Hajra Naz
Consumer behavior and brand responses to it are dynamic, so how can you stay ahead of the curve? For brands to remain abreast of the subtleties and complexities of a constantly shifting market landscape, they require a consistent supply of reliable market and audience information.
Business-to-business (B2B) market research insights that are generated by social media enable you to make better informed, focused cross-functional decisions and react quickly to changes in the market.
According to The 2023 State of Social Media Report TM, 95 percent of corporate leaders believe that social media data must be prioritized for informed decision-making beyond marketing. They’re utilizing it to foresee changes in the industry and aggressively handle client concerns to foster trust and strengthen their brand in the face of fierce competition.
This article examines the ways that B2B market research facilitates improved decision-making. It includes overlooked techniques and social media information that can lead to new levels of audience insight exploration.
What is B2B market research?
B2B market research includes gathering and evaluating information about what companies want and need to enhance their operations. This covers the interactions that take place between a business offering a service or product and the companies that it hopes to attract as potential clients.
Both qualitative and quantitative methodologies are used in B2B research, such as social media listening, customer experience (CX) analysis, ratings, and surveys. It provides decision-makers with useful information on significant subjects including competitors, market trends, and macroeconomic factors that influence a business merger, acquisition, or joint venture.
Because of the more elaborate dynamic cycle, business-to-business (B2B) statistical surveying varies from general or business-to-client (B2C) research. The B2B buyer journey, in contrast to B2C interactions, usually involves several stakeholders who have different roles and interests in the purchasing process.
Additionally, B2B sales cycles tend to be lengthier than B2C ones. This is because B2B purchasing decisions require a thorough evaluation of several elements, including contract negotiations, regulatory body alignment, customer-specific demands, and tech stack concerns.
What are the benefits of B2B market research?
The following are the benefits of B2B market research.
- Plan goals strategically
- Identify growth opportunities
- Understand evolving customer needs
- Gain a competitive advantage
- Anticipate potential challenges
- Optimize marketing and advertising strategies
B2B Market Overlooked Research Methods
Let’s examine in-depth a few effective yet rarely used B2B research methods that can provide you a competitive advantage.
1. Understand B2B customers through keyword research
In the early phases of the buyer journey, keyword research is a tactical approach to market research with the goal of finding companies and brands that align with a company’s requirements. Furthermore, there is a notable shift in B2B buyer behavior in this regard. According to a recent survey, B2B customers are looking at more options besides providers, particularly third-party resources.
Search engine optimization (SEO) tools like Google Trends, Answer the Public, Ahrefs Keywords Explorer, and Google Keyword Planner are frequently used for keyword research.
Learning how companies look for answers online (e.g., by mentioning problems or looking for rivals’ alternatives) will assist you in developing a more comprehensive business plan that will allow you to provide your target audience with hyper-relevant content. This will draw in more marketing-qualified leads and greatly increase the visibility of your brand.
2. Analyze industry and brand-relevant social conversations
You can get timely and pertinent B2B market research insights by analyzing social listening data for brand- and industry-relevant conversations.
It provides you with an intimate understanding of the thoughts, feelings, and experiences that customers have about your company. You can use the real-time reflection of debates and trends to spot new trends, developing subjects, and changing consumer preferences.
Use these data to match your content marketing approach with the topics that your audience is talking about, increasing engagement and creating a more focused B2B social media strategy.
This research doesn’t need to be a passive endeavor. Take part in conversations in thought leader groups and industry forums to assess market trends and competition. You may learn directly from the participants what they think. These conversations are also excellent for increasing brand memory and modifying your tactics to sway consumers and prevent attrition.
3. Examine competitors on social media
Additionally, social listening can give you an open picture of how your target market views your rivals. By examining interactions surrounding rivals, you can contextually identify their advantages and disadvantages as well as your own.
You may improve the positioning of your brand and go-to-market plan by utilizing this detailed competitor intelligence. It also identifies issues that appeal to (or don’t appeal to) your target consumer base, which makes it essential for content development and your overall marketing strategy.
4. Dig into ratings and reviews
While social insights offer rapid feedback and insights, traditional B2B market research approaches like consumer surveys and focus groups take a lot of time and don’t collect real-time data.
You can get more information from customer opinions in review forums than just the standard review measures, such as star ratings and net promoter scores (NPS). To help your team proactively address and respond to the demands of your customers, collect qualitative data on their pain spots and favorite aspects of your brand. As a result, there will be an increase in consumer trust, engagement, and brand memory.
To gain insights from unbiased ratings on user satisfaction, features, price, and other important variables, your teams can examine data from forums and review websites like Reddit, G2, and Capterra. Another excellent way to learn about how companies use your software and gather data that could influence the future path of the product is through app reviews.
5. Analyze industry influencers
In a business relationship, trust is crucial, and most prospects have greater faith in third parties than in vendors. Influencers are therefore a fantastic resource for audience insights. To find out who is driving conversations and influencing talks across many domains, use social listening to pinpoint the advocates and influencers in your sector.
You can have a better grasp of your brand’s perception, the competition, and the needs of new markets by analyzing their content. Your brand’s reach and trustworthiness can be increased by collaborating with the correct influencers, which you can investigate with the help of this research.
Stay focused, relevant and informed with B2B market research
Information is wealth. It also serves as the cornerstone of well-informed decision-making when it is timely and focused.
Your social data is more than just information; it’s an innovation accelerator that can propel your company to new heights. Therefore, make the most of this wealth of powerful industry knowledge to promote ongoing growth and ease increasing difficulties.
To surpass market expectations and increase customer-centricity, your brand can leverage accurate, social, and AI-driven intelligence. With carefully generated insights, you’ll enable your teams to find opportunities on time and build stronger partnerships throughout the organization.
