There are several key types of B2B market research, including Expert interviews, Business Decision Makers, and Competitor Research. However, these methods differ from one another in the way they gather information. For example, expert interviews of C-level executives focus more on the strategic level. On the other hand, business decision-maker interviews focus on the opinions of employees making daily operational decisions. In both cases, the goal is to gain insight into the business decisions that affect a company’s future success.
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When conducting B2B market research, expert interviews are a powerful tool for gaining deep insights into your target market. These interviews can reveal key trends and new business developments and give you detailed information about your competitors and their popularity. In addition, the insights gained from these interviews can help you determine your future business strategies. Here are three advantages of expert interviews:
1. They are the most reliable source for the answers you need to know. Experts usually have a wealth of knowledge about the topic at hand. They may be specialized consultants, members of professional organizations, or even diplomats. The size of B2B markets makes it essential to seek out individuals with unparalleled expertise in the field. Expert interviews provide a valuable resource for your research, but you must identify them upstream.
Business Decision Makers
Different business-to-business (B2B) market research types have different goals and objectives. B2B market research focuses on the decision-making processes of business-to-business enterprises and those who make those decisions. Some common B2B market research types are surveys with IT managers, commercial banking focus groups, and in-depth interviews with C-level decision-makers. B2B market research differs from B2C in several ways, the most notable of which is that the participants are more difficult to reach.
For example, a B2B market analysis may examine the size of a market, its growth rate, its competitors, and its profitability. Market analysis provides a quantitative evaluation of a market, although priorities can vary from industry to industry. A B2B market analysis document demonstrates a deep understanding of key business factors and positions a company for success. It is useful for all stages of a company’s lifecycle, from initial planning to implementation.
Whether in the B2B or consumer sector, it’s crucial to conduct competitive research to see how you stack up against your competitors. This type of analysis helps you determine your unique value proposition and identify areas for improvement. However, it is important to note that this type of research can be time-consuming and may take many hours to complete. Therefore, you should only audit the leading competitors in your industry if you’re interested in a comprehensive picture of their strengths and weaknesses.
For quantitative research, B2B market researchers can use various tools. For example, excel provides various features such as pivot tables, slicers, sorting, and filtering and allows for detailed data analysis. For larger samples, SPSS provides advanced data analysis. In qualitative research, you may have to review recordings or transcripts to discover recurring themes. Once you have identified your key intelligence questions, you can conduct a deeper analysis of the data.