Market research is the crucial ongoing process of gathering information to help a business to understand and serve its customers better thereby informing better business decision-making. Involving taking a sample of a target audience, market research enables a business to close the gap between what customers expect and what a business can deliver to them.
B2B market research shares many commonalities with B2C market research, however, there are three main differences that need to be considered:
- B2B customers tend to require more convincing than their B2C counterparts, thus B2B market research needs to be more in-depth. This extra insight into their customers allows a business to make the most attractive offer to their customers.
- B2B customers may be scarcer than their B2C counterparts which means a B2B business needs to place more significance on how their products/services are perceived compared to their competitors.
- B2B businesses often have complicated market audiences, where customers are often part of an organisation that needs to spend a large amount of time considering their purchase decision, whereas B2C is simpler in nature.
With market research, B2B businesses can be more effective at targeting their customers and key decision-makers, especially with benefit-based messaging aimed at those involved in the buying process. Additionally, a business gains up-to-date insight into customers’ needs and desires, which helps a business to tailor their offering to the market.
Whether qualitative or quantitative, market research will give a business a more accurate picture of any environment. From product feedback through to brand perception, it provides another perspective and serves up additional data to test further hypotheses.
In addition to competitive intelligence on what a business offers, and what products and services might be developed that meet customer and market demand, market research can be used to guide interaction with many audiences. From current and future employees through to every aspect of the marketing process. For example, research can help to guide the formation of a sponsorship portfolio or inform the B2B customer journey.
By researching how customers think, feel, and behave, businesses can implement a strategic approach to serve their customers’ needs in much improved ways. SQN can help your business with its strategic approach through the power of partnerships and sponsorships. Get in touch with us today to see how we can help your business succeed.