How B2B Companies Can Use Market Research
Did you know that more than 90% of buyers say they’re likely to buy again from a vendor that had a superior mobile experience, compared to 50% of those who report a poor experience? In addition, 73% of B2B executives know that customer expectations for more meaningful products, services and experiences are significantly higher than they were just a few years ago. Knowing these metrics is crucial to B2B businesses who want to remain competitive in the long run. Furthermore, having market research is imperative to conducting business effectively because relevant data will inform decisions. So how can B2B companies use market research?
Know Your Target Audience
Do you know your market or target audience? You may think that you do, but wouldn’t it be better if you used actual data instead of just randomly guessing who your ideal customer is and what he or she likes? Getting market research can help B2B businesses effectively target and sell to their customers by giving them information on buyer habits, preferences, etc. A company that has leveraged market research is Barnes & Noble College booksellers. In order to learn more about their target audience and their preferences, the company created a community of 10,000 students called the College Student POV. The group helps provide feedback that affects new business initiatives. Through this group, Barnes & Noble College booksellers found out that students were often confused when buying textbooks. To solve the problem, the company created VIP Shopping Nights, which were events for first-year students to work with the staff to buy their textbooks, making their transition to college easier.
Minimize Investment Risk
By conducting surveys, you’ll have a better idea of what could work and what won’t. If you’re looking to launch a new product to market, conducting market research ahead of time could save you a significant amount of time and money. Market research will help you answer some common questions such as: How should you position your product? What distribution channels would best reach your audience? How much should your product be in order to fit into your target market’s budget? What channels can you use to market your product? For example, Moment, a company that creates tools for mobile photography, is trying to grow its business by conducting as much research as possible. The startup collects robust customer data in order to see if it’s tapping into a niche business or potentially a huge market. In order to do so, Moment sells its $100 lenses and $70 case direct to consumers through its website. This helps the Seattle-based company track customer demographics and buying habits.
Strengthen the Company’s Reputation
Instead of just relying on the company’s internal data, B2B companies can leverage market research to prove that the source of data is unbiased and credible. Outside market research will help B2B companies avoid mistakes such as creating leading questions. If your company doesn’t have in-house market research expertise, it’s best to work with a market research company in order to have the best results.