B2B market research provides companies with a foundation to make more concrete business decisions.
Whether you are looking at entering a new market or want to increase existing market share, understanding the size, how you will allocate resources and developing strategic sales targets are all essential to achieving success. Market research creates a solid foundation to assess potential and develop effective marketing efforts so your company is not wasting valuable resources. Market research is a powerful tool for growth when done through a structured and independent process. It will give you a clearer picture of your market, your competition and your clients allowing you to more effectively market your company.
WHY INDEPENDENT RESEARCH ?
You may be thinking – my sales staff already do research. I already know my industry, competitors and clients. I’ve been in this business for decades. Here are a few reasons to consider making the investment in market research.
- Informal, ad-hoc research such as daily client interaction and review of industry publications is often not recorded or tracked in a way that can be used to see the big picture or to drive business decisions.
- Sales staff are too close to your clients and may not get the candid feedback you are looking for, or they may dismiss the importance of your client’s challenges.
- Your senior staff or sales team is so involved in the day-to-day business that they might not have the resources to allocate to exploring new services, markets or see opportunities outside of their scope.
- Hiring an industry veteran or internal expert may be an attractive option for research. However, beware of industry biases or expending valuable billable resources away from your firm.
Independent market research asks intelligent, but often tough questions. It can uncover valuable findings about your clients, competition or new market opportunities. It can also reveal internal business challenges, changes or resources that are needed to propel the company to its next level of growth. Your investment in research is a great catalyst to influence organizational change, and build buy-in from senior leaders, managers and employees.