Market research is an important business tool no matter whether you wish to entertain business customers or direct consumers. Carrying out research in b2c and b2b arenas basically follow the similar rules. However, there are some significant differences that do exist. You must know that b2b customers are less than b2c consumers and it is important to leverage less but valuable b2b customers.
Moreover, b2b transactions represent larger sale volumes than b2c transactions. The most important objective should be to gain a competitive edge in your b2b niche. For this, you must conduct b2b market research in the most effective manner. Here are some useful ways and tips that will help you in this direction.
Research for Potential Markets
The first step is to recognize the target markets where you can find a large number of b2b customers for your products or services. For instance, if you are in the business of making agricultural tools, you would like to find domestic and foreign markets where these tools are in demand. A number of organizations can help you in this direction. Chambers of commerce, departments of commerce and census bureaus should provide you with statistical reports to conduct market research effectively.
Join Trade Organizations
Another good idea is to join professional trade organizations related to the products and services you wish to sell. These organizations act as strong networks for b2b sellers as they provide updated information about domestic as well as international trading rules and laws. Market research is another process in which these organizations can help their members.
Internet as Market Research Ground
Various online resources can play a significant role in Best B2B Niches research. Social networking websites, for example, have become the popular platforms where you can learn about the demand for various products in different countries. For being cheap and friendly sources, these websites are used by b2b buyers to find b2b sellers.
Online b2b directories too are the reliable resources to carry out market research. These directories are the meeting places of b2b buyers and sellers. It is easy to find requirements posted by interested buyers in these directories. Moreover, it is easy to conduct competition research through these directories. You can keep an eye on the rival businesses in your niche with the help of these directories.
Conducting online market research involves a number of cheap methods. For example, conducting surveys through emails is one popular way to learn about your customers and their requirements. Video conferencing is another powerful tool that can help you connect with buyers in different markets around the world. Questionnaires can be prepared and distributed on the internet to gather research data.
An important part of b2b market research is segmentation. Different b2b buyers may have different needs and you need to segment them to entertain individual needs. This segmentation can be on the basis of location, type of industry and revenue size. Once you are able to obtain and record the research data, the next step is to devote time and analyze it completely. This should help you to design b2b marketing strategies.