- Posted by admin
- On September 19, 2016
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- b2b market research
B2B Market research is complex and complicated than B2C research because the products and applications are far more complex. Also obtaining the result is also difficult in this case. However, it has an immense potential of driving the business in the right direction.
Why is it different from other market research methods?
Yes, it is distinctively different from other conventional market research techniques in several ways. When you appoint a bespoke market research service to develop research methodology specific to your business, you find answers to your problems.
- The sample size is small in the case of B2B market research. It is quite obvious because you have very limited number of buyers in B2B marketplace. Therefore, the research uses a limited number of interviews or surveys. Research experts say that the rule of thumb is to use a sample size of at least 50 respondents to get a fairly accurate result. Otherwise, the result will be skewed.
- Since the B2B market products are quite complex and the people who participate in the research are experts in their area, the research team has to be profound. It is essential that the surveys are designed smartly, and the questions should not limit to the superficial understanding. Therefore, B2B market research gives qualitative insights.
- B2B Market Research respondents are usually the top business officials who are decision makers in their respective organizations. They are quite busy people since they handle multiple responsibilities in the business. Therefore, the questionnaire or interview should be crisp and precise. Due to high quality input, the results thrown by B2B market research are highly accurate and appropriate. They are qualitatively much higher than other market research scenarios.
What are the distinct benefits of B2B Market Research?
Well, the potential of B2B market research is enormous. It helps in achieving the long-term and short-term objectives of your business. Since it gives a fair idea about the expectations of other business about the products and services offered by you, it becomes pretty easy to improve the standard. Also, the research throws light on other areas such as branding, advertizing and quality parameters. These useful insights make a big positive change in the business. Nowadays, it becomes quite simple t use complex qualitative and quantitative data analysis techniques using an advanced IT-based system. It brings higher validity and reliability of the analysis.
What market research techniques prevail in the market?
The process starts with the fundamental question of “how your products or services can enhance customer satisfaction levels?” because it is the key driver of business profitability.
Once you are clear about the objective, then the first step is data collection. You may use B2B interviews, surveys or questionnaire to collect information from the clients or customers. Nowadays, Webinars are preferred by people because of their accessibility and ease of use. The selection of tool depends on several factors such as the industry you are operating in or the technical knowhow of your customers, etc.
Contact a leading B2B market research service to develop a sound market research strategy which is tailor-made for your business. They have data intelligence capable of driving your business growth.