Market Research 101

B2B Market research involves systematically gathering, analysing, and interpreting data about your target market, industry, and the broader economic environment¹. This provides insights that enable you to:

• Make informed decisions → Reliable data guides you in developing approaches that align with customer needs.
• Stay ahead → A deep understanding of your market helps you identify opportunities and risks, giving you an edge.
• Know your customers → Gain an understating about what your target customers need, like, and how they behave.
• Improve marketing → Use intelligence data to tailor your marketing efforts for better results.

Conducting Effective Market Research

Undertaking in-depth market research can be a daunting prospect which puts a lot of people off doing it, but the next sections should help guide you in the practicalities and make it easier.

💋 Keep It Simple Stupid!

Try to KISS (Keep It Simple Stupid).² Don’t over-complicate your market research and go to deep on absolutely everything. Just do what you can in the moment — anything is better than nothing and it’s preferable to lay a foundation upon which to build in the future than get bogged down by the first step.

B2B Market research typically involves collecting data via a combination of qualitative and quantitative methods.²

🥇 Qualitative Research

Explores the ‘why’ behind customer behaviour and decision making using techniques such as in-depth interviews, focus groups, and observational studies.

This methodology provides rich, detailed insights that quantitative data might not reveal and can help to eliminate bias introduced in the evaluation design phase when undertaking quantitative research. Less quantity, but richer quality.

🔢 Quantitative Research

The systematic collection and analysis of numerical data to identify patterns and predict trends. Common methods include surveys, questionnaires, and analysis of existing datasets. This approach is particularly useful for measuring market size, assessing product demand, and evaluating customer satisfaction, as it allows for statistical analysis and generalisations across a broad audience.

Which one to employ depends on what you need to evaluate. Most of the time it is obvious and you will instinctively know what to choose.

Key Data Collection Methods

In B2B market research, employing a diverse array of data collection methods is essential to gain a comprehensive understanding of market dynamics and customer behaviors. Each method offers unique insights, enabling you to make informed decisions and tailor your B2B strategy effectively.

The following methods are commonly utilised:

• Surveys and Questionnaires: Gathering data on customer preferences and behaviors through structured questionnaires.
• Interviews: Conducting one-on-one or group interviews to gain in-depth insights into customer needs and perspectives.
• Focus Groups: Facilitating moderated group discussions to explore perceptions and opinions on specific products or services.
• Observations: Monitoring customer behaviour in real-world settings to gather real-time data.
• Experiments and Pilots: Testing new products or processes in a controlled environment to gauge market response.
• Case Studies: Detailed examinations of specific businesses or projects to understand challenges, strategies, and outcomes.
• Data Extraction: Evaluation of existing data sources such as CRM, sales recordings, customer support etc….
• Analysing Wins and Losses: By examining why they won or lost deals, you can gain valuable insights into the factors that influence customer decision-making.

Tools & Software

To conduct effective B2B market research, leveraging the right tools and software is essential for collecting, analysing, and interpreting data efficiently. From survey platforms to CRM systems and data analytics tools, these solutions can really help to streamline your research processes, enhance accuracy, and provide actionable insights.

Below is a selection of key tools that support various methods of research.

Tool Category	Tool Name	Description
Market Research Reports	Gartner, Forrester, McKinsey, IDC, Statista	Provide in-depth market analysis, industry trends, and forecasts (often subscription-based, but look for summaries).
Survey Platforms	SurveyMonkey, Qualtrics, Typeform, Google Forms	Create and distribute surveys for customer feedback and market research.
Competitor Analysis	Crayon, SEMrush, Ahrefs, Similarweb, SpyFu, Owletter	Track competitor websites, SEO, social media, advertising, and overall online presence.
Social Listening	Brandwatch, Mention, Hootsuite, Sprout Social	Monitor social media conversations, brand mentions, and industry trends.
CRM Systems	Salesforce, HubSpot, Zoho CRM, Pipedrive	Manage customer data, track interactions, and segment customers.
Intent Data	Bombora, G2, Leadfeeder, 6sense	Identify companies showing purchase intent based on online behaviour.
Business Intelligence	Tableau, Power BI, Looker	Visualise and analyse data from various sources (CRM, market research, etc.) to identify trends and patterns.
SEO Tools	Moz, Ahrefs, SEMrush	Help track and analyse data for SEO keyword strategies and competitive analysis.
Competitive Ad Intel	Adbeat, iSpionage, Pathmatics	Helps track ad spend, and creative for various companies and organizations.
Firmographic Data	ZoomInfo, D&B Hoovers, Clearbit, Lead411	Provide data on company size, industry, location, and other firmographic attributes.
Technographic Data	HG Insights, BuiltWith	Provide insights into a company's technology stack.
Customer Feedback	NICE Satmetrix, Medallia, InMoment, Survicate	Provides more robust methods and analysis for customer feedback than survey platforms.
Industry News & Research	Google Alerts, Feedly, Refind	Aggregate and find relevant market and competitive information.
Project/Task Management	Asana, Jira	Manage various projects and tasks associated with market research.
Customer Interviews	Yasna	Use AI to interview your customers at scale and analyse the results.

Anything to add?

Technology moves so fast it’s hard to keep up. Reach out and let us know if there is a great tool we should consider for inclusion in this list.

Continuous Monitoring

Understanding a competitive B2B market is not a one-time exercise. It requires ongoing monitoring and adaptation to keep pace with evolving market dynamics. Once you have done it the first time around, set an annual reminder to regularly review your market research and analyse sales and marketing data to refine your strategies.

tip

Some tasks can also be completed on an ad-hoc basis. Track competitor activity, gather customer feedback whenever it becomes available and keep your team on the same page (and encourage collaboration) using centralised and accessible documentation.

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Footnotes

1. Why is market research important in B2B? Exploring the benefits, Adience ↩

2. KISS was first noted by the US Navy in 1960! Source Wikipedia. ↩ ↩²