B2B market research can open a world of understanding. For example, here are some common B2B related questions we get: Why did a prospect not sign the deal? Where did the messaging go off course? How can we better serve our customers? These are examples of questions that analytics alone cannot answer; analytics can only tell you what happened – it cannot show you why it happened. In this world of connected products and connected customers, how can you take your brand to the next level of understanding to make sure that your messaging, your products, and your brand stay relevant? You must consider an ongoing insights feedback program that gives life to the voice of your customer.
The fastest-growing B2B brands share two things in common: relevance and responsiveness. In today’s economy, there is simply no way to grow if you do not consistently and regularly reach out to your customers and prospects with surveys to understand their needs, issues, and concerns, as well as their thoughts and opinions. From Hinge Marketing, “we know from our research, there is a relationship between average annual growth and frequency of systematic, structured research on target buyers.” To sustain profitable growth, it is not only good business to do ongoing research; it has proven to be critical to maintaining success. You must get to the “why” of all purchase (and NON-purchase) decisions from your target prospect.
As BrandZ points out, “B2B businesses have been skilled at the rational part of the sale—presenting what they do—but sometimes less effective at differentiating—explaining how they operate.” Continuously monitoring, evaluating, and when necessary, updating your explanation of how you are different has proven to be an essential skill in ensuring your success in B2B. Research is the most effective way to test your marketing messaging in B2B and to test your messaging to break out from the crowd of perceived competitors.
To get behind all the data and analytics, implementing a structure of ongoing survey-based and qualitative research will ensure you understand what motivates your prospects and customers to buy your product. It will keep you focused on your customers, making sure you are both relevant and responsive. Opening these lines of communication will ensure ongoing commitment to keeping your customer front and center of all decisions for your brand and company. All leading and growing B2B brands have implemented some form of a feedback system and insights program, and all of them use it to drive better decisions within the organization.