B2B Myth of the Week: Research Is Overrated
by MGB2B
The Myth: Research Is Overrated
The Truth: Research Is More Important Now than Ever
Is B2B research necessary? The answer is a resounding “yes.” The needs and perceptions of your audiences are constantly evolving. If you want to create content that resonates with your audience, you need solid research. Research isn’t a one-time thing. It needs to be continuously updated to keep up with changing market demand. What research can do is help you create engaging content, generate leads, and grow your company. While it may be expensive and sometimes time-consuming, the information you can gain is invaluable. And as social platforms allow you to hyper-target with more accuracy, research becomes even more important, allowing you to deliver the right message to exactly the right prospect.
Here Are 4 of the Most Important Things That Research Can Tell You:
- Who Your Audience Is and Where they Consume Information. The first thing you should focus your research on is understanding your audience. And you may find some surprises. Today, nearly half of B2B researchers are millennials. This shift has taken place in the last few years and has completely changed buyer behavior. If you don’t know exactly who your audience is, you won’t be able to create content that interests them. When researching your audience find out who they are, what the want from you, where they get their information, and any pain points that they may have on the job. Understanding your audience and where they get information will help you determine the best way to spend your dollars and what to say to your audience when you do. Knowing the right places to share content will engage your audience and generate leads.
- What Your Competitors Are Doing. If you don’t know what’s happening with competitors, you will inevitably fall behind. Look into prices and quality of their products, their online presence, and the kind of content they’re sharing. Having an idea of what your competition is doing will also help pinpoint what makes you different. Your company needs a unique brand positioning that separates you from the competition. In essence, competitive research helps you define your brand. When you survey prospects, you can also find out which brands they prefer and why. This will show you where you fit into the competitive set, and help you figure out where you want to go.
- What the Purchasing Process Is Like. Unlike B2C, B2B buyers very rarely make impulse purchases. Buyers spend a good amount of time comparing prices, quality, and suppliers before making a decision. As the purchasing process gets more and more complex, it’s important to help simplify it for buyers. In order to do that, you need to do some research. Understanding the buyer’s path to purchase will help you fix any issues or challenges they face along the way. It’s also important to know what variables influence buyers at which point in the sale funnel. Is it price? Convenience? Quality? Knowing this information is crucial to guiding buyers through the process and improving customer experience.
- How People Perceive Your Brand. Public opinion is one of the biggest influencers of brand perception. Many companies think they know how customers feel about their brand, but it might not always be the reality. There are a couple of simple ways to research how customers feel about your brand. One way is by monitoring what people are saying about you on social media. There are tons of social media listening tools that can help you track your social media presence. Customer surveys can be even more helpful when measuring brand perception as you can ask questions about specific areas you are interested in.
Research gives you the information and data you need to connect with your audience and position your brand as a strong competitor. If you want to keep up with the changes happening in your field and in the industries you sell to, your company needs to conduct in-depth research on a regular basis. It can make the difference between lagging behind and rising to the top.