Understanding the role of market research and up-to-date intelligence
An article on 31 product launch statistics for 2022 revealed this nugget from a Harvard Business School professor: about 30,000 new products are launched each year, and about 95 percent of these will probably fail.
Many companies overlooking the critical importance of market research and fail to use it to get actionable insights about their customers. With unpredictable markets, up-to-date intelligence from effective research can help B2B marketers stay on top of customers’ evolving needs to clearly understand what they want or don’t want - knowledge that can inspire truly customer-centric messaging.
Are you delivering the right message to the right people?
Does your B2B marketing message express what customers really want to hear? To achieve this goal, it’s critical that your research be able to answer the following key questions:
- Who is currently buying/not buying your products/services? Why or why not?
- Who influences those who make the purchase decisions?
- What are your prospective customers struggling with?
- Are customers deploying or hesitating to use your solution?
- How do potential customers perceive your product or brand?
- What value/need does your offering fulfill/answer?
- What aspect/s of your solution make it stand out?
- What improvements will drive sales?
- What’s the best way to communicate with/reach out to your customers?
- Are customers happy with the pricing?
- Why do customers prefer you over your competition or vice versa?
- How is your brand doing compared to your competitors overall?
- What are your competitors doing that you aren't?
- Which keywords are driving traffic to your site and your competitors’?
Other ways to improve your messaging
A late-2019 Forrester Report revealed that customer-centered messaging helps boost B2B revenues by motivating buyer action, not by simply promoting their brands, products or services - as a large majority of B2B marketers do.
According to the report, if your messaging includes “measurable outcomes and proven results,” you’ll likely reach or even exceed revenue goals. Conducting formal market research will certainly help you craft customer-centric messaging, but it's not the only way.
You can also get valuable insights from your customer-facing teams, from customer surveys, from LinkedIn analytics of your website visitors, or even from searching Google on common pain points.
Check in with your customers…and with K2
If you want your B2B messaging to reflect what your customers want, let market research guide your messaging strategy. Check in with K2 so we can put our B2B marketing communications experience to work for you - including help in translating complex technical solutions into clear messaging based on business needs and inner motivations.