Gee, Must Be Nice, B2C
Most quick-hit research solutions are designed for the B2C industry. It’s easy to understand why – consumer audiences are far easier to reach, making sampling and incentive costs much less expensive and the time required to complete the whole process far less.
With the ongoing development of quick-hit research, you B2B insight gatherers must be wondering – couldn’t this work for B2B too? I’m happy to say, “Yes, it can!”
The following is a quick example of how B2B business can benefit from quick-hit marketing research platforms.
The Problem
A marketing research firm had an idea for a new service offering. After conducting brief interviews with current and former clients, the firm had come to the conclusion that their existing model (fully-custom, large-scale research studies) was still meeting the needs of many clients and their projects, but failing to provide other key attributes their clients desired – speed, a lower price tag, and the ability to run smaller studies on a more frequent basis.
The firm hypothesized they would be able to offer both a quicker turnaround and a lower price on certain studies, if there was indeed room in the market for single-objective studies aimed at focused audiences.
They began development of a new service platform designed to meet the changing needs of the market, while still maintaining the high quality and value of their existing service. Before they could “go live” with this new offering, they sought to validate their hypotheses on the overall concept, the market need, and the proposed pricing.
The Solution
We worked with this firm to collaboratively develop a short, 12-question survey which would allow them to test their concept and pricing model. Survey invitations were sent to their current and past clients, as well as perspective clients.
Within a few weeks, we were able to complete data collection, incentivize respondents for their valuable feedback, analyze the results, and produce a full, summary-style report. In looking at what clients desired in their research studies, the report included an importance ranking of proposed concept attributes, a range of acceptable prices, including an optimal price point, and coded, verbatim responses to open-ended questions.
Using the results of the survey, the firm was able to confirm the decision to move forward on the concept, while applying some slight modifications to the offering and pricing guides.
Insight Streamer
Can you guess the name of the client/firm I’ve been referring to? That’s right, it’s Actionable Research. We used an Insight Streamer study to help us with the development of Insight Streamer.
Granted, we used our own platform, our own service, and our own client list to our advantage here, but as we were strict in limiting ourselves to our own proposed guidelines – a targeted list of individuals who contract marketing research, and the single objective of testing attributes and pricing of a proposed concept- we’re confident the Insight Streamer can apply to any B2B business.
The most important aspects to consider when asking whether Insight Streamer is right for you are:
1) How specific is your target audience?
2) How many objectives are your looking to meet?
As to the first question, we like to joke – if you’re looking for dentists who practice in Florida and perform at least 100 procedures a month, Insight Streamer has you covered. But if you’re looking for dentists who practice in Orlando, FL perform 100 implant procedures a month, play competitive bridge twice a week, and party with their Alumni crew every Thursday, your needs may be better suited for a traditional custom research project.
As to the question of objectives, it’s very straight-forward. If you want to run a conjoint study looking at three different proposed product configurations and test proposed pricing with a pricing wheel, while gaining insight into your market at large, you need a full custom research study. But if you are looking to run a pricing study and gather a few additional market insights, test ongoing satisfaction as you make incremental changes to your product, or look at the current attitudes and awareness of your brand, Insight Streamer may be exactly what you’re looking for.
Either way, Actionable Research has the experience necessary to help you with your specific project, focused or broad, large-scale or single-objective. Contact Us today to find out if Insight Streamer is right for you.
