A famous personality once rightly said that marketing without adept marketing research is like driving on a highway with eyes closed. Market research is the foremost important aspect on which much of an enterprise’s sales & marketing efforts are based.
Whether you get the desired business results and meet revenue targets, the approach toward market research paves the way for the future. As B2B is a complex and competitive business landscape, it is important for businesses operating in this space to act smarter and use advanced and innovative approaches to conduct market research.
Technology helps ace the function of marketing & sales. Enterprises working in the B2B domain leverage the potential of technology to gain competitive advantage and create a unique niche in the global markets.
This blog tells you in detail why technology is crucial for B2B market research.
What is B2B market research?
B2B market research is an age-old but beneficial and vital marketing activity that helps B2B marketers explore and understand buyers’ attitudes, behavior, and motivation. Its findings are utilized to optimize and enhance the sales & marketing strategies to achieve improved outcomes. B2B market research helps enterprises to understand various things in greater detail like
- Buyer persona
- Customer requirements
- Market sentiments
- Competitor activity
- Customer satisfaction level
- Brand equity
- Market forecasting
- New revenue growth opportunities
The B2B industry uses the knowledge gained through B2B market research to analyze its products/services qualitatively and quantitatively.
Artificial Intelligence (AI) Shaping the Future of Market Research
Market research is a very important but challenging marketing task that is loaded with various complexities. Precision matters the most in this domain that also decides the quality of the final outcome. But executives working in this space often find it difficult to get required data on time while maintaining the superb quality parameters in place.
Moreover, when you use only traditional methods with the hope of finding something insightful that too while running all the operations of your market research work manually, enterprises fail to catch up with their competitors.
Technology, however, eases the job of market researchers and promises to change the dynamics of market research endeavors by leaps and bounds. It is widely believed and an accepted fact that Artificial Intelligence (AI) leads the race when it comes to embracing technology for marketing research innovation.
All across the world, eminent market research companies are now leveraging the potential of AI in B2B marketing to bring unique, more informed, accurate, and faster industry insights.
According to one research conducted by Qualtrics, it is found that 93% of market research senior executives feel that AI is a powerful medium to do market research. Enablement of AI in B2B research allows researchers to level up their work in today’s fiercely competitive business environment.
Various market research works that can be executed efficiently with the usage of technology, especially AI, help businesses to create better customer value. Some of those works are listed here:
- Interview Analysis: Natural Language Processing, an important branch of AI, can help market researchers get meaningful insights without investing any laborious effort to check the entire interview bit by bit from start to end. The stupendous success of Alexa, Siri, and Google Assistant has already shown how powerful and useful NLP is in making the lives of humans easier.
- Surveys: You can bring in ‘n’ number of people while conducting any opinion-based research and increase the sample size of your survey to a scale as you desire using technology. It helps organizations to get things done in a very limited time without any hassle. Moreover, AI can help you design questions to give you a much broader picture at a very minuscule level. Further, it can help you find the best people to target by checking and fetching data from numerous databases.
- Predictions: Using advanced technology like AI for market research enables executives to find actionable insights based on analyzing historical data stored in multiple systems. It shows you patterns and helps let you know what worked best in the past and what may work best in the future as well. From product innovation, and brand positioning, to customer experience, and more, you get the insights to predict the future and align your business strategy accordingly.
- Competitor Analysis: Manually executing this task is tiresome and may also result in various inaccuracies. Technology, on the other hand, makes this task easy. Using AI-based tools, you can fetch competitors’ data from various digital touchpoints (website, social media platforms, etc.), store it in a centralized location, process and analyze it to see where they are heading. You can get the details on your screen without much effort from their product categories, new launches, achievements, pricing, product features, and whatnot.
- Data Gathering: This, in fact, is the very first step in every B2B marketing endeavor. Operations start with fresh, relevant, and useful data to serve the core business objectives behind market research. ZoomInfo, Seamless, LinkedIn’s Sales Navigator, and Apollo, amongst many other tools, help you find good quality data for your research purposes. You just need to get ready with your ideal customer persona and the rest of the magic these tools can do for you.
Although this list covers popular applications of technology in B2B market research, its role is not limited to just above mentioned aspects. Instead, you can use technology to create Knowledge Base, Problem Solving, Performance Evaluation, and Data Processing work as well.
Any B2B market research agency that uses old and outdated research methods only increases the risk of providing bad data that ultimately cannot help their clients gain what is desired from their work.
Further, it impacts the decision-making process and also affects the outcomes of sales and marketing endeavors adversely. It is thus very important to innovate and enable the greater usage of technology for B2B market research work. It is helpful and can transform the way you do business and assist in meeting desired revenue goals.
VSynergize is a renowned name in the field of lead generation that also provides advanced B2B Data services powered by its proficiency in market research. It is a global brand that serves the needs of diverse industries and is equipped with the latest tools, technologies, and adept professionals to help you meet your market research work demands with ease.
Contact us at firstname.lastname@example.org to know more about our services and understand how our team can help you grow substantially.