Where do we draw the line between B2B and B2C research? Businesses have been searching for an answer to this question for a long time now. On a surface level, B2B and B2C research don’t appear much different from each other; what matters to businesses the most is simply the final insights that can solve their issues and meet their goals. The reality is B2B research is far more nuanced and complex than its B2C counterpart. Nevertheless, in today’s fast-paced business environment, businesses are eager to dissolve that line. They are increasingly looking to achieve B2C-level speed and insight in B2B research.
Taking note of this industry trend, Borderless Access recently held a webinar titled “Finding Diamonds in B2B Research.” The webinar comprises a thought-provoking discussion with distinguished experts in the field: Lawrence Evans, CEO & Founder of Reputation Leaders, Sriram Srinivasan, Account Director for Europe and Americas at Borderless Access, and Aditi Bhonsle, Vice President of Research & Analytics at Borderless Access.
Lawrence brings over two decades of experience in B2B research, including a close five-year collaboration with Borderless Access. Sriram boasts more than 15 years of managing B2B research campaigns, while Aditi is a seasoned B2B market research expert with more than two decades of experience in market intelligence analytics. The webinar also contains a testimonial from Mara Stefan, Vice President of Global Insights at ManpowerGroup.
Their collective expertise provides deep insights into the intricacies of B2B research and the evolving strategies in this space that can make it as dynamic and impactful as B2C research. Let’s explore their thoughts on navigating the innovative approaches that can help businesses find those elusive ‘diamonds’ in their market research endeavors.
Here are Some Key Takeaways from the Webinar:
Getting Rapid, Scalable, and Reliable Insights:
Traditionally, B2B research has been costly, limited in scope, and time-consuming. But the scene has changed now, which Aditi points out, with advancements in technology and the pandemic transforming the way market research is conducted. To achieve insights at scale amid growing demands for deep insights on niche markets, businesses today require more than just data; they need robust technology, a skilled team, and an effective process.
Lawrence demonstrates that with the right approach that leverages technology and global partnerships with domain specialists, B2B insights can be generated quickly and at scale without sacrificing quality. The key to this approach is a skillful blend of standardized definitions, advanced algorithms, generative AI applications, and of course, human expertise.
Driving an Uptick in Engagement and Response Rates:
Bombarding panelists with surveys is a sure-fire way to build up pressure on them and lead to suboptimal responses—exactly the outcome market researchers need to avoid. To achieve optimal participation in B2B market research, businesses need to focus on managing panelists’ engagement frequency and providing meaningful feedback to keep them continually engaged.
Sriram explains how limiting the number of surveys for panelists can prevent participation fatigue, enabling them to offer better responses. This can be further achieved by programmatically controlling panelists’ survey participation frequency through new-age panel management platforms. He also points out that to ensure high response rates in B2B surveys, efforts should be made towards targeted recruitment of panelists.
To sustain their long-term engagement, market research companies need to provide the panelists with feedback on their contributions and inform them whenever their responses are used to draw insights or develop solutions.
The Ingredients of Successful Large-Scale Research
B2B research is growing at an inexorable pace, gradually reaching the scale and magnitude of B2C research. Managing the delivery of large-scale B2B research, however, requires three critical elements: technology, human resources, and techniques.
Sriram elaborates on each of these, starting with technology that plays a foundational role, impacting every phase of the research process—from sourcing and recruiting panelists to managing panels—even before data collection begins.
He then goes on to highlight the role of human resources in ensuring the quality of the research and using well-defined techniques and frameworks in transforming data into actionable insights. By effectively integrating these elements in their B2B research, businesses can streamline their entire processes with ease, despite the significant behind-the-scenes work.
Unearthing the Behavioral Factor:
A smooth and uninterrupted panelist experience leads to higher data quality. To conduct high-quality B2B market research at scale, understanding and predicting panelists’ behavior is crucial for businesses.
To attain this, Sriram stresses on utilizing real-time behavioral data from diverse panels to build predictive models and optimize research processes by determining the best times to reach respondents and the most effective incentives to engage them.
He also points towards AI tools that are ideal for use in digital fingerprinting and text analytics during fieldwork, further ensuring high-quality data amid the constraints of large-scale research.
Finding the Right Research Partner
The key to successful survey execution in B2B research always lies in the relationship between a business and its market research vendor responsible for maintaining the quality of the data provided. With the right market research partner, a business can elevate its research and gain unprecedented insights that can inform its product, marketing, and growth strategies.
Mara corroborates this thought, stating how ManpowerGroup’s collaboration with its market research vendor has significantly improved its research process with timely delivery of high-quality data and insights across 42 markets.
Detecting and Averting Survey Frauds in the Era of Generative AI:
While generative AI is enabling businesses to refine their research endeavors, it is also giving rise to suboptimal responses to survey questions. The major concern that firms conducting B2B market research increasingly face today is fraudulent responses through misuse of AI in surveys.
To combat these, Sriram recommends implementing real-time data analysis, fraud detection tools, built-in quality checks, data validation, and AI and behavioral analysis. By combining advanced technology, human oversight, and continuous adaptation, businesses and researchers can prevent fraudulent responses, maintain high-quality data and ensure the integrity of their findings.
The Confluence of Human and Tech in Shaping the Future of B2B Insights:
Businesses embarking on large-scale B2B research campaigns require a combination of human and technological elements, especially when AI is increasingly influencing how research is conducted.
Lawrence emphasizes constant vigilance and adaptability due to rapid technological changes, as the future of B2B research indicates a nexus of technology, behavioral analysis, and human intelligence. He observes that while AI can be used to better disseminate insights, it is ultimately the human element that drives effective research. The striking point he drives home is: People will not be replaced by AI, but they’ll be replaced by people using AI.
The future necessitates continuous adaptation to new fraud tactics and technological advancements. It is a top priority for businesses and market researchers looking to maintain data quality and ensure the reliability of their research findings in an ultra-competitive market.
Tune in to watch the full webinar today for even more impactful takeaways and industry insights into how B2B research is transforming insight generation.
