Quantitative market research is an effective way of navigating the challenges present in the corporate world. Well-known businesses, including Microsoft and Google, make use of the quantitative results obtained via B2B market research which allows them to make well-informed decisions for their business. While qualitative data might prove to be useful in providing an elaborate analysis of global marketing trends, quantitative data collection is a quicker, more efficient, and highly reliable method of data analysis. This particular type of analysis is also beneficial in predetermining the upcoming steps of your competitors, as well as identifying any possible threats or opportunities in the near future that could affect your business.
Executing the entire process of global B2B market research involves a few essential steps that need to be followed, in order to obtain the results you expect after completion. These steps are well-defined and precisely arranged by our team at Inventive Research Group to simplify the slightly challenging process of global B2B market research. Tested successfully on a global level, the following steps will undoubtedly prove to be of use to you.
Focus Demographic and Research Objectives
Global exposure is not mandatory for a business to experience, but it is extremely profitable if utilized. Considering the example of Amazon Web Series, global expansion has not only presented the business with thousands of dollars but has also led to the attraction of immense popularity. To achieve the greatest business objective of maximizing profits, the initial step toward success is to identify and prioritize the demands of your target audience. Understanding what people want and desire is the most important takeaway that is needed to successfully carry out global B2B quantitative market research. If you offer chicken nuggets and a major portion of your target audience consists of vegetarian people, your product will surely not survive for long in the market.
Taking inspiration from the International Business Machines Corporation (IBM), the company intended to study the worth of an AI-powered tool in the automotive sector. For this reason, the first step they took was to define their objective and determine the hypothesis. Hypothesizing helps in clarifying the main purpose of your research and enables a sense of direction so that every team member remains on the same path. Therefore, the first step towards conducting global B2B quantitative research is to define your research’s hypothesis, while considering the audience’s preferences.
Designing the Best-Suited Strategy
All kinds of market research are baseless without a proper, well-defined strategy or research plan. Hence, recruiting the best possible plan for the execution of your quantitative global B2B research is crucial to determining the method with which the results will be obtained from the audience. The options available for the identification of the most befitting research method include Online Web Survey, focus groups, questionnaires, telephone interview questions, or even group interviews. How to Conduct Global B2B Quantitative Market Research
erviews are often more time-consuming, if compared with surveys and questionnaires. When it comes to obtaining quantitative data, surveys and questionnaires are the most convenient option. First-hand data collection and quantitative results analysis becomes ten times easier with results that are produced by distributing surveys and questionnaires.
Upon deciding on the most suitable research method, you must then decide on the set of questions and the pattern you will follow. Since the data we are looking for is supposed to be quantitative, the type of questions present in the research method should be brief, precise, and straightforward. Plus, the research method should also contain a few questions regarding the audience’s preferences, so that analysis can be made by taking the people’s preferences into consideration. Social media platforms can also be used for survey distribution. You must keep in mind that it is a must to take the audience’s consent if not informed consent. Post online distribution, the research’s results will eventually start coming in.
Sorting the Collected Data
Global B2B market research can be time-consuming, which is why experts recommend using tools that reduce the burden off of your shoulders. Once the results start coming in, data collectors should organize the quantitative data according to the numerical ranges, so that sorting is easier. For maximized efficiency and accuracy, there are some applications, such as Qualtrics, that can not only allow the audience to fill out surveys within the app but can also accumulate the entire quantitative data in a neat manner. E-surveys can also be uploaded to Google Drive or OneDrive so that all the data stays in one place.
Data Analysis and Drafting Reports
The last step towards ensuring that the global B2B quantitative market research is complete is to analyze the data, conclude the research, and draft the final report that contains all the findings based on what the obtained results deduced. Data analysis is the most crucial step in determining the outcome of the entire research, which is why it must be thorough, elaborate, and evidence-based. Your final report must contain an unbiased analysis of the entire research, and should also possess recommendations that are needed for the future. The report can also contain visual data in the form of pie charts and bar graphs so that the report seems to be more appealing. In addition, the report must be culturally appropriate and ethical, so that the global target market does not repel your efforts.
The Significant Impact of Expert Assistance
Conducting market research on a local scale is undeniably less complex when compared with conducting quantitative research on a global level. For this reason, the assistance of a skilled professional can be of great help. With the tried-and-tested tactics and valuable experience of well-trained market researchers, carrying out a procedure as complex as global B2B market research will soon become a piece of cake. From crafting affordable strategies to maximizing your business’ potential, experts can tackle every challenge with incomparable efficiency. Market researchers like the ones present on board with Inventive Research Group can not only guarantee you the expected outcome but will also encourage the implementation of suitable strategies to boost your B2B sales. Choose your partner wisely!