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As a B2B Marketing consultant, one of the questions I get asked most frequently is “how can I really know what my customers care about?”
And, my answer is always the same — please do your research.
If there’s one thing that has always confused me, it’s why businesses choose to skip doing market research. Maybe they find the task too time-consuming, or perhaps they think they already have all the answers. But this is a recipe for failure.
According to surveys, only 41% of marketers even include market research in their budgets. Is it any wonder then that 58% of deals end in ‘no decision’? Or that only 30% of marketers claim to be “very effective” at content marketing?
Lack of proper research not only turns out to be a costly mistake (a whopping $958 million is wasted on ineffective marketing every year) but also cripples a company’s growth and success. I’ve covered four major risks associated with not doing your research in one of my previous posts. In this article, we’ll look at the brighter side of doing market research and how to get there.
Advantages of Doing Customer Research
Research doesn’t have to be a complicated, time-consuming and expensive process as many fear it is. And if you get it right, the upside is huge. Here are some of the key benefits your business experiences when you plan your processes based on thorough research.
Better reputation and more trust from prospective buyers.
Today, it’s not easy to gain the trust of your prospects. And if you fail to do so, you can be sure of one thing — sooner or later you’ll be pushed into obscurity by businesses that have earned that trust.
A company’s thought leadership has a tremendous influence on how customers perceive them. A recent survey reveals that 63% of business decision makers consider thought leadership as a critical factor in their vetting process.
But how do you ensure that your thought leadership helps build trust and reputation? 79% of CXOs believe that the most effective thought leadership is the one that addresses the issues they would be interested in. That’s where customer research comes in handy.
Done right, customer research equips you with the knowledge of what your buyers are interested in and what they really care about. This lays out a solid foundation for building your thought leadership strategy.
Decrease in losing to competitors or ‘no decision’.
While no one likes to losing out to competitors, ‘no decisions’ are oftentimes more frustrating. No decisions are the biggest dark spots in your sales. They are a huge waste of time, energy, resources, and money; plus, you are left in the lurch about what you could have done better to win the deal. The good news is, you can significantly reduce your no decision rate by investing more time into researching your customer’s purchase behaviors and preferences across every touch point, throughout the buying lifecycle. CSO Insights shows that companies with a thorough understanding of their customer’s “buying process” have experienced Go to the full article.
Source:: Business 2 Community