The idea of b2b market research has been around for a very long time. Conceptually, market research is a strong component of overall business strategy. A key element of market research is the gathering of valuable buyer and customer insights. Ideally these insights will result in competitive advantage, innovation, and market leadership.
Every business is different: Businesses are unique, and the decisions they make depend on a variety of factors, like location, industry, company size/structure, and more. Any attempt to lump them together into large groups can provide meaningless results.
Finding the right people: B2B market research may require you to find specific individuals within particular types of businesses, whether they’re decision-makers at a particular level in the company hierarchy, or in a particular department like sales or marketing.
Group decision-making: On the other hand, one of the hallmarks of B2B is that decisions are not typically made by a single individual, but rather, by groups of people who may each have different objectives. Therefore, you may have to survey people across a wide range of departments.
Time is short: The right people to ask about high-level strategic questions are typically executives or business owners, who are extremely busy. In other words, you’ll have to deal with busy professionals who may or may not have time to answer your questions with the level of detail you need.
To spell more, the essence of B2B and industrial market research is the requirement to …
.. access a limited number
.. of very busy and important experts in their field
.. who often reside off the grid
.. and may be located anywhere in the world
.. with no reason to want to talk to you
.. whom you must convince to talk with you
.. and divulge semi-confidential details about their organization’s activities
.. from which you must be able to ascertain and explain complex decision-making
.. involving multiple individuals and departments if not organizations
and you must have sufficient knowledge of their business environment to be able to moderate that technical or complex conversation
Ultimately interpret what they told you in the right strategic framework and business context – both online and offline.
Market research involves finding out about things you need to know such as import duties, regulations, distribution channels, market size and growth, competition, demographics and local production – so you can assess market opportunities and the costs of capturing them.