The importance of B2B market research
Posted: Tue Jan 07, 2025 5:36 am
Do you know the benefits of b2b market research?
What do you lose and what do you gain if you don't do it?
A pair of friends meet over the years, they are now 64 years old and have not seen each other since they were 10. They have never heard from each other.
One of them, ruined, tells his story…
“I inherited a textile company and a large fortune from my father. For a long time I didn’t change anything, because things were going more or less well. But suddenly competitors started appearing everywhere and sales dropped. Our product was the best, so I was HOPING that they would realise that our competitors didn’t offer the same quality. But customers don’t understand fabrics. If they had really known, they would have realised. So they went for the products of the other brands that were coming onto the market… Sales were falling more and more, I didn’t do anything for a long time, I didn’t make any decisions, I didn’t know what to do…”
Book Good Luck by Alex Rovira and Fernando Trías de Bes.
This story struck me when I read it because it is the story that happened morocco phone number my father when I was 12 years old. Together with my grandparents and from scratch, they created a textile factory in which the whole family worked. They manufactured for several textile companies. It was a family micro-business. Suddenly, almost overnight, customer orders stopped coming in. Everything was lost. He was unable to anticipate.
What happened then? The truth is that we never found out. And thanks to my father being a person capable of creating his own circumstances, we emigrated to another city, he studied the local tourist market and decided to open a bakery in the city centre. Over the years he would open 3 more businesses. And I always saw him follow the same method: observe and research the market to get ahead of changes . He certainly learned a lesson.
Perhaps this story is the reason for my profession: I do market research . I sincerely and deeply believe that I help people improve their business strategies. Simply because I lived it.
It is clear that he failed to see the change in context or the importance of answering these questions: What did his clients like? What did they think of his product and services? Why did his clients start looking at other providers? Why were they unfaithful to him and went to the competition? What did they like about the competition that he didn't offer them? Why did they choose him and then leave him?
Think, what do you need to know to have the right business strategy? To keep your business running and prevent it from going down the drain one day without warning.
Companies blindly rush into the market without knowing the risks or opportunities.
Today I am going to present the case of a small company created by two partners years ago. They belong to the industrial sector, they have very few clients (B2B), they are large companies, they generate a large turnover, but they are totally dependent on them. One or two clients fall away and the company closes.
What do you lose and what do you gain if you don't do it?
A pair of friends meet over the years, they are now 64 years old and have not seen each other since they were 10. They have never heard from each other.
One of them, ruined, tells his story…
“I inherited a textile company and a large fortune from my father. For a long time I didn’t change anything, because things were going more or less well. But suddenly competitors started appearing everywhere and sales dropped. Our product was the best, so I was HOPING that they would realise that our competitors didn’t offer the same quality. But customers don’t understand fabrics. If they had really known, they would have realised. So they went for the products of the other brands that were coming onto the market… Sales were falling more and more, I didn’t do anything for a long time, I didn’t make any decisions, I didn’t know what to do…”
Book Good Luck by Alex Rovira and Fernando Trías de Bes.
This story struck me when I read it because it is the story that happened morocco phone number my father when I was 12 years old. Together with my grandparents and from scratch, they created a textile factory in which the whole family worked. They manufactured for several textile companies. It was a family micro-business. Suddenly, almost overnight, customer orders stopped coming in. Everything was lost. He was unable to anticipate.
What happened then? The truth is that we never found out. And thanks to my father being a person capable of creating his own circumstances, we emigrated to another city, he studied the local tourist market and decided to open a bakery in the city centre. Over the years he would open 3 more businesses. And I always saw him follow the same method: observe and research the market to get ahead of changes . He certainly learned a lesson.
Perhaps this story is the reason for my profession: I do market research . I sincerely and deeply believe that I help people improve their business strategies. Simply because I lived it.
It is clear that he failed to see the change in context or the importance of answering these questions: What did his clients like? What did they think of his product and services? Why did his clients start looking at other providers? Why were they unfaithful to him and went to the competition? What did they like about the competition that he didn't offer them? Why did they choose him and then leave him?
Think, what do you need to know to have the right business strategy? To keep your business running and prevent it from going down the drain one day without warning.
Companies blindly rush into the market without knowing the risks or opportunities.
Today I am going to present the case of a small company created by two partners years ago. They belong to the industrial sector, they have very few clients (B2B), they are large companies, they generate a large turnover, but they are totally dependent on them. One or two clients fall away and the company closes.