Why Digital Strategy Should Include B2B Audience Insights

    If you plan to start and run a successful business, it is very important to have information on the target market, customers and or clients and their preferences. This can be achieved by performing research to know about the needs and preferences of all the parties that are involved in the business. These include:

    • Customers/ clients
    • Staff
    • Partners
    • Suppliers
    • Potential customers
    • Competitors

    This might require the research of how other businesses operate. This is what in known as Business to Business (B2B) research. It helps us know about how we can best strategize for optimum result from partnership with other businesses. For instance, the other business could be:

    • A human resource provision and consultancy firm,
    • A supplier or
    • A partner

    Advantages of B2B Research

    • Trend Awareness: The research provides information on how different parameters are changing. It could be the prices, the social environment, the political environment innovation trends etc.
    • Market awareness: It can also provide information on the state of the target market. This is information about customer preferences, economic and political dynamics – there are times when the customers’ priorities change.
    • Opportunities: The research can also provide insights on opportunities to invest in of even partner with. For instance, the research can provide information that the customer needs or preferences are not fulfilled to completion. IT is therefore an opportunity to customize our products or services to better meet these needs or develop a new product or service with the primary motive of ensuring the needs are met.
    • Strategies and content: From the research we can learn new strategies and contents from the other businesses. This ensures that we are updated and at par with our competitors. This being a digital strategy should include B2B audience insights.

    Methods

    There are two methods we can use to perform our B2B research. These include:

    • Primary research
    • Secondary research

    Primary Research

    This is research performed directly on the field with a set main objective on other objectives.

    Various strategies can be used to perform these researches based on the main objective, budget and timeframe available for the research. These strategies include:

    Qualitative research

    This is a strategy used with the motive getting comprehensive feedback or data from the target group. It is applicable for small businesses since larger businesses would incur a heavy budget for this particular operation.

    It is more concerned on getting all the necessary information from the party of interest rather that achieving a large dataset due to targeting several values.

    Quantitative Research

    This is research that is performed with a motive of getting as much data as possible from as many parties as possible. This is suitable for large businesses. It is much cheaper though less accurate.

    The measures of central tendency (Mean, Mode and Median) are used to narrow down the overall meaning of data collected.

    Concept testing

    This is a very risky strategy that collects data from performing tests on the target parties. For instance, we can plan to test how changing the human resource management from in—house to hiring the services of a human resource management and consultancy firm.

    This strategy though cheap to conduct, might cause very expensive damages to recover from.

    Secondary Research

    This involves research by evaluating conclusions made from previous primary researches performed by similar businesses to ours with the same main objective.

    When to Conduct them

    These researches are important and should be conducted regularly. This would ensure that the information about all the parties involved is up to date.

    However, it is very important to schedule them properly so as not to tamper with all the other operations within our business. They should therefore be conducted when the business is least active so as to access most of the involved parties without messing with their schedules as well as ours.

    Alternatives

    B2B researches require a lot of expertise and time to perform. Not every business has a data collection and analyst specialist. There is an alternative where a business can hire a B2B research company to perform the research for them.

    The companies offer specialized research services. They have very skilled and experienced staff to perform these researches. It is however very important to consider the specialization of the company before asking them to perform research for you.

    Conclusion

    B2B researches are a very significant, yet overlook, operation every business should consider adopting. The researches need to be performed regularly though at low traffic times to avoid interrupting the normal operations of the business. Additionally, the need to have a main objective in which they specialize in.

    Therefore, digital strategy should include B2B audience insights.

     

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