It has been commonly observed that enterprises in general, and especially manufacturers and wholesalers face certain challenges while undertaking the particular type of B2B market research that is essential for transforming their business plans into reality. Unlike in the case of B2C model wherein methodologies pertaining to market research can be easily categorized into qualitative and quantitative, it quite difficult in the case of B2B sector to find sample sizes that are sufficiently large. This observation leads business owners to analyze various aspects of an online B2B listing directory and find out whether it can be also be utilized as an essential market research tool.
Typical Challenges Faced During B2B Market Research
Generally, when a new business is started, a question that characteristically arises in most cases is whether or not the product or service will succeed in the market. This happens because of the rather simple fact that markets across the world are flooded with innumerable products and services, thereby offering a large variety of options for customers to choose from. It is also a huge challenge to keep up with the contemporary B2B customer profile and influence these well-informed and highly skeptical buyers to switch to a particular product or service. Although, under such circumstances, quantitative market research can prove to be immensely helpful in taking strategic business decisions, it is actually very difficult to find a sufficiently large as well as relevant sample for that purpose.
This is because the ideal sample for such a research has to be obtained from among representatives of rival organizations, and for obvious reasons these people refrain from divulging necessary information. This leaves enterprises to opt for the less accurate qualitative research; however, this alternatives proves to be difficult as well. Owing to these hindrances, a business uses an online B2B listing directory as an effective market research tool to gain valuable market insight. At this juncture, certain readers may wonder whether a business opts for it only due to its inability to undertake proven market research methodologies. The fact is that an online B2B listing directory is by far the best market research tool to address the market research requirements of an enterprise operating in the highly competitive and volatile B2B sector.
Role of Online B2B Listing Directory in Market Research
In this section we shall throw light on an online B2B listing directory in order to show its importance as an essential market research tool that enables enterprises to take informed decisions while designing, developing and marketing their products and services in the B2B markets. We have mentioned earlier that conventional methodologies that are invaluable for B2B market research cannot be employed in the case of B2B sectors. Owing to the inherent challenges posed by the sector itself, any market research activity pertaining to B2B becomes highly complex, time consuming and costly. Due to these factors B2B market research is much more difficult when compared with B2C market research.
Not only B2B market research has to be more targeted as it has to deal with smaller samples that are comprised of top executives, it also has to incorporate higher levels of professionalism throughout its entire process. And at the same time it calls for thorough understanding of various types of businesses, technologies and terminologies. An online B2B listing directory serves as an economical and yet effective alternative to these research techniques because it helps a business gather different types of information and easily compare them without having to approach high-level representatives from rival enterprises. When businesses register on an online B2B listing directory to showcase their products and services, they do also provide a lot of relevant information pertaining to their brand. These can be easily accessed by visiting the portals and used to gain necessary market insight.
Moreover, an online B2B listing directory has unique features which, quite interestingly, help additionally in boosting market research initiatives. One such feature is sales automation. By using this, a business configures appropriate keyword alerts and subsequently receives notifications as and when a buyer or a seller posts relevant requirements. This feature can alternatively be utilized to probe requirement patterns both in the case of buyers as well as sellers. Thus, by changing keywords, a business can get an idea about customer profile, and the motives of wholesalers and retailers can also be understood to a great extent.
Owing to the fact that the products and services that are listed on an online B2B listing directory have their features mentioned in detail, it becomes easy for other businesses to go through them and devise strategies for tweaking their own products and services so as to target their desired customer base in more effective ways. Instead of actually going to the market, it becomes possible for them to make use of digital resources and conduct market research that is almost equally effective given that the process is highly cost-effective and doesn’t require the deployment of too many resources.
We have made it evident that in addition to being a digital platform where businesses from all over the world can network and transact with each other, an online B2B listing directory can also double up as an essential market research tool that helps enterprises in the B2B sector to overcome challenges that hinder their market research initiatives. By using the services of an online B2B listing directory businesses are enabled to enhance market research activities by a significant extent.
As globalization intensifies, market research for B2C enterprises will become even more hassle-free. However, it can be safely said that extensive digitization and technological developments will develop an online B2B listing directory into an even more formidable market research tool that will take the B2B sector to new heights of excellence. It is just a matter of time before we start seeing an online B2B listing directory in a totally new light - not just as online trading portals but also as indispensable tools to carry out the extremely difficult task of B2B market research.
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