Why Is B2B Market Research Necessary?

The only constant in the world of business is ‘change.’ Dynamism, precarity, and evolution are the keywords that define the ever-so-fleeting entrepreneurial arena of the 21st century. Factors such as digital transformation, shifting geo-political landscapes, consumer demands, etc., fuel industrial changes and usher in a continuous spree of capriciousness and uncertainty. In such a context, where every opportunity is a multi-dimensional challenge requiring well-calculated decisions, B2B market research comes in handy. In simple words, B2B market research can be defined as obtaining information about an industry and its target audience by surveying a sample of participants. The information extracted can help understand what the potential customers want, need, and aspire for, how they visualize a brand, its products and services, and so forth. B2B market research can encompass areas such as product development ideas, sales, marketing techniques, customer service, etc. The crux of the phenomenon is to help an enterprise improve its decision-making.

In contrast to business-to-consumer (B2C) research, B2B market research is conducted by and for businesses. VISA, the worldwide digital payment processor, is a great case study in B2B market research. Visa’s go-to-market strategy and promotion of new products benefited greatly from the information gleaned through persona profiling and buyer journey research into commercial bank decision-makers. New competitors, consumer expectations for speedier payments and more streamlined payment systems, etc., all posed significant threats to VISA in the marketplace. To facilitate local and international business payments, the organization already provided VISA Connect and VISA B2B Connect. On the other hand, VISA implemented qualitative market research to better convey their solutions to financial institutions by identifying distinct consumer personas and mapping the buyer experience for their the  VISA B2B Connect and VISA Connect Services.

Importance of B2B Market Research: A Crisp Overview

Market research is important for B2B companies, as it informs them who their customers are and why they purchase their products. Market research also allows B2B enterprises to extract crucial metrics, such as the cost per acquisition of a client, and get a rational understanding of what the industry wants from their genre of products or services. Simply put, B2B market research is essential because it provides invaluable information about –

• Economic changes
• Competitors
• Current market trends
• Consumer insights
• New opportunities

Likewise, comprehensive and well-planned B2B market research also helps businesses identify new product development opportunities and gauge looming threats at the right time. Here, ‘time’ is the keyword as having a ‘Eureka moment’ vis-à-vis product development or ensuing hurdles is futile if it does not happen at the optimal time, wherein an actionable impact can be made. Similarly, B2B market research enables businesses to zero in on their USP and acquire an edge in the marketplace. When it comes to testing for products, ads, services, and market opportunity, the B2B market becomes important as it helps gauge various ostensible outcomes such as –

• Desirability – The product or service created must be desirable, without which there is no demand.

• Distinctiveness- Customers must tell your company’s B2B products apart from others in the market.

• Defensibility – The defensibility of a product or service is its ability to discourage or prevent competitors from duplicating its strategic advantages; this is something that can be measured through B2B market research.

Now that we have touched upon the importance of B2B market research let us skim through its benefits.

Top Five Benefits of B2B Market Research

• Enhanced ROI Growth – B2B market research is a foolproof way to improve your enterprise’s ROI through the latest customer insights, better brand position, risk-free product testing, etc.

• Latest Insights about Business Buying Behavior – B2B market research also helps companies understand the relevant decision-making mechanism and buying behaviors of businesses, thereby fostering a more engaging marketing collateral.

• Performance Management – Market research helps a B2B company gauge the effectiveness of its existing marketing campaigns; evaluate the effectiveness of sales teams, products, content, etc.

• Access to Target Audience – If you are a startup, then B2B market research can help reach the ideal customer profile by understanding diverse clientele and determining which ones will be most interested in your offer.

• Gain a Competitive Edge – Lastly, B2B is a fiercely competitive landscape. Robust market research can gain a competitive edge by understanding target audiences and identifying opportunities at the right time.

 Conclusion

So, there we have it, a crisp overview of the importance of B2B market research. If you are a B2B enterprise needing a boost, unlock invaluable insights for your organization with our online research platform. We at Consumer Opinion (C-O) can transform your market research dream into an actionable plan by providing access to our robust databases.