to ask them to complete a screening questionnaire to check they are eligible)
• Trade journals and magazines. Trade publications tend to be targeted at specific verticals (i.e., industry) or horizontals (i.e., job function/role). For some B2B research projects, they can be a handy recruitment resource. You can pay to place a banner ad on a trade website/magazine/newsletter. In other situations, for example, if you are looking for thought leaders, lists of magazine contributors can be a great source of potential contact
• Competitor marketing materials + website. Competitors publish a lot of information about themselves that can be used in B2B research recruitment. Many companies talk about which companies they work with on their websites. Some also reveal their clients’ names and job titles, often through testimonials or case studies, which can be valuable if you are trying to gather competitive intelligence
• Training and professional development centers. Some companies provide continuing education to business professionals. In a small number of instances, they allow companies to invite their students to participate in research
• Your website or marketing materials. Just as you can purchase a banner ad on a trade magazine’s website or purchase space in a trade magazine’s newsletter, you can also publish content on your website or in your newsletter. The success of this approach depends on the level of engagement your customers have with your marketing efforts, but it can, in some instances, help to improve response rates. The downside of the approach is that it can require a lot of time to set-up, and it biases the responses towards site visitors. Therefore, you should combine it with other techniques
• Past research. At the end of research interviews, we tend to ask participants if they’d be open to taking part in future studies. Not everyone is open to the idea, but many consent as long as the request is reasonable. This approach makes it easier to identify potential interviewees when you are trying to target a similar target audience While this approach is cost-effective, there are potential pitfalls around data privacy (due to GDPR and CCPA), so you have to ensure you are getting consent to store and use the interviewees’ data

Each route’s effectiveness will vary depending on the specific audience or project, so you may need to experiment with several of them for each project.

How do you best engage business decision-makers during research recruitment?

Once you have identified potential interviewees, the next step is encouraging them to participate in research. Or, in the case of qualitative research, encouraging them to complete a screening questionnaire to make sure they meet the eligibility criteria (see next section).

In our experience, there are six things to consider when trying to engage business decision-makers:

• Personalize your outreach
• Use multiple methodologies (e.g., LinkedIn, phone call, email)
• Avoid peak business times
• Be patient – businesspeople are not always available when you engage them – and allocate more time for recruitment than you might for a consumer study
• Be open to revealing the research sponsor if necessary
• Make a case for why they should participate. A variety of ‘hard’ and ‘soft’ incentives can be used to explain to the decision-maker, or their gatekeeper, why the research may be of interest. For more information on the optimal approach for incentivization, click here

How do you screen business decision-makers to ensure they are relevant?

In both qualitative and quantitative research, a critical step is to ‘screen’ potential respondents to ensure they are the right person.

In quantitative research, this is conducted as part of the main questionnaire. In qualitative research, it is done separately, i.e., the individual is ‘screened,’ and then an interview is scheduled for a later date.

This screening questionnaire typically has two types of questions:

• Screening questions, which check that the individual meets specific eligibility criteria. For example, they are based in a country or sector that is in scope
• Profiling questions , which check that you are achieving a ‘mix’ of individuals. For example, you may be running a project that targets large businesses. Any industry vertical may be in scope, but you still need to ask a question about each company’s primary activity to make sure that you’re not just interviewing individuals who all work in the same sector

Here are a few things to consider when designing a screening questionnaire to ensure it is optimal:

• Avoid broad definitions
• Focus on job responsibilities, not job titles
• Check that they can speak knowledgeably and be articulate
• Keep it short. As a general rule, we suggest a maximum of 10 screening questions

How do you conduct B2B research projects to ensure they lead to action?

We have three guiding principles to ensure that insight always leads to action:

• Involve internal stakeholders – engage those who will approve or execute business decisions coming out of the research
• Go beyond the interviews/survey – use publicly available information, as well as information that is proprietary to the client, to give a more rounded view of the issue
• Tell a story – use story-telling and visualization techniques to make presentations memorable and easier to digest

Chris Wells

Chris Wells is a B2B marketing researcher and strategist. He was previously on the management team at B2B research specialist Circle Research, winners of the Best Research Agency at the 2016 MRS Awards. Chris has helped to deliver hundreds of research and strategy projects for B2B organizations.

Got a B2B market research project you’d like to discuss?

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We explore key evaluation criteria for finding a research partner capable of delivering outstanding answers to your business questions.

October 6, 2023

B2B buyer journey mapping explores how customers and prospects make purchases – plus how your brand can perform better at each stage in the process.

Mastering B2B Market Research: A Step-by-Step Guide

Market research is pivotal to any business’s success in the digital world. You need it to understand your customers’ needs and preferences, identify threats from competitors, track market trends, reduce churn risk…the list goes on and on.

However, your business type will dictate how you conduct market research and which metrics are most important to meeting your goals. For example, if you’re a B2C company, you’ll aim to understand individual consumer behavior and preferences. But if you sell primarily to other businesses, you must conduct B2B market research. The nuances between the two are subtle but important.

Keep reading as we walk you through the basics of B2B market research, including different methods and tools, so you can make informed decisions and stay competitive in an ever-evolving digital environment.

What is B2B market research?

The core of market research is all about collecting and analyzing data about a target market or defined segment . It’s an intricate process that gives you the insights you need to make the best decisions for your business, including product launches, market expansions, marketing campaigns, budget allocation, and more.

But who you are researching depends on your target audience . Business-to-business (B2B) market research focuses on understanding businesses’ needs, preferences, and behaviors rather than individual customers. You define your consumer as the business itself.

Unlike B2C market research, which focuses on the interactions between a business and individual people, with B2B market analysis, you’re studying how different businesses work together, what they can offer each other, and how to create a mutually beneficial relationship. While most of the time, B2B market research methods will focus on how you can sell to another business; you may also use it to find new opportunities for partnerships and collaborations.

The importance of market research to B2B companies

Like traditional online market research , B2B analysis is crucial as it helps you understand where you stand vis-a-vis competitors. With it, you can identify your market position and better understand where new opportunities lie. It will also help you find new customers and better engage with existing ones so you see a greater return on your investments.

B2B user research will help you make well-informed, data-driven decisions , especially if you follow a systematic approach using a market research tool like Similarweb.

Here are some of the main benefits of B2B market research:

Define your target audience –   In this case, your target audience is other businesses rather than individual customers. Like traditional audience analysis , you must define their pain points, preferences, and online behavior. Understanding their challenges is crucial for developing products and offering services that meet their needs.

Build loyal customer relationships – Customer satisfaction is important for any business, but for B2B businesses, it’s essential for retaining customers. You’ll be able to build strong relationships by continuously meeting their needs.

Pinpoint promising market opportunities – Which geos are you looking to go after primarily? Are there new areas that could increase your market share , or should you focus on a more niche audience with less competition? Determining where your book of business is largest will affect how you run campaigns and where you invest the most effort. B2B user research will also help you understand if there are any regulatory or cultural differences in the regions you’re hoping to expand to.

Conduct competitive analysis – Any good strategy starts with competitive analysis . Find out what your competitors are offering their customers and how your offering compares.

Optimize your pricing strategy – B2B research can help you understand how much your customers expect to pay for your service, given market conditions and competitor pricing. Make sure that the price you offer is comparable to the service you are providing.

Mitigate any risk – When launching a new product, entering a new market , or attempting to reach a new audience, you need reliable data and insights-driven research to mitigate risks.

Uncover industry trends – Detect, monitor, and analyze any trends in your industry that could affect what customers are looking for. This includes emerging players, new technologies, the state of the economy, and more.

And then innovate – Once you have a better idea of the trends shaping consumer behavior, you can improve your existing products or create new services to keep up with ever-changing demand.

Different types of B2B market research methods

There are a variety of methods you can use to conduct your research. We suggest using a mix so you’re not limited to only one strategy, as each will help you answer different questions.

Let’s take a look at the four main types of B2B market research :

Primary market research

Primary market research is the first-hand collection of data. This data can be obtained through a variety of B2B market research tools, but your main focus is looking directly at your customers’:

Web Metrics – Use website traffic analytics to understand how you perform online compared to your competitors. You should check if specific market segments outperform others and try to find out if it’s because of a specific offering or UX. Don’t forget to measure engagement metrics , such as bounce rate , pages per visit, and session duration , to understand how your audience interacts with your website.

Web metrics analysis using the Similarweb platform.

Observation – Install software that records visits and creates heatmaps of your website so you can understand your user’s journey through your site. This type of research can work in parallel with website analytics, qualifying any findings that you make about user experience on certain pages.

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Customer surveys – Surveys are an extremely effective form of B2B user research to help you learn more about your current customers. Distribute questionnaires and polls to your database via email, site chatbot, or social media. Ask questions that can give you qualitative data ( what type of business are they? ) and quantitative data ( how many employees do they currently have working for them? ). You should include both open-ended and multiple choice questions so you can get some personal feedback from your customer ( what’s a new product or feature you’d like to see us offer? ), as well as answers to important pre-determined questions ( how many people in your team currently use our product? ).

Focus groups – If you want to get even more personal, then focus groups are a great way to get a small group together to discuss your business. You can choose either customers or prospects depending on the questions you’d like to ask and the conclusions you want to make.

Secondary market research

Secondary market research uses data that has already been published. Unlike primary market research, which is for your eyes only, secondary market research is available to anyone. While it’s not exclusively yours, this data type is preferred for anyone hoping to keep costs low or have quick access to the information they need.

Government reports and census data – Government organizations frequently publish reports that are great high-level overviews, including the state of the economy and the conditions of financial markets. Most of these reports are published annually or quarterly, so check often for the most updated version to get the freshest data.

Competitor websites – Imitation is the highest form of flattery! A great source of secondary market research is to look at what your competitors are doing. Check out how they highlight competing features, cover blog topics, and target SEO keywords. You could also conduct a SWOT analysis to pinpoint your strengths, weaknesses, opportunities, and threats.

Competitor marketing channel mix using the Similarweb platform

Media outlets – Check the news and other media publications to see if any major events are affecting your industry. It’s a great way to keep up with current events impacting your customers.

Qualitative market research

Qualitative market research is one of the best ways to understand customers’ feelings about a brand, product, or service. It measures what comes to their mind whenever they hear your company’s name. It takes more time to analyze the results than other market research types, as it’s more about emotions- and opinions-based.

By understanding the sentiments of your customers, you will be able to shape and develop products, services, and digital strategies that are most important to them.

Here are a few methods for B2B qualitative research:

• Focus groups
• Case study or whitepaper
• Online forums
• Ethnography

Quantitative market research

Last on our list is quantitative market research , which focuses solely on collecting, analyzing, and comparing data. This is where you’re crunching the numbers. This data can forecast trends, size a new market , validate a market entry plan, or establish customer patterns.

Since the data you collect will be reliable, you can replicate and automate processes with a similar methodology. Often, there are fewer variables in data collection compared to qualitative research. There are three core methods of data collection that you’ll use to conduct quantitative research:

ABM campaigns

ABM stands for Account-Based Marketing. Although ABM campaigns can be considered more of a marketing tactic than traditional B2B research, it’s important to understand the high-value accounts that can drive the most impact for your business.

For example, let’s say you’re Hubspot , a software company that sells a content management platform for ecommerce businesses. With your platform, these companies can list inventory, track sales, follow up on deliveries, and even collect payments in one place. After conducting market research, you discover an up-and-coming ecommerce player that fits your target audience. This company has the chance to bring with it a substantial pipeline.

Finding up-and-coming ecommerce players for ABM using the Similarweb platform.

Rather than casting a wide net and launching a new marketing campaign in the hopes that someone at this company will click on your LinkedIn Ad or open an email, you run an ABM campaign.

Because ABM campaigns are more personalized, your marketing efforts will complement that company’s pain points, products, and even staff. For ABM campaigns to be effective, you want to make sure that you focus on strategic high-value accounts, use tailored messaging to build stronger relationships, and align your efforts with sales to nurture the relationship further.

How to conduct B2B market research using Similarweb

Now that you know the ins and outs, it’s time to learn how to do B2B market research.

You may not know where to begin or which metrics are the most important, but having a market research tool like Similarweb is invaluable.

The tools you’ll find inside help you make sense of all that data so you can solve the most complex business challenges with data-driven decisions. Although the uses are endless, here are four ways you can use Similarweb to conduct B2B market research:

1. Company research

Use the company research tool to understand how your customers are performing online while also pinpointing new potential prospects based on their digital footprint.

With Similarweb, you can uncover the digital strategies and tactics of any company by device, country, and marketing channel, compare full-funnel traffic , engagement, and conversion metrics.

This is an important step of B2B market research for two reasons. First, you can show your customers how your product or service directly impacts their growth online by monitoring changes in metrics from before and after they started working with you. Suppose you’re trying to find new prospects. In that case, you can use Similarweb Digital Research Intelligence to analyze the industry you’re targeting and discover the top-performing companies that would be lucrative business partners. Once you’ve identified these companies, you can also use Similarweb Sales Intelligence to validate and find the best leads.

2. Competitive benchmarking

While most of your B2B market research will look at your customers, you always want to watch the competition. That’s where business benchmarking comes in. Our Benchmarking tool compares and measures your business’s digital performance against competitors or the industry average. It’s a great way to determine industry best practices and identify opportunities for improvement.

You can use this data to pinpoint underperforming marketing or sales strategies , optimize your content , and even find areas for new market growth.

Here are some KPI ideas we recommend when benchmarking your business as part of your B2B research strategy:

• Increase web traffic by __%
• Launch x new products into a new target market within the next ½ year.
• Increase monthly active users on a mobile app by 5%
• Engage users – improve session duration or growth rate by __%
• Increase app store ranking by 5% on Android and/or iOS
• Reach top 2 results on ranking on (define keywords)
• Improve share of voice in ___ topic from __% to __%.
• Increase brand awareness – improve branded traffic share by __%

Benchmarking Traffic and Engagement metrics with Similarweb

3. Audience analysis

Knowing who you sell to is pivotal to your B2B market research strategy. That’s where audience analysis comes in. Understanding your target demographics allows you to build customized product offerings and personal marketing strategies.

Here’s an example of using Similarweb to conduct audience analysis. Unpack demographics for any site or industry you choose, including data on gender, age, location, interests, browsing habits, and more.

Using Similarweb to understand your audience’s demographics

4. Marketing channel performance

With insight into how different marketing channels are performing , you can find out the most effective ways to reach potential customers and ensure that you’re allocating the right budget for paid advertising.

Similarweb Marketing Intelligence makes this type of research easy. Look below at a snapshot from within our Marketing Channels tab, providing an overview of performance across direct , organic search, social media, email, paid search, and display ads. Check which convert the most and where the highest channel traffic comes from. For the ecommerce industry in the US, direct and organic search drive the most traffic to the top websites , whereas referrals and paid search are the most effective paid marketing channels.

Take the first step in acing B2B market research

B2B market analysis is key to staying ahead in the digital landscape. It will guide you through customer needs, competitor landscapes, and market trends.

Empower your business with comprehensive market insights and stay ahead of the curve with Similarweb Digital Research Intelligence. Whether you’re just starting or consider yourself a seasoned market research pro, we have all the necessary tools.

Take the next step in refining your B2B market strategy – sign up for Similarweb today.

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Start using digital intelligence to grow your business online.

B2B market research is the process of studying a business’s needs, preferences, and behaviors as a whole rather than individual customers. You define your target customer as the business itself.

Why is B2B market research important?

B2B market research is important as it helps you understand where you stand vis-a-vis competitors. With it you can identify threats, get a better picture of new opportunities, and find out how to connect more with your customers. It will also help you find new prospects to increase ROI.

What are the four main types of B2B market research? 

The four main types of B2B market research include primary, secondary, qualitative, and quantitative.

How can you use Similarweb to support your B2B market research? 

You can use Similarweb Digital Research Intelligence in various ways to support your B2B market research, including company research, competitive benchmarking, audience analysis, marketing channel performance, and more.

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Home • Knowledge hub • From Insights to Action: The Power of B2B Market Research in Decision Making.

From Insights to Action: The Power of B2B Market Research in Decision Making.

Making the right decisions in business is critical. For companies in the B2B sector, these choices can shape their future success or failure. So, how can businesses ensure they’re making the best decisions? The answer is clear: B2B market research.

Market research isn’t just about collecting data . It’s about understanding the market, knowing your competitors, and determining what your customers really want. It’s a tool that provides clarity in a complex business environment.

Every decision a company makes – from launching a new product to entering a new market – should be backed by solid research. It’s like having a roadmap in unfamiliar territory. As we dive into the importance of B2B market research, remember this: in a world full of information, understanding that information is what sets successful companies apart.

The Evolving Landscape of B2B Markets

The B2B market isn’t what it used to be. Like everything in the business world, it’s changing and evolving rapidly. A few years ago, businesses had the luxury of time. They could test the waters, make a decision, and then adapt based on the results. But those days are long gone.

Now, the market moves at lightning speed. New competitors are entering the scene almost daily, and they’re not just local businesses. Thanks to technology, even a tiny startup from halfway around the world can be a threat. This surge in competition means that companies can’t afford to rest on their laurels. They must be proactive, always on their toes, ready to adapt and innovate.

So, how do businesses keep up? The answer is data-driven strategies. In the past, many decisions were based on gut feelings or past experiences. While experience is valuable, it’s not enough in today’s dynamic market. Companies need hard facts, clear insights, and actionable data. This is where B2B market research comes into play. By understanding the market’s shifts and trends, businesses can make informed decisions that give them an edge over their competitors.

In short, the B2B market is more competitive and challenging than ever before. But with the right tools, like comprehensive market research, businesses can navigate these challenges and thrive.

What is B2B Market Research?

B2B market research is a systematic process that businesses use to gather, analyze, and interpret data about their target market, competitors, and the industry as a whole. While the core essence of market research remains consistent across different sectors, there are key differences when comparing B2B (Business-to-Business) and B2C (Business-to-Consumer) research.

As shown in the table above, B2B market research primarily focuses on businesses that are selling to other businesses. This means the considerations, challenges, and strategies will differ from those of B2C market research.

For instance, B2B market research often deals with longer sales cycles. Decisions in the B2B realm aren’t made on a whim; they often involve multiple stakeholders and can span weeks or even months. This contrasts with B2C, where individual consumers might make a purchase decision in minutes based on an emotional connection or a compelling advertisement.

Relationship-building is also more emphasized in B2B. Businesses are not just looking for a one-time sale; they’re aiming for long-term partnerships, which means understanding and catering to the specific needs and pain points of other businesses.

Another significant difference lies in the audience. B2B market research targets a smaller, more specific audience, often characterized by particular industry niches or specialized roles within companies. This is in stark contrast to B2C, where the audience is broader, encompassing a wide range of consumers with diverse preferences and behaviors.

Lastly, B2B market research requires a deeper understanding of industry jargon, complexities, and nuances. It’s not just about knowing what businesses want but understanding the intricacies of their operations, challenges, and industry trends.

While B2B and B2C market research aims to provide valuable business insights, the method, focus, and outcomes can vary considerably. Recognizing these differences is crucial for any company looking to gain a competitive edge in their respective markets.

Types of B2B Market Research

In B2B market research, different methodologies cater to distinct objectives and needs. Broadly, these methods can be categorized into three primary types: Quantitative Research, Qualitative Research, and Secondary Research. Let’s dive deeper into each category to understand their nuances and applications.

1. Quantitative Research

At its core, quantitative research seeks to quantify data and typically applies statistical analysis. This type of research is instrumental when businesses want to measure and analyze trends, patterns, or relationships within a market.

• Surveys: One of the most common tools in the quantitative research arsenal, surveys can be distributed widely to gather responses from a large sample size. These responses, often in the form of standardized closed-ended questions, provide a numerical representation of market opinions or behaviors.
• Structured Interviews: Unlike casual conversations, structured interviews involve a pre-defined set of questions asked in a specific order. They combine the rigor of surveys with the personal touch of interviews, ensuring consistent data collection across participants.

2. Qualitative Research

Qualitative research, on the other hand, delves into the ‘why’ and ‘how’ behind data. It’s more exploratory in nature and aims to provide insights into market motivations, reasons, and underlying opinions.

• In-depth Interviews: In-depth Interviews (IDI) are one-on-one conversations between a researcher and a respondent. The goal is to explore detailed perspectives, experiences, and motivations. Such interviews are flexible and can be adapted based on the respondent’s answers.
• Focus Groups: Focus groups bring together a small group of participants to discuss a specific topic or set of topics. Guided by a moderator, these discussions can reveal shared experiences, common pain points, and collective insights that might not emerge in individual interviews.

3. Secondary Research

While quantitative and qualitative research involve primary data collection, secondary research leverages existing data. It involves analyzing information that has already been gathered, either internally by the company or externally by other organizations.

• Industry Reports: These are comprehensive documents that provide insights into a specific industry’s current state, trends, challenges, and opportunities. They’re invaluable for businesses looking to understand their market landscape.
• Publications: Articles, journals, whitepapers, and other published materials can offer a wealth of knowledge. They can provide historical context, expert opinions, and detailed analyses that can be instrumental in shaping a company’s strategies.

B2B market research isn’t a one-size-fits-all endeavor. Depending on the objectives, businesses can employ a mix of these research types to gain a holistic view of their market, make informed decisions, and chart a path to success.

From Insights to Action: The Process

The journey from raw data to actionable insights is a structured and meticulous process. At its heart, it’s about translating information into meaningful strategies that drive business growth. Let’s walk through the critical stages of this transformative journey.

1. Data Collection

Before making any informed decisions, businesses need a wealth of relevant data at their disposal. The key is to gather comprehensive and accurate data that truly reflects the market landscape.

• Identify Objectives: Begin by pinpointing what you aim to achieve. Whether it’s understanding customer behavior, gauging market demand, or assessing competitor strengths, having clear objectives will guide the data collection process.
• Choose the Right Tools: Depending on the research type (quantitative, qualitative, or secondary), employ appropriate tools. This could range from surveys and interviews to analyzing industry reports.
• Diverse Sources: Don’t rely on a single source. Collate data from multiple channels to ensure a well-rounded perspective. This could include customer feedback, online reviews, sales data, and more.

2. Data Analysis

Once you have a robust dataset, the next step is to sift through this information to derive meaningful insights.

• Data Cleaning: Start by filtering out any irrelevant or erroneous data points. This ensures that the analysis is based on accurate and pertinent information.
• Pattern Recognition: Use statistical tools and software to identify trends, correlations, and patterns within the data. For instance, is there a specific feature that most B2B customers value? Or a common pain point they face?
• Deep Dives: Don’t just skim the surface. Dive deep into the data to uncover underlying reasons, motivations, and triggers. This will provide a richer context and more nuanced insights.

3. Strategy Formation

With insights in hand, it’s time to translate them into actionable strategies.

• Align with Business Goals: Ensure that the derived strategies align with the company’s broader objectives. Whether expanding into a new market segment, refining product features, or optimizing pricing, the strategy should serve the larger business goals.
• Stakeholder Collaboration: Involve various departments and stakeholders in the strategy formation. A collaborative approach ensures the strategies are practical, feasible, and holistic.
• Continuous Iteration: The market landscape is dynamic. As such, strategies should be flexible and adaptable. Regularly revisit and refine them based on new data and changing market conditions.

In essence, the journey from insights to action is a systematic one, rooted in rigorous data collection, thoughtful analysis, and strategic planning. By adhering to this process, businesses can not only understand their market better but also carve out a distinct competitive edge.

How StellarTech Navigated Market Challenges with B2B Market Research

In the competitive world of enterprise software solutions, StellarTech, a fictional company, found itself at a crossroads. Despite having a robust product suite and a loyal client base, they witnessed stagnating sales and increased competition from emerging players. The company knew they had to pivot, but the direction was unclear.

The Challenge:

StellarTech’s primary product, an enterprise resource planning (ERP) software, was once a market leader. However, with the advent of cloud computing and niche software solutions, their offering seemed outdated. The company needed to decide whether to invest in a complete product overhaul, diversify its software suite, or explore untapped markets.

The B2B Market Research Approach:

StellarTech embarked on a comprehensive market research journey. They initiated a mix of quantitative and qualitative research methodologies:

• Surveys and Structured Interviews: Targeting their current client base, they aimed to understand the strengths and weaknesses of their existing product and what additional features or improvements were desired.
• Focus Groups: Bringing together IT heads from various industries, StellarTech sought to grasp the evolving needs of businesses and where their software could fit in.
• Industry Reports and Publications: A deep dive into secondary research provided insights into market trends, emerging technologies, and competitor offerings.

The Insights:

The research revealed a clear demand for cloud integration capabilities and industry-specific software solutions. Moreover, there was a significant market in small to mid-sized businesses that found current ERP solutions either too complex or too expensive.

The Strategy:

Armed with these insights, StellarTech decided on a three-pronged approach:

• Product Enhancement: They initiated the development of a cloud-integrated version of their ERP software, ensuring flexibility and scalability.
• Diversification: Recognizing the demand for industry-specific solutions, they began developing modules tailored for sectors like healthcare, manufacturing, and retail.
• Market Expansion: StellarTech launched a scaled-down, cost-effective version of its software targeting small to mid-sized businesses, filling a significant market gap.

The Outcome:

Within a year of implementing these strategies, StellarTech saw increased sales and successfully expanded its client base. Their tailored solutions became a hit in industries where they previously had a minimal presence.

This fictional tale of StellarTech underscores the transformative power of B2B market research. When approached methodically and acted upon strategically, market insights can pave the way for business rejuvenation and growth.

Navigating the Hurdles

B2B market research is a powerful tool, but like any tool, it has challenges. Understanding these challenges and proactively addressing them is crucial for any business aiming to harness the full potential of its research efforts.

1. Biased Data:

Challenge: One of the most common pitfalls in market research is data bias. This can stem from various sources – from leading questions in surveys to a non-representative sample group.

Solution: Ensure questionnaires are neutral and free from leading or loaded questions. It’s also essential to diversify the sample base, including various industries, company sizes, and demographics. Regularly review and update research methodologies to minimize bias.

2. Changing Market Dynamics:

Challenge: The business landscape is ever-evolving. What’s relevant today might be obsolete tomorrow. Relying on outdated data can lead to misguided strategies.

Solution: Adopt a continuous research approach. Instead of one-off research projects, regularly update your data, keeping an eye on industry trends, technological advancements, and shifting customer preferences. Utilize real-time data analytics tools to stay updated.

3. Over-reliance on Quantitative Data:

Challenge: While numbers and statistics provide a clear overview, they often miss the nuances and qualitative aspects of the market.

Solution: Balance quantitative research with qualitative methods. In-depth interviews, focus groups, and open-ended surveys can provide context, depth, and a more holistic understanding of the market.

4. Information Overload:

Challenge: In the age of big data, businesses often find themselves drowning in a sea of information, struggling to determine what’s relevant.

Solution: Prioritize data based on business objectives. Use data visualization tools and dashboards to sift through vast amounts of data, highlighting critical insights. Regularly review and declutter datasets, ensuring only pertinent information is retained.

5. Limited Internal Expertise:

Challenge: Not every company has in-house market research experts, which can lead to poorly designed research methodologies or misinterpretation of data.

Solution: Consider partnering with specialized market research agencies. They bring expertise, experience, and advanced tools to the table, ensuring research is comprehensive and insights are accurately derived.

6. Cultural and Regional Differences:

Challenge: For businesses operating globally, understanding cultural nuances and regional preferences is vital. Standard research methodologies might not be applicable across all regions.

Solution: Localize research efforts. Collaborate with local experts or agencies who understand the cultural and regional dynamics. Ensure research tools, like surveys, are translated and culturally adapted.

While B2B market research presents its set of challenges, they’re not insurmountable. By recognizing these potential obstacles and implementing best practices, businesses can ensure their research efforts are robust, relevant, and actionable.

The Horizon Ahead: The Future of B2B Market Research

The realm of B2B market research, like many industries, is poised for significant evolution in the coming years. Driven by technological advancements, changing business landscapes, and an ever-increasing demand for data-driven insights, the future holds exciting prospects. Let’s delve into some predictions and trends shaping the next chapter of B2B market research.

1. Integration of Artificial Intelligence (AI):

Forecast: AI will become a mainstay in market research processes. From data collection to analysis, AI-powered tools will offer deeper insights, faster results, and enhanced accuracy.

According to a report by the MIT Sloan Management Review, over 85% of companies believe AI will offer a competitive advantage in the future, with a significant portion of this advantage stemming from insights and analytics.

2. Real-time Data Analysis:

Forecast: The demand for real-time insights will grow exponentially. Businesses will no longer be content with periodic research reports but will seek continuous, up-to-the-minute data to make agile decisions.

A study by PwC revealed that 67% of business leaders believe real-time data analysis will be crucial to their operations within the next few years.

3. Predictive and Prescriptive Analytics:

Forecast: Beyond understanding current market dynamics, businesses will lean heavily on predictive analytics to forecast future trends. Furthermore, prescriptive analytics will guide businesses on the best course of action based on these predictions.

4. Increased Focus on Data Privacy:

Forecast: With regulations like GDPR and CCPA in place, the emphasis on data privacy will intensify. Market research methodologies will need to be adapted to ensure compliance while still gleaning valuable insights.

According to Cisco’s Annual Cybersecurity Report, 84% of businesses feel that data privacy is a competitive differentiator in today’s market.

5. Virtual Reality (VR) and Augmented Reality (AR) in Research:

Forecast: VR and AR will offer immersive research experiences. For instance, virtual focus groups or product testing in augmented reality environments will provide richer, more nuanced feedback.

6. Growth of DIY Research Tools:

Forecast: While specialized research agencies will always have their place, the proliferation of DIY research tools will empower businesses to conduct preliminary research in-house, leading to more informed and collaborative engagements with research agencies.

7. Natural Language Processing (NLP) in Sentiment Analysis:

Forecast: NLP will revolutionize qualitative research, especially in sentiment analysis. Analyzing customer feedback, reviews, and open-ended survey responses will become more precise, capturing the subtleties of human emotion and intent.

The future of B2B market research is not just about more data but better, more actionable insights. As technology continues to shape this domain, businesses equipped with the right tools and methodologies will find themselves at the forefront, making informed decisions that drive growth and innovation.

In the Vanguard of Business Success: The Imperative of Market Research

In an era where information is abundant, but actionable insight is rare, the distinction between enterprises that thrive and those that merely survive lies in their approach to market research. Businesses, especially in the B2B domain, are not navigating calm waters but are braving a storm of rapid change, fierce competition, and shifting customer expectations.

Market research, in this context, is not just a tool—it’s a compass. It provides direction amid ambiguity and offers clarity in the face of complexity. B2B enterprises that relegate market research to the sidelines do so at their peril. For it’s not merely about understanding the market; it’s about shaping it, leading it, and setting the gold standard for others to follow.

To dismiss or undervalue market research is to disregard the very lifeblood of strategic decision-making. Ultimately, the enterprises that will stand tall recognize the profound power of informed insight and, more importantly, act on it. In the unfolding chapters of the business story, let market research be the ink with which success stories are written.

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How to Do B2B Market Research: Your Ultimate Guide to Success

Market research is like the backstage crew in a theater production for B2B marketing—easy to overlook but critical for the show to go on. It’s all about systematically gathering, analyzing and making sense of data related to your specific B2B market, customer behavior and the competition. But remember, it’s not just about collecting numbers and facts; the real gold is in the actionable insights that this research offers.

This guide is your backstage pass to the world of market research, revealing how it’s a game-changer for your B2B marketing strategies.

The role market research plays in your B2B marketing strategy

Understanding and predicting buyer behavior, preferences and touchpoints.

Just like a stage director needs to know their actors to create a compelling performance, you need to understand your potential clients or partners. Market research is your script, offering data-driven insights into behavioral patterns, preferences and key touchpoints. Want to know if a decision-maker prefers whitepapers over webinars? Market research has you covered . With this intel, your marketing team can custom-tailor their strategies to resonate with every part of the buyer’s journey.

Identifying market gaps and opportunities

In a market that feels as predictable as a repeated Broadway show, you’re looking for that surprise twist—an underserved niche or an untapped opportunity. Comprehensive market research is like a special lens that can spotlight these hidden corners. Whether it’s a geographical region your competitors are overlooking or a service gap they’re not filling, market research helps you find those openings.

The risks of proceeding without market insights

Skipping market research is like going onstage without a rehearsal—risky and likely to flop. Harvard Business Review says about 75% of new products or services miss their revenue or profitability marks, often due to poor or nonexistent market research. Without that backstage crew—that critical market research—you could end up offering products or launching campaigns that completely miss the mark. That would be like performing for an empty theater. Consider market research as your safety net, preventing those costly stumbles.

The tangible value of B2B market research

Market research isn’t just data gathering; it’s the foundation for all your strategic moves, much like the stage directions in a script. Here are the standout benefits:

Informed decision-making: A data-driven approach Data is to a business what lines are to an actor: absolutely crucial. When you’re planning a new product launch or contemplating entering new markets, market research is the solid ground you stand on. It offers data-driven cues that guide decision-making in everything from product development to sales strategies, ensuring you don’t just wing it and hope for the best.

Risk reduction: Mitigating uncertainties The business world has its share of unknowns and plot twists. Acting as your backstage crew, market research is always prepared for contingencies. By examining customer behaviors, needs and preferences, you’re not just launching new products or campaigns—you’re setting the stage for success. And because the business landscape is ever-changing, ongoing research helps you adapt your strategies, offering a flexibility that’s essential in today’s market.

Opportunity identification: Beyond market gaps Think of market research as a spotlight operator. It reveals holes in the market and shines on emerging trends and opportunities. Being the first to act on these insights is like snagging the best role before anyone else auditions. This kind of proactive approach doesn’t just give you a competitive edge; it can also open up entirely new avenues for revenue, making your business more resilient against market downturns.

For example, your market research might reveal that while there are plenty of software solutions for large enterprises in your industry, small and medium-sized businesses are mostly overlooked. Acting on this insight, you quickly develop a scaled-down, more affordable version of your existing product to cater to this underserved market segment. It’s akin to landing a plum role that no one else has even thought to audition for. By doing so, gain a competitive edge while creating a new revenue stream that could help buffer your business against market fluctuations.

Gaining a competitive edge: Knowing your competitors

On the B2B stage, it pays to know what the other players are up to. Market research lets you peek behind the curtain at your competitors’ strategies, customer satisfaction levels and market share. This intel helps you measure your own performance, devise counter-strategies and even predict your competitor’s next moves . In the fiercely competitive theater of B2B, that kind of knowledge isn’t just advantageous—it’s pivotal.

Understanding the complexities of B2B market research

In the world of B2B market research, there’s no one-size-fits-all. Different needs call for different methods, but there are key principles that remain consistent.

1.    Gathering data up close: The role of primary research

In the world of B2B market research, primary research serves as your direct line to the audience. It’s how you collect raw, firsthand data from original sources like surveys, interviews and observations to fully understand your market’s unique traits. This data is vital for specific tasks such as:

• Identifying your market and segmenting it
• Developing buyer personas
• Gathering product feedback and making improvements

Behind-the-scenes techniques for primary research: Depending on your needs and budget, your approach to primary research can vary. It could range from phone interviews and online surveys to more interactive sessions like focus groups. The method you choose often depends on the depth of understanding you seek, your budget and the audience you’re studying.

2.    Standing on the shoulders of giants: Leveraging secondary research

While primary research gives you a tailored understanding, secondary research provides a broader view. It allows you to see the larger picture by analyzing existing data from industry reports, competitor financials and academic papers. This type of research is particularly useful for:

• Analyzing trends in your industry
• Benchmarking against competitors
• Estimating market share

The information you gather acts like a backdrop, setting the stage for a well-informed business strategy.

3.    Choosing your path: Exploratory vs. conclusive research

There are two paths into market research.

Exploratory research is your initial foray into the market landscape. It’s where you ask open-ended questions and make keen observations to understand customer behavior, motivations and challenges. Think of it as your first script read-through in a theater production—informal yet insightful.

Conclusive research is the next step. Armed with insights from your exploratory phase, you’re ready to test specific hypotheses. Here, you’ll use more structured methods like surveys and analytical tools to confirm or adjust your initial insights. It’s akin to the dress rehearsal before the big show, where everything gets fine-tuned.

So, one feeds into the other. Exploratory research gives you the lay of the land, and conclusive research pinpoints your destination. Both are crucial for a well-rounded B2B marketing strategy.

4.    Data gathering techniques: Quantitative vs. qualitative research

It’s crucial to know when to crunch numbers and when to dig deep for nuanced insights. Think of quantitative research as your scripted lines—clear, precise and designed to be measured against specific performance metrics. Qualitative research, on the other hand, is akin to improv; it gives you the room to explore emotions, motivations and context.

Both approaches have their strengths and can often complement each other. Knowing how to blend these techniques is like knowing when to stick to the script and when to ad-lib, making your B2B marketing performance all the more compelling.

Quantitative research: Measurable and scalable

When you need hard numbers and verifiable data, quantitative research is your go-to. It’s all about measurability and scalability. Multiple-choice surveys, A/B testing—you name it—this method yields data that you can put through statistical analysis. It’s great for confirming your hunches and making forecasts. By minimizing bias, it delivers results that you can confidently extend to larger populations.

For example:

• Analyzing the number of clicks on two different call-to-action buttons to see which performs better
• Using numeric feedback from customer surveys to quantify satisfaction levels.

Qualitative research: Deep and contextual

When numbers and stats can’t tell the whole story, qualitative research steps in. It’s the realm of focus groups, in-depth interviews and open-ended surveys. This method allows you to get under the skin of your customers or stakeholders to understand their deeper needs, wants and concerns. It’s like a rehearsal where the script is not yet final, and actors have the freedom to improvise.

• Hosting a roundtable discussion with longtime clients to identify the elements that keep them loyal.
• One-on-one conversations with key players in a partner firm can shed light on the softer, relational dynamics that could be affecting a partnership.

5.    Audits and assessments: Your rehearsal feedback

Before you step onto the stage in front of a live audience, you’ll want a rehearsal—or in this case, internal audits and assessments—to ensure everything runs smoothly. These evaluations serve as your dry run, revealing the strengths and weaknesses in your current strategies and systems.

• SEO and content audits: Search engine optimization (SEO) and content audits are akin to script reviews and stage lighting checks. They assess how well your business narrative is reaching your intended audience. Are your keywords effective ? Is your content engaging and relevant ? Just as a stage manager ensures all actors are well-lit and can be seen by the audience, these audits make sure your business is visible and compelling to your target market.
• Conversion rate optimization assessments: Your conversion rate optimization (CRO) assessment is your dress rehearsal. It checks if your call-to-actions are grabbing attention and encouraging further interaction. It’s like assessing whether the most dramatic moments in a play effectively captivate the audience, leading to a standing ovation—or in business terms, a successful conversion.
• Technology performance audits: These audits scrutinize your underlying tech stack and systems , much like how a technical crew would review the sound and lighting equipment before a performance. Are there any glitches that could disrupt the user experience? Is everything calibrated for optimum performance?

Overall, the analytical stage brings your collected data into focus, allowing you to make informed decisions. Just as notes from a dress rehearsal inform last-minute adjustments before opening night, these audits and assessments pave the way for strategic refinements, ensuring that your B2B marketing performance is not just good, but truly exceptional.

6.    Data analysis: Interpreting the nuances

The collection of data is akin to having a script in hand; its real value emerges only when you understand the nuances, read between the lines and execute it well. You’re not just reading words or looking at numbers; you’re interpreting meaning and context. Whether you’re using straightforward statistical tools or more advanced machine learning algorithms, the aim is to give your raw data a coherent shape and derive actionable insights.

Descriptive analysis: Setting the stage

Much like a stage manager ensuring everyone is in their right places, descriptive analysis helps you understand the basic elements of your data.

• Frequency distribution gives you a tally of how often specific responses or behaviors occur, helping you identify common themes.
• Cross-tabulation allows you to see the relationship between two or more variables, providing a richer, multidimensional view of your data.

Inferential analysis: Adding depth to the narrative

Think of inferential analysis as your director’s vision, where each piece of the data puzzle contributes to a larger, complex story.

• T-tests and ANOVA are like auditions—they help you evaluate whether a variable or performance significantly stands out.
• Regression analysis can identify key plot elements that influence an outcome, informing you on where to focus your attention.

Best Practices for effective B2B market research

Conducting market research is not just about collecting data; it’s about gathering the right kind of data and interpreting it accurately. Adhering to best practices can maximize the efficacy of your market research efforts.

• Set your goals: Before diving into market research, you need to know what you’re looking for. This is your script, so to speak. Establishing clear objectives shapes your methodology and helps you choose the right tools and pick the right participants for your research. Without well-defined goals, you risk going off-script, collecting data that may not meet your needs.

· Mirror the market: Just as a cast should represent the essence of the story being told, your sample should reflect the market you’re trying to understand. A poorly chosen sample can skew the results and lead to misguided strategies.

· Research, revise, repeat: The business landscape tends to change rapidly. New competitors emerge. Customer preferences shift. Staying updated with fresh data ensures your market insights and resultant strategies remain relevant. Outdated data is like an old script that no longer captivates the audience—it’s irrelevant and potentially damaging.

• Collaborate with experts: No matter the budget, any theater production involves more than just the cast – it also requires a production team. It’s the same with market research. Professional researchers can add an extra layer of credibility and depth to your findings. With skills ranging from statistical analysis to competitive benchmarking, they ensure your research is comprehensive and actionable.
• Use your insights: When the research concludes and the insights are in, it’s time to put them into action. Your business strategies—from entering a new market to launching a product—should be directly influenced by what you’ve learned. Just as a well-rehearsed show is more likely to be a hit, a well-researched marketing plan is more likely to succeed.

Additional considerations, tips and challenges in B2B market research

While the best practices guide the research process, these additional considerations, challenges and tips can make your B2B market research performance stand out.

• Balancing time and resources: Comprehensive market research is time-consuming and resource-intensive. But the investment pays off in the long term through better decision-making and strategic alignment.
• Addressing bias and data misinterpretation: Bias in market research is like a stage spotlight that’s off the mark, skewing what the audience sees. Recognize potential biases early and use techniques to mitigate their impact, such as cross-referencing findings or engaging third-party experts.
• Exercising caution with existing research: While existing studies might work in a pinch, relying solely on them is risky. Old research may be outdated or may not align with your business’s current context. Always verify information from multiple sources and, whenever possible, complement it with primary research tailored to your needs.
• Navigating data overload: Given the current abundance of data, it can be tricky to find the right insights to guide your strategy. Analytics tools can help you sift through the data and focus on the trends and patterns that matter most to your objectives.
• Leveraging a tech-savvy approach: Advanced analytics and AI tools are the special effects wizards of market research. They handle large datasets quickly and can even offer predictive insights, giving your business decision-making a considerable advantage.
• Gauging performance through ROI: When it comes to theatrical productions, ticket sales are a critical measure of success. They signify the value the audience finds in the performance. Similarly, in B2B market research, calculating the Return on Investment (ROI) is your ticket to justifying the time, effort and resources put into the research. It’s the metric that tells you whether your research has not just wowed the critics but also made financial sense. The value of market research is often measured by cost-per-lead, customer lifetime value and conversion rates.
• Continuous monitoring: B2B market research is an ongoing process. Keeping your data and insights up-to-date ensures your strategies stay attuned to the market’s ever-changing needs. This means regular updates, trend analyses and periodic reassessments.

Comprehensive, expert-led market research is your backstage pass to success

Think of expert-driven, comprehensive market research as the ultimate backstage crew for your B2B marketing show. Without this crew, even the best actors and scripts can fall flat. The real power isn’t just in the numbers, or the modern tools involved. It’s the expertise of the crew that turns these resources into actionable insights.

At Elevation Marketing, we’ve been that backstage crew for B2B businesses for over two decades. We offer data-driven, actionable marketing plans that reduce risk and provide a competitive edge. Don’t let your next act be led by guesswork. Reach out to us to see how our market research services can provide the insights you need to make confident, strategic decisions for your business.

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5 overlooked B2B market research methods for understanding your customers

Written by by Annette Chacko

Published on  December 11, 2023

Reading time  10 minutes

Buyer behaviors and how brands react to them are constantly evolving, so how do you keep up? Brands need a continuous source of trustworthy market and audience insights to stay in tune with the nuances and intricacies of an ever-changing market landscape.

Social-driven business-to-business (B2B) market research insights help you respond to market dynamics swiftly and foster stronger, more targeted cross-functional decision-making.

According to The 2023 State of Social Media Report ™, 95% of business executives feel it’s imperative to prioritize social media data for informed decision-making beyond marketing. They’re using it to anticipate industry shifts and address customer pain points head-on to build trust and solidify their company’s position amidst tough competition.

This article explores how B2B market research enables better decision-making, including overlooked methods and social data that will help you explore new depths in audience insights.

What is B2B market research?

B2B market research encompasses collecting and analyzing data about what businesses are looking for and need to improve their operations. This includes the engagements between a company providing a product or service and the businesses it aims to reach as prospective customers.

B2B research involves both qualitative and quantitative research such as ratings, surveys, customer experience (CX) analysis and social media listening. It provides decision-makers with actionable insights into key areas like industry trends, competitors and macroeconomic factors, which impact a sale, purchase or partnership between two companies.

B2B market research is different from general or business-to-customer (B2C) research because it involves a more complex decision-making process. For example, in contrast to B2C interactions, the B2B buyer journey usually involves multiple stakeholders with different roles and interests in the buying process.

B2B sales cycles are typically longer than B2C ones too. This is because B2B purchase decisions need careful deliberation on factors like contract negotiations, alignment with regulatory bodies, specific needs of the customer and tech stack considerations.

What are the benefits of B2B market research?

B2B market research gives a company in-depth insights into its business landscape and evolving customer behavior. This helps you fine-tune your sales, marketing and product strategies. You’re also able to develop more effective go-to-market (GMT) plans that meet the specific needs of your prospects and differentiate your brand from competitors.

These insights also enable you to strengthen your brand positioning, improve strategic relations with partners, and resonate with current and potential customers better. The trick to ensure your research helps all these elements is that it’s fresh, relevant and in tune with the market. And that’s by conducting continuous research.

So now that we know how B2B research can help you strengthen your market positioning, let’s look at how exactly your teams can use it to their advantage while building strategies.

1. Plan goals strategically

Set realistic business goals, prioritize resource allocations more effectively and build well-calibrated partnerships. Regularly running research helps you measure brand perception and get insights in near real-time, which enables you to refine your positioning and product offering so they’re aligned with market shifts.

2. Identify growth opportunities

Capitalize on emerging trends and innovations to identify growth opportunities such as new customer segments, product/service offerings gaps or ways to increase customers’ lifetime value.

3. Understand evolving customer needs

B2B market research will also help you track customer preferences based on their evolving needs and recurring pain points. Use this knowledge to tailor your brand messaging and improve products and services to meet client expectations more effectively.

4. Gain a competitive advantage

Regularly monitor the strengths, weaknesses, opportunities and threats (SWOT) of your competitors to make your brand more differentiated and gain a competitive edge. Monitoring their social media activity and customer interactions will help you benchmark your company’s performance against industry standards and identify areas for improvement or innovation.

5. Prepare for potential challenges

Prepare for challenges caused by market fluctuations such as geo-political factors, foreign exchange rates or environmental policies that can affect your business. Proactively address these hurdles with nuanced insights from cutting-edge machine learning (ML)-powered social listening and data analysis tools that can meticulously extract actionable insights from millions of data points across various social and online channels such as X (formerly Twitter), blogs, forums and news articles, in near real-time.

Thus, giving you the tools you need to make strategic decisions in an uncertain business climate with confidence and nurture trust among stakeholders and customers.

6. Optimize marketing and advertising strategies

Tailor and pivot marketing and advertising strategies as needed for maximum impact. Insights from continuous market research help your teams develop targeted content and engagement initiatives that resonate with your B2B audiences.

B2B market overlooked research methods

Let’s take a detailed look at some potent but underutilized B2B market research strategies that can give you a competitive edge.

1. Understand B2B customers through keyword research

Keyword research is a tactical market research methodology in the early stages of the buyer journey, where the intention is to explore brands and businesses that match a company’s needs. And B2B buyer behavior is significantly changing in this aspect. As a recent report showed, B2B buyers are exploring more avenues outside of vendors, especially third-party resources, to make a purchase decision.

Commonly used keyword research tools include search engine optimization (SEO) tools like Google Trends , Answer the Public , Ahrefs Keywords Explorer and Google Keyword Planner.

Discovering how businesses seek solutions online (for instance, mentioning pain points or searching alternatives to your competitors) can help you build a more holistic business strategy to deliver hyper-relevant information to your target audience. This will significantly improve your brand visibility and attract more marketing-qualified leads.

2. Analyze industry and brand-relevant social conversations

Analyzing social listening data for industry and brand-relevant conversations provides you with timely and relevant B2B market research insights.

It gives you an insider view into customers’ opinions, experiences and their sentiments towards your business. You get a real-time reflection of current trends and discussions and use them to identify emerging topics, new trends and evolving customer preferences.

Also use these insights to align your content marketing strategy with what your audience is discussing to enhance engagement and develop a more targeted B2B social media strategy .

This research doesn’t need to be a passive process. Engage in discussions in industry forums and thought leader groups to gauge industry trends and the competitive landscape. These discussions enable you to learn first-hand what audiences think. They’re also great for promoting a higher brand recall and adapting your strategies to influence customers and stall attrition.

3. Examine competitors on social media

Social listening can also provide you with a transparent view of how your target audience perceives your competitors. Analyzing conversations around competitors will reveal their strengths and weaknesses, and yours too, contextually.

This granular competitive intelligence is valuable for refining your go-to-market strategy and brand positioning. It’s also crucial for content planning and your larger marketing strategy because it highlights topics that resonate (or don’t) with your ideal customers.

4. Dig into ratings and reviews

Traditional B2B market research methods such as customer surveys and focus groups are time-consuming and don’t capture real-time data—unlike social insights that provide instant feedback and insights.

Analyzing customer opinions in reviews forums enables you to go beyond typical review metrics like star ratings and net promoter scores (NPS). Gather qualitative data around customer pain points (and what they love about your brand), so your team can proactively address and respond to their needs. This will build customer trust, encourage engagement and improve brand recall.

Your teams can analyze data on forums and review sites like Reddit , G2 and Capterra to glean insights from unbiased ratings on user satisfaction, features, price and other key factors. App reviews are another great source to understand how businesses use your software and collect information that may even inform the product’s direction.

5. Analyze industry influencers

Trust is a significant factor in a business relationship and most prospects trust third parties more than vendors. This makes influencers a great source of audience insights. Use social listening to identify the influencers and advocates within your industry to see who is influencing discussions in different domains and driving conversations.

Analyzing their content will give you a better understanding of your brand perception, the competition and emerging market needs. This research will also enable you to explore possibilities to collaborate with the right influencers for your brand to amplify brand reach and credibility.

How to use social media to conduct B2B market research

B2B market research involves a combination of qualitative and quantitative research methods that include surveys, interviews, customer data analysis and industry monitoring. Social-driven B2B research and analytics enable all of this at a fraction of the cost and time, so you can supercharge your marketing strategies including customer care requirements and brand management.

Here’s a look at how a powerful social media management solution will bring your data to life and enable you to leverage the methods noted above efficiently.

Monitor market trends by tracking keywords and hashtags

Use social listening for real-time B2B market research by tracking keywords and hashtags in customer conversations. This will reveal insights on competing brands and upcoming trends in your industry.

For example, Sprout’s Listening solution, with our AI-powered Query Builder, enables you to apply a keyword search on thousands of social conversations across networks to gather targeted insights on your brand and business environment.

Your teams can customize searches by including or excluding keywords most relevant to your business and analyze results to discover what’s top-of-mind among your customers. Thus, your teams have access to a significant sample size for market research without being overwhelmed.

Watch this video to see how the Query Builder helps research teams glean targeted information from social data.

Track B2B competitors across key performance indicators (KPIs)

Analyze social media data, such as customer conversations, trending topics and hashtags, to identify top competitors within your industry, including direct competitors or companies offering similar products or services.

This approach also gives you insights into what social media networks your competitors are most active on and if there is a gap that you can fill. For example, you may notice your competitors have become more active on LinkedIn vs. Facebook.

Sprout Social’s Competitive Analysis Listening tool gives a comparative analysis of key metrics across social such as audience sentiment, total engagements and share of voice. Monitor competitors’ follower growth and engagement on their social media profiles.

Also identify which types of content generate the most interaction in your target audience and how they react to it.

Analyze sentiment to improve customer experience

Conducting social media sentiment analysis enables you to see how B2B audiences feel about your brand, products and services as well as your competitors’. For example, Reddit has a reputation for being a place where people share unfiltered opinions. Mining insights from threads related to your industry can help you map gaps in brand perception that may not have been on your radar.

Similarly, your teams can dive into the comments and brand mentions across social channels to gauge customer sentiment and identify recurring themes, common feedback and issues customers may be facing. This kind of qualitative research provides valuable insights into what your customers actually think about you.

Sprout’s sentiment analysis solution powered by natural language processing (NLP) and named entity recognition (NER) helps you explore positive and negative sentiment in brand mentions and conversations about you effortlessly. Get rich insights into what your customers like about you, or what product features are most popular amongst your customers and why.

These findings will help you optimize marketing strategies, spark product improvement ideas and improve the customer experience.

Identify influencers to build your brand

Build your brand by researching influencers such as industry experts, analysts or thought leaders within your B2B niche. Actively engaging with these social influencers by participating in webinars, events and discussions will boost your company’s share of voice significantly.

This not only gives you access to fresh perspectives on relevant industry topics but also opportunities to observe unique perspectives and best practices.

Sprout’s Influencer marketing solution helps you collaborate with verified influencers that best appeal to your brand so you reach new audiences on the social platforms they use most.

Keep a close eye on the conversations and discussions initiated by your chosen influencers. Your teams can use the“People View” within Sprout to discover and organize profiles that interact with your brand to manage VIP lists and view conversation histories with these influencers.

Also analyze comments and responses from their followers to get additional insights into industry trends, challenges and customer sentiments . Influencers are an investment in your brand awareness, so assess the impact of influencer collaborations on your B2B market research efforts by tracking KPIs such as engagement, reach and the quality of insights gathered through these initiatives.

Integrate social insights with your CRM data

Integrate your social media market research with your customer data in your CRM tools to better understand your B2B customers and improve the customer journey for a smoother partnership. For example, use Sprout’s powerful Saleforce integrations to leverage your social data to tailor sales and marketing campaigns to your customers for faster decision-making.

Similarly, Sprout’s Tableau Business Intelligence (BI) Connector enables you to aggregate insights from multiple systems to get important metrics from all stages of your customer journey. Track brand mentions and competitive share of voice and map conversion rates to your sales data.

Stay focused, relevant and informed with B2B market research

Knowledge is currency. And when it’s timely and targeted, it’s the foundation of informed decision-making.

Your social data is not just information—it’s the catalyst for innovation that can help your business reach new heights. So take advantage of this treasure trove of potent market wisdom to foster continuous growth and alleviate growing pains.

Use precise, social and AI-driven intelligence to double down on customer-centricity and help your brand exceed market expectations. You’ll empower your teams to unearth timely opportunities and forge stronger partnerships across the org with meticulously crafted insights.

Download the guide to turn your B2B social data into a revenue driver and bring your vision to life.

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B2B Marketing Research: What You Need to Know

There’s a lot of interest these days in marketing research . And nowhere is research a hotter topic than in the business-to-business world, where it’s a substantial factor in many firms’ prosperity. In this post, we’re going to explore this powerful marketing tool piece by piece, breaking down B2B marketing research into a series of questions and answers. Chances are you’ve been mulling some of these questions, too.

What Is B2B Marketing Research, Anyway?

B2B marketing research is the process of uncovering insights into your marketplace by surveying a representative sample of its participants. Participants might include existing customers, former customers, prospective buyers, lost prospects (buyers who chose to buy from another company), and influencers. And in a competitive employer market, research might even include current and prospective employees, as well.

Download the Professional Services Guide to Research

Typically, the research process consists of two parts: data collection and analysis.

Let’s start with data collection. There are two broad approaches you can take to collecting your data:

• Qualitative. In this approach, researchers talk directly with people to gather their experiences and opinions about your business, product or other aspects of the marketplace. Because it involves live conversations, this type of research takes more time and effort and it can be trickier to analyze. On the plus side, qualitative research provides unmatched depth and it allows you to ask open-ended questions and pursue new lines of inquiry as opportunities arise. Phone interviews, face-to-face interviews and focus groups are the most common ways businesses conduct qualitative research.
• Quantitative. If qualitative research allows you to dive deep into a relatively small sample, quantitative research derives its power from volume. Using a standardized survey questionnaire, the researcher asks everyone the same set of questions (though branched questions, in which an answer determines what question comes next, are also an option). While open-ended questions are certainly possible in quantitative research, they are used less frequently so that it’s easier to analyze the large quantity of data. The more rigid structure of quantitative research lends itself to a different range of formats, including online, mail and telephone surveys.

Which is better, qualitative or quantitative research ? Really, there’s no right or wrong answer. Each serves a different purpose. At a very simplistic level, quantitative research is useful for understanding what is happening in the marketplace, while qualitative research is good at exploring why .

Qualitative research offers a great deal of flexibility, and it provides a rich body of information. Quantitative research is highly structured, which makes it easier to recognize patterns and draw broad conclusions from the data. Because of the amount of labor and cost involved in doing qualitative marketing research, it often addresses a small sample — sacrificing some statistical confidence for a deeper dive into the subjects.

The process of identifying whom to interview can be a difficult task, and usually only a fraction of those people will be willing or available to join the study. Qualitative research, on the other hand, can often reach a much larger audience, so it’s sample may be more statistically representative of the group you want to understand.

Some studies include both quantitative and qualitative research. That way, they gather a more complete picture of the audiences they are investigating.

What Are the Benefits of Marketing Research?

Our own research of professional services firms has shown a strong correlation between research and growth/profitability. In fact, firms that conduct frequent research (at least quarterly) grow up to 70% faster and are almost 50% more profitable than firms that don’t.

Here’s the data:

The most successful companies understand that the market is in constant flux, and the only way they can keep on top of all that change is by doing research on a regular basis. Up-to-date intelligence allows them to adjust their messaging and services to meet the evolving needs of their audiences.

How Can My Business Use Market Research?

There are an almost limitless number of ways you can use market research to improve your business. Here are 25 to get you thinking about your own situation:

• Discover who you really compete against in the marketplace (you will be surprised, I promise)
• Uncover your differentiators
• Find your competitive advantage
• Learn what services your clients appreciate most, and why
• See emerging opportunities in the marketplace
• Adjust your marketing messages to reflect what customers really want to hear
• Find out what your customers think about you
• Discover which weaknesses you need to fix right away
• Get your Net Promoter Score and find out whether your customers are likely to recommend your company to others
• Learn how well known your business is in the marketplace
• Explore why some customers chose to buy from another company, instead
• Find out how your pricing compares to the competition
• Find out how important price is to your buyers
• Discover whether there is demand for your new product or service
• Recognize emerging trends in the marketplace
• Demonstrate that you care about your customers — the act of doing research shows that you are interested in them and their opinions
• Discover the one thing your customers would change about your business
• Find out if you are well positioned to enter a new market
• Determine what issues you should be writing and speaking about to engage your audience and build your visibility
• Find out whether internal perceptions about your company match external perceptions
• Learn how your customers find you
• Find out why your customers chose you over a competitor
• See if your customers are aware of all of your key products or services
• Find out what you are known for in the marketplace
• Benchmark your business against competitors in your industry

Can I Do the Research Myself?

Yes, you can do it yourself. But in most cases, I recommend against it. Why? Three reasons.

First of all, designing a valid and insightful survey questionnaire takes skill. A professional survey designer has the experience to write a questionnaire that will achieve your goals — and avoid the leading questions and biases that can produce ambiguous, misleading or invalid results.

Second, most surveys, even those with small samples, can generate a lot of data. The way you categorize, roll up and score the data can dramatically affect the results. Best to leave that to an expert, if possible.

Third, you will get more honest answers if an impartial third party conducts your research for you. If you conduct interviews yourself, people may be reluctant to be critical of your business — precisely the stuff you need to know if you want to make course corrections to your marketing or operations.

To learn more, here’s a post by my colleague Lee Frederiksen that explores this question in more detail .

What Types of B2B Marketing Research Are There?

There are many ways to approach marketing research. Here are a few of the most common:

• Brand research  — Learn how you are perceived in the marketplace and where your opportunities lie. Use this information to differentiate your business and strengthen your brand.
• Client research  — Discover what your clients and prospects want and how you can deliver it. Use this information to adjust your marketing messages, services and operations to meet the changing needs of the marketplace.
• Market research — Find out who your true competitors are, what services you should be offering and what opportunities you can take advantage of.
• Client satisfaction research  — Answer the question, “how happy are your clients with your work and service?”
• Client journey research  — Map out the path people take to find, learn to trust and buy your products or services. Use this information to reduce friction in the buying process, improve you closing rate and raising your service standards.
• Client persona research  — Who are the people that buy your services or influence those who make the final decision? What messages do they need to hear? Persona research will identify and profile them so your marketing and sales can be more persuasive.

What Questions Should We Be Asking?

What questions should you ask? This question is difficult to answer without first identifying the type of research you will be tackling and the goals you are trying to achieve. Also, the way you word the questions can have a real effect on the way people answer them. So I’m going to avoid prescribing specific questions here and talk about general strategy, instead.

Of course, if you engage a marketing research partner, they will work with you to develop an appropriate set of questions that get to the heart of your issues.

First, let’s look at some of the different ways you can pose questions.

• Multiple choice — Use this when you want to limit the answers to a specific set of possible answers. You can introduce flexibility, if you like, by allowing respondents to choose more than one answer, select “Other” as their answer, or supply a custom answer that wasn’t prompted.
• Yes-No — Use when you want a definitive binary answer to a question.
• Scaled — Use when you want to gauge responses on a continuum. 3-, 5-, 7- and 10-poing scales are common. A 10-point scale, for instance, is used to determine customer loyalty in the Net Promoter
• Matrix questions — These close-ended questions are used to evaluate multiple items using the same set of criteria. The result is a matrix table of results. Here’s a simple example:

• Open-ended questions — Use when you want respondents to provide their own answers. In qualitative research, an interviewer might ask a respondent to elaborate on an aspect of his or her answer.

Okay, now that you understand the types of questions you can ask, you need to clearly define your goals.

Are you trying to get a better understanding of your target audience and their needs? Do you want to know what buyers think of your flagship product or service? Do you want to measure the strength of your brand?

Each of those questions would require a very different questionnaire, so before you can begin designing your survey you need to spell out what it is you are trying to learn. This may sound obvious, but it’s all too easy to jump right into writing questions without setting any boundaries or goals. You’ll also need to decide whom you will ask to participate in your survey — again, your overall goals will directly affect your choices.

Next, you’ll determine whether qualitative, quantitative or a combination of the two is most appropriate for your study. If in doubt, choose qualitative. In my opinion, it offers the most value for your effort.

Only after you’ve completed the previous steps should you begin developing your questions. As you write questions, test them in your mind (or better yet, run them by others) to make sure they aren’t confusing in any way and that they don’t accidentally reflect any biases or assumptions you may have about the answers.

It bears repeating: you are more likely to get accurate results if you work with an experienced research partner. That said, it’s certainly possible to do it yourself.

How Many Participants Do We Need?

How many people do you need to include in your research? Well, that depends on your budget and whether you want bullet-proof data or good-enough results. If you want a high level of confidence that your research represents the entire population you are studying, you will need a statistically significant sample size.

In other words, if you want to be confident that your results have, say, less than a 5% likelihood of being wrong, you would need a truly random sample that is large enough to represent the full range of people that make up your audience. That could be a lot of participants.

If you have a large budget, you may be able to achieve such levels of certainty. But if your budget is smaller, you may need to lower your standards and settle for a “non-probability” technique called “convenience sampling.”

This common approach to research is used when it is very difficult (or expensive) to obtain a statistically significant and/or random sample. It is often used in university research settings — for instance, small studies in which students are recruited to take part in experiments. It is also common in business research when it is impractical to identify a large enough sample, much less a truly random one.

While the results of convenience sampling can’t be assumed to apply to the entire study population, they can provide useful, actionable information so long as you keep in mind the limitations of this approach. In convenience sampling, the sample should be as large as is practical. If that means six people, so be it. It’s better than nothing. You just can’t assume that these six subjects will accurately reflect the mindset of your broader audience. At Hinge, we like to include at least 10 people in one of these studies, and that’s a bare minimum. 20 is even better. The more, the merrier. If you are working with a small sample, I recommend that you conduct qualitative research so that you can extract the most information from your limited sources.

How Often Should We Be Doing Research?

As the chart that I shared earlier illustrates, businesses that do research at least quarterly tend to be high-growth, high-profit businesses. But even those that do it infrequently (say, once a year or so) significantly outperform companies that do no research at all.

So my advice is to dive in now and do something — even if you don’t think you’ll be able to conduct additional research again for a while. A little information can be a powerful thing, and it can be a great motivator to make changes in your business. Changes that will make you more competitive and aware of your strengths, weaknesses and blue-ocean opportunities.

How Do I Get Started?

To do research right, you should seek out an outside research partner . Even we at Hinge, use a third party to interview our clients and prospects. It’s the only way to minimize bias and convince people that your survey is confidential and impartial.

Look for a firm that knows your industry. And if they have worked extensively in it, ask if they have industry benchmarks to which you can compare your results.

Be prepared to provide a list of clients and prospects. A good firm will help you develop a letter or email you can use to reach out to these people. Depending on the situation, they may supplement these lists with their own prospecting.

Most importantly, have an open mind. Some of the findings may take you by surprise. Those are often the most valuables insights — whether they are positive or negative.

If you prefer to do the research yourself, that’s okay. Just be aware it comes with limitations and caveats, some of which I’ve addressed above. You may want to keep your survey to a handful of questions to avoid being overwhelmed by data. Do your best to select a broad sample of your audience, and try to include people who had different experiences (good and bad) with your firm.

Conducting B2B market research can make your company more self-aware, attuned to the marketplace and better prepared for change. If you haven’t done this kind of research before, don’t worry. A qualified research partner can handle the heavy lifting and deliver a more nuanced interpretation of the results — results that you should be able to act on right away.

Marketing research is a powerful and often underappreciated tool. Whether you are wondering how to build your company’s momentum again, what’s going on in the marketplace, why your top competitor is winning all the business or how you can keep your competitive edge, the answers are out there. You just need the will and the way to extract them.

Now go do it!

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The Professional Services Guide to Research

How Hinge Can Help

Don’t know where to start? Hinge can help your firm develop winning differentiators that will put you on the road to greater visibility. Our research, positioning and branding services — as well as our flagship Visible Firm ® program — are designed to do just that.

Additional Resources

• Read more about this topic in our free Professional Services Guide to Research .
• Learn how to make your firm better known in the marketplace and leverage your expertise to build a powerful reputation. Check out our free Visible Firm® Guide today!
• Understand your buyers. Win more business. Download our research study  Inside the Buyer’s Brain  and read the latest findings from the biggest study of professional services buyers to date.
• If more of a hands-on approach is for you, register for one of our courses through Hinge University and become the next  Visible Firm ® .

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B2B Market Research: Step-By-Step Guide

So whether you're thinking of starting a new business or investing in a startup, figuring out what data you should gather and how to extract insights from that data can be challenging.

To solve this problem, here's a simple step-by-step guide to help you find the right data and uncover the insights you need to make sound strategic decisions.

What is B2B Market Research?

B2B market research is the process of collecting and analyzing data in a market where both the buyers and sellers are businesses.

Data collected and analyzed for market research might include qualitative data, like customer surveys, or quantitative data, like market size growth over the past five years.

Business executives with budgets over five, six, and seven figures can't typically afford to guess how they should invest their resources. Which is why they use the data and analysis pulled from the B2B market research process to help them make sound decisions.

How B2B Market Research Can Improve Business Results

Here are some common use cases that demonstrate how stakeholders, investors, and executives leverage market research to guide their decisions.

Identify emerging market trends to capture the first-mover advantage

The success of a new product or company launch depends largely on timing.

If a business launches a new product too late and there's more supply than demand, it will likely fail due to too much competition. In contrast, if it launches too early, there might not be enough demand and it will still fail.

So ideally, you want to launch the product when there is clear consumer demand, but the trend is still early enough that there's limited supply.

For example, launching a B2B cybersecurity bootcamp now would make sense as consumer demand is growing exponentially:

The B2B market research process helps leaders discover emerging market trends and identify the right timing to launch a solution.

Track competitor activity and create differentiated positioning

Many B2B businesses use market research data to identify their competitors' strengths and weaknesses to create better products/services and establish a differentiated position in the market.

You can also use market research data to gauge your competitors' general business strategy and estimate how they invest their budgets.

For example, you might see that your competitor is hiring for a new department, suggesting that they might be releasing a new product shortly.

For example, Coinbase currently has 13 open positions for regulatory and compliance jobs, showing that they’re doubling down on safeguarding themselves against compliance dangers and they’re likely focusing on increasing brand trust. You can also tell that they’re expanding to Brazil and Singapore as two of the jobs are for a “Head of Expanding Markets” in those regions:

Monitor customer demand and expectations to respond accordingly

Even if a market has existed for hundreds of years, market demands shift over time as new innovations arise.

With the recent advancements in AI, many industries will probably experience dramatic market disruptions shortly, so it's essential to implement a market research process that tracks shifting customer demands.

For example, data shows that consumers in the fashion market are becoming increasingly concerned about sustainability. So if you run a fashion company, this insight shows that you might want to reposition yourself as an environmentally friendly brand.

Prepare for market expansions and contractions

If executives can accurately forecast market expansions and contractions, they can adjust the business strategy to ensure the business is prepared for any fluctuations.

For example, if executives know that a market will likely contract soon, they can pad the emergency fund, make budget cuts, and pull back on expansion opportunities.

Or, if the business is in a stable position, executives may decide to use an economic downturn as an opportunity to acquire smaller businesses at a discount.

In contrast, if the market research data suggests that the market is about to expand, stakeholders may adopt an offensive business strategy and invest more in various business areas to get ahead of the competition before demand rises.

What Are The Different Types of B2B Market Research Data?

We already established that B2B market research is the process of collecting and analyzing data. But what data are you collecting?

Most of the content on B2B market research discusses how to conduct surveys and run focus groups, but those aren't the only forms of market research data.

In fact, the best B2B researchers realize that it's important to have diverse data sets from various sources to accurately assess a market and remove any potential biases.

So below, we'll introduce you to the most common types of data used for general B2B market research, and later on, we'll give you a step-by-step research process to use the data to drive strategic business decisions.

Qualitative Research Data

Qualitative data refers to data based on characteristics or a person's opinion. It's often subjective, but it's excellent for identifying unmet pain points.

Here are some examples of qualitative data you might use during the qualitative market research process:

• Interviews with customers or industry experts
• Feedback from focus groups
• Feedback from customer surveys and polls
• Customer sentiment analysis
• Observational data

Quantitative Research Data

Quantitative data refers to numerical data. Some examples of quantitative market research data you might collect include:

• Market size data
• Sales data for a company
• Google search traffic for brand/market keywords
• Market funding data
• Price trends

Below, we’ll show you how you can gather both qualitative and quantitative research data.

Primary vs Secondary Research

There are two main methods for gathering qualitative and quantitative data; primary and secondary research.

Primary research refers to research that you conduct yourself.

So running your own survey or conducting customer research interviews are examples of primary research.

Primary research often allows you to generate more detailed insights that your competitors can't access, but it's also typically much more expensive as you must conduct and manage the research process yourself.

Therefore, many people prefer to find or purchase research that a third-party conducted. This process is called secondary research.

So if you're looking to access a large sample size of data or a survey from hard-to-reach individuals (like executives), secondary research is often a much more feasible option.

Step By Step Process For B2B Market Research

B2B market research is a broad topic and there are many smaller processes within each step. However, the step-by-step process we lay out below gives you an overview of how you can go from the highest level of exploring a brand new market to testing a brand new product concept.

Step 1: Analyze General Market Data

Starting with high level market data gives you a sound compass of whether the market is expanding or contracting.

This can help you decide whether it's best to take an offensive or defensive approach to growth, and investors can use these metrics to qualify or eliminate new market opportunities quickly.

To find general market data, you can do a quick Google search to view the market's size and compounding annual growth rate (CAGR). Usually, you'll be able to find a free report from Globe Newswire , Grand View Research , or another similar research firm. Here's an example:

Another great way to gauge a market's growth and general health is to look at its venture capital funding trends. Venture capitalists don't always accurately predict a market's future growth. However, because they devote all of their resources to researching and forecasting market trends, it's a great additional signal to add to your research data.

Pitchbook and CB Insights are excellent resources to access market funding data, but you can also do a quick Google Search for this data if you don't have the budget for one of these tools. For example, here's some data on venture capital funding in the edtech space from Business Insider:

Pro Tip: Whenever you're using Google to find data, check the source and ensure the data is reliable. You can do this by searching for reviews and looking at the credibility of other brands using that source's data .

Google Search volume for industry keywords is also a great metric to gauge global interest in a particular market.

You can access these metrics using either Google Trends or the Trends Search feature in Exploding Topics. For example, if you're interested in the edtech market, you can type that keyword into Trends Search, and it will provide the search volume trend for that keyword and other related trending topics:

Google Search volume is a good general indicator of interest in the market as it draws from a global sample size (all Google Search users), making it fairly reliable.

At this stage, the main goal is to get a general pulse on the market's growth trend, and in the next steps, we'll discuss how you can draw more detailed insights.

Step 2: Identify Emerging Trends

Once you know that a market is trending upward, the next step is to identify the emerging trends within that market, as this can help you discover demand gaps and unlock new growth opportunities.

Some popular trend identification methods include talking to industry experts, reading industry publications, and browsing social media.

If you choose to use these research methods, here are some pro tips:

• Talk to industry experts : You can attend relevant conferences to talk with experts in-person, or book a call on a platform like Intro or Clarity . During the conversation, you can ask them about trends they're excited about and where they're planning to invest.
• Read industry publications : It can be time-consuming to skim through multiple industry publications daily, so consider using a tool like Feedly to track multiple publication sources and list all the most recent articles in one feed.
• Social media : Follow the experts in your industry and write down any trends they're discussing regularly. You can also track trending hashtags to find new trends.

The strategies above can help you find some emerging trends, but they are all relatively time-consuming, and there's still a chance you'll overlook the next big trend.

To help you discover new trending topics more easily, we built the Exploding Topics Trends Database to make trend discovery easy. Just select the category you're researching, and Exploding Topics will give you thousands of vetted trending topics (companies, products, and keywords) within that industry:

When you find an interesting topic, save it by clicking "Track Topic" and then add it to a Project for more analysis later in the process.

In addition to these features, we also offer a Trending Products and Trending Startups database, which offers more detailed insights into the growth trends for products and companies within a market.

Step 3: Track Competitor Activity

There are plenty of different trend predictions each year, but only a small percentage of trends are important in the long run. Unfortunately, investing in the wrong trends or fads can stunt business growth and distract your focus from the most important revenue drivers.

Instead of guessing which trends you should choose, just monitor competitor activity (or, if you're just exploring a new market, the top players in that market) and track how they're spending money. There are two main benefits to this strategy:

• Let competitors do the research for you : Before dedicating a budget to the trend, they probably thoroughly researched it and have a strong conviction that it's worth the investment.
• Learn from your competitors' mistakes : You get to watch their mistakes from the sidelines so that your launch is more successful.

To track trends your competitors are investing in, here are a few different metrics you can monitor:

• Hiring activity : Look at the titles they're hiring for (especially executive positions) and if they're hiring entirely new departments. LinkedIn Jobs and Indeed are both excellent platforms for viewing hiring activity.
• New product/feature releases: Most companies will actively promote new product/feature releases on their blog, through press releases, and on social media. You can also watch how customers respond to these new releases by using a tool like Brandwatch to monitor sentiment and brand mentions.
• Partnerships and acquisitions: If a brand really believes in a new trend, they often buy a company or partner with another brand that specializes in that trend. They'll usually announce these partnerships and acquisitions through press releases, which you can monitor with a tool like Crunchbase .
• Press releases : If a company invests in a new trend, they'll want to communicate it to customers and, therefore, often publish press releases. You can either monitor their blog for new press releases or follow PR sites like TechCrunch or Cision for general industry press releases.
• Positioning and messaging : You can watch their homepage and note any changes in their tagline or general messaging.
• SEO and thought leadership content : You can skim their recent blog posts and social media content to identify any new keywords they're targeting.
• Paid ads : You can look at keywords they're paying to rank for with a tool like Ahrefs or SEMrush . If they run Facebook or Instagram ads, you can also look at their ads in the Meta Ad Library .

While you can manually track competitor activity using the tools mentioned above, you can also use a competitive intelligence tool like Klue , Kompyte or Crayon.co to automatically track partnerships, positioning and messaging statements, paid ads, hiring activity, and new product/feature releases.

Step 4: Conduct Customer Research

Customer demand ultimately determines whether or not a trend will stick, so customer research is imperative before making any investment decisions. It can also help you identify pain points and gaps in the market that you can leverage to gain a competitive advantage.

Here are the most common forms of customer research, and we’ll discuss how to execute each one in detail below:

• Analyze customer reviews
• Analyze social media sentiment
• Conduct customer surveys
• Interview potential customers one-on-one

Analyze Customer Reviews

Make a list of your competitors and then look up their reviews on a website like G2 or Capterra . These sites make it easy to understand what customers like and dislike about a product and the pain points those customers are trying to solve.

You can read through these responses manually to uncover customer complaints with existing products and notate them in a spreadsheet. You can also use an AI review analysis tool like Viable to scan all of your competitors’ reviews and uncover common themes across the entire customer base.

Analyze Social Media Sentiment

You can use a social listening tool like Brandwatch , Awario , or Pulsar Platform to monitor brand and keyword mentions on social media to gauge the general sentiment of your target audience.

Many of these tools allow you to drill down into negative sentiment and identify specific customer complaints with each brand, which can help you identify unmet customer needs:

Some tools also let you track a particular trend keyword to identify general audience sentiment toward that trend.

Conduct Customer Surveys

Analyzing customer reviews and social media sentiment can help you identify general pain points, but customer surveys allow you to ask follow-up questions related to those pain points. You can also use these customer surveys to gauge general market demand.

The easiest way to conduct customer surveys is to send a questionnaire to your email list. If you currently don't have a list of customers, consider partnering with a brand that does have an email list of your potential customers. Alternatively, you can use a tool like SurveyMonkey's Audience offering, which allows you to set the criteria of your target market, and then it finds respondents for you.

Interview Potential Customers One-On-One

You can interview potential customers and key decision-makers to get more in-depth qualitative data on a particular trend.

If you already have customers, offer an incentive for them to get on the phone with you for an interview. You can also ask the customer success team to gather data for you. For example, you can give them a list of three questions to ask at the end of each customer call.

Alternatively, you can use a tool like Respondent.io to book calls with any B2B buyers.

Step 5: Run Beta Tests And Collect Feedback

All of the steps up until now have helped you predict the potential of a new market trend, but the best way to discover if an idea is viable is to put it out into the world, sell it, and make improvements based on customer feedback.

So once you’ve identified a market trend and a gap in that market, the next step is to sell your product/service concept.

Notice that you’re selling the product/service before creating the product. This is on purpose.

Many founders invest thousands of dollars into product development only to discover on the launch day that the target market doesn’t actually want the product, so generating pre-sales for your product or service before creating a minimal viable product (MVP) validates that demand exists.

If you have a substantial following on any social media platform, you can pitch the product with a simple tweet like this:

If the following apply to you DM me: ✅ you're a founder/exec ✅ you believe deeply in building personal brand ✅ you don't have the time/skill to create content & grow your brand ✅ you'd pay $5-10,000 per month to have a skilled content creator build your personal brand — Alex Lieberman (@businessbarista) March 21, 2023

In fact, this is the exact Tweet that Alex Lieberman used to validate his ghostwriting agency.

Otherwise, you can run LinkedIn or Twitter ads to a landing page and see if it drives sales.

If you don't receive enough sales to validate that it's a product or service you want to offer, you can always just refund the few sales you generated or pivot your offering to see if you can generate more sales.

Once you've validated the idea by generating a substantial list of pre-sales, the next step is to collect customer feedback and improve your offer.

Your first product or service probably won't be perfect, so ask your users how you can make it better.

Plenty of platforms, like BetaPage and BetaList , allow pre-launch startups to recruit beta users to provide feedback for the founders.

This is a great way to gather feedback from an audience that realizes you're still in the early stages of product development, and you can even use those initial product reviews for your launch.

In addition to collecting customer reviews, ask those beta users if you can get on a call to gather more detailed feedback about the product.

Once you have a high customer satisfaction score and plenty of positive feedback from beta testers, release the product to the rest of the world.

Start The B2B Market Research Process Today

B2B market research is key for guiding critical business strategy and investment decisions.

However, most executives, entrepreneurs, and investors find themselves spending too much time on market research, and even after dedicating hours to the process, many worry that they might have overlooked a new under-the-radar trend. Or worse, that the data they used to guide their decision-making process is inaccurate.

So we built Exploding Topics to solve these problems. It helps you find trending topics in your niche within seconds so that you can cut your market research time in half and find reliable, under the radar trending topics.

You can sign up for Exploding Topics Pro for just $1 today to see how it can help you find high quality trends.

Find Thousands of Trending Topics With Our Platform

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B2b market research services: a comprehensive overview, table of contents, what is b2b market research.

B2B market research refers to the process of gathering and analyzing information about businesses, their needs, preferences, and behaviors as customers or clients within a business-to-business (B2B) context. This research helps organizations understand their target market better, identify growth opportunities, and make informed decisions to drive success in the B2B sector.

Through this process, businesses open doors to:

• Fresh insights into customer challenges and needs.
• Understanding competitor actions and strategies.
• Identification of untapped revenue streams and growth prospects.

By engaging in market research, companies equip themselves with valuable information to enhance their offerings, stay ahead of the competition, and seize new opportunities for expansion and success.

Benefits of Marketing Research Services

Marketing research services offer many benefits for businesses seeking to make informed decisions and enhance their overall strategies.

1. Informed Decision-Making

B2B Market research provide s valuable insights into market trends, customer preferences, and competitor landscapes, empowering businesses to make well-informed decisions based on data-driven evidence.

2. Market Segmentation

Research services assist in identifying and understanding distinct market segments, allowing businesses to tailor their products, services, and marketing strategies to meet the specific needs and preferences of target audiences.  

3. Product Development

Research guides product development by assessing market demands and preferences. Understanding customer needs ensures that businesses create or enhance products that align with market expectations, fostering acceptance and success.  

4. Customer Satisfaction

Conducting customer satisfaction surveys helps gauge customer feedback and identify areas for improvement. Addressing customer concerns enhances loyalty, strengthens relationships, and contributes to sustained business success.  

5. Optimized Marketing Strategies

The market research aids in optimizing B2B marketing campaigns by identifying the most effective channels, messages, and positioning strategies. This optimization maximizes the impact of B2B marketing efforts and increases overall return on investment.    

6. Risk Mitigation

By staying informed about industry trends and potential challenges, businesses can proactively mitigate risks. Research services provide early warnings and insights that allow companies to adapt strategies in response to changing market dynamics.  

7. Strategic Planning

Research is instrumental in strategic planning, helping businesses set realistic goals and objectives . This ensures that resources are allocated efficiently, and strategies are aligned with market opportunities, enhancing long-term success.  

What are the Different Types of B2B Research

B2B research services encompass a diverse range of methodologies tailored to extract valuable insights relevant to business decision-making. Here are some key types:  

1. Market Research

Market research involves studying the dynamics, trends, and characteristics of a particular market segment. This type of research helps businesses understand their target audience, competitors, market size, and potential opportunities or threats. It also aids in identifying market gaps and niche segments for strategic targeting.

2. Competitor Analysis

Competitor analysis involves examining the strengths, weaknesses, strategies, and performance of competing businesses within the same industry. This research helps businesses identify competitive advantages, market gaps, and areas for differentiation. Moreover, it guides businesses in developing effective counter-strategies to outperform competitors.

3. SWOT Analysis

SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is a strategic planning tool that helps businesses assess their internal strengths and weaknesses, as well as external opportunities and threats. This research provides a comprehensive understanding of the business environment and informs decision-making processes. Additionally, SWOT analysis assists businesses in formulating actionable strategies to leverage strengths, mitigate weaknesses, seize opportunities, and mitigate threats.

4. Product Development Research

In B2B market research, product development gathers insights on market demands to guide creating or improving products. Aligning offerings with B2B customer needs increases the likelihood of successful launches. This research-driven approach ensures innovative products meet evolving demands in the business-to-business environment.    

5. Brand Perception Studies

Brand perception studies, a valuable aspect of market research consulting, assess how a brand is perceived by its target audience. Analyzing factors such as brand image, values, and associations helps businesses refine their branding strategies. By aligning the brand with customer expectations, companies can enhance brand loyalty, build trust, and differentiate themselves in competitive markets. Market research consulting in brand perception studies offers businesses expert guidance in understanding and shaping their brand’s image for sustained success.    

6. Industry Trend Analysis

Industry trend analysis involves monitoring and interpreting changes, advancements, and shifts within a specific industry. By staying abreast of trends, businesses can proactively adapt strategies, capitalize on emerging opportunities, and mitigate risks associated with industry changes. This research is essential for maintaining relevance and competitiveness in dynamic business environments.  

7. Pricing Strategy Research

Pricing strategy research aims to determine optimal pricing structures by considering factors such as production costs, competitor pricing, and perceived value by customers. This research helps businesses set prices that are competitive yet profitable, ensuring that the pricing aligns with market expectations and supports overall business objectives .  

8. Channel Effectiveness Studies

Market research evaluates distribution channel efficiency in reaching target audiences. Understanding how channels contribute to accessibility allows businesses to optimize strategies. This research ensures b2b products reach consumers effectively, enhancing market penetration. In the business-to-business landscape, comprehending distribution channels is crucial for strategic decision-making.

Why do businesses conduct B2B marketing research

Businesses engage in B2B marketing research to glean essential insights into their target markets, competitors, and industry trends. This proactive approach facilitates informed decision-making, enabling companies to refine strategies, improve products or services, and seize new opportunities. B2B research uncovers customer needs and preferences, allowing businesses to tailor offerings accordingly. 

Moreover, it provides a holistic view of the competitive landscape, empowering businesses to strategically position themselves and identify areas for differentiation. By staying abreast of market dynamics, businesses can navigate challenges, capitalize on emerging trends, and foster sustainable growth in the fiercely competitive B2B arena. In essence, B2B marketing research serves as a linchpin for businesses striving to adapt, innovate, and flourish in an ever-evolving marketplace.

What are the key methods for conducting research

Conducting effective B2B research involves employing various key methods tailored to the specific needs and objectives of businesses.

Surveys involve collecting data from a sample of individuals through structured questionnaires. Surveys can be conducted via various mediums such as online surveys, telephone interviews, or in-person interviews. They are useful for gathering quantitative data on opinions, behaviors, and demographics.

2. Interviews

Interviews involve direct interaction with participants to gather in-depth qualitative data. Interviews can be structured, semi-structured, or unstructured depending on the level of flexibility needed. They are valuable for exploring complex topics, probing for detailed responses, and understanding participant perspectives.

3. Focus Groups

Focus groups bring together a small group of participants to discuss a specific topic or product. A facilitator guides the discussion, allowing participants to share their opinions, experiences, and ideas. Focus groups are beneficial for exploring attitudes, perceptions, and generating insights through group dynamics.

4. Observational Research

Observational research involves systematically observing and recording behaviors, interactions, or phenomena in natural settings. This method can be used to study consumer behavior in retail environments, workplace dynamics, or social interactions. Observational research provides firsthand insights into real-life behaviors and contexts.

5. Experimental Research

Experimental research involves manipulating variables and measuring the effects on outcomes in a controlled setting. This method allows researchers to establish cause-and-effect relationships and test hypotheses. Experimental research is commonly used in psychology, medicine, and social sciences to evaluate interventions and treatments.

6. Case Studies

Case studies involve in-depth examination of a specific individual, group, organization, or event. Researchers collect and analyze data from multiple sources such as interviews, documents, and observations to gain a comprehensive understanding of the case. Case studies are valuable for exploring complex phenomena and providing rich, contextualized insights.

7. Secondary Research

 Secondary research involves analyzing existing data, literature, and sources to gather information relevant to the research objectives. This may include reviewing academic journals, reports, market studies, and government publications. Secondary research can complement primary research findings and provide context for the study.

8. Content Analysis

Content analysis involves systematically analyzing textual, visual, or audiovisual content to identify patterns, themes, and trends. This method is commonly used in media studies, marketing research, and social sciences to examine communication messages, social media posts, or cultural artifacts. Content analysis provides quantitative and qualitative insights into public discourse and media representations.

How do you find B2B research participants

Securing participants for B2B market research demands a focused and methodical approach. One efficient tactic involves capitalizing on existing business networks. By tapping into professional contacts, industry associations, and trade events, businesses can pinpoint potential participants. Active engagement with industry-specific online forums, social media groups, and professional organizations can yield fruitful results, as these platforms often attract professionals eager to contribute insights. 

Moreover, forging collaborations with business partners, suppliers, and clients can grant access to a diverse pool of participants possessing pertinent industry expertise. Establishing strong relationships with key stakeholders facilitates a personalized and credible recruitment process.

Another method entails making use of market research panels and agencies that specialize in B2B research. These agencies possess databases comprising professionals from diverse industries who are willing to take part in research endeavors. By utilizing these panels, businesses gain access to a pre-vetted and motivated pool of participants. They can specify their requirements, such as industry experience, job roles, or company size, to ensure participants are aligned with the precise objectives of the market research. This approach simplifies the participant recruitment process and offers a scalable solution for accessing a wide array of professionals to meet various research requirements.

Why use a survey for B2B market Services

Surveys play a crucial role in market research services as they offer a structured and systematic approach to gathering valuable insights from a targeted audience. In the B2B context, where businesses often have specific needs and preferences, surveys provide a scalable method to collect quantitative data on a wide range of topics. Whether assessing market trends, understanding customer satisfaction, or evaluating product features, surveys enable businesses to quantify responses and analyze trends efficiently. 

The structured nature of surveys allows for standardized data collection, making it easier to compare responses across different segments, industries, or periods. This quantitative approach ensures that B2B organizations can derive statistically significant conclusions, providing a solid foundation for data-driven decision-making.

Moreover, surveys are versatile and adaptable to various B2B research objectives. They can be deployed through online platforms, email campaigns, or targeted outreach, making them a cost-effective and efficient means of gathering insights. Additionally, surveys allow businesses to reach a large and geographically dispersed audience, facilitating a diverse sample that reflects the complexity of B2B markets. 

The ability to customize survey questions based on specific research goals ensures that businesses can extract relevant information tailored to their unique requirements. Overall, surveys in market research services offer a practical and scalable method to obtain quantitative insights, contributing to a comprehensive understanding of market dynamics, customer needs, and industry trends.

Top 7 B2B Market Research Tools

1. Exploding Topics

Exploding Topics is a dynamic tool that identifies emerging trends and topics in the B2B landscape. By leveraging AI algorithms, it scans the web to detect rising trends before they become mainstream. For B2B market researchers, this tool provides a valuable early warning system, allowing businesses to stay ahead of industry shifts and adapt strategies proactively. The platform’s user-friendly interface and real-time data make it a powerful ally for those seeking to uncover the next big thing in their respective sectors.  

Wynter is a specialized tool designed for gathering customer insights through targeted surveys. It facilitates the creation of surveys focused on specific industries or demographics, making it ideal for market research and consultancy . With features like customizable templates and a diverse panel of respondents, Wynter streamlines the survey process. Businesses can obtain detailed feedback on products, marketing strategies, or industry trends, helping them make informed decisions based on real-time insights from their target audience.  

3. QualtricsXM

QualtricsXM is a comprehensive experience management platform that includes powerful tools for B2B market research. It enables businesses to collect and analyze data across various touchpoints, from customer feedback to employee experiences. The platform’s advanced survey capabilities, coupled with robust analytics, empower B2B researchers to gain a holistic understanding of their market. QualtricsXM’s flexibility and scalability make it suitable for both small-scale studies and large, enterprise-level research initiatives.  

4. Statista

Statista is a reliable statistical platform that provides a wealth of data on various industries and markets. For tools, Statista serves as a valuable resource for accessing industry reports, market forecasts, and key statistical data. The platform’s user-friendly interface and comprehensive database make it easy to extract relevant information for market analysis, competitor benchmarking, and trend identification.

Semrush is a versatile tool that combines SEO, content marketing, and competitive analysis functionalities. For researchers, Semrush offers insights into competitors’ online strategies, keyword trends, and backlink data. By understanding the digital landscape, businesses can refine their online presence, identify new market opportunities, and optimize their content strategies for better visibility.

6. The Census Bureau

The U.S. Census Bureau provides a wealth of demographic and economic data that is invaluable for researchers in the B2B market. They can access data on industries, employment, and economic indicators. This information aids in market segmentation, location-based analysis, and understanding broader economic trends in the B2B market.

Dynata is a global data and survey platform that connects businesses with diverse and targeted audiences for research purposes. B2B researchers can leverage Dynata’s extensive panel to conduct surveys, gather insights, and validate hypotheses. The platform’s reach and diverse respondent profiles make it a valuable tool for obtaining reliable data in the B2B space.  

How Does B2B Market Research Differ From B2C

B2B (Business-to-Business) market research and B2C (Business-to-Consumer) market research differ in several key aspects:

1.Target Audience

• B2B: Focuses on businesses as customers or clients.
• B2C: Targets individual consumers as end-users of products or services.

2. Purchase Decision Process

• B2B: Involves a more complex decision-making process typically involving multiple stakeholders and longer sales cycles.
• B2C: Decision-making is usually simpler and more emotionally driven, often influenced by factors like brand image, price, and convenience.

3. Relationship Building

• B2B: Emphasizes building long-term relationships with clients as business transactions are often ongoing and involve contracts.
• B2C: May prioritize one-time transactions, although building brand loyalty remains important for repeat purchases.

4. Product Complexity

• B2B: Often involves more complex and specialized products or services tailored to specific business needs.
• B2C: Products tend to be more standardized and geared towards mass appeal.

5. Market Size and Reach

• B2B: Typically smaller target markets with fewer potential clients but higher transaction values.
• B2C: Larger target markets with a broader reach but generally lower individual transaction values.

How Can B2B Market Research Work

Multiple functions within an organization can benefit from market research. We list some of the most common queries that various personas have regarding their market research in  Market Research Questions. We’ve gone into further detail about how market research can be used for various job responsibilities below.

1. Marketing Leaders

Market research empowers marketing leaders to understand industry trends, customer preferences, and competitive landscapes. By gaining insights into the needs and pain points of clients, marketing leaders can develop targeted messaging, create compelling campaigns, and allocate resources effectively to generate leads and drive engagement.

2. Sales Teams

For sales teams, market research serves as a roadmap for identifying and prioritizing potential clients, understanding their buying behaviors, and tailoring sales pitches to address their specific needs. By leveraging market insights, sales teams can enhance their sales strategies, optimize lead generation efforts, and ultimately increase conversion rates and revenue.

3. Product Managers

Market research is essential for product managers to identify market gaps, evaluate demand for new offerings, and gather feedback on existing products or services. By staying informed about industry trends and customer preferences, product managers can make data-driven decisions to enhance product development, improve features, and ensure alignment with market needs, ultimately driving product success and customer satisfaction.

4. Partner/Channel Managers

For partner and channel managers, market research provides insights into potential collaborators, strategic alliances, and distribution channels. By understanding market dynamics and partner preferences, managers can identify mutually beneficial opportunities, negotiate partnerships effectively, and optimize channel strategies to expand market reach and drive growth.

5. Market Researchers

Researchers play a pivotal role in gathering, analyzing, and interpreting market data to provide actionable insights to decision-makers across the organization. By employing diverse research methodologies and staying abreast of industry trends, researchers enable organizations to make informed decisions, mitigate risks, and capitalize on emerging opportunities in the marketplace.

In conclusion, B2B market research stands as an indispensable compass guiding businesses through the intricate terrain of commercial interactions. As organizations navigate the complexities of corporate transactions, the insights garnered from systematic research become the linchpin for informed decision-making. From understanding market nuances to honing competitive strategies, The  market research fuels the engine of strategic agility and innovation. It empowers businesses to not only respond to current market dynamics but also anticipate and shape future trends. As the business landscape continues to evolve, market research consulting remains a steadfast ally, enabling enterprises to adapt, thrive, and establish enduring relationships within the dynamic realm of business-to-business interactions.  

Additional Blog >>> B2B Social media marketing

                                              B2B  Marketing Consultant

1. Why is B2B market research important?

Market research is crucial for understanding the needs, preferences, and behaviors of businesses as customers. It helps identify market opportunities, assess competitive landscapes, and optimize marketing and sales strategies.

2. What are the 4 types of B2B marketing?

The four main types of B2B marketing are content marketing, account-based marketing, influencer marketing, and social media marketing. Each strategy focuses on engaging businesses rather than individual consumers, aiming to build strong relationships and drive long-term business partnerships.  

3. What are the techniques of B2B market research?

Techniques include surveys, interviews, competitor analysis, and social media monitoring. These methods help businesses gather valuable insights into market trends, customer preferences, and industry dynamics, guiding strategic decision-making.

4. What is B2B marketing for example?

An example of B2B marketing is a software company targeting businesses for its enterprise solutions. The marketing strategy focuses on showcasing how the software enhances productivity, streamlines operations, and provides scalable solutions tailored to the specific needs of businesses.  

5. How do you research a B2B audience?

To research a B2B audience, businesses can conduct surveys, interviews, and in-depth analyses of industry-specific forums and social media groups. Analyzing competitors and utilizing market research tools further helps in understanding the needs, preferences, and behaviors of the target B2B audience.  

6. What are the objectives of B2B research?

The objectives of B2B research include understanding market trends, identifying customer needs, optimizing product/service offerings, assessing competitor strategies, and informing strategic decision-making. B2B research aims to provide actionable insights that contribute to long-term business success and competitiveness in the business-to-business environment.  

7. What are the benefits of using market research panels?

Market research panels and agencies specialize in recruiting and managing participants for research studies. They offer access to pre-screened professionals across various industries, streamline participant recruitment, and provide scalable solutions for diverse research needs.

8. What are some common challenges in conducting B2B market research?

Common challenges in market research include accessing niche or specialized industries, recruiting high-level executives for interviews, navigating complex organizational structures, ensuring participant confidentiality, and obtaining accurate and timely data.

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B2B Market Research: Unique Challenges & Solutions

Marketing to businesses.

Compared to consumer marketing (B2C), marketing to businesses (B2B) presents unique challenges. For one thing, you must conduct research and analyze findings within the framework of a specific business context, considering both company and industry-specific issues and drivers. Additionally, the respondents best able to impart important insights are busy executives and business professionals who may, depending on the topic, have little intrinsic motivation to share their expertise with you.

contributors to this guide

Alex Palermo

Senior Vice President, B2B Research

get our emails on all things b2b research (and market research)

C+R’s custom-tailored research solutions and whatever-it-takes philosophy allow us to help you to successfully meet these B2B challenges. We have experience reaching a variety of business customer segments in an array of diverse industries, including:

No matter the industry or business segment, we approach B2B research through the lens of an ‘objective outsider.’ While we understand a range of industries at a high level and are experts at diving deeply into specific fields and problems, we’re not mired in the intricacies of any one industry or company. This objectivity means that we won’t overlook insights that will address your most important business objectives. We know how to defer to respondents as experts, to pause and ask seemingly silly questions to attain clarity.

Our B2B experts are thought leaders in a wide range of both qualitative and quantitative methodologies, from complex segmentations and market landscape analyses to positioning and innovation—and everything in between! The chart below outlines the many methodologies we’ve successfully deployed in B2B research; read further for deep dives into specific methods we’ve used to reach B2B audiences.

our breadth of methodologies

Qualitative.

Providing insightful research through superior execution and expert qualitative analyses by knowledgeable and experienced people who are intimately familiar with a client’s industry.

quantitative

Our B2B experts deliver powerful quantitative analyses and insights our clients can leverage to build strong brands, successful products and services, and powerful communications.

qualitative research with b2b audiences

Qualitative methodologies involve smaller-scale samples (vs. quantitative ) and seek to address the base attitudes, behaviors, needs, and motivations of business professionals in the context of their jobs and industries. Akin to B2C, qualitative in the B2B world seeks to answer why professionals think or do what they do and how that impacts their business.

in-depth interviews (idi)

C+R frequently leverages in-depth interviews (IDIs) with B2B respondents, which can occur via webcam or telephone or in person.

Webcam IDIs are extremely convenient for busy professionals and allow C+R to meet these respondents in a convenient way, oftentimes on their own “turf.” Frequently these interviews are conducted right from the job site and last 45–60 minutes each. As such, they are efficient in terms of time management for respondents and for the researchers and clients. Webcams enable researchers to gain the valuable context of nonverbal communication, which can be important in understanding reactions to more sensitive topics or concepts.

C+R conducted webcam interviews with food service buyers to understand the nature of the distributors and retailers they used, the shopping process, purchasing dynamics, and which retailers were better at delivering on buyers’ needs. As part of the study, the respondents shared their screen to show us their shopping process so we could observe their behaviors and decision-making in the moment.

Sometimes B2B professionals are reluctant to use webcams, in which case a traditional telephone call works well. Telephone IDIs feel quite natural to busy professionals and enable a greater degree of anonymity that allows them to be more relaxed and candid in their responses. For both webcam and telephone IDIs, an online portal can be leveraged to show stimuli and enable clients to communicate and send notes to the moderator in real-time.

Finally, in some instances, it may be appropriate to engage professionals in a one-on-one capacity in person. This can be challenging, as professionals are busy people, but in situations where the objective is to understand a process more holistically and/or to show and get reactions to stimuli, engaging professionals in a conversation in person can be invaluable. For example, C+R researchers and their clients attended one of the largest farming shows in the country, the Nebraska Farming Power Show.

Farmer respondents were intercepted at the client’s booth and asked to participate in in-depth interviews (IDIs) at the show. Farmers were asked to articulate problem areas, pain points, and unmet needs around cleaning, lubricating, and protecting farming machinery and working components. They highlighted these problem areas by showing us chains, joints, and couplings on existing machinery at the show. They were then shown new product concepts or ideas that corresponded to these problem areas, and asked for their reactions, including appeal, relevance/usage, differentiation, brand fit, and optimization. These in-context IDIs gave us richer insights and feedback than we would have generated in a webcam interview or focus group facility.

focus groups

Focus groups are an efficient way to engage with a larger number of respondents than is possible with one-on-one sessions, and they also offer the benefit of being in person. This provides the ability to get hands-on with stimuli, such as to test a new prototype, and the moderator can better observe facial expressions and body language to gain a nuanced understanding of respondents’ reactions and feelings.

Group settings also enable social dynamics, where respondents can build on one another’s responses to take the conversation to a deeper level. This is valuable when exploring perceptions related to the category or brands within it. Smaller groups, such as dyads and triads, are beneficial when both the social interplay and the ability to probe deeply are desired. Larger groups, typical of consumer-focused research, also work well in the B2B area. Respondents may share the same industry or work across industries but have some other factor in common, such as using the same tool or product.

For a recent project focused on developing a new positioning for a web conferencing software, we talked with decision-makers from a range of industries. While their jobs were different, the respondents were able to share similar experiences, needs, and frustrations as they talked about conferencing platforms and how these systems impacted work life.

We used a metaphor elicitation technique to understand the drivers, barriers, and emotional connections business consumers had to the various options in the marketplace. Our client then used these insights to craft positionings that resonated with their customers and appealed to prospects.

Being in a traditional focus group setting also provides internal advantages. For some clients, their culture thrives on the backroom debriefs that happen during the fieldwork period. They can gain alignment more quickly and easily, and they can iteratively optimize stimuli as we progress through the research.

onsite observation

For some projects, it’s more important to understand the holistic context of the respondent and their job. Sometimes we go onsite to interview and observe respondents in their work environment.

This method can be used to uncover the current processes in place, to test new equipment, or to observe the interactions of the employees and the various roles and needs of each position.

The focus may be solely on the employees, or it can involve the dynamics of the customers, workers, and physical space.

Online research communities are also feasible in the B2B space. As with consumer-focused research, the remote and asynchronous nature allows us to immerse ourselves in the respondent’s world on their terms. We can understand their day-to-day needs, behaviors, and pain points in the moment.

We are mindful of potential sensitivities, reminding them to maintain the confidentiality of their customers. Despite the confidentiality protocols, they are able to share quite a bit. For instance, in a project with nurses, we used an asynchronous online community to learn about their day-to-day

responsibilities, the flow of their shifts, and their highs and lows throughout the day (or night). This provided behind-the-scenes access that wouldn’t have been possible in a more traditional facility setting. It also fit conveniently into their shift work.

QUANTITATIVE RESEARCH WITH B2B AUDIENCES

Qualitative research can be a good first step or it can be the end game. However, in many cases—once qualitative research is completed—our clients ask us, “How can I generalize these results to my entire customer base using statistically sound data?” That is where quantitative research comes in.

To be sure, quantitative research with B2B audiences is quite different from traditional consumer research. There are many differences in how we would approach a B2B survey, not the least of which is the sampling framework. Here are some rules of thumb and best practices that we have learned along the way.

THIRD-PARTY SAMPLE VS. INTERNAL CLIENT LISTS

Depending on the topic of the study (for example awareness and usage or brand health tracking) we may need to use third-party sample to provide an unbiased look at the whole customer and non-customer universe.

If however the study involves specific targeted questions with an existing or lapsed customer base (for example customer satisfaction concept testing or pricing studies) then we would recommend recruiting from internal list sources to start—and potentially supplementing with third-party sources down the road. While this also applies to qualitative recruits, the sample sizes required in quantitative research means this is even more important.

when recruiting from third-party sample suppliers:

• Be clear. Make sure the screener questions are clearly worded in language that the target audience will understand (including definitions of any obscure industry terms that may confuse respondents).
• Show and tell. Include images in the screener whenever possible to aid in recognition/recall if you are looking for niche users of a particular product.
• Trust your suppliers. Use a sample supplier that specializes in the industry that you are targeting. C+R does not manage in-house panels. Instead, we partner with the right suppliers tailored to each topic, industry, and client that we serve. We trust that these suppliers fully vet their lists and continuously scrub them to keep them up to date and we have stringent internal data quality measures to ensure this.
• Be vigilant. Continuously monitor the field period to ensure you have the right respondents in your sample. Pivot when needed. For example, in a recent study for the utilities industry , we found that most of our small-business-owner sample was terminating at the industry question because they were typing in “other, specify” responses. After a few days in field, we decided to adjust the industry question to ask it open-endedly and allow all responses to be coded on the back end. This change not only increased our incidence, it also helped the client identify who specifically was represented in their small business sample at a more granular level.

when recruiting from internal client lists:

• Give respondents a heads up. You know how when someone texts you ahead of time, you are more likely to respond “yes” to their event when you receive the invitation? Well, B2B respondents are no different. In fact, we have seen a drastic improvement in our response rates (upwards of 10%) when contacts are pre-alerted from someone from their organization.
• Keep it consistent. The message that comes from the internal spokesperson should mirror the message in the survey invite and vice-versa. Wording and branding should be consistent across emails.
• Earn their trust. Often, our clients will include the name of a contact person from their organization in the actual survey invite. This helps engender trust that the survey is actually sponsored by the client organization and is not a scam or clickbait. We also encourage the use of logos (ours and our clients’), as well as information on how to learn more about C+R Research and how to opt out of the research study.
• Offer the right incentives. You know your audience even better than we do. Sometimes it’s worth it to offer them a high-value monetary incentive if we feel this is what will be most motivating. In some cases, monetary incentives are prohibited by the respondent’s employer or by our client. In those instances, we would offer a sanitized shareout of the results (via a one-pager or executive summary deck) if we feel the results of the study could provide value to the respondent and their business. Donations to charity are also a valid option in B2B studies where monetary incentives cannot be offered.

RE-THINK YOUR EXPECTATIONS

If you have mostly been exposed to consumer studies in the past, working on quantitative B2B research may reshape your perceptions of what quantitative research can look like. Many of our consumer surveys are fielded in a matter of days, yielding sample sizes upwards of 1000. That is simply not the case with B2B studies, and we recommend adjusting expectations accordingly. Timelines may grow and sample sizes may shrink, but what does not waiver is the quality of the result.

Here are a few ways you may need to rethink expectations when working on B2B quantitative studies:

• Learning curves. Expect that all new projects should start with a kickoff meeting to share your industry knowledge with the vendor and to field questions that will help make the research a success.
• Lengthy field periods. Depending on the incidence of the B2B respondent target you are trying to reach, the time of year, and the desired sample size, expect the typical B2B field period to be about twice as long as a traditional consumer study.
• Smaller Sample sizes. Don’t cringe! But yes, we do think it’s OK to analyze a sample of 40-50 respondents. The acceptable sample size has a lot to do with the size of the population at large. Take, for example, our healthcare industry clients who only serve certain markets. If we talk to 12 neurologists and 28 personal care physicians (PCPs) in a tristate area, we have essentially covered a large enough portion of the population to generalize the results.

MAKE IT ENGAGING

Nobody likes to be bored—and that especially goes for your busy and highly valuable B2B respondents. If we send them a survey link that is mobile friendly and contains drag-and-drop questions and logos/imagery, they are much more likely to complete it than if we send them a lengthy survey full of grid questions that need to be completed on a PC. Your B2B clients are on the move just as much as you are. It’s critical that we meet respondents where they are with technology and keep our surveys as simple, fun, and easy to complete as possible.

Although B2B research may take some extra effort compared with B2C, the insights to be gained are more than worth it. But you don’t have to go it alone! C+R is deeply committed to helping you meet the challenges of B2B research regardless of the industry, respondent segment, or methodology. Contact us for a customized B2B research plan that will help you connect with your business customers and drive your business objectives forward.

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• Artificial Intelligence
• Product Management
• UX Research

Mastering B2B User Research: Tips and Insights

Lilla Schmidt

Not long ago, we noticed an interesting trend: even businesses that had nothing to do with the usual tech sector were seeking UX studio's help to improve their websites and apps. Even big B2B players (Business-to-Business) were interested in UX research. As we delved into these industries, we realized that our usual research approaches for regular B2C (Business-to-Customers) companies weren't really cutting it. We began to identify some common patterns that needed special attention. We had to think differently when doing research with B2B customers.

Now, in this article, we’re sharing with you the tips we collected during years of hard work. Think of it as your compass for navigating the world of B2B research. Whether you’re a fellow UX researcher, a creative UX designer, or a product person, we’ve got your back.

By keeping these tips in mind, you’ll be ahead of the game when cooking up your next research plan. So, let’s dive in.

Who are the users in B2B

By definition, we talk about B2B when we see a transaction between two businesses. So, while the clients who pay for your work as a designer are in both sectors, we are talking about two different types of end users here: regular customers (B2C) and customers in business environments (B2B). 

Naturally, it is crucial to recognize that B2B is, in itself, a broad domain. The users of a CRM platform differ from those on a B2B e-commerce platform.  You will always need proper user research to dig deep into the intricacies of each sub-sector.  Still, we have experienced some things about the users, which, when kept in mind, result in less hassle and better outcomes for your research projects.

✦ The value of a digital product

Imagine shopping online or searching for a note-taking app in Google Play.  Do you do extended research before deciding on what to download? Do you have to make sure your return on your investment will be beneficial for you and your family or friends? Probably not.

When it comes to average purchases on a B2C platform, individual decisions are usually impulsive and driven by momentary preferences, emotions, and desires. However, in B2B sectors, it is different. These users have specific business objectives to achieve. Engaging in a user flow is often guided by necessity and not by delight . They also have to make sure the solution they buy is the best one long-term, even if it is not the most attractive one at the moment.

When coming from B2C research, you may be surprised that in B2B, the person who purchases the product is often entirely different from your end user. Or that it is not one single person who decides to use a digital service. But a couple of them. They are not focused on the best possible UI as they will not use it because it gives them delight. Instead, they commit to it because it facilitates seamless job performance.

Understanding this, you have to start your research by redefining your research questions. Focus on exploring how you can help your B2B users achieve their goals faster and smoother. And how you might show them what they win using this solution. 

✦ Seeing things from their side

“ The best products are born from a deep empathy with the people who use them .” Have you ever heard this saying from Bill Buxton?  Well, we find it incredibly true.  But when we worked on B2B products, we realized there was a bigger gap between users and the product teams. It makes sense. 

We all shop online, so when designing “usual” B2C e-commerce solutions , it is not that hard to take our users’ perspective. But not many of us deal with complicated legal software or ship dangerous materials worldwide. These were B2B companies we worked with recently.  We have observed that their needs can be a bit harder to grasp. Maybe that is why, in many B2B product teams, people only have a superficial understanding of their customers and their pain points.  When they design for them, they still think with their own perspective, often viewing the interactions from a B2C point of view. 

One example that comes to our mind is a client who had a B2B e-commerce platform that seemed unnecessarily complicated to the product team. The team had e-commerce experts who were great at their job and wanted to simplify the platform. But guess what we realized after running stakeholder interviews and mapping dependencies? Steps we initially thought were unimportant were actually crucial to achieving parity with national and international laws and legislation.

When thinking about B2B research, you have to be prepared to work hard to achieve empathy. You have to immerse yourself and the team into their reality and make sure that everyone is aware of the maybe less sexy rules and regulation parts of the B2B world.

✦ Relationship towards the product

Go to your phone and open up the list of applications you have. Do you know why you picked that particular fitness tracker? How much did you compare photo editors before downloading the one on your phone? If you’re like most B2C users, you probably made limited comparisons between products and decided to use them ad hoc. But B2B users are different. Product purchasers in this sector often conduct deep comparisons between certain products. Their decision is rooted in rationality, effectiveness, and optimal usage. They focus on achieving ROI.

With returning users comes a bigger percentage of expert users here. They are usually more senior contributors in their field and use the given B2B product frequently. In the next part of our article, we will share our tips on how to prepare for researching this group.

Researching B2B users 

Now that we have a grasp on how B2C and B2B users differ let’s tackle the big question: How does this change how we do our research? We’ve got some savvy tips up our sleeves straight from the playbook of the UX Studio research squads.

✦ Domain expertise

Don Norman attributes the success of UX professionals to being a generalist . However true, when it comes to B2B, a little insider knowledge goes a long way.  Why do we emphasize this? Because contrary to B2C, as we have mentioned before, the B2B world is often not that easy to understand.

So what do we recommend? Do stakeholder interviews before actually starting your research project. Focus on collecting industry terms, processes, key players, and critical tasks. If you do B2B e-commerce, dive into how procurement generally works. If you design an application for chemists, do a LinkedIn deep dive to collect the usual job responsibilities. That way, your questions won’t sound like basic ABCs, but  you can ask more informed questions.  Trust us, a little homework goes a long way.

✦ Recruitment through external sources

The biggest challenge of B2B research is, by far, reaching the actional users.  It is unlike B2C, where you just go to one of the hundreds of online panels. We know that there are online panels that do B2B recruitment. But, be aware the usefulness of these panels depends on the specific B2B industry. For example, when we had to find legal professionals from the States, Hotjar Engage and User Interviews were an easy and fast way to reach out to them.  But when we needed to reach chemists for a supplier platform designed to order chemicals, suddenly the panel was not that big anymore. 

• Do your homework Here comes our first tip. Before you plan your research relying entirely on a panel that promises you access to B2B participants, ask them how much coverage they have in your current industry. Is it 200 participants? Or4000?  And, if you run out of this pool, will they recruit additional participants?  It is important to be aware that recruiting B2B participants often incurs additional fees beyond the standard B2C costs. That is why you shouldn’t shy away from these questions and make sure you get good service for your money. .

To sum up, although you can still rely on external panels, their pool is generally smaller for B2B compared to B2C users. Although LinkedIn often comes to B2B researchers’ mind, it may not be the best option in terms of effort/return rate. Don’t use these automatically, but always do a bit of groundwork and research before committing to them. This will save you time later on. 

✦ Role of user panels

The most effective way to engage with B2B customers is by building a constant cohort of users – the user pane l . Sure, there are many B2C companies, too, who are using an internal panel, but for researchers working in a B2B environment, it is like a secret weapon. Starting a user panel from scratch can be daunting, and your stakeholders will likely have questions. They want to ensure that this panel will not disrupt their relationship with the customers. We have collected some practices that, for us and our clients, have worked well.

• Find an owner for the panel First thing first, you have to appoint somebody to be in charge of building and managing the panel. Most B2B companies have Customer Success Teams in constant contact with the customers (your company may call them by a different name, but look for the team responsible for onboarding clients and reacting to their problems) . Team up with them. In our experience, they are the best ones to find the perfect panel members. Of course, make sure that they select participants in an unbiased manner. Or you are aware of what the bias is. A bias can be, for example, an expert user, a vocal user, or a complaining user. .
• Be creative with incentives In many B2B sectors, incentives are not allowed. It would be considered a bribe if a company would pay certain positions from their customers. In these cases, you have to get creative to motivate your participants. We had success with offering free training for new products, the opportunity to access features in beta testing mode, and, generally, to allow them to shape the future of a program that they must use daily. Be confident in offering these incentives as they can be just as valuable as an Amazon gift card. .

• Record who you talk to To avoid overusing the panel, administrate who you speak to. The same people should not be contacted too often. It is best to create clear guidelines for all panel managers and differentiate between invitation and participation and the type of research.  For example, “we invite our users to surveys every three months” or “we might contact them for an interview every three months BUT they can be interviewed only every six months.” It is also important to note the topic of the research that they were contacted about so you don’t ask the same questions again and again from the same participants.

To summarize, here is the golden rule: in B2B, user panels are much more recommended than any other type of recruitment source. They help you to get a steady flow of users during every product development phase. But, you have to set up clear responsibilities and rules so that participants don’t get frustrated . Especially if your company, like many in the B2B sector, i s new to continuous research practice s.

Our secret sauce

Time is more important than money. We found this painfully accurate in the B2B sector. In our experience, B2B participants are much harder to engage for extended sessions than B2C ones. To tackle this, we typically keep our interviews/usability tests to half an hour in this sector. Our motto is: having a short test is better than no test. Alternatively, we try to bundle different topics together – if two teams need to research two topics, we researchers often align and test them in the same session, so we stay within our small(er) pool. 

A research method, often helpful in business environments, is the field study. As you observe the participants doing their job, you can close the gap between you and your B2B customer. This is especially useful with senior participants who are experienced in their work and accustomed to the imperfections of their current solutions. They might not mention any problems or pain points even when there are obvious flaws because they have already learned to work with flawed systems. By observing them, you can identify opportunities for them to save time and be more effective. This can give tremendous added value to your products. 

Field studies also help map the workflows and understand the usage environment. Are the users bound to a desktop? Do they have to use specific internal systems to which your product has to correspond? If yes, in what way? That’s why we recommend being fearless in visiting B2B customers in their environment.

Alright, let’s sum up the most crucial learning points of years of working with B2B clients.

• Be aware that building empathy toward B2B users requires more effort than for B2C users. Walk a mile in their shoes by using field studies to emerge yourself in their environments and, after that, map their realities.
• Focus on how you can make the product usage more effective. Help your product team understand the differences between B2C and B2B user needs.
• Prepare yourself for recruitment challenges. Map your options carefully, be bold, and suggest building an internal user panel. If you do that, make sure that you do it in a respectful, organized way, working together with other customer-facing departments. Play a harmonious jam so the customer relationship stays strong.

Need more B2B research expertise?

We hope you could find some valuable bits of information from our B2B escapades. Need more help with B2B research? Contact our team so they can connect you to one of our experienced researchers.

Editors’ note: Special thanks to Lilla Schmidt for her exceptional blog post writing contributions to our company.

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B2B commercial analytics: What outperformers do

Key takeaways.

• Companies that effectively use analytics in service of marketing and sales performance are 1.5 times more likely to achieve above-average growth rates than their peers.
• B2B companies historically lag behind their B2C counterparts in adopting and deploying commercial analytics, but the ones who engage with the tools already outperform their peers; their return on sales are up to five percentage points higher than that of their counterparts.
• B2B companies are increasingly ready to invest in—and execute on—analytics. They should learn from the outperformers.

If outsized growth is the holy grail, adept use of commercial analytics is one clear way to get there, fast. Our research shows that B2B companies that effectively harness analytics in service to marketing and sales performance are 1.5 times more likely to achieve above-average growth rates than their competitors. Other B2B companies have taken notice.

Many business leaders seek to harness analytics to grow their businesses. But B2B companies have historically lagged behind their B2C counterparts in adopting and effectively employing commercial analytics. However, those that use the technology more effectively outperform their peers, using many techniques of B2C sales to engage prospects and customers and increase the lifetime value of each customer relationship (Exhibit 1). These outperformers also achieved up to five percentage points higher return on sales, a common measure of how efficiently companies convert sales into profits.

We have found that outperformers not only distinguish themselves by their methods, but by their consistency and clarity in strategizing for the challenges of the transition from the very beginning. Companies ready to invest in the pursuit of outsized growth would do well to take a page from the outperformers’ playbook by investing in these four critical areas.

The hurdles of analytics

B2B outperformers succeed at translating commercial analytics into profitable growth even as many B2B sectors are under threat from B2C companies, such as e-commerce companies with more advanced and sometimes superior e-commerce and analytics capabilities that have begun to encroach on B2B territory by offering industrial supplies.

B2B companies and their leaders realize that analytics are important. In a 2021 McKinsey survey of more than 2,500 respondents in six countries and more than ten industries, 64 percent of B2B companies indicated that they expect to increase their spending on predictive analytics. But they tend to fall short when it comes to applying the right resources throughout the entire overhaul of their commercial operations.

The problems start at the beginning of the process, when many companies struggle to identify goals for their analytics programs, such as preventing churn or increasing cross-sells. As a result, while every company has significant volumes of data, many B2B companies lack the capabilities to translate data into relevant, usable insights that help them to sell more effectively by improving their understanding of their customers’ experiences, needs, and triggers.

Efforts to boost commercial performance also often fall flat if frontline sales teams do not buy into new sales-support tools or incorporate them into the regular habits and cadences of their work. In short, many companies fail to plan for and execute on the ways analytics will create end-to-end changes in their commercial operations.

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Four behaviors for commercial analytics success.

Our study of B2B outperformers’ commercial analytics programs revealed four common behaviors. Before launching a program, they create internal agreement on the sources of commercial value for their organizations. From there, they assemble or develop the right analytics workforce. They facilitate the work of the analytics team by bringing together the right data tools to facilitate faster decision making and to foster capabilities and execution. Although many companies put similar efforts in place, the key to outperformance is effective, coordinated execution in all four areas.

Build consensus on sources of value

Analytics can do a lot if used effectively. But without agreement on what analytics to pursue, companies can waste resources and energy on programs that do not deliver value. Before embarking on a commercial analytics program, cross-functional teams should collaborate to figure out where the greatest value is, then work with commercial leaders to shift resources and effort to focus on those areas. Crucially, leadership should expect to iteratively improve their approach to analytics. For instance, not every use case, tool, or model is a good fit for every situation, but quick experimentation and decision making—in other words, failing quickly and investing in demonstrably viable use cases—can maximize learning and minimize waste.

A review of the customer lifecycle—acquisition, product-customer fit, pricing, and retention or reacquisition—can yield significant insight into the most important sources of value (Exhibit 2).

The most promising use cases can get sponsorship from at least one executive whose team can benefit from it relatively soon, can generate value quickly, and—particularly in larger companies—are clearly scalable. For example, a distributor realized that it had a significant churn problem. It lost customers who accounted for up to 30 percent of its sales every year, enough to offset its new-customer acquisition. The organization’s leaders decided to invest in decreasing churn before addressing other issues. This focused application of analytics resulted in an additional $5 million to $10 million of run rate (annualized revenue) in eight months.

Assemble the right analytics talent

Top analytics talent produces outsized returns: the best data scientists and engineers are ten to 50 times more productive than average performers. 1 Drew Hansen, “This LinkedIn data scientist suggests 10 ways to excel in her field,” Forbes , Nov 29, 2016, forbes.com. As a result, analytics talent is in demand in almost every sector. However, B2B companies can attract and retain the right talent by making their value proposition as employers clear. This proposition will vary for each company. For instance, companies whose analytics functions are less mature might highlight the opportunity to build a high-performing analytics team. While not all analytical problems are glamorous, many data scientists and engineers are interested in gaining industry-specific knowledge. One energy and materials company discovered that the data scientists and data engineers were keen to learn more about the industry and get involved with business teams, so it provided opportunities for the analytics workforce to develop a sense of connection to the company and industry in the form of cross-functional squads, who worked hand-in-hand during weekly sprints to solve a business problem. Another conglomerate initially failed to attract candidates to a far-flung office, but the number of applications skyrocketed when it moved the analytics hub to a major city.

To build an analytics team, companies should begin by hiring an analytics leader who can anchor the function and attract other analytics talent. Senior academics and analytics leaders from major tech companies are good candidates. 2 For more on anchor hires, see Matthias Daub, Ranja Reda Kouba, Kate Smaje, and Anna Wiesinger, “ How companies can win in the seven tech-talent battlegrounds ,” October 2020, McKinsey.com. The focus should initially be on hiring the right people instead of filling as many roles as possible. In addition to data scientists, companies should recruit strong data engineers and analytics translators to build the data foundation. 3 For more on analytics translators, see Nicolaus Henke, Jordan Levine, and Paul McInerney, “ Analytics translator: The new must-have role ,” February 2018, McKinsey.com.

While most B2B companies have in-house recruiters that can help find this talent, it is often critical to create a new way of working to hit the growth aspirations. For instance, one logistics company hired more than 50 digital roles within months, taking the average time to hire from ten months to three weeks for key roles such as data scientists and engineers. To do this, they used a blend of automated assessments and screening, upskilling recruiters through an in-house “war room” using agile principles to manage the candidate funnel and accelerate hiring, while supplementing with seasoned external recruiters for senior roles.

Working in the same location is often helpful in building and reinforcing team cultures. Companies should therefore ensure that the analytics team has the structure needed to work in an agile way in the first few years, even if not everyone is co-located (Exhibit 3). 4 For more on building an analytics team, see Gloria Macías-Lizaso Miranda, “ Building an effective analytics organization ,” October 2018, McKinsey. com; Matt Ariker, Tim McGuire, and Jesko Perrey, “ Five roles you need on your big data team ,” July 2013, McKinsey.com; and Oliver Fleming, Tim Fountaine, Nicolaus Henke, and Tamim Saleh, “ Ten red flags signaling your analytics program will fail ,” May 2018, McKinsey.com. For more on agile work in a hybrid or remote environment, see Quentin Jadoul, André Nascimento, Olli Salo, and Renato Willi, “ Agility in the time of COVID-19: Changing your operating model in an age of turbulence ,” November 2020, McKinsey.com.

By the numbers: What drives sales-growth outperformance

Use flexible data architecture, algorithms, and tools.

Effective data architecture, algorithms, and tools are already standard at companies that are successfully using analytics. The key is for companies just starting analytics work to move decisively with the data they have to begin gleaning insights as soon as possible and avoid the trap of sinking into a lengthy IT project.

For beginners, perfect is the enemy of the good. Almost all companies complain about their data quality. But in our experience, almost all companies also have good-enough internal data that can be immediately put to use in a minimum-viable-product version of a data lake. Companies typically only use only a small portion of their available data, but the new insights lie in the other 90 percent. Data such as inbound inquiries, on-time shipments, and call center notes can generate significant insights if they are properly linked. One organization had planned on a two-year data-lake project that would eventually support its work on alleviating global hunger. However, an initial analysis revealed that the organization really needed something that would support its initial set of analytics models. Readying the required data only took a month and allowed the preliminary models to run in 30 minutes at a cost of $2. In the meantime, the data-lake overhaul, an investment in infrastructure, proceeded in parallel.

Finally, any insights from analytics models should be paired with business judgment. In a cross-functional team, this input should come from a business-function leader who has direct responsibility for the commercial outcomes related to a customer, region, or group. This person should consult any other experts as needed. Having the voice of the business on the team can ensure that any insights are logical and ultimately understandable and actionable for the sales team.

Use change management to boost front-line execution

Analytics programs’ ultimate test is whether they are accepted by front-line sales teams, which makes the difference between boosting the company’s performance and having its efforts wither.

In our experience, even highly predictive models can be rejected by the front line if a tool they had not heard of until they were instructed to use it generates an incorrect recommendation. In those cases, the model’s failure is often a reason for sales teams to abandon a model that they find no reason to trust. The remedy for this pitfall is to involve frontline teams in the development of analytics tools. This approach builds trust in the tool and yields insight into the needs of both front-line teams and their customers.

Once tools are ready, front-line leaders and high performers should model and champion their use to reinforce sales teams’ knowledge of the tools’ efficacy. One company gathered its sales managers for a two-day training summit each time it launched new analytics tools for use cases such as pricing, churn, and cross-selling. This methodical approach helped the company grow its earnings before interest, taxes, depreciation, and amortization (EBITDA) by more than 10 percent for several consecutive years.

Once tools are past the pilot stage, integrating them into the company’s roster of standard tools with which reps are familiar make them more acceptable to the front line. Indeed, an integrated insights dashboard has an air of permanence compared with the spreadsheets and ad hoc dashboards commonly used during pilots.

However effective or beneficial new tools are, it may be difficult for the salesforce to form new habits, especially when old habits are comfortable. Weekly routines can help frontline reps integrate new analytics tools into their working cadence. One company implemented a set of weekly reviews designed to integrate analytics insights into the sales function’s work. Another company tracked sales reps based on the frequency with which they use their analytics tools and how often they acted on analytics driven insights. The sales reps who consistently used the insights achieved better results over time, which accelerated the adoption of those tools.

Companies should also use insights to personalize rep-specific targets. For example, one company used pricing analytics to set specific price-increase targets for each rep. The reps didn’t have to implement every new insight to hit their targets, so they retained a sense of control.

Finally, new insights tools can reveal opportunities for cross-functional collaborations. Insights often have implications for nonsales teams. For instance, one company that built a tool to analyze churn found that 50 percent of its open service issues remained unresolved, a significant failure that contributed to customer defections. In response, leaders organized weekly district reviews of the customers that most at risk of churn. Supply chain, sales, and customer service all participated in rectifying the situation. The use cases identified in the first six months were worth $20 million to $30 million.

The timely and effective adoption of commercial analytics tools and techniques offers B2B companies undeniable strategic advantages. By learning from the outperformers, others in the sector can improve their performance and even build defensible advantages.

Warren Davis is a partner in McKinsey’s Houston office, Ryan Gavin is a partner in the Boston office, Sinem Hostetter is an associate partner in the Chicago office, and Wilson McCrory is a partner in the Charlotte office.

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Amidst budget cuts, a quickly evolving digital world and changing buyer behaviors, 86% of B2B marketers are turning to personalized 1:1 marketing — specifically, 1:1 email communication. This finding was revealed in “ The Future of 1:1 Marketing Report ,” which emphasized the power of personalized marketing communications.

The research — conducted by email signature management platform Exclaimer — discussed the power of personalization in a time where 55% of B2B marketers believe it’s harder to reach customers due to an increased difficulty capturing customer attention (82%), a rise in required touchpoints (65%) and trouble differentiating against competitors (58%).

“By prioritizing bespoke interactions over generalized mass marketing, marketers are better poised to address the unique needs of their audience — increasing engagement and brand loyalty,” said Carol Howley, CMO at Exclaimer, in a statement. “Especially in today’s loud, digital landscape, a personalized marketing strategy will make your audience feel like valued individuals as opposed to just another nameless prospect, fostering deeper connections that last.”

Previously released research from Exclaimer provided more color around email and personalization, as more than half (52%) of prospects and customers leverage email as their main channel of communication, and 38% indicated that personalization was one of the main factors that made them trust business emails.

However, to execute an impactful personalized marketing strategy, implementing the right technology is imperative: 72% of B2B marketers found CRM systems most beneficial in tailoring their marketing efforts, followed by social media and marketing automation tools (55%) and AI and machine learning (36%).

Posted in: Industry News

Tagged with: Exclaimer

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B2B Marketers Expect To Do More With More — But It’s Not As Good As It Sounds

Matthew Selheimer , VP, Research Director

In Forrester’s Marketing Survey, 2024 , nearly 900 global B2B marketing executives and operations leaders indicated they expected an overall marketing budget increase. Breaking that down further, 67% expected their technology budget to increase, 62% anticipated a larger programs budget, and even 59% projected to spend more on personnel. Yet our client interactions reveal these increases are often coupled with equally high (or higher) expectations to increase marketing’s impact on revenue and growth.

Persistent Challenges Block Progress

As if increasing impact alone wasn’t a challenge, poor data quality, poor data accessibility, and a lack of clarity and/or alignment pertaining to business goals and objectives stand in the way of progress. In fact, these challenges haven’t changed much from last year’s survey. This means they’re persistent and will take effort to solve. Adding fuel to the fire, from an external perspective, changing economic conditions and brand perception that doesn’t reflect their organization’s desired corporate identity or business strategy were also cited as key challenges. How should B2B marketing leaders overcome these continuing difficulties?

• Don’t underinvest in data quality and accessibility. It can be tempting to deprioritize data-related initiatives when dealing with near-term pressure to increase results, but savvy marketing leaders know a robust and accurate data strategy is key to effective execution — both for increasing impact and improving efficiency.
• Deliberately connect marketing strategy to business strategy. Marketing strategy begins with business strategy. B2B marketing leaders must show how business strategy connects transparently and directly to marketing strategy so that marketers understand how their work supports these objectives and, more importantly, how to prioritize time and resources.

Balancing Efficiency And Innovation Is The Path To Success

Marketing decision-makers report that increasing focus on achieving B2B revenue and growth via the partner ecosystem/channel and addressing changing buyer behaviors via an integrated campaign strategy are two top priorities. Both priorities incorporate opportunities for improved efficiency — scaling through partners and driving synergy across campaign programs — and innovation — expanding partner ecosystems and addressing evolving buyer expectations. But innovation is inherently less efficient to start, so maintaining a balanced approach is key.

Growth Through New Markets Leads The Way

When it comes to growth strategies, our survey respondents reported that new markets remained as their primary growth strategy from 2023 to 2024. Growth through productivity, underscoring again the need for improved efficiency, followed. New markets require a significant enablement commitment to educate on new buyer needs and how your offerings address them. They also require a commitment to brand reputation programs that establish awareness and accurate perception of company capabilities. When it comes to productivity, it’s important to not only seek efficiency opportunities but to avoid the pressure to take on more. Experienced marketers know that spreading resources too broadly can blunt their impact.

Forrester clients can read more in the report B2B Marketing Must Balance Innovation And Efficiency In The Face Of Persistent Challenges , and schedule an inquiry or guidance session with me to discuss the findings in greater depth.

Related Forrester Content

• Forrester's Marketing Survey, 2024
• B2B Marketing Must Balance Innovation And Efficiency In The Face Of Persistent Challenges
• B2B Marketing
• Channel Marketing
• Chief Marketing Officer
• marketing strategy

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