B2B market research is a potential gold mine of business intelligence that can increase mindshare, marketshare, competitive advantage, revenues and profitability. In other words: it can do everything that executives want, need and spend virtually all of their time trying to make happen.
However, the operative word in that paragraph is “potential.” This is not because market research is experimental or a hit-and-miss phenomenon. When it is done properly, it generates significant – and in many cases dramatic – ROI. But for this potential to translate into impressive results, it is vital that B2B market research be designed, executed and managed in the right way.
Below, we highlight 5 best practices on how to get actionable insights from B2B market research:
1. Make sure you are focusing on the right problem to solve.
This may sound less like a best practice, and more of something that is self-evident (or blatantly obvious). However, many B2B market research projects are doomed to fail when they do not target the right problem. It can take weeks to explore, analyze and refine the right business problem, but it is well worth the effort.
2. Ensure that the sample size is sufficient.
Use tactics to increase response rates or use a professional B2B market research recruiter to ensure that the sample size is sufficient, and has not been kept artificially small to fit a needlessly narrow population window. Otherwise, the insights will not be reliable outside of a very small segment (e.g. customers who have purchased a certain amount in the set period of time, etc.).
3. Ensure a suitable timeframe to maximize participation.
Even if incentives are offered, B2B market research participants (along with those in the B2C space) can and will delay participation, and sometimes fall off the radar screen for days, weeks or even months. This is simply the nature of the process and is unavailable. However, this unfortunate aspect will not derail the market research project if there is a suitably large timeframe to re-engage participants. It is also a good idea to use multiple types of communication to make and confirm appointments, such as sending email and SMS reminders.
4. Strategically target decision-makers.
A chief characteristic that makes B2B market research different than B2C market research, is that trying to reach decision makers can be quite difficult. The best way to reach them is to use professional B2B market research recruiters who have networks, relationships and resources to locate and connect with a desired demographic. It is also a good idea to indicate that the survey or interview is an “exclusive engagement for senior decision-makers” (a little flattery can go a long way!).
5. Create stakeholder-specific reports.
Often, an otherwise excellent B2B market research effort can fail to deliver actionable insights because the information is not presented properly to various stakeholder groups. For example, executives need different information than product development teams, and the same goes for R&D teams compared to sales teams, and so on. Presenting a “one-size-fits-all” report invariably does not serve anyone’s interest, and the market research is more likely to gather dust on a shelf (or virtual dust on a hard drive).
The best way to steer well clear of this surprisingly common problem is to identify all stakeholder groups before the market research project launches, and understand what actionable information they need to make improvements and get results.
Learn More
To learn more about getting actionable insights from B2B market research, contact the Communications For Research team today. We understand that it takes a qualified and experienced interviewer for “C” level interviews and that’s why we’ve cultivated a select group of interviewers that can handle challenging B2B market research interviews. From naming studies to pricing studies to employee surveys, CFR ensures that you receive the accurate data you need when you need it and in the format you need it in.
See the rest of our B2B market research services here and check out our latest eBook "Communicating the Value of Market Research":
