How to Do B2B Market Research the Right Way – Here’s Everything I Learned

There are few things I enjoy more than diving down a Wikipedia rabbit hole for a few hours. I enjoy the chance to research topics and ideas and discover the unexpected connections that bind them together.

And while I can relax in this way in my personal life, I also use these skills in business, where I conduct B2B market research to develop marketing strategies and plans.

Understanding companies as buyers is its own kind of rabbit hole. They can be complex entities with dozens or hundreds of employees and managers, each with unique needs and desires.

There’s a lot to figure out – but to be successful in the modern market, knowing your buyer is the foundation.

Let’s talk about learning more about B2B buyers and how market research can set you and your team up for success.

Table of contents

Market research uncovers important information such as:

• How companies see their industry and the market for their products.
• What business leaders need and want from a particular provider.
• Where they are in the buying cycle and what it takes to move them forward.

B2B market research requires both quantitative (hard, numerical) and qualitative (softer, subjective) data. The end goal is to prepare your business to optimally position your offerings to your target market.

We will discuss specific methods of B2B market research later. But surveys, competitor analyzes and customer interviews also provide the data you need to make the best decisions.

B2B market research vs. B2C market research

If B2B market research is about understanding companies as consumers, then B2C market research is about finding out the same details from consumers themselves.

What makes them different and when should you use them?

Buy complexity

Both the target group and the product market are more complex in B2B purchasing scenarios.

When buying B2C, you sell directly to a consumer. You – or perhaps together with your spouse, partner or another family member or friend – are the ultimate decision makers.

For example, if you buy a new car, you can include your spouse or partner in viewing and test driving the vehicles. But the car dealership sells Youthe ultimate buyer. The product or service is therefore uncomplicated: the car is here with certain features and the price.

B2B purchases quickly become complex. Typically B2B products are more complicated.

They require multiple stakeholders to be involved in the process and they span multiple departments. Consider integrating a new CRM company-wide.

This change will affect many employees.

Therefore, B2B purchasing is done as a committee effort. The average B2B purchasing committee According to Gartner, has around 11 employees. B2B sellers must “multi-thread” their deals by working with all of these interested parties to close the deal.

Decision making

The varying complexity influences the way purchasing decisions are made.

B2C transactions tend to be faster. These days, buying a car is usually a multi-week affair. Instead, let’s consider your last trip to the grocery store.

How long did you spend deciding, for example, to buy a box of Hamburger Helper? If you’re like the average consumer, that would be the case 13 seconds.

These decisions also tend to be more impulsive or emotionally motivated. You’re hungry (bonus tip: never shop while hungry). And Hamburger Helper sounds delicious. So you make a transaction and buy a box for dinner.

B2B transactions require more people and deeper research and consideration. So they last longer. The typical B2B cycle can last anywhere from a few weeks to 3-9 months, depending on what you buy. Personally, I saw how these decisions were made Years to be fully developed.

Because you’re in it for the long haul, B2B purchases also rely more heavily on relationships and trust. Buying dinner from the supermarket does not require a maintenance cycle. But if I’m going to trust a vendor with my company’s new CRM (and potentially hundreds of thousands or millions of dollars), I need to be confident that they’re the best fit.

Emotions can play a role – they want you to like who you are buying from. However, these are often more rational purchasing decisions that focus on business needs, ROI and value proposition.

Preferred research methods

Perhaps one of the most important differences between B2B and B2C market research is how you collect data for decision making. Although both types use quantitative and qualitative data, they use this information differently.

For example, B2C market research is usually more quantitative.

Researchers use consumer surveys and surveys to collect information. They want to reach a diverse consumer base, so the number of participants is high.

B2C researchers strive for “statistical significance,” meaning that they have received enough responses from consumers to apply their findings to the broader consumer base. The number to reach significance should be around 10% of your target audience. In most studies the number is between 100 and 1,000 respondents.

Conversely, B2B researchers probably dream of convincing 1,000 companies to respond. Business markets tend to be more niche, meaning they have fewer potential survey respondents. Additionally, business buyers often keep information closer to their chest; You don’t want proprietary data leaked.

B2B market research is therefore more qualitative. Researchers use more in-depth surveys, prospect interviews, and focus groups to gather information.

You will ask targeted questions to get to the heart of the matter. What are the deepest pain points? And what do managers need and want to solve?

You will also see the location of the researchers greater weight on answers based on a respondent’s influence on a final decision. The CEO’s answers will mean more than the marketing manager’s.

If you’re struggling to get quality information from your B2B sources, hear what B2B International has to say.

And if you want to learn more about the B2B vs. B2C split and how B2B buyers view the market, check out our latest data-rich research report on B2B buyers.

Benefits of B2B market research

Conducting market research should bring many benefits. But which of these can currently help companies the most?

To answer this, I spoke to Theresa Goodwin. She is the CEO of Boldthinka brand consultancy. Goodwin shared several benefits recent clients have gained from B2B market research.

1. Expanded market reach and growth

Regular research helps grow your business: Professional services marketing company Hinge has found companies that are successful B2B market research grow up to 70% faster at least quarterly and are almost 50% more profitable than companies that don’t.

With good research, you can also enter new markets or expand into existing markets.

One of Goodwin’s clients wanted to examine their employer brand and see how they could use it to attract more customers and employees. Through primary and secondary research, Goodwin’s company helped the company redevelop its employer brand and gain market share within the talent pool.

2. More effective range

Market research will also help you speak to the Right Companies and people for the growth of your company.

For example, Goodwin’s client saw an increase in applications from qualified talent that aligned with the company’s values.

“By connecting with the right talent, they not only hired more people, but also people who wanted to stay,” she said.

3. Increased brand engagement

Across digital and physical channels, Goodwin’s client saw more people interact with their brand. Additionally, employees began to advocate for the brand. They actively shared their brand experiences and attracted like-minded talent.

4. Optimized processes

It’s easy to overlook internal benefits. However, the process of understanding buyers and the market can help standardize operational requirements.

“The new materials we developed have made things like RFPs and proposals more efficient for their internal team,” shared Goodwin. The customer could achieve more thanks to a clear understanding of their business and positioning.

B2B market research methods

A good B2B market research report uses primary and secondary sources as well as quantitative and qualitative data to generate insights. How do you get this information? Below I will cover some of the most common research methods.

1. Surveys

A B2B survey should collect important information about your potential buyers, such as:

• Company profile.
• Needs and challenges.
• Product or Service Use.
• Decision-making process.
• Details and assessments of the industry.

B2B surveys do not require the same level of statistical significance as B2C surveys. But you need enough leaders to respond.

It awaits you Response rate for a B2B survey between 10-30%. Make sure you reach out to a long list of potential respondents to collect enough data.

2. Interviews

Use customer interviews to collect very detailed qualitative information. You can complete this process through focus groups or individual interviews.

There’s a lot of great information to be gleaned from interviews, but you don’t have as much control over the process. Customers may wander or venture into unexpected territory. Goodwin says that can be a good thing.

“Accept the messiness of the process,” she said.

“Not every conversation goes as planned and sometimes unexpected insights emerge that challenge your assumptions. Be prepared to change and adapt your approach over time. Flexibility is key and sometimes the best insights come from conversations you didn’t expect.”

3. Competitive analysis

Know where your company stands compared to your competitors. Price, product features, and customer support are unique selling points that are important to your buyers.

Also evaluate more qualitative elements like competitors’ marketing portfolios and value propositions to get a better sense of who they are and what makes you unique.

Pro tip: Generative AI can help collect and process competitive data to create a solid competitive analysis. Tools like ChatGPT can analyze publicly available documentation and Discover new insights about competitors.

4. Digital marketing analysis

Review publicly available information online about your industry, competitors, and potential buyers. Everyone posts somethingSo take a look at some of the most common locations:

• Social media like Facebook, X, Instagram, LinkedIn and TikTok.
• Websites hosted by competitors and buyers.
• Aggregate websites like G2 that provide public data about products and services.

Pay close attention to social media engagement (e.g. how many likes did your competitor’s latest posts generate?). Even if you have access to it SEO research toolsdelve into using keywords. Google Trends offers a good starting point at the highest level.

5. Pilot programs

When you launch or revamp a product or service, offer pilots to current or potential customers. You can collect significant amounts of data – especially qualitative data and valuable testimonials.

Don’t forget to survey program participants after their pilot ends.

Pro tip: If you’re ready to get started with any of these research methods or want to dive deeper into how to market research, our market research guide can help.

If you’re ready to start B2B market research, follow these steps to set you and your business up for success.

Step 1: Define research objectives.

If you want solid insights at the end, lay a good foundation at the beginning and clearly define what you want to achieve with your B2B market research.

Think about goals like:

• Understand market size.
• Recognize customer needs.
• Analysis of competitors’ strategies.

You won’t know what the outcome will be yet, but set goals first.

Step 2: Define target group.

Set boundaries around who you want to respond to your research paper.

Filters could include:

• Geographic location.
• Industry type, including niche options.
• Company size and composition.
• Management level for ideal respondents (e.g. VP of Marketing or CMO).

A target audience with such boundaries will help you capture an accurate portion of your larger market.

Step 3: Conduct primary and secondary research.

Depending on your goals and audience, start by exploring the available data. Secondary research such as industry publications, public datasets, and reports from government agencies and market research firms provide comprehensive information.

However, if you want to be specific, include primary research. Surveys and interviews can give your research a qualitative boost.

Pro tip: Explore HubSpot’s list Market research tools that allow you to collect and analyze data to gain insights.

Step 4: Assess success metrics and insights.

See how the information you collect fits your goals. Have you collected the right types of data? How did it meet your goals? What did all this reveal?

Qualitative data can be of great benefit to your business. Goodwin and her team share this fact with their customers.

“I measure the success of a B2B market research project by the insights it provides,” said Goodwin.

“Success isn’t just about confirming what we already know – it’s about discovering something new. Did we have that aha moment? Have we found answers to our core questions that confirm or question our assumptions? If the research leads to actionable insights that influence strategy or drive decisions, then it has been successful.”

Conducting my own B2B market research

When I create B2B market research plans, I rely on a few tips to keep in mind during the process. I also asked Goodwin for feedback on the execution of these programs.

Promote comfortable and engaging interview environments.

In the past I have worked a lot on developing thought leadership, which included working as a journalist. I would interview subject matter experts and convert their ideas into actionable insights. You want this kind of journalistic flair when conducting research interviews.

Goodwin elaborates on this point: “Asking people for details encourages them to go beyond superficial answers and makes the conversation more personal and relevant to them,” she said.

“This allows you to dive deeper and gain insights that you might not otherwise have gotten by just asking one question. It also helps them feel more comfortable knowing there is no right or wrong answer because it’s all about their unique perspective.”

Pro tip: Goodwin also quotes “Buyer Personas” from Adele Revella as a fantastic guide for preparing and conducting top-notch buyer interviews. “It taught me how to structure my conversations, dig deeper, and make interviews feel more natural than scripted,” she said.

Be proactive about managing organizational impatience.

Good research takes time. There is a lot to do when it comes to planning goals, conducting research, and compiling results.

People may become nervous during this process. Managers may expect results sooner than you are willing (or able) to share them. Everyone wants juicy insights, but you have to earn them.

Goodwin sometimes notices this impatience in her customers and has developed her own approach to this conversation.

“My favorite saying is, ‘We have to slow down to go faster,’ and I use it every time I explain my market research process. Rushing research can lead to costly rework later, so investing time up front saves resources in the long run,” she said.

“When customers understand this, they see the value in letting the process unfold. If a client insists on acting quickly, I set clear expectations and explain that insights are limited and could impact the effectiveness of the strategy. This way they understand what they are sacrificing for speed.”

Develop your B2B market research acumen today

B2B market research requires hard work, patience, an eye for detail and a keen interest in understanding data and connections. When leadership wants answers yesterday, it can all feel overwhelming.

But conducting market research can be an eye-opening experience. You hear directly from customers and prospects. And you can have fascinating conversations that take unexpected but interesting turns.

All in all, B2B market research can be Fun.

With the many tools and techniques available online, you can begin comprehensive research into your target market, audience, and potential business customers.

Set two or three targeted research goals and start looking for the unexpected today.