B2B Market Research: Essential Strategies for Success
Learn how B2B market research can improve decision-making, boost growth and strengthen your competitive edge.
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In the fast-paced B2B landscape, the quality of your decisions depends on the quality of your information.
For B2B companies, market research is more than just a tool; it’s a necessity. It guides strategy, drives growth, and helps companies outpace their competitors.
Yet, speed remains crucial – the faster companies move, the more they win.
Despite its importance, many marketers struggle with market research.
It often requires months of effort and a substantial budget, making it a challenging process. In the same way, choosing the right methodology and interpreting data to gain actionable insights can be complex.
This guide helps you understand why B2B market research is important, how to conduct it, and the benefits it brings to your business.
B2B market research, also known as B2B marketing research, involves gathering data about businesses—their challenges, preferences, and behaviors. It’s about understanding your target audience and how they make decisions.
This research often explores:
Analyzing these trends helps businesses better meet customer needs, leading to sustainable growth and long-term success.
B2B market research is crucial, especially now, as the business landscape rapidly evolves with new companies emerging and markets shifting suddenly.
Market research helps you keep pace with these changes, enabling you to both react and plan ahead.
In essence, it helps you:
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B2B research is more vital than ever. Staying informed is essential to remain competitive and successful.
Both B2B and B2C market research aim to understand customers and markets, but they differ in focus and approach.
Unlike B2C research, which focuses on individual consumers, B2B research targets companies and the decision-makers within them. Businesses as customers often have more complex needs and buying processes.
Key differences include:
Recognizing these differences is crucial for effective B2B marketing research and creating strong marketing strategies.
In B2B market research, both qualitative and quantitative methods can be used to gather insights.
Qualitative research methods include:
Quantitative research methods include:
Both methods have their strengths and weaknesses.
Qualitative research provides detailed information but can be time-consuming and subjective. Quantitative research offers clear, data-driven results but may miss the small details of what customers really like.
Combining both methods gives you a full picture of your market. Qualitative vs. quantitative research: Which type of research should you be shooting for?
Creating a well-structured B2B market research plan is crucial for obtaining valuable insights.
Here are the key steps:
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Using a project management tool can help you stay organized and keep your B2B research plan on schedule.
Depending on the complexity, this process might take a few days to a few months. The key is to plan carefully and execute well, so you can gain findings that will truly benefit your business.
Collecting data from the right audience is needed for gaining accurate insights, but it’s often a pain for many companies. The process of identifying, contacting, and engaging the right customers, as well as organizing surveys or calls and offering incentives, requires significant time and effort.
This is why many businesses rely on external tools and services to manage this critical task.
However, if you prefer to take on the task yourself, here are some strategies to help you find the right participants.
Use targeted email campaigns and social media to connect with specific audience segments. For example, you can segment your email list based on industry, company size, or job title, and create personalized messages that speak directly to their pain points and interests.
On social media, utilize LinkedIn’s advanced search filters to identify and reach out to potential participants who fit your target profile.
Partner with industry organizations to expand your reach. Consider collaborating with trade associations, professional groups, or industry influencers who already have access to the audience you’re trying to reach.
For instance, if your target audience is B2B SaaS marketers, partnering with communities like Indie Hackers or a relevant LinkedIn group could provide you with direct access to a highly engaged audience.
Leverage your existing customer relationships. Reach out to your current customers for participation in your research. You can offer them exclusive incentives such as discounts, early access to new features, or personalized consultations in exchange for their feedback.
Additionally, use customer satisfaction surveys to identify your most engaged users, who are often more willing to participate in deeper research activities like interviews or focus groups.
Selecting the right tools for B2B market research is crucial and depends on your specific goals, budget, and technical capabilities.
Here’s a look at some popular options:
For a detailed breakdown of the pros and cons of these tools, read the full article Top B2B Market Research Tools of 2024.
If you choose to hire external help for your market research process, selecting the right B2B market research company is essential. Start by evaluating their experience and expertise in your industry.
It’s also important to assess their B2B research methods to ensure they align with your specific business needs.
There are many reputable firms available, each with its strengths:
Keep in mind that most of these companies require a significant time commitment, often taking months to deliver results. They also demand extensive resources and follow thorough methodologies, which may not be the best fit for every situation.
B2B marketing research is a key driver of business growth. It provides crucial insights into customers, competitors, and market trends, which in turn guide product development, marketing strategies, and overall business decisions.
Understanding customer needs enables companies to create products that resonate with their audience. Identifying market gaps where competitors are absent offers opportunities to gain a competitive edge and explore new avenues for growth.
Here’s how B2B software companies have leveraged market research to achieve success:
Appcues is a product experience platform designed to help anyone, regardless of technical skills, create beautiful, personalized in-app experiences that engage users and drive product adoption.
Objective: Appcues aimed to evaluate how their go-to-market messaging resonated with their target audience, particularly product managers and marketers, by analyzing feedback from their Ideal Customer Profile (ICP).
Methodology: Appcues utilized Wynter’s message testing tool to refine their website. This tool allowed them to highlight specific sections of their web pages for targeted feedback. While the homepage was generally well-received, visitors found it challenging to connect with a broader message or clear solution.
Additionally, Appcues conducted a B2B research survey using Wynter to gain insights into the challenges and benefits their customers encountered with product onboarding and adoption. This survey provided valuable voice-of-the-customer data that was instrumental in enhancing their market positioning.
Outcome: The A/B testing conducted by Appcues led to a 73% increase in conversion rates from visit to trial start after the introduction of the new page.
Impact on business: Wynter’s insights enabled Appcues to effectively communicate their unique value proposition to potential customers. By reframing their narrative, Appcues was able to differentiate themselves in a competitive market.
Illumio specializes in cybersecurity, offering solutions that protect critical applications from online threats by separating security from the network. This approach allows businesses to monitor and manage their data traffic effectively.
Objective: Illumio wanted to establish itself as a leading player in the cybersecurity market, increase awareness of its products (Illumio Core and Illumio Edge), and attract new partners to enhance security.
Methodology: Illumio partnered with ViB Research to conduct targeted surveys over 4-6 weeks among IT security professionals. These surveys provided precise insights that were used to create Illumio’s first State of the Security Segmentation report. The report was then repurposed across various demand generation channels, including content syndication.
Outcome: The report garnered significant attention, leading to press releases and mentions in multiple publications. It also served as a content pillar, resulting in about eight blog posts and variations. On the other hand, the high download rate of the report indicated strong interest from the target audience.
Impact on business: The insights from the report enabled Illumio to craft a comprehensive marketing strategy. By repurposing the report into various formats—press releases, blogs, and webinars—Illumio successfully increased awareness and generated demand. This initiative reinforced Illumio’s position as a thought leader in cybersecurity and expanded the visibility of their product range.
Pinterest is a visual discovery engine and social media platform where users find ideas for recipes, home decor, fashion, and more. It caters to both individuals and businesses, offering opportunities for brand engagement, product discovery, and marketing insights.
Objective: Pinterest sought to enhance the user experience (UX) for its B2B users, particularly advertisers and content creators, by gaining a deeper understanding of their needs and behaviors.
Methodology: To achieve this, Pinterest collaborated with NewtonX to carry out a comprehensive B2B innovation study. This study employed a blend of qualitative and quantitative research methods, including in-depth interviews and surveys with business users, to collect detailed insights into their usage patterns, challenges, and specific needs.
Outcome: The research revealed critical areas for improvement in Pinterest’s UX, especially for B2B users who rely on the platform for marketing and brand engagement. The study highlighted specific pain points and feature requests, providing Pinterest with a clear roadmap for UX enhancements.
Impact on business: By acting on the insights gained from this research, Pinterest was able to significantly enhance the user experience for its B2B audience. These improvements led to increased user engagement and satisfaction, ultimately driving better business results and solidifying Pinterest’s role as an essential tool for B2B marketing.
Read Pinterest full case study.
The field of B2B market research is changing rapidly, driven by new technologies and evolving market needs. Staying updated on these trends helps businesses stay competitive, make better decisions, and quickly adapt to market changes.
Let’s look at some key trends and innovations shaping the future of B2B marketing research.
Artificial Intelligence (AI) is changing how B2B research is done by speeding up data analysis and uncovering deep insights quickly. AI tools can process large amounts of data fast, spotting patterns and trends that might be missed by people.
With technologies like machine learning and natural language processing, businesses can analyze data automatically from many sources, such as social media, customer feedback, and market reports. This allows companies to get real-time insights into market trends and customer preferences, leading to more accurate and timely decisions.
For example, for marketing, IT, and business pros, improving customer data management is top priority. Using AI-driven consumer intelligence programs breaks down internal data silos, creating a unified data foundation. This boosts efficiency and enables smarter decisions for seizing opportunities across departments. (Ipsos, Understanding your consumers with AI in market research)
As concerns over data privacy grow, businesses must navigate complex regulations and meet customer expectations. Protecting data isn’t just about following rules—it’s also key to building trust.
Laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have made data privacy a top priority. Businesses face a significant rise in data subject requests (DSRs), which surged by 246% from 2021 to 2023. (DataGrail, 2024 Data Privacy Trends Report). For that reason, companies now focus on collecting first-party data directly from customers with their permission. This approach helps build trust and ensures that businesses follow legal guidelines.
Companies are also adopting strategies that prioritize privacy, where data collection methods are transparent, and customer data is stored and handled securely.
The need for fast, actionable insights has led to the rise of on-demand market research. This trend reflects a shift towards more flexible and responsive research practices, allowing businesses to quickly adapt to market changes.
On-demand market research platforms, like Wynter, let companies gather real-time feedback from their target audiences. These platforms are flexible and fast, allowing businesses to conduct surveys, interviews, and other research activities at short notice. This is crucial for making quick decisions, launching new products, or adjusting marketing strategies based on current market conditions.
The ease and speed of on-demand research tools help businesses stay ahead in a competitive market.
B2B market research is key to staying ahead and growing your business, but the real advantage comes from acting on insights quickly. In a fast-paced business world, the speed at which you gather, understand, and use this information can set you apart from the competition.
After collecting your B2B research data, the next important step is to put those insights to use. This might mean adjusting your marketing strategies to better reach your audience, improving your products based on customer feedback, or finding new opportunities that match market needs.
The faster you apply these findings, the more impactful your decisions will be. Making decisions based on real data, while still moving quickly, ensures better results and a stronger position in the market.
Market research isn’t a one-time task; it requires continuous learning and adaptation. Markets change constantly, with customer needs and industry trends evolving all the time. Regularly updating your research and tweaking your strategies is crucial for staying competitive.
This ongoing process needs to be both continuous and flexible, allowing you to respond to changes quickly while also spotting new opportunities. Finding the right balance between thorough research and fast action is key to keeping an edge in today’s competitive B2B environment.
