Conducting B2B market research on a small budget

B2B Market Research

Assessing the opinions of businesses can be a difficult and costly exercise. The emergence of online research as a low-cost solution means that market data is now more accessible than ever before – but this often comes at the sacrifice of quality. To help you through the plethora of options available, we have identified several areas to consider when conducting B2B market research on a limited budget.

Sample design and audience quality

There are plenty of cheap, quick turnaround providers who will promise you the world but ultimately leave you short changed. When assessing the options, you will need to look at sample design and gauge the quality of the audience. Be cautious of online panels, which can be made up from individuals who are often paid to take part in research and are canvassed repeatedly by the same research company, which can mean they are likely to respond differently to the group you are trying to speak to.

Market research company: Who to choose?

Consider the market research company’s background, and look for endorsements from previous clients. Working with a team of skilled, enthusiastic and experienced researchers will help you frame questions in the most effective way, ensuring you get the answers you need. A detailed briefing session and questionnaire design with a trusted provider will usually be enough to get to the heart of what you are looking for.

Flexible data reporting

It’s important to think about how you will need to potentially present your findings to relevant stakeholders. Will it be senior decision-makers or clients and, if so, what is the best way to present this information? Are they analytical people who prefer hard data, or will they respond better to a research report explaining things in a bit more detail, supported by graphical materials to visually explain the data? All of this will have an impact on the time it will take to package your findings and the amount it is appropriate to pay for the work. Some agencies may not have the flexibility to offer alternative reporting solutions, so it is important that your needs in this respect are discussed upfront to avoid complications down the line.

Cost effective solutions: Business omnibus

We have developed Business Spotlight to solve the need for businesses looking for high quality research at an affordable price. IFF’s Business Spotlight is a business omnibus service – a business omnibus is a type of research tool which allows several organisations to ask their own questions within the same survey, providing them with reliable data in a more-cost effective way than investing in a fully bespoke survey.

Telephone survey

Unlike online panels, our business omnibus is a telephone survey, which means that the quality of data is more reliable. Business Spotlight helps organisations to access a representative sample of 500 senior people with decision-making authority from a wide cross-section of the UK business community. None of them are paid to take part, and we rarely speak to the same business on more than one occasion, so you can be sure that the results are unbiased in this respect.

Business Spotlight

Alice Large is responsible for discussing briefs, establishing needs and agreeing budgets – please contact her to discuss your research requirements in more detail. She will explain the options available to achieve your goals.

 

 

 

 

 

 

 

Alice Stratton
Associate Director
alice.stratton@iffresearch.com