Few things bring me joy like diving into a Wikipedia rabbit hole for a few hours. I relish the chance to research topics and ideas and discover the unexpected ways they connect.<\/p>\n\n
And while I may relax that way in my personal life, I also use those skills in business, where I conduct B2B market research to build marketing strategies and plans.<\/p>\n
<\/a><\/p>\n Understanding businesses as buyers is its own kind of rabbit hole. They can be complex entities, with dozens or hundreds of employees and leaders, each possessing unique needs and desires.<\/p>\n It\u2019s a lot to unpack \u2014 but, to thrive in the modern marketplace, knowing your buyer is the foundation.<\/p>\n Let\u2019s chat about how you can learn about B2B buyers and how market research can equip you and your team for success.<\/p>\n Table of Contents<\/strong><\/p>\n What is B2B market research?<\/a> <\/a> <\/p>\n Market research<\/a> uncovers important information like:<\/p>\n How companies view their industry and the marketplace for your products. B2B market research requires both quantitative (hard, numerical) and qualitative (softer, subjective) data. The end goal is to prepare your company to best position your offerings with your target business market.<\/p>\n We\u2019ll get to specific methods of conducting B2B market research later. But items like surveys, competitive analyses, and customer interviews will provide the data you need to make the best decisions.<\/p>\n <\/a> <\/p>\n If B2B market research is how you understand companies as consumers, then B2C market research is how to discover the same details from consumers themselves.<\/p>\n What makes them different, and when should you use each?<\/p>\n Both the target audience and product marketplace are more complex in B2B buying scenarios.<\/p>\n With B2C buying, you\u2019re selling directly to one consumer. They \u2014 or perhaps along with a spouse, partner, or other family member or friend \u2014 are the ultimate decision maker.<\/p>\n For instance, if you\u2019re buying a new car, you may include your spouse or partner in viewing and test driving vehicles. But the car dealership is selling to you<\/em>, the ultimate buyer. The product or service is therefore straightforward: Here\u2019s the car with certain features and the price.<\/p>\n B2B buying gets complex quickly. Usually, B2B products are more complicated.<\/p>\n They require multiple stakeholders to get invested in the process, and they reach across several departments. Consider integrating a new CRM across an enterprise.<\/p>\n That change will affect a lot of employees.<\/p>\n As such, B2B buying happens as a committee effort. The average B2B buying committee<\/a> has around 11 people, according to Gartner. B2B sellers need to \u201cmulti-thread\u201d their deals by working alongside all these interested parties to close the deal.<\/p>\n The differing levels of complexity affect how buying decisions are made.<\/p>\n B2C transactions typically happen quicker. Now, buying a car is usually a multi-week affair. Instead, let\u2019s consider your last trip to the grocery store.<\/p>\n How long did you spend deciding to buy, let\u2019s say, a box of Hamburger Helper? If you\u2019re like the average consumer, that\u2019d be 13 seconds<\/a>.<\/p>\n These decisions also tend to be more impulsive or emotionally driven. You\u2019re hungry (bonus tip: never shop hungry). And Hamburger Helper sounds delicious. So, you transact and buy a box for dinner.<\/p>\n B2B transactions involve more people and deeper research and consideration. Ergo, they take longer. The typical B2B cycle can run from a few weeks to 3-9 months<\/a>, depending on what you\u2019re buying. Personally, I\u2019ve seen these decisions take years<\/em> to fully flesh out.<\/p>\n Because you\u2019re in it for the long haul, B2B buying also relies more on relationships and trust. Buying dinner from the grocery store doesn\u2019t require a nurture cycle. But if I\u2019m trusting a vendor with my enterprise\u2019s new CRM (and potentially hundreds of thousands or millions of dollars), I need to believe they\u2019re the best fit.<\/p>\n Emotions can play a role \u2014 you want to like who you\u2019re buying from. But these are often more rational buying decisions, focused on business needs, ROI, and value propositions.<\/p>\n Perhaps one of the most important differences between B2B and B2C market research is how you acquire data for decision-making. While both types use quantitative and qualitative data, they use that information differently.<\/p>\n For instance, B2C market research is typically more quantitative-driven.<\/p>\n Researchers use consumer surveys and polls to gather information. They want to capture a diverse consumer base, so the number of participants is high.<\/p>\n B2C researchers seek \u201cstatistical significance,\u201d which means they received enough responses from consumers to apply their findings across the broader consumer base. The number to reach significance should be about 10% of your target population<\/a>. For most research, that falls between 100-1,000 respondents.<\/p>\n Conversely, B2B researchers probably dream of convincing 1,000 businesses to respond. Business markets are usually more niche, meaning they have fewer potential respondents for surveys. Plus, business buyers often hold information closer to their chests; they don\u2019t want proprietary data to leak.<\/p>\n B2B market research is therefore more qualitative-driven. Researchers use more in-depth surveys, prospect interviews, and focus groups to gather intelligence.<\/p>\n They\u2019ll target questions to get to the real meat of the matter. What are the deepest pain points? And what do leaders need and want to solve it?<\/p>\n You\u2019ll also see researchers place greater weight on responses<\/a> based on a respondent\u2019s influence over a final decision. The CEO\u2019s answers will mean more than the Marketing Manager\u2019s.<\/p>\n If you\u2019re struggling to get high-quality information from your B2B sources, hear what B2B International has to say.<\/p>\n And, if you\u2019re craving more about the B2B\/B2C split and how B2B buyers view the market, see our latest data-packed research report on B2B buyers<\/a>.<\/p>\n <\/a> <\/p>\n Conducting market research should deliver a lot of benefits. But which ones can help companies the most right now?<\/p>\n To answer this, I talked with Theresa Goodwin<\/a>. She\u2019s the CEO of Boldthink<\/a>, a brand consultancy. Goodwin shared several benefits recent clients have received from B2B market research.<\/p>\n\n Regular research helps your company grow: professional services marketing firm Hinge found companies that conduct B2B market research<\/a> at least quarterly grow up to 70% faster and are almost 50% more profitable than firms that don\u2019t.<\/p>\n You can also reach new markets or expand into current ones with good research.<\/p>\n One of Goodwin\u2019s clients wanted research into their employer brand and how to use it to attract more clients and employees. Through primary and secondary research, Goodwin\u2019s company helped the business redevelop their employer brand, gaining market share within talent pools.<\/p>\n Market research also helps you talk to the right<\/em> companies and people for growing your business.<\/p>\n For instance, Goodwin\u2019s client saw a surge in applications from qualified talent who aligned with the company\u2019s values.<\/p>\n \u201cBy connecting with the right talent, they didn\u2019t just hire more people, they hired people who wanted to stick around,\u201d she said.<\/p>\n Across digital and physical channels, Goodwin\u2019s client saw more people interact with their brand. What\u2019s more, employees began advocating for the brand. They actively shared their brand experiences \u2014 further attracting like-minded talent.<\/p>\n It\u2019s easy to overlook internal benefits. But, the process of understanding buyers and the market can help standardize operational needs.<\/p>\n \u201cThe new materials we developed made things like RFPs and proposals more efficient for their internal team,\u201d Goodwin shared. The client could do more thanks to a clear understanding of their business and positioning.<\/p>\n <\/a> <\/p>\n A good B2B market research report will use primary and secondary sources and quantitative and qualitative data to develop insights. How do you get that information? I\u2019ll cover some of the most common research methods below.<\/p>\n\n A B2B survey should gather crucial information on your potential buyers like:<\/p>\n Company profile. B2B surveys don\u2019t need the same level of statistical significance that B2C surveys require. But, you do need enough business leaders to respond.<\/p>\n You can expect a response rate for a B2B survey<\/a> between 10-30%. Make sure you reach out to a lengthy list of potential respondents to gather sufficient data.<\/p>\n Use customer interviews to collect highly detailed qualitative information. You can handle this process within focus groups or individual interviews.<\/p>\n You can get a lot of great info from interviews, but you don\u2019t have as much control over the process. Customers can go off on tangents or wander into unexpected territory. Goodwin says that can be a good thing.<\/p>\n \u201cEmbrace the messiness of the process,\u201d she said.<\/p>\n \u201cNot every conversation will go as planned, and sometimes unexpected insights will pop up that challenge your assumptions. Be ready to pivot and adjust your approach as you go. Flexibility is key and sometimes the best insights come from the conversations you didn\u2019t anticipate.\u201d<\/p>\n Know where your company sits in relation to your competitors. Price, product features, and customer support are all differentiators your buyers will care about.<\/p>\n Also evaluate more qualitative elements like competitors\u2019 marketing portfolios and value propositions to get a better sense of who they are and what makes you unique.<\/p>\n Pro tip<\/strong>: Generative AI can help collect and crunch competitor data to produce a solid competitive analysis. Tools like ChatGPT can parse through publicly available documentation and uncover new insights into competitors<\/a>.<\/p>\n Review publicly available information online about your industry, competitors, and potential buyers. Everybody is posting something<\/em>, so look into some of the most common places:<\/p>\n Social media like Facebook, X, Instagram, LinkedIn, and TikTok. Pay close attention to engagement on social media (i.e., How many likes did your competitor\u2019s latest posts generate?). Also, if you have access to SEO research tools<\/a>, dig into keyword use. Google Trends<\/a> offers a fine top-level place to begin.<\/p>\n If you\u2019re launching or revamping a product or service, offer pilots to current or potential customers. You can gather significant amounts of data \u2014 especially qualitative data and valuable testimonials.<\/p>\n Don\u2019t forget to interview program participants after their pilot ends.<\/p>\n Pro tip:<\/strong> If you\u2019re ready to get going with any of these research methods, or want to dig deeper into market research how-tos, our market research guide<\/a> can help.<\/p>\n <\/a> <\/p>\n When you\u2019re ready to start B2B market research, follow these steps to prepare you and your organization for success.<\/p>\n If you want solid insights at the end, lay a good foundation at the beginning, and clearly define what you\u2019re seeking to accomplish with your B2B market research.<\/p>\n Think of objectives like:<\/p>\n Understanding market size. You won\u2019t know what the result will look like yet, but establish objectives to begin.<\/p>\n Build the boundaries for who you want to respond to your research outreach.<\/p>\n Filters could include:<\/p>\n Geographic location. A target audience with these types of boundaries will help you capture an accurate slice of your larger market.<\/p>\n Depending on your objectives and target audience, start digging into available data. Secondary research like industry publications, public data sets, and reports from government agencies and market research firms offer ample information.<\/p>\n If you want to get specific, however, include primary research, too. Surveys and interviews can provide a qualitative boost to your research.<\/p>\n Pro tip:<\/strong> Explore HubSpot\u2019s list of market research tools<\/a> to help you gather data and analyze for insights.<\/p>\n See how the information you gathered fits into your objectives. Did you capture the right kinds of data? How did it match up to your goals? What did it all reveal?<\/p>\n Qualitative data can offer a big boon to your business. Goodwin and her team share this fact with clients.<\/p>\n \u201cI measure the success of a B2B market research project by the insights it brings to the table,\u201d Goodwin said.<\/p>\n \u201cSuccess isn\u2019t just about confirming what we already know \u2014 it\u2019s about uncovering something new. Did we have that \u2018aha\u2019 moment? Did we find the answers to our core questions that validate or challenge our assumptions? If the research leads to actionable insights that inform strategy or drive decisions, then it\u2019s been successful.\u201d<\/p>\n <\/a> <\/p>\n When I\u2019m building B2B market research plans, I lean on a few tips to remember during the process. I also asked Goodwin for some of her feedback on running these programs.<\/p>\n In the past, I did a lot of thought leadership development, which included acting as a journalist. I\u2019d interview subject matter experts and transform their ideas into actionable insights. You want that kind of journalistic flair when you run research interviews.<\/p>\n Goodwin elaborates on this point: \u201cAsking people for specifics encourages them to go beyond surface-level responses and makes the conversation more personal and relevant to them,\u201d she said.<\/p>\n \u201cThis allows you to dive deeper and get insights you may not have otherwise gotten from just asking one question. Plus, it helps them feel more comfortable knowing there isn\u2019t a right or wrong answer because it\u2019s all about their unique perspective.\u201d<\/p>\n
\n How To Do B2B Market Research<\/a>
\n B2B Market Research vs. B2C Market Research<\/a>
\n Benefits of B2B Market Research<\/a>
\n B2B Market Research Methods<\/a>
\n Conducting My Own B2B Market Research<\/a> <\/p>\n
\n What company leaders need and want from a particular vendor.
\n Where they are in the buying cycle and what it\u2019ll take to move them along. <\/p>\nB2B Market Research vs. B2C Market Research<\/h2>\n
Buying Complexity<\/h3>\n
Decision Making<\/h3>\n
Preferred Research Methods<\/h3>\n
Benefits of B2B Market Research<\/h2>\n
1. Expanded Market Reach and Growth<\/h3>\n
2. More Effective Outreach<\/h3>\n
3. Increased Brand Engagement<\/h3>\n
4. Streamlined Operations<\/h3>\n
B2B Market Research Methods<\/h2>\n
1. Surveys<\/h3>\n
\n Needs and challenges.
\n Product or service use.
\n Decision-making process.
\n Details and perceptions on the industry. <\/p>\n2. Interviews<\/h3>\n
3. Competitor Analyses<\/h3>\n
4. Digital Marketing Analysis<\/h3>\n
\n Websites hosted by competitors and buyers.
\n Aggregate sites like G2 that provide public data on products and services. <\/p>\n5. Pilot Programs<\/h3>\n
Step 1: Define research objectives.<\/h3>\n
\n Identifying customer needs.
\n Analyzing competitors\u2019 strategies. <\/p>\nStep 2: Set target audience.<\/h3>\n
\n Industry type, including niche options.
\n Company size and makeup.
\n Leadership level for ideal respondents (e.g., VP of Marketing or CMO). <\/p>\nStep 3: Conduct primary and secondary research.<\/h3>\n
Step 4: Assess success metrics and insights.<\/h3>\n
Conducting My Own B2B Market Research<\/h2>\n
Foster comfortable, engaging interview environments.<\/h3>\n