Why do B2B Market Research?
There are many benefits of B2B research within your market, which makes it an essential tool for companies in today’s competitive business environment. Knowledge is power, and B2B market research provides insight into the sector, along with information around customers, markets, and competitors. Oftentimes, conducting this research alongside regular operations is simply too draining on company resources, which is where a dedicated B2B market research agency steps in.
By analysing B2B data, you will be able to make business decisions that are driven by relevant and up-to-date research. The result is that companies locally and around the world can make data-driven decisions, identify market opportunities, understand customer behaviour, gain a competitive edge, enhance product development, mitigate risks, and expand their market presence.
The differences between B2B and B2C research
There are significant differences in terms of B2B research and business-to-consumer (B2C) research.
- In B2B, there are far fewer customers to sell to but they often tend to have much higher spending levels
- B2B decision-making units are larger
- A particular issue is that decision-makers are much harder to engage and locate
- Overall this means that B2B research is more expensive as they are generally much harder to get hold of.
Secondly, they are significantly more complex issues at hand
- B2B products and services tend to be much larger, more complex and involve a combination of product and service.
- Products are likely to be sold through multiple distribution channels
- Understanding B2B customer requirements requires fast thinking and a good understanding of businesses and decision-makers.
Third, there are differences in how B2B purchases are made:
- The B2B buying journey is often much longer, with more stages and stakeholders
- Buyers require more information throughout the buying process
- B2B purchases can be less emotionally driven but not entirely so
