There is a lot of interest in marketing research these days. And nowhere is research a hotter topic than in the business-to-business world, where it plays a significant role in the prosperity of many companies. In this article, we’ll explore this powerful marketing tool piece by piece, breaking down B2B marketing research into a series of questions and answers. Chances are, you are thinking about some of these questions as well.
What is marketing research?
Marketing research is the process of discovering information about your market by surveying a representative sample of its participants. Participants can include existing customers, former customers, potential buyers, lost leads (buyers who have chosen to buy from another company), and influencers. And in a competitive employer market, the search can even include current and potential employees.
What are the benefits of marketing research?
Our own research on professional service companies has shown a strong correlation between research and growth / profitability. In fact, companies that research frequently (at least quarterly) grow almost twice as fast and are slightly more profitable than companies that don’t do any research.
The most successful companies understand that the market is constantly changing, and the only way to keep up with all of that change is to do regular research. Up-to-date information allows them to adjust their messages and services to meet the evolving needs of their audiences.
Can I do the research myself?
Yes, you can do it yourself. But in most cases, I would advise against it. Why? Three reasons.
- First, designing a valid and insightful survey questionnaire takes skill. A professional survey designer has the experience to write a questionnaire that will accomplish your goals and avoid questions and biases that can produce ambiguous, misleading, or invalid results.
- Second, most surveys, even those with small samples, can generate a lot of data. The way you categorize, group, and score data can dramatically affect the results. It’s best to leave this to an expert, if possible.
- Third, you will get more honest answers if an impartial third party conducts your research for you. If you conduct interviews yourself, people may be reluctant to criticize your business – precisely what you need to know if you want to make course corrections in your marketing or operations.
What types of marketing research are there?
There are many ways to approach marketing research. Here are some of the most common:
- Brand Research – Find out how you are viewed in the market and where your opportunities lie. Use this information to differentiate your business and strengthen your brand.
- Customer Research – Find out what your customers and prospects want and how you can get there. Use this information to adjust your marketing messages, services and operations to meet changing market needs.
- Market Research – Find out who your real competitors are, what services you should be offering and what opportunities you can take advantage of.
- Customer Satisfaction Research – Answer the question “How satisfied are your customers with your work and service?”
- Customer Journey Research – Map the path people take to find, learn to trust, and buy your products or services. Use this information to reduce friction in the buying process, improve your closing rate, and increase your service standards.
- Client Personality Research – Who are the people who buy your services or who influence those who make the final decision? What messages do they need to hear? Persona research will identify and profile them so that your marketing and sales are more compelling.
