The B2B Research Blog

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Using Regression Analysis in market research

The B2B Research Blog

Satisfaction in regard to four high-level factors – product quality, consultancy on product use, technical support and quality of the relationship. Satisfaction with product. boost in overall satisfaction – around a fifth less than a 1-point increase in product satisfaction would deliver. What areas of the product should we focus on to increase overall satisfaction?

Is customer satisfaction really important in B2B?

The B2B Research Blog

This advantage is usually in one of four areas: A better quality product or service. They are inherently inert – either the product/service area makes limited business impact so is low down the list of corporate priorities, or as an individual their default position is to adopt the ‘path of least resistance’. Customer loyalty is critical to any business. Let me explain.

What system 1 and 2 thinking mean for B2B marketers

The B2B Research Blog

This means that you should appeal to system 2’s rational nature – present a logical case for your product and make it easy for system 2 to assimilate this (it loathes expending more mental effort than is absolutely necessary). A clever chap called Daniel Kahneman has a theory. When making decisions there are two systems in our mind which influence the outcome. System 1 works at a sub-conscious level without us knowing it. Using intuition and beliefs about how the world works, it makes a rapid assessment of the situation then quickly settles on a course of action.

B2B market research – 10 unique features

The B2B Research Blog

This means that any research should explore all views and do so in a way which allows different ‘types’ to be analysed in isolation, e.g. users of the product, financial decision makers. In B2B markets products tend to be complex and respondents are often expert in their field. This means that the research team needs to have a good working knowledge of the product area and industry.

B2B Marketing Trends for 2016

Manage the customer experience: great content alone won't save a lousy product or cumbersome experience. Don’t just talk about your product or service. time for B2B marketers to let go of their obsession with perfect production. Define your business strategy: products, prospects, distribution, sales and. develop a highly productive online lead generation system.

Branding terminology and jargon explained

The B2B Research Blog

Three key phrases concern how the brand is recognised: Brand name : What the company calls itself and its products. For example, ‘Apple’ is the corporate brand name and ‘iPhone’ is the product brand name. Jargon abounds in the discipline of branding, and the plethora of terms in use coupled with the sometimes nuanced differences between them can have undesirable side effects. Sometimes the jargon undermines the user, making them seem pretentious or detached from the hard-nosed world of commerce. Much of the remaining terminology relates to what the brand stands for – its meaning.

How to measure customer satisfaction in B2B markets

The B2B Research Blog

For example, even disgruntled customers may remain loyal because: A supplier offers a significant product or price advantage. How do you measure customer satisfaction in B2B markets? What questions should you ask in a customer satisfaction survey? Fair questions, but first ask yourself this: should you measure customer satisfaction? It’s counter-intuitive, but in B2B markets sometimes customer satisfaction doesn’t actually matter. The cost, effort or risk of moving supplier is just too high. They’re inert and don’t really care that much. To do so: Consult customer facing colleagues.

The cost of losing a customer

The B2B Research Blog

Perhaps demand for their products has decreased, maybe innovations in their business mean that they now need less of what you sell, or it could be that they’ve started buying elsewhere. What’s the cost of losing a customer? ‘A A lot’ is the simple answer, especially in B2B markets where the pool of prospective customers is limited and each sale tends to be high value. We can be a bit more specific about the cost of losing a customer though. However, ignore any stats like these because they’re a red-herring. Here’s how. There could be many reasons. Cost per lost customer.

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Financial benchmarks for B2B marketing agencies

The B2B Research Blog

So if your ratio is below this, it may indicate productivity or over-staffing issues. You may have read my recent post about B2B Marketing’s 2014 Agency League Table (if not, take a peek here ). By now you may even have read the full report. In this post I’d like to share a few gems which you won’t find in either. I’ve been wading around in the raw data which underpins the League Table and in doing so have unearthed some benchmarks which agency leaders will find especially useful. Let’s look at the top line first. The average agency turnover is £4.08 million (up 13% from 2013).

B2B Marketing Trends for 2016

Manage the customer experience: great content alone won't save a lousy product or cumbersome experience. Don’t just talk about your product or service. time for B2B marketers to let go of their obsession with perfect production. Define your business strategy: products, prospects, distribution, sales and. develop a highly productive online lead generation system.

The secrets of successful B2B marketing

The B2B Research Blog

This plan can’t simply be the product of the marketing team’s internal musings, but rather needs to be: Aligned to the business’ wider business strategy and goals. What’s the secret to successful marketing? A recent survey by B2B Marketing and Circle Research asked 104 client-side B2B marketers that very question – ‘what would you say are the key elements to successful B2B marketing?’. They were given free rein to answer however they wanted and an analysis of these responses reveals five themes. First, marketing needs to have a strategic vision. This vision serves three purposes.

It’s all about the lead

The B2B Research Blog

For those selling ‘big ticket’ products or services (worth more than £5,000) the average cost is £903. Marketing still plays second fiddle to sales in B2B organisations. . Past readings of the B2B Barometer survey reveal that up to 60% of B2B marketers agree with this statement and the latest survey published in June 2012 confirms it. . Two fifths (41%) of B2B marketers report that their single highest marketing priority for 2012 is to generate more of the salesperson’s raw material – leads. Fair enough. It seems that lead generation is not cheap. So how best to generate them?

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Net Promoter Score (NPS) in B2B – the evidence

The B2B Research Blog

Underpinning NPS is the idea that if a customer is likely to recommend a business or product, then they themselves stay loyal and they spread positive word-of-mouth. Net Promoter Score (NPS). It’s the one number that almost every organisation seems to include in their management metrics and it’s easy to see why. It’s a focal point. It’s intuitive. The result? But hold on. There’s a problem.

The secrets of employee motivation

The B2B Research Blog

Our product is the insight extracted from these raw materials by clever folk. In her latest blog for Quirk’s Marketing Research Review , Circle Research’s HR lead Beth Pearson explores how an agency can best nurture and retain talent…. Research is a people business. Our raw materials are the opinions of respondents. And an agency or client-side researcher can only make a difference if they’re skilled at building relationships with key stakeholders. This all means that attracting, developing and motivating top talent is critical to our industry’s future. What’s the secret?

B2B Marketing Trends for 2016

Manage the customer experience: great content alone won't save a lousy product or cumbersome experience. Don’t just talk about your product or service. time for B2B marketers to let go of their obsession with perfect production. Define your business strategy: products, prospects, distribution, sales and. develop a highly productive online lead generation system.

SME marketing channel preferences revealed

The B2B Research Blog

Moreover, they’re big buyers of B2B products and services. Rather, in most product categories they can be clustered into distinct groups based on behaviours, preferences and attitudes. There are 1.3 million of them, they generate half of the UK’s GDP and employ 60 per cent of the private sector workforce. Just ask Sage who’s built a £1.4 billion business on the back of them. SMEs are a potentially significant opportunity for many B2B marketers then, but how best to open a conversation? Their answers provide clear guidance on where best to target marketing resources. An overview.

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The seven R’s of thought leadership

The B2B Research Blog

Demonstrating genuine, unparalleled expertise is especially critical in any sector where the product is, well, expertise. Thought leadership. Everyone’s claiming it but, by very definition, only a handful ever delivers. So how do you ensure that your content marketing strategy positions you as one of the few? . Follow the seven R’s – Resonant, Rare, Road Mapped, Robust, Rounded, Rooted and Re-used. Five reasons to develop a thought leadership strategy. B2B marketing has always been better suited to engagement over broadcast. It’s a showcase. It’s a conversation starter. Resonant.

Who owns your brand? B2B brand perceptions research

The B2B Research Blog

Through every encounter they’ve had with your organisation, your employees or products. Your organisation doesn’t own its brand. It can shape it, manage it, but never own it. That’s because a brand is not what an organisation says it is. It’s what the market believes it to be. It’s a perception developed through the sum of an individual’s experience. Through what they hear from you and about you. Despite this, the B2B Barometer survey reveals that the majority (62 per cent) of B2B marketers don’t research external brand perceptions. So what should we measure? Enjoyed this post?

Why is B2B market research the poor cousin?

The B2B Research Blog

Behind every single consumer product sit many, many B2B products. In his latest blog for the Market Research Society’s news and insight hub Research Live , Circle Research’s Andrew Dalglish explores why business-to-business companies need research just as much as consumer-facing ones…. The research industry is full of dichotomies: qualitative and quantitative; domestic and international; B2C and B2B. There’s no value judgement within these pairings. Each side of the coin meets a different need and requires a different skill set. No, in fact the opposite is true.

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Three reasons B2B marketers should care about sustainability

The B2B Research Blog

Sustainability is also starting to drive another of marketing’s remits: product innovation. We operate on our clients’ premises, we use their utilities, we feed them, we feed their own employees and we feed their customers, we manage their facilities to make sure that they are safe, comfortable, productive places. It means that people are happier, they’re better motivated and more productive. B2B branding B2B market research B2B product and service development Willan interviews. Isn’t that the preserve of a niche team within corporations and NGOs? . Well, no.

47% of B2B marketers endorse using sex to sell

The B2B Research Blog

At a tactical level it seems counter-productive. Ever since I was invited to join The Network of Aspiring Women (Birmingham Group), I’ve felt more in touch with my feminine side ( see post here ). Perhaps that’s why my interest was piqued by a recent discussion on the B-to-B Marketing LinkedIn Group. Kate Bishop, Marketing Co-ordinator at Custom Fluidpower, has a dilemma. To use, or not to use, promotional girls at a trade show stand? Her boss is insistent but she has concerns. I share them. First, let’s be clear about exactly what a “promotional girl” is. The clue is in the name.

Three customer insights for your marketing plan

The B2B Research Blog

Identifying segments on this basis leads to a much better ROI – marcomms resonate, propositions have greater appeal and new products see higher demand. A much deeper approach to marketing can be taken if you know what the customer’s working environment is like, what tasks consume their day, what makes them successful (as an organisation and an individual) and where your products/services fit in. Spring. As birds migrate north to secure nesting ground, gaggles of marketers flock to secure budget for their marketing plans. But insights into what exactly? What really matters?

Plan 22

Three customer insights for your marketing plan

The B2B Research Blog

Identifying segments on this basis leads to a much better ROI – marcomms resonate, propositions have greater appeal and new products see higher demand (read more on B2B market segmentation research here ). A much deeper approach to marketing can be taken if you know what the customer’s working environment is like, what tasks consume their day, what makes them successful (as an organisation and an individual) and where your products/services fit in. Spring. As birds migrate north to secure nesting ground, gaggles of marketers flock to secure budget for their marketing plans.

Plan 16

An interview with Jaakko Alanko: MD, Alanko Consulting

The B2B Research Blog

We’ve seen a clear move away from product marketing to service and solution marketing; there’s been less focus on the technical or physical item, but a much stronger emphasis on the expertise, skills and knowledge of the organisation that is doing the selling. The totality means all the assets that belong to an enterprise – its people, products, its capabilities and also the potential to form partnerships with customers. It’s no longer about product or service brands, but the totality of the enterprise brand in the broadest possible sense. What are the biggest?

B2B Marcomms Agency League – highlights

The B2B Research Blog

We’ve the juicy challenge of bringing to life what can often, at face value, be rather dry products and engaging with buyers on an emotional as well as functional basis. Aren’t we B2B marketers are blessed? We’ve the intellectual stimulation that comes from getting to grips with complex markets and decision making processes. And we also have a thriving community of agencies. At the B2B Marketing Awards we see a showcase of talent that never fails to impress. But that’s just tip of the iceberg. There’s an army of unsung heroes out there too. Average gross income in 2012 is up 15%.

B2B Marcomms Agency League – highlights

The B2B Research Blog

We’ve the juicy challenge of bringing to life what can often, at face value, be rather dry products and engaging with buyers on an emotional as well as functional basis. Aren’t we B2B marketers are blessed? We’ve the intellectual stimulation that comes from getting to grips with complex markets and decision making processes. The average satisfaction score given by clients to their agency is 8.3 out of 10. And we also have a thriving community of agencies. At the B2B Marketing Awards we see a showcase of talent that never fails to impress. But that’s just tip of the iceberg. Amaze.

Better B2B segmentation: Four steps and a case study

The B2B Research Blog

This struck me as the B2B equivalent of targeting a FMCG product at everybody under the age of 70. Deeper understanding of what makes the market tick, products that better meet requirements, messages that resonate and optimum use of resources as only genuine prospects are targeted. Last week I was invited to join The Network of Aspiring Woman, Birmingham Group. I was tempted. After all, “ it’s where networking feels like a party ”. However, I declined for two reasons. I live in London. I’m a man. Clearly the Network’s execution fell short, but their strategy seems smart.

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Not how you fly, but how you serve

The B2B Research Blog

BA service has always been strong and product development has been at the forefront historically. However, whilst Biggles jackets and Dakotas are lovely to behold and bring on a real frisson of warm nostalgia, there are those for whom peerless cabin service, punctuality and product pre-eminence will always carry more weight. An interesting advertising tack!

Map of the B2B buying process

The B2B Research Blog

That negative chatter has a big impact as 42% won’t buy from a supplier known for bad customer service, even if that supplier has a significantly better product than competitors. Other than price, two ‘hard’ factors are critical here – product quality and the after-sales service coupled with it (17% and 14% of buyers respectively, say these are the most important drivers of choice for them). Mapping out the buying process is critical for anyone looking to market or sell in business-to-business (B2B) environments. Click to enlarge. The winner is often preordained. Food for thought.

Business-to-business (B2B) pricing strategy research – part 2

The B2B Research Blog

To do so, respondents are shown the product and asked to indicate: The price at which it would be too cheap to be of credible quality. At each price point mentioned, the cumulative percentage of respondents placing the product into each of the four categories above is calculated. It doesn’t allow the creation of tiered offerings where customers can choose the ‘standard’ product or upgrade to an enhanced version for a price premium. Real-life purchase decisions involve a complex series of conscious and unconscious trade-offs between price and product features.

Business-to-business (B2B) pricing strategy research – part 1

The B2B Research Blog

When developing the optimum pricing strategy in business-to-business (B2B) markets, it’s essential to have insights into how the market is likely to react when a product or service is sold at different price points. To do so, survey respondents are shown the product at an initial price point and asked how likely they would be to buy it. By pooling data from all respondents, a demand curve can then be formed which shows the percentage of customers that would be likely to buy the product at different price points. That’s where market research comes in. Gabor-Granger.

An interview with Stephen Cheliotis: CEO, Centre for Brand Analysis

The B2B Research Blog

The sort of questions we ask are: do the products and services delivered by the brand represent good quality? If you want the best talent to deliver your products and service, you’ve got to have a strong brand. Now take a functional sub-product like websites comparing insurance products. One criticism of B2B is that just because the product may be boring it seems to suggest that suppliers should be boring too. Every month David Willan interviews leading experts in from the world of marketing and B2B. What makes a strong B2B brand? It’s very well deserved.

B2C 6

Branding terminology and jargon explained

The B2B Research Blog

Three key phrases concern how the brand is recognised: Brand name : What the company calls itself and its products. For example, ‘Apple’ is the corporate brand name and ‘iPhone’ is the product brand name. Jargon abounds in the discipline of branding, and the plethora of terms in use coupled with the sometimes nuanced differences between them can have undesirable side effects. Sometimes the jargon undermines the user, making them seem pretentious or detached from the hard-nosed world of commerce. Much of the remaining terminology relates to what the brand stands for – its meaning.

The benefits of a strong brand in B2B markets

The B2B Research Blog

The functional and emotional benefits (yes, even in B2B) to be derived from working with your organisation or products. It’s a point of differentiation, especially in commoditised markets where there is little apparent difference between products and services. A strong brand also comes into its own in situations where it is difficult to compare products and services (e.g. if the buyer has limited knowledge, if the product is complex) as it suggests inherent quality. Some don’t think that branding matters in B2B markets. B2B marketers disagree.

The cost of losing a customer

The B2B Research Blog

Perhaps demand for their products has decreased, maybe innovations in their business mean that they now need less of what you sell, or it could be that they’ve started buying elsewhere. What’s the cost of losing a customer? ‘A A lot’ is the simple answer, especially in B2B markets where the pool of prospective customers is limited and each sale tends to be high value. We can be a bit more specific about the cost of losing a customer though. However, ignore any stats like these because they’re a red-herring. Here’s how. There could be many reasons. Cost per lost customer.

Using Regression Analysis in market research

The B2B Research Blog

Satisfaction in regard to four high-level factors – product quality, consultancy on product use, technical support and quality of the relationship. Satisfaction with product. It’s also clear that ensuring satisfaction with the product itself is absolutely critical – for every 1-point increase in satisfaction with the product on our 1 – 10 scale, overall satisfaction increases by almost half of one point (0.46). boost in overall satisfaction – around a fifth less than a 1-point increase in product satisfaction would deliver. How accurate is the model?

How to measure customer satisfaction in B2B markets

The B2B Research Blog

For example, even disgruntled customers may remain loyal because: A supplier offers a significant product or price advantage. How do you measure customer satisfaction in B2B markets? What questions should you ask in a customer satisfaction survey? Fair questions, but first ask yourself this: should you measure customer satisfaction? It’s counter-intuitive, but in B2B markets sometimes customer satisfaction doesn’t actually matter. The cost, effort or risk of moving supplier is just too high8. They’re inert and don’t really care that much. To do so: Consult customer facing colleagues.

Calculating Net Promoter Score (NPS) in B2B markets

The B2B Research Blog

The traditional NPS question is phrased as follows: How likely is it that you would recommend [Company] [Product] to a friend or colleague? So when measuring NPS in B2B environments the question should be tweaked slightly: If a colleague or peer asked your opinion, how likely is it that you would recommend [Company] [Product] to them? Net Promoter Score (NPS) is perhaps the most widely used metric in customer satisfaction and loyalty research. So, assuming it is the right metric for your business, how do you calculate Net Promoter Score (NPS)? Passives’ give scores of 7 or 8.

Tips for international B2B market research

The B2B Research Blog

With a finite customer base at home and products which can be ‘translated’ with relative ease it makes good sense. B2B organisations have always had a natural inclination to expand internationally. And as globalisation continues at a pace, the importance of foreign shores is ever-increasing. This international dimension has important implications for how market research is conducted and interpreted. In my time I’ve run research projects in dozens of countries so thought I’d share a few pointers for those about to embark on an international B2B research study. Ensure clarity.