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By empowering brands and organizations to stay at the forefront, market research has helped businesses successfully navigate a pandemic hit in 2020. Intending to identify trends and outpace the competition, effective B2B market research enables C-suite decision-makers to make highly informed decisions concerning the profitability as well as the sustainability of the organization.
As the significance of actionable insights is evident among businesses, there’s no doubt that 2023 will be a pivotal year for B2B market research. Let’s take a look at some key B2B market research trends that will impact the B2B landscape this year.
Here, we’ll explore six B2B market research trends. By embracing and capitalizing on these trends, B2B businesses can gain a competitive edge, improve operational efficiency, enhance customer experiences, and drive growth in a customer-centric marketplace.
The art of conducting short and smart surveys is discussed a lot, but most researchers and research tools aren’t really able to adopt it. In order to improve decision-making abilities in 2023, collecting the right data with honest feedback and high survey response rates has become highly important.
Leveraging a short, crisp, and efficient survey empowers you with better insights by seamlessly capturing transactional data.
A) Add a progress bar
Using design elements that indicate progress proves to be effective in improving the survey response rates. When respondents see a dynamic progress bar (showing the level of completion) on top of a survey, it gives them a sense of advancement.
B) Use skip logic and branching
‘Skip logic’ enables you to display questions based on respondents’ answers. It automatically skips the questions that are irrelevant to the respondent.
C) Include questions that need less interaction
As open-ended questions require a huge effort, they increase the length of your survey, causing respondents to hate them even more! Use dropdown menus, radio buttons, or checkboxes to minimize the interaction as much as possible. Voxco uses smarter and best-in-class research questions that play a pivotal role in reducing survey fatigue and collecting data that matters.
In today’s time, it’s impossible to understate the impact of Artificial Intelligence (AI) on businesses. Despite the hype, only 1 in 5 organizations are actually using AI. According to a study, two-thirds of B2B marketers are currently planning, evaluating, or implementing AI for marketing.
By limiting human interactions, AI-assisted data collection will play a crucial role in advancing research for brands this year. Deriving insights from text-based data (be it long-form or open-ended), AI-based research makes it easy to collect the right data without any intervention and manual interpretation.
AI research can help a B2B business revolutionize various aspects of its market research process and make it more efficient. Here’s how you can capitalize on it:
A) Enhance data collection and analysis:
With B2B market research software that enables AI-powered research, you can collect, analyze, and interpret a large volume of data in real-time. You can process structured and unstructured data from multiple sources and gain nuanced insights into the customer experience.
B) Personalize CX:
AI-powered research data can help you optimize customer journeys as per their unique preferences and pain points. The advanced data analysis tool enables you to identify patterns, needs, priorities, and concerns. You can utilize the insights to tailor product recommendations, marketing communications, and customer service.
In 2023, there will be a continued increase in ‘DIY’ in-house research using smarter research tools. While B2B market research has always been considered a complex and labor-intensive process, using DIY projects simplifies the process without involving any complex scripting or powerful research questions.
The bonus of collecting quantitative as well as qualitative data with a good respondent base at one location is the way forward for B2B market research, and agile DIY in-house research can let you do that.
The market research trend of agile DIY research using robust survey software impacts B2B businesses in several ways. By leveraging a user-friendly, scalable, and powerful survey software that enables you to conduct online, offline, and phone surveys, you can align your research with your business objective.
A) Gain a deeper understanding of customers:
DIY research allows you to be more involved in evaluating the customer experience. It helps you to have a direct connection with customers enabling you to ask important questions and gain quality insights. This gives your company to interact with the target market and have a deeper understanding of them.
B) Conduct cost and time-effective research:
A Do-It-Yourself B2B market research software helps you survey your audience directly. This means you don’t have to invest in an expensive research firm to gather data. Embracing agile DIY research also helps you become time-efficient, as you can now reach your audience whenever you want.
In the case of repetitive tasks, the executor is always at risk of getting replaced with a faster and more efficient machine. And that’s the case in B2B market research as well. According to a McKinsey report, “60% of occupations have at least one-third of activities that are technically automatable”.
There will be increased use of machine learning in data recognition for supporting analyses like segmentation. We’ll see a steep increase in the use of chatbots in quantitative surveys and interviews.
Capitalizing on the market research trend of machine-based research can help you streamline the complex research process. It can accelerate the pace of generating valuable insights, thus empowering you to make informed decisions based on real-time data.
A) Minimize repetitive tasks:
Embrace machine learning to automate repetitive tasks like data collection, data cleaning, and analysis. It can streamline workflows, reduce the risk of human errors, process vast amounts of data, and increase efficiency.
B) Ensure data quality:
Leverage a B2B market research software that automatically prepares and structures your data in a way that is compatible with the data analysis tool. Instead of using a separate tool for data preparation, invest in a tool that cleans and analyzes data, thus enhancing data accuracy and reliability.
With the increasing number of surveys that a person responds to, collecting high-quality data becomes a challenge. Leveraging hyper-personalization will play a key role in collecting better-quality data and insights.
Using high-quality survey data, it gets easy to minimize the time spent on marketing and streamline insights management at costs that aren’t excessively high. The use of non-intrusive hyper-personalization is expected to achieve higher levels of success in the coming years.
While Coronavirus has upended the way of doing business, one of the most profound changes in the field of B2B market research is the reduction in face-to-face interviews. As 51% of the world’s web traffic was coming through mobile devices in 2020, market research would definitely follow suit, with more surveys being conducted remotely on mobile in 2023.
By leveraging this growing B2B market research trend of mobile surveys, you can reach a larger audience in minutes and gather insights in a convenient and efficient manner.
A) Simplify survey experience:
Ensure that your surveys are compatible with mobile devices. Your surveys should be concise and easy to navigate so that it requires minimal effort from respondents. Use mobile-specific features like swipe gestures or sliders to enhance user experience.
B) Engage in real-time feedback:
Mobile surveys create the opportunity to gather real-time feedback. It is easy for respondents to take a survey on a mobile device, and they can answer anytime from anywhere. Using mobile surveys allows for immediate responses and can enhance engagement. Ultimately, it can provide you with timely insights.
See how Voxco can enhance your research efficiency.
This year will be a crucial year for B2B market research as the trends we’re seeing now will transform the market research landscape in the future. Are you excited to uncover more market research trends for your brand? Get in touch with the experts at Voxco to ideate, manage, and analyze your Market Research strategies.
B2B market research is the process of collecting and analyzing data from customers related to business-to-business markets. It involves studying market trends, competitive landscape, and factors driving decision-making in the B2B industry.
Some of the notable B2B market research trends include:
B2B market research tools can positively impact business growth by helping you –