How does B2B marketing research differ from B2C and what techniques work best?

1 Define your research objectives

Before you start collecting data, you need to have a clear idea of what you want to achieve with your research. What are the specific questions you want to answer? What are the gaps in your knowledge or assumptions? What are the outcomes you expect from your research? Your research objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also align with your overall marketing strategy and business goals.

2 Choose your research methods

There are two main types of research methods: primary and secondary. Primary research involves gathering data directly from your target audience, such as through surveys, interviews, focus groups, or observations. Secondary research involves using existing data from external sources, such as reports, publications, databases, or websites. Both methods have their advantages and disadvantages, depending on your budget, time, and resources. You should use a combination of both methods to get a comprehensive and reliable picture of your market.

3 Segment your market

B2B markets are often more heterogeneous and fragmented than B2C markets. This means that you need to segment your market into smaller and more manageable groups of buyers who share similar characteristics, needs, or behaviors. Segmentation helps you tailor your marketing messages, offers, and channels to each group, increasing your relevance and value proposition. You can segment your market based on various criteria, such as industry, size, location, role, pain points, goals, or buying stage.

4 Analyze your competitors

Competitor analysis is a key component of B2B marketing research. It helps you identify your strengths and weaknesses, as well as the opportunities and threats in your industry. You should analyze your direct and indirect competitors, as well as the substitutes and alternatives that your buyers may consider. You should look at various aspects of your competitors, such as their products, prices, features, benefits, positioning, branding, distribution, promotion, customer service, and reputation.

5 Understand your buyers

Buyer persona is a tool that helps you create a detailed profile of your ideal customer. It describes their demographics, psychographics, motivations, challenges, goals, needs, preferences, and behaviors. It also outlines their buying process, including their decision criteria, influencers, sources of information, and pain points. Buyer persona helps you empathize with your buyers and communicate with them in a more personalized and effective way. You should create buyer personas based on your primary research data, as well as your secondary research data and your own experience.