The number of B2B companies looking to understand better how they should market their products and services to SMB owners and decision-makers in large companies has seen an increase post-lockdown.
There are fundamental differences between the B2C and B2B markets, with the latter involving a more complex decision-making process.
Market research helps identify touchpoints for B2B companies and why their clients purchase their products or services. They can also use it to determine the cost per acquisition of a client and how to market their offering.
Benefits of B2B Market Research
Companies that conduct B2B market research benefit from greater insights into their clients and general trends in the market. They gain valuable information about:
- Competitors: B2B businesses can identify competitors in their space and use market research to gather the information that can help ensure their product or service stands out.
- New opportunities: Businesses can identify new opportunities for development along with uncovering their Unique Selling Proposition (USP).
- Economic shifts: Market research helps B2B companies identify shifts in the market and adapt their product or services to them.
Conducting B2B Market Research
A successful B2B study is highly dependent on recruiting the right participants. The difficulty of finding a suitable participant depends on the industry. For example, the right respondent can be an engineer who works exclusively at nuclear power plants or a developer for IoT medical beds.
Decision Point Research offers clients the ability to recruit for any qualitative and quantitative study. With our comprehensive database of B2B individuals, we can conduct one-on-one in-depth interviews and mini focus groups. Our clients can benefit from speaking directly with decision-makers.
Business studies are typically conducted with C-suite level executives, small and medium business owners, and senior management. Decision Point Research can conduct research studies with decisions makers from varied company sizes – small (< 50 employees) to large (> 500 employees), and revenue turnovers.
As we begin to heal from the COVID-19 pandemic, B2B businesses need to reconnect with their customers and understand how they have changed, find ways to address their concerns, and rethink how products and services are being marketed. Market research is an essential tool that can help companies achieve their goals.
Contact us today to learn how we can help with your market research needs.
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