B2B market analysis: 5 reasons why you shouldn’t do without it

This is why market research is also critical for those in B2B.

Looking for information on B2Bmarket analysis? Probably so.

Should you start thinking about B2H, or Business to Human, instead of Business to Business? Also true.

Whether we are talking about B2B, B2C or B2B2C, the most reliable market research is that which goes into analyzing people’s interests, desires and goals.

Even if you sell to other companies, you are a person! And your customers are also human beings, not entities made of products, buildings and electronic invoices.

Your buyers are people just like you and, as such, have interests related to their profession but also to family and leisure. They spend their time on blogs and social media and use Google to solve their problems.

When they have a business need or concern, such as finding a new supplier for a component, they use the Internet!

If they are struggling with a certain topic, even a very technical one, they ask questions to other people on the forums. And if they feel bad/good about a company or product, they talk about it on Social or write reviews.

So what should you do to convince your potential customers that your company is just right for them? Start communicating with them, using the channels they use and responding to their needs. Create a trusting relationship with them, be present and above all respect them.

To accomplish this, you need B2B market analysis that looks at what your customers want and what they express online, so you can adopt a Human to Human strategy right away.

Let’s look at 5 reasons why you just can’t do without such an analysis.

1. With B2B market analysis you get inside your customers’ heads!

By analyzing what your potential customers are expressing online, how your competitors are doing, trends in your target market, and lots of other information, you know precisely what your customers have in mind when they think about your industry.

For example, B2B market research allows you to find out this and other information:

• Industry trends
• What’s in the news today as far as your market is concerned
• What worries your potential customers
• What products both your customers and referrers love and dislike
• The winning strategies and flops of your competition
• What’s changing in your market (watchword: get up to speed!).

And much, much more.

Are you a distributor? Then you need to know this data to understand what products to target and what to leverage in your communication.

On the other hand, if you are a manufacturer, knowing this information allows you to always make the right choice when launching new products (and more).

That’s not all: if you study what is being said about your company and the products(s) you distribute, you know and monitor your reputation and know how visible you are on the Web.

Read also: Online reputation? Know the numbers to make right choices.

2. You widen the circle of your customers, involving even the “unknowing” and those who did not know you (or did not know you well)

Business-to-businessmarket analysis enables you to reach lots of new customers, while also engaging latent demand.

In fact, by knowing everything about your clientele and their channels that they use to gather information or simply mind their own business (blogs, videos, social…), you reach even those who are not actively looking for your products.

How to do it?

By starting to communicate in the right channels, posting useful information, using the words your customers want to hear. By doing this you will make yourself better known and reach people in a way you have never done before.

Trust underlies everything, even in B2B.

3. With B2B market analysis, you prepare to take on and outperform the competition

You know that competing companies come from all over the world, right?

Your goal should be to make yourself stand out as a little gold fish in a sea chock-full of fish of all colors–and that’s not easy.

Okay, where to start? Of course with market research that includescompetitor analysis.

First find out who the most dangerous fish are, the fiercest of them all. Once you find out who they are, you can understand how they are doing online and offline, so you can learn from their strengths and discover their weaknesses.

At this point you can adopt the best strategies to make yourself more visible than your competitors, dart out of the water and literally get your customers to fish for you!

4. Analyzing the market allows you to better invest in advertising (without giving money away to Google, Facebook and many others)

Do you have ongoing advertising campaigns on Google, Facebook, LinkedIn or other channels? Then you are investing money. Probably many.

And, if you have never requested a B2Bmarket analysis, much of your budget is going to waste: when you spend €100 on advertising campaigns, on average only €40 is used to get your ad seen by potential customers. The rest, 60€ that you hard earned, ends up annoying users who were looking for anything else!

Would you like every penny invested to be useful in intercepting, acquiring and retaining customers? Then you need to know precisely what they are looking for.

And that is also what market research is for.

5. Innovations and trends in the industry? From now on you will always be prepared!

Your market is constantly changing, and if you don’t keep up with innovations and new trends, you risk falling behind your competitors as well!

What to do to defend yourself?

Find out in advance what to offer your customers and what the industry trends are so you can implement them to your business.

Read also: How to implement a competitive strategy on Amazon

What can we at CMI offer you for your B2B market analysis?

Our work is based on Market Intelligence, which is the use of very powerful software to find out what your customers and competitors are doing online so that you can make strategic and beneficial decisions for your business.

” Market Intelligence” means advanced market analysis, which does not use the old methods such as interviews and surveys! Instead, it relies on the use of technology to obtain certain, uncontaminated data left spontaneously by people expressing themselves on the Web.

We at CMI can offer you three solutions dedicated to B2B market research:

• TheCMI Academy, customized courses in which we teach you (or teach your employees) how to use market analysis tools to benefit your business.
• Comprehensive market research that thoroughly analyzes your industry, your customers, and your competitors so that you can make sound short- and long-term decisions.
• Interactive market reports, the newest feature of Central Marketing Intelligence! These are ready-to-use reports that you can interact with to filter the most useful data for you at any given time, intuitive, data-rich reports that you can use right out of the box. What your company needs is the Market Company Detector report, an interactive example of which you can see right here! Also interact now to find out how it works. You will see that it will be a lot of fun.

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