{"id":29590,"date":"2024-08-02T08:00:55","date_gmt":"2024-08-02T12:00:55","guid":{"rendered":"https:\/\/hingemarketing.com\/?p=29590"},"modified":"2026-03-10T12:07:52","modified_gmt":"2026-03-10T16:07:52","slug":"b2b-marketing-research-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/b2b-marketing-research-what-you-need-to-know","title":{"rendered":"B2B Marketing Research: What You Need to Know"},"content":{"rendered":"

There\u2019s a lot of interest these days in marketing research<\/a>. And nowhere is research a hotter topic than in the business-to-business world, where it\u2019s a substantial factor in many firms\u2019 prosperity. In this post, we\u2019re going to explore this powerful marketing tool piece by piece, breaking down B2B marketing research into a series of questions and answers. Chances are you\u2019ve been mulling some of these questions, too.<\/p>\n

What Is B2B Marketing Research, Anyway?<\/h2>\n

B2B marketing research is the process of uncovering insights into your marketplace by surveying a representative sample of its participants. Participants might include existing customers, former customers, prospective buyers, lost prospects (buyers who chose to buy from another company), and influencers. And in a competitive employer market, research might even include current and prospective employees, as well.<\/p>\n

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Download the Professional Services Guide to Research<\/a><\/p>\n<\/div>\n

Typically, the research process consists of two parts: data collection and analysis.<\/p>\n

Let\u2019s start with data collection. There are two broad approaches you can take to collecting your data:<\/p>\n

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  1. Qualitative.<\/strong><\/em> In this approach, researchers talk directly with people to gather their experiences and opinions about your business, product or other aspects of the marketplace. Because it involves live conversations, this type of research takes more time and effort and it can be trickier to analyze. On the plus side, qualitative research provides unmatched depth and it allows you to ask open-ended questions and pursue new lines of inquiry as opportunities arise. Phone interviews, face-to-face interviews and focus groups are the most common ways businesses conduct qualitative research.<\/li>\n
  2. Quantitative.<\/em><\/strong> If qualitative research allows you to dive deep into a relatively small sample, quantitative research derives its power from volume. Using a standardized survey questionnaire, the researcher asks everyone the same set of questions (though branched questions, in which an answer determines what question comes next, are also an option). While open-ended questions are certainly possible in quantitative research, they are used less frequently so that it\u2019s easier to analyze the large quantity of data. The more rigid structure of quantitative research lends itself to a different range of formats, including online, mail and telephone surveys.<\/li>\n<\/ol>\n

    Which is better, qualitative or quantitative research<\/a>? Really, there\u2019s no right or wrong answer. Each serves a different purpose. At a very simplistic level, quantitative research is useful for understanding what<\/em> is happening in the marketplace, while qualitative research is good at exploring why<\/em>.<\/p>\n

    Qualitative research offers a great deal of flexibility, and it provides a rich body of information. Quantitative research is highly structured, which makes it easier to recognize patterns and draw broad conclusions from the data. Because of the amount of labor and cost involved in doing qualitative marketing research, it often addresses a small sample \u2014 sacrificing some statistical confidence for a deeper dive into the subjects.<\/p>\n

    The process of identifying whom to interview can be a difficult task, and usually only a fraction of those people will be willing or available to join the study. Qualitative research, on the other hand, can often reach a much larger audience, so it\u2019s sample may be more statistically representative of the group you want to understand.<\/p>\n

    Some studies include both quantitative and qualitative research. That way, they gather a more complete picture of the audiences they are investigating.<\/p>\n

    What Are the Benefits of Marketing Research?<\/h2>\n

    Our own research of professional services firms<\/a> has shown a strong correlation between research and growth\/profitability. In fact, firms that conduct frequent research (at least quarterly) grow up to 70% faster and are almost 50% more profitable than firms that don\u2019t.<\/p>\n

    Here\u2019s the data:<\/p>\n\"\"\n

    The most successful companies understand that the market is in constant flux, and the only way they can keep on top of all that change is by doing research on a regular basis. Up-to-date intelligence allows them to adjust their messaging and services to meet the evolving needs of their audiences.<\/p>\n

    How Can My Business Use Market Research?<\/h2>\n

    There are an almost limitless number of ways you can use market research to improve your business. Here are 25 to get you thinking about your own situation:<\/p>\n

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    1. Discover who you really compete against in the marketplace (you will be surprised, I promise)<\/li>\n
    2. Uncover your differentiators<\/a><\/li>\n
    3. Find your competitive advantage<\/a><\/li>\n
    4. Learn what services your clients appreciate most, and why<\/li>\n
    5. See emerging opportunities in the marketplace<\/li>\n
    6. Adjust your marketing messages<\/a> to reflect what customers really<\/em> want to hear<\/li>\n
    7. Find out what your customers think about you<\/li>\n
    8. Discover which weaknesses you need to fix right away<\/li>\n
    9. Get your Net Promoter Score and find out whether your customers are likely to recommend your company to others<\/li>\n
    10. Learn how well known your business is in the marketplace<\/li>\n
    11. Explore why some customers chose to buy from another<\/em> company, instead<\/li>\n
    12. Find out how your pricing<\/a> compares to the competition<\/li>\n
    13. Find out how important price is to your buyers<\/li>\n
    14. Discover whether there is demand for your new product or service<\/li>\n
    15. Recognize emerging trends in the marketplace<\/a><\/li>\n
    16. Demonstrate that you care about your customers \u2014 the act of doing research shows that you are interested in them and their opinions<\/li>\n
    17. Discover the one thing your customers would change about your business<\/li>\n
    18. Find out if you are well positioned to enter a new market<\/li>\n
    19. Determine what issues you should be writing and speaking about to engage your audience and build your visibility<\/li>\n
    20. Find out whether internal perceptions about your company match external perceptions<\/li>\n
    21. Learn how your customers find you<\/li>\n
    22. Find out why your customers chose you over a competitor<\/li>\n
    23. See if your customers are aware of all of your key products or services<\/li>\n
    24. Find out what you are known for in the marketplace<\/li>\n
    25. Benchmark your business against competitors in your industry<\/li>\n<\/ol>\n
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      Download the Professional Services Guide to Research<\/a><\/p>\n<\/div>\n

      Can I Do the Research Myself?<\/h2>\n

      Yes, you can do it yourself. But in most cases, I recommend against it. Why? Three reasons.<\/p>\n

      First of all, designing a valid and insightful survey questionnaire takes skill. A professional survey designer has the experience to write a questionnaire that will achieve your goals \u2014 and avoid the leading questions and biases that can produce ambiguous, misleading or invalid results.<\/p>\n

      Second, most surveys, even those with small samples, can generate a lot of data. The way you categorize, roll up and score the data can dramatically affect the results. Best to leave that to an expert, if possible.<\/p>\n

      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 be critical of your business \u2014 precisely the stuff you need to know if you want to make course corrections to your marketing or operations.<\/p>\n

      To learn more, here\u2019s a post by my colleague Lee Frederiksen that explores this question in more detail<\/a>.<\/p>\n

      \"Click<\/a>