Discovering the Differences Between B2B and B2C Market Research
In this blog, we’ll be discussing the difference between business-to-business (B2B) and business-to-consumer (B2C) research and why both are important. Both consumer and B2B research…
In this blog, we’ll be discussing the difference between business-to-business (B2B) and business-to-consumer (B2C) research and why both are important.
Both consumer and B2B research are necessary because they allow your company to make informed decisions, improve customer experience, and stay competitive.
However, there are differences in conducting B2C versus B2B research. These can range from the questions asked to how feedback is collected. Both are also very different in terms of what you’re learning about—your consumer’s needs or your client’s business needs.
Let’s start by looking at what each term means.
What’s the Meaning of B2C Market Research?
Business-to-consumer market research refers to studying your business’s customers to develop a better marketing plan. Companies conduct this type of market research through various methods, including surveys, focus groups, interviews and more.
Conducting this type of research allows your business to learn information about your customers’ wants and needs, which will help you to develop a product or service that meets those needs.
When conducting B2C market research, you’ll ask questions about non-business consumers visiting your brand for personal use. The niche market of consumers is much larger than the niche market of business-to-business (B2B) research, and it’s also less expensive to conduct B2C research.
B2B Market Research — The Concept
The concept of B2B market research is simple. It’s business-to-business market research. It focuses on business professionals. B2B market research aims to understand their needs and solve their problems.
The two main differences between B2C and B2B market research are the participants and the cost. In a B2C study, respondents are easy to identify and contact than in B2B market research. Because B2B professionals are only a subset of all consumers, B2B studies cost more than B2C studies.
In contrast, in a B2B study, participants are harder to identify and contact because they often hide behind company email addresses and phone numbers. Additionally, since you have fewer participants (most likely) than you would in B2C, the cost to complete a study is more expensive.
Market Research for B2C vs. B2B: When To Do It
In today’s always-on world, consumers and business professionals enjoy the convenience of being able to interact with brands 24/7. Market research companies like GrapeData can now send survey invites any time, day or night. Since respondents can choose when they respond, they are more likely to take a few minutes out of their busy schedule to complete short surveys.
While market research for B2C products used to be conducted mainly over the phone on evenings and weekends, smartphones have allowed consumers to complete surveys at any time. Now, thy can fill out surveys around the clock online.
In the past, traditional B2B market research was entirely phone-based. We used to wake up too early and make phone calls to B2B professionals. However, with business professionals now using their laptops and smartphones 24/7, B2B targeted surveys are also completed around the clock online.
Whether you need a B2B marketing survey or B2C will depend on your target audience.
Remember, B2B research focuses on other businesses while consumer research aims to understand individuals. For many companies, both approaches are necessary to generate the data they need to make decisions and drive their growth.
If you’re not sure what you need, don’t be afraid to ask for help. Grapedata has over years of experience working with both types of surveys. We can help you determine what makes sense for your business.