The last thing any company wants is to spend countless hours building something nobody desires. Before a new product is released, companies must ensure there’s actual demand for it in the target market and design the product to meet all relevant requirements.
Market research lets companies know how the market might respond by studying behaviors and gathering feedback. It offers a tangible way for companies to build relationships with target audiences, steer product development, and reach goals faster.
That is if you get it right.
The Growing Demand for B2B Market Research Solutions
One thing the market shows great interest in is, ironically, market research. Even during the economic slowdown caused by the pandemic, this significant trend managed to grow the industry’s value to $74 billion in 2020, and the upcoming years are expected to bring a CAGR of 4%, reaching $82.9 billion in 2023. With great demand comes great market expansion, and in the US alone, there are more than 40,000 different businesses offering services and products related to market research.
B2B market research impacts the product development process and many design and business decisions. As the industry evolves, organizations find more value in conducting adequate market research, contributing to the field’s advancement and business growth.
The field isn’t just growing—it is changing. Companies approach B2B market research differently and realize that results may become irrelevant after a short period due to rapid shifts.
Research and You Shall Find: Why B2B Market Research Is Important
When discussing the business value of market research, there are many directions to take. First, as we’ve mentioned briefly earlier, market research prevents companies from building and launching products that do not meet market expectations in terms of demand and needs.
Facing this harsh reality after spending far too many resources can make or break companies. Studies show that 42% of startups fail because no one is interested in buying their products. Corporations may be less fragile, and still, 80% of the products they launch each year fail for that very reason. These may be redundant products or ones that simply do not fulfill market expectations.
Companies cannot sell to audiences they don’t understand, and market research is their tool for acquiring this understanding. It helps spot opportunities, reach out to existing and potential target groups, improve the B2B customer experience, and mitigate risk.
The Research Tools Fragmentation Frustration
Despite growing interest and importance, market research procedures still lack sufficient tools. The field suffers from fragmented platforms that offer a limited, specific solution, failing to provide a comprehensive tool that dissolves the need to jump back and forth into different tools that focus each on another stage in the Market Research process.. In this case, too many cooks spoil the broth, and the result is a broken process that damages the B2B customer experience.
When a platform fails to integrate and combine multiple solutions, the entire market is in pain. Research teams’ job becomes much harder, they spend time unifying data formats and cleansing insights, and results may be tarnished.
One Platform for All: Vancery’s Answer to B2B Market Research
That’s why Vancery approaches market research in a completely different way. Instead of focusing on one single solution, we look at the big picture and the details. We believe that market research should be comprehensive, practical, and user-friendly. Companies don’t want their research to offer narrow, out-of-context answers, and the products they work with should provide complete control with a broad, universal state of mind.
B2B Market research platforms should be actionable. When we encourage businesses to conduct surveys and interviews, we must also provide relevant respondents and the tools to manage their feedback. The platform should combine quantitative data with mass surveys, personal and group conversations using qualitative research, and more. Market research is all about forming and supporting relationships, something fragmented tools simply cannot achieve.
When we think of the future of market research, value growth isn’t the only thing on our minds. The solutions we create can advance the field and help companies launch MVPs (Minimum Viable Products) faster to gather market data and adjust accordingly ahead of the launch. Some verticals, mainly tech-oriented ones, have no choice but to keep up and stay ahead of competitors,by growing and moving faster to launch or provide what the target customer needs.
Creating a survey that is relevant to your target persona and at precisely the right time is essential which is why we’ve created a detailed guide discussing how to create meaningful surveys for your B2B Market Research.