3 Ways to Overcome the Challenges Faced in B2B Market Research
Although understanding B2B market research can be immensely useful and vital to success, actually acquiring quality market research insights as a B2B company can be difficult. That’s why the BEAM team have taken a look over some of the challenges faced, and the best solutions to overcome them.
The challenge: People are constantly changing, meaning that the basic information you already have stored on your audience is constantly changing too. The smallest amends like a job promotion, a marriage, a change in email address or a new partner can completely change the sector in which your audience is placed on your database. Having inaccurate data is a huge flaw in the research industry; wrong messages are received by your respondents and issues can arise when trying to reach the correct people.
The solution: If your data is inaccurate, you should consider conducting an internal data audit if possible. To ensure you have the most up to date information, use a duplicate lead identifier to find any duplicate pairs of emails for example, that you can merge and delete. You should also do audits in order to scrap data after a certain time period and start afresh.
Adhering to GDPR Correctly
The challenge: With the new rules set last year, B2B marketers can find themselves in difficulty when trying to approach, and adhere to, GDPR in the correct way. Data collection and processing are vital parts of GDPR, however they are also key to market research, making a brand-new challenge all together when trying to gain data consent.
The solution: Ensure you have read the rules thoroughly and have the correct process in place. Market researchers must now clearly state what the data they receive is used for and why it is needed. It may also be that alternate channels are created for generating leads or communicating with participants. You can see how market research has been affected by GDPR in another of our blogs here.
Finding the Right Respondents
The challenge: B2C market research participants are often drawn in by the product and its value; not only is the product free, but the participant is also paid to test it. Although this is fantastic for the participant it makes B2B market research slightly more difficult. Not only does a participant need to be the ideal fit for the study you are completing, they also need to be able to provide the correct insight and most relevant feedback. Using the same respondents’ multiple times for research increases the likelihood of a biased answer.
The solution: Automated digital market studies are incredibly valuable as through social media, automation tools or research agencies, a large number of people can be reached at one time. It is then that the most relevant individuals can be found with speed and accuracy. Although using the same respondents isn’t an ideal approach, it does maintain a relationship where new partners or leads can be introduced.
These challenges don’t make B2B market research impossible. Once the correct tactics, processes and resources are utilised, you’ll find you receive the vital feedback from the right respondents that you need for your study. Stay on top of the recent trends and changes in the industry, in order to overcome challenges, you may face.