Just mentioning the need to do market research for your business can feel overwhelming. Market research can be a tough game for SMEs. It takes time, money and knowledge to conduct efficient research on the market. This can be a long and exhausting task, especially if you are dealing with many other operations at the same time.
Hence, you are probably wondering why do you need market research? Small and medium businesses already have a lot of day-to-day tasks and issues to deal with.
However, you need to jump in because if you don’t periodically check out preferences that consumers have, you might be leaving revenue on the table, without even knowing.
Despite you may have spent years and years in your industry and you believe that you already know your customers inside out, at the same time, you carry a piece of big baggage of preconceived notions about your consumers.
As a result, these preconceptions blur your judgment and can easily lead to misinterpreting data.
The benefits of market research
Regular Market research provides many benefits for SMEs. The top ones include:
- Helps you identify niches that are likely to be interested in your product/service;
- Insights of new pain point of customers on your market;
- Minimizes the risk of bad market positioning;
- Provides insights for creating more relevant and compelling materials for your campaigns;
- Identifies new business opportunities within the existing base of customers;
- Early updates on industry trends.
Let’s put it like this: Effective market research helps you get inside your customers’ heads.
Namely, market research is one of those fields that is evolving constantly. Moreover, it is innovating and changing on a weekly basis. If you are not carrying out regular B2B market research, you will not only remain behind the curve but also you will miss out the newest trends in your niche market.
Hence, should you hire a professional to do it, or go alone?
Many SMEs often go with the option to take their market research in-house, although market research experts suggest that this action is better when it is done by experts in this field. Their argument is that they will always have a fresher perspective on what your business is doing.
To learn more about Market Research and how we at BizzBee do it, download our FREE e-book here:
What are the main hazards of in-house market research?
Before you take the path to greater customer understanding by carrying your own B2B market research, it can be useful to be aware of the common pitfalls encountered by SMEs.
Take a look at these 3 main factors that can ruin your research efforts:
Bias is considered to be the most important factor when it comes to conducting internal research. If done in-house, bias can affect respondents’ openness to questions during fieldwork. As a result, it will have a negative impact on the quality of the final output from the analysis.
In contrast, market research that is done, analyzed and delivered from an independent source, will ultimately reduce the potential bias when managed internally.
Lack Of Skills
Experience in the B2B market research field, designing, delivering and analyzing the final results are some of the vital required knowledge and skills that a person should have before even thinking of starting this task.
Being able to plan and deliver a research project takes skills and experience. If you go for the one-size-fits-all approach or methodology, it will leave you to misleading results and even insight gaps too.
Do you have what it takes to ensure that your research will be delivered to the highest market standard, concerning ethical practice, GDPR regulations, and reliability?
Yes, the rule time is money applies here too. Your time is precious as well as your energy. Carrying out wrong research and misinterpreting the data you will get, can damage the credibility of your research efforts. Without a doubt, it will only lead to producing an unstable output file.
Also, you may hit the wall losing motivation as the research goes on. Practise shows that your enthusiasm is higher at the beginning of the project. The moment you start to take in more info, things begin to become more complex as the data flows in. At this point, it is usual to lose your primary stimulus and cut the research efforts short.
Mixing B2B to B2C market research
What many SMEs owners understand as market research is actually the B2C market research. Therefore, B2B research techniques vary from B2C in many ways. Thus, the most important difference is the expertise of the participant.
To clarify, in B2B research, the respondent is usually an expert in the subject, and their views are usually biased towards their own needs.
In contrast, when it comes to B2C research, respondents are typically members of a particular demographic. Moreover, they are filtered to exclude anyone who may have industry knowledge or a biased view on the topic.
To sum up, if you are launching a new product on the market or just doing regular analysis of the field, market research for small and medium businesses is a vital component for success.
Clearly, if you want to stay on top of the game, this kind of research needs to be put into practice repeatedly.
Indeed, keeping your market research in-house may seem like the most cost-effective thing to do. Meanwhile, industry experts state that conducting market research by yourself could put your business at risk. They suggest that you should always be in quest of expert guidance before conducting any research that uses personal data, especially if it includes B2B research.
Luckily, Market Research Services like BizzBee Solutions have compiled the main hazards when it comes to conducting market research. Namely, they can do the work instead of you, ensuring that the research is delivered to the highest standards and ethical practices.
Therefore, BizzBee Solutions Research Service will provide you with the most relevant information about your targeted market, industry trends, innovations in the marketplace, competitors’ weaknesses and strengths, and their strategies too.
Last, but not least, the final output you will receive will lend you a hand to put together an effective marketing strategy, make informed decisions, and reach out to your prospective clients far and wide.
Danco is a serial entrepreneur, founder and CEO of BizzBee Solutions, proud father of a 2-year-old and a burger enthusiast. He is inspired by growth and goes above and beyond to make it possible – whether it comes to his 300+ clients or his people. Eager to learn more? Follow Danco on LinkedIn and Facebook.