Knowing your audience is one of the fundamentals of efficient marketing. Businesses that have a comprehensive grasp of the wants, goals, limits, and worries of their consumers are better able to market and sell their products or service.
It can be difficult to achieve that knowledge, particularly when you’re marketing to other companies and their customers.
B2B purchasers have a complex and multifaceted buying process that involves several factors. 77 percent of B2B buyers claim that their most recent transaction was extremely complicated or challenging.
B2B purchasing involves performing several non-sequential processes, such as problem identification, solution investigation, requirements building, supplier selection, validation, and consensus creation, as opposed to moving through a stage-by-stage sales funnel.
Importance of market research
This justifies the need for B2B market research. Market research aids businesses in:
- Recognize and create B2B buyer personas.
- Analyze how customers’ wants are changing.
- Make yourselves stand out from rivals
- hone your offerings
- Create informative, valuable information to aid customers in their research
Spending a lot of money on research companies is not necessary. With a few basic tools and techniques, you can learn a lot on your own. The gold mines of market research that are frequently ignored include review sites, social media listening data, and keyword research tools.
With the help of these four core market research techniques, you can gain deeper insights into your audience, provide B2B marketplace buyers more power, and improve business decisions.
Learn about B2B buyers by conducting keyword research
People are attempting to learn what brands are out there and what solutions are accessible in the early phases of the buyer journey. B2B purchasers frequently begin their investigation on Google or another search engine, as the majority of individuals do.
There is useful information wherever there are searches. Despite being most frequently connected with SEO, keyword research can also help you better understand your target market and how they look for goods and services similar to yours.
Perhaps, ask yourself these questions:
- What inquiries do customers make regarding your market, your goods, or your services?
- What problems does your product address that customers are looking for?
- Which companies in your sector are ranked for particular keywords?
- Are consumers using your brand’s keywords in searches?
You can develop content, SEO, and B2B social media strategies that increase brand visibility and provide highly relevant information to your target audience after you have the answers to these questions.
Social media conversations that are relevant to your business
One of the most reliable ways for customers to get the knowledge is through consulting peers, whether in person or online via social media or websites that evaluate products.
Getting referrals from people in comparable organizations, roles, and sectors inherently boosts consumers’ trust and interest in a good or service. With social listening, marketers can listen in on those kinds of interactions as they happen.
If you’ve already conducted keyword research, the results can be used to improve your queries and add filters so you can delve further into conversations. Once topics are ready, your tool will gather open dialogue from the biggest focus group in the globe.
Examine what consumers are saying about rivals on social media
Understanding your competitors’ strengths and shortcomings and capitalizing on them will help you win in a competitive deal cycle. For instance, if you deal in the Chinese B2B platform, examining social listening can be useful.
You can compare competitors side by side using key performance metrics from across social media. Such as share of voice, average positive sentiment, and other metrics that are useful to contextualize quantitative competitor research results from sources other than social media.
In the opposite direction, you may go through conversations using a negative sentiment filter to discover online discussions where rivals, their goods, or services are receiving bad reviews.
Review and analyze the ratings
82 percent of respondents in a recent poll of B2B buyers and/or buying influencers said they used internet review sites to assist their purchasing decisions. That’s not entirely surprising because review sites provide information that can help a customer at every stage of the purchasing process.
However, B2B marketers ought to additionally keep an eye on and use reviews for qualitative research. The leadership, product, sales teams, and other disciplines can receive this incredibly clear feedback from marketers who can gather, package, and present it.
Customer feedback, along with the results of your previous market research, can help you:
- Planned product roadmap
- Price options
- Providing for customers
- Resources for customers and buyers