For B2B sales organizations to thrive – and for their sales reps to consistently meet or exceed quotas – a “trial and error” method of knowing who, why, what, when and how to reach qualified prospects is not just risky: it is unsustainable. Indeed, it only takes a bad quarter or two before competitors and investors detect blood in the water, and for a valuable brand to lose a massive amount of equity. After all, customers in general do not want to do business with a struggling company; let alone B2B buyers who often equate brand health (or lack thereof) with trust and reliability.
Fortunately, neither B2B organizations nor reps must play a terrifying guessing game to see what works, and what does not. Instead, they can – and frankly, must – leverage the only thing that gives them data-driven clarity for the road ahead: market research.
Below, we highlight 3 reasons why market research is essential for B2B sales:
1. Multiple Decision Makers
According to research by CEB, B2B buyer groups on average consist of 5 to 6 people. Each of these individuals typically represents a different buyer persona, such as executive, finance, IT, operations, administration, and so on. Without market research, B2B sales organizations will not know how to modify their message to speak to every member of the buyer group, and ultimately usher a proposal through to an agreement.
2. More Complex and Longer Sales Cycle
As revealed by SiriusDecisions, today’s B2B sales cycle is 22 percent longer than 5 years ago. Market research provides B2B sales organizations with the actionable intelligence they need to keep the relationship fresh for the long haul. These insights can include crafting targeted middle-of-the-funnel (MOFU) content, and identifying offers and tools (demos, apps, widgets, free trials, etc.) to stay on the radar screen.
3. Fewer Early Stage Touchpoints
As per Forrester research, most B2B prospects are more than 50 percent along the buyer’s journey before they seriously engage a sales rep. In other words: while they may reach out to request information or have a high-level discussion, they typically do not target and focus on a specific vendor/service provider until they have done a great deal of background work on their own. Market research enables B2B sales organizations to know what, how, when, where and why these prospects are doing their homework, so they can supply them with targeted content, engage them in social media and other digital properties, and deliver effective messaging that earns them a spot on the shortlist.
Learn More
To learn more about why market research is essential for B2B sales organizations, contact the Communications For Research team today. You’ll speak with our co-CEO Colson Steber about your business and how market research can help you improve your B2B sales process.
For more information on how market research can be beneficial for marketing agencies, download our FREE eBook:
