Exploring B2B Market Research Services: A Complete Guide

May 30, 2024

ViB Editorial Team

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The B2B tech world has cut-throat competition, and staying ahead of the curve means getting sharp insights. This is where market research services come in.

But what exactly are these powerful marketing tools, and how can they benefit your business strategy?

Let me walk you through these insightful research solutions:

Understanding market research services

Market research involves systematically collecting, analyzing, and interpreting data from businesses, potential customers, users, and clients. It plays a vital role in comprehending your target audience, refining your product offerings, and maintaining a competitive edge.

Imagine having a window into the minds of your customers that shows their preferences, pain points, and unmet needs. That’s the power of market research! 👏 

Market research services do more than just collect data. They analyze and interpret data that helps decision-makers to make informed decisions. 

Market research firms use many approaches, from surveys and focus groups to social media analysis and competitor intelligence

This allows you to: 

  • Study past data and present trends to predict future market shifts
  • Uncover untapped opportunities for innovation or growth
  • Figure out the “why” behind customer behavior
  • Build stronger brand loyalty through targeted messaging
  • Keep pace with advancing technologies and competitor strategies 
  • Find out looming risks and create preemptive countermeasures

 

In short, market research services give you the whole picture of the market. Just imagine creating products that are exactly what customers need.

Market research makes these great ideas happen! 🙌

How do market research services benefit B2B companies?

If you do not use effective market research services, you are essentially flying blind! B2B market research services act as your guiding compass and help you make smart decisions when it comes to marketing strategies and product innovations.

Let me show you some benefits it offers B2B companies:

  • Higher ROI: With the right market research behind you, you can target the right customers with the right message. The more tailored your offering is to your prospects, the more they’ll spend on the solutions you offer.
  • Updated insights into customer actions: Your potential customers’ needs and desires may change over time, and keeping up can be tricky. B2B market research services can help you stay on top of any new developments and keep ahead of market shifts.
  • Better and more valuable clients: As B2B marketers, you want to target enterprise-level clients. This means you need to have a deep insight into your USPs and the edge you have on your rivals – or what you need to do to get one. Market research can help you do just that.
  • Feedback loop for success: Talking to your customers through market research isn’t a one-time deal. It’s a conversation! By listening to their feedback regularly, you can keep improving your products and services. Instead of just assuming how well you’re doing, you can have solid proof of your success.

 

What are the features of a top-notch market research service?

Not all market research services provide identical features! Allow me to guide you through the distinguishing features and offerings of top market research companies. This will help you identify the best and understand what sets them apart from the competition.

Data Accuracy

Your market research is only as good as the data in it. The best market research services get the facts straight. They use reliable sources and double-check their information. 

This way, you can make decisions based on real info, not guesses! With good data, your strategies will hit the bull’s-eye of what your market needs.

Cost that doesn’t break the bank

Great market research doesn’t cost an arm and a leg. Top companies offer options that fit your needs and wallet. You get the data you need to succeed without spending a fortune. 

This means you can save more money and redirect it to key projects that need the investment!

Provides the whole picture

Don’t make decisions based on a tiny glimpse! Top market research services go beyond just who your customers are. They tell you about your competitors, what’s hot in your industry, and what your customers really want. 

With this much data, you can build winning strategies that cover everything!

Turns data into actions

The best market research solutions don’t just deliver raw data. They analyze the numbers and explain exactly what they mean for your business.

This analysis gives you clear, actionable recommendations, such as what type of niche customers to target and how to improve your product.

This allows you to turn the findings into concrete actions that drive real results.

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What are some questions to ask when choosing a market research service provider?

Now, I know there are many market research services out there that offer very accurate and amazing market research solutions. But if you want to go the Gartner and Forrester route, then you need to be able to pay up — in six figures (Yikes!). Plus, you also have to follow their restrictions on how to use the data. 😢

Finding the right market research service can be like finding the perfect pair of shoes – it needs to fit your needs and budget!

My suggestion is to ask the market research service provider you are considering a list of questions. This can help you find out whether they are the best deal for your business:

#1 How’s your experience working with B2B companies?

Not all market research companies know your tech world like you do! Ask if they’ve worked with other B2B tech companies before. Don’t be afraid to ask for specific success stories of clients they’ve wowed.

You want a partner who speaks your language and can give insights that matter to your specific market.

#2 How do you gather your data?

It’s important to know how the market research service provider collects its data. Do they use tools like interviews, surveys, focus groups, and market competitive analysis? How do they make sure their data is credible?

After all, you wouldn’t want to base your decisions on bad info, right?

#3 How much does your market research service cost?

Great market research shouldn’t cost a fortune! Talk to them about their prices and see if they have options that fit your budget.

For example, ViB Research can help you get reliable data at one-third of the cost than other big research companies. 

#4 How do I know the research you produce is credible?

You need to make sure you are getting data only from credible sources that you can use.

For example, ViB Research conducts its research using a giant network of real tech professionals, like CEOs and managers, who make decisions every day. 

By tapping into this community, we gather information from real people facing real challenges in the B2B tech space. This means the research reflects the actual experiences and needs of the market, making it highly credible and relevant to your business.

#5 Can I use my data anywhere?

Market research costs thousands of dollars so you need to milk it for all it’s worth. That’s why you need to work with market research services that let you own the data it produce.

This means you can use it anywhere and as often as you like. You can refer back to it, quote from it, or even use the information to create new materials like blog posts or presentations.  

Success stories: Market research making a difference

If you are looking for proof of market research services, you are in the right place. Let’s get the scoop on some of the real-life market research case studies 👇. 

ViB Research lets you generate credible research on your buyers. Data-based research helps clients create content that resonates with their target audience.

Illumio boosts marketing and lead generation with ViB Research

Screenshot 2024-05-29 172507

Illumio, a cybersecurity company, wanted to strengthen its market leadership and generate leads. Mandy Skroupa, Marketing Programs Manager, wanted to position Illumio as a leader, raise awareness for their products, and attract new customers.

However, she didn’t want to use traditional surveys since they have unpredictable results. Here’s where ViB Research came in.

ViB Research provided Illumio with targeted data on IT security professionals. This data fueled the creation of a well-received report, “Security Risks 2021: Ransomware and the Return to the Office.” The report generated high downloads and became a basis for further marketing activities like press releases and webinars.

Overall, ViB Research helped Illumio:

  • Position itself as a market leader
  • Increase awareness for its products
  • Drive lead generation
  • Develop a successful integrated marketing campaign
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ViB Research generates a $5 million pipeline for startup

A startup’s marketing director needed a quick, affordable way to raise awareness for their new product and set themselves up as thought leaders. Traditional research options were slow, expensive, or restrictive.

ViB Research offered a solution. They conducted targeted surveys among IT professionals and gathered valuable data the startup needed to create a high-quality report.

This report, combined with other content based on the research, became a powerful marketing tool. The startup used it for events, press releases, and more.

The results were impressive 💃:

  • $3 million in sales pipeline
  • $2 million in closed/won revenue
  • Increased brand awareness and industry recognition
  • Set up the company as a thought leader in a new market

 

ViB’s research helped the startup achieve major growth, proving it to be a valuable tool for lead generation and market leadership.

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What does the future hold for market research?

The world of market research is always changing – which means new and improved technology and consumer behavior to look forward to!

 Here are some great things coming down the road that businesses need to know about:

  1. The rise of AI and machine learning

AI and machine learning analyze big datasets to uncover hidden patterns and consumer trends in social media, reviews, and surveys. 

These insights help businesses understand customers, predict behavior, and identify new market opportunities.

  1. Embrace real-time data

The days of waiting weeks for market research reports are fading! Real-time data lets businesses see what customers think right now, like how a new product launch is going. 

Real-time data empowers businesses to be nimble, adjust plans quickly, and stay on top of the market.

  1. The power of mobile research

Everyone’s got a phone, so research is going mobile! Short surveys and interactive fun polls on apps help reach more people and get information fast, no matter where they are. 

This helps businesses get on-the-spot feedback, understand what customers need in different situations, and learn more about global markets.

  1. The human touch remains

No matter how fancy machines get, real people are still important in market research. Qualitative research techniques like in-depth interviews and focus groups understand the “why” behind the data, not just the numbers.

Think of it like this – machines give you the facts, but people tell you the story behind them. Businesses need both to get the full picture.

Want a winning market research solution?

Is your market research stuck in the past?

The future of market research is all about using cutting-edge tools and real-time data to understand your customers better than ever.

Here’s what you can do:

  • Take a look at your current market research efforts: Are you getting the info you need to make smart decisions?
  • Consider partnering with a market research pro: Leading market research solutions like ViB Research can help you uncover hidden trends and laser-target your audience.
  • Stay tuned for more! Sign up for our blog to get ongoing tips on how to use market research to win in your business.

Remember, market research isn’t a magic trick 🪄, but it is a powerful tool. By using the latest trends and working with experts, you can innovate, target your audience effectively, and stay ahead of the competition. 

So don’t wait – jump into the future of market research today!

Get started with ViB Research

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