You want to know that people are going to buy your B2B product or service. Ideally, before you plough any money into development. But how do you know what they’re thinking?
Apart from hiring an actual mind reader, market research metrics are your way into the hearts and minds of your prospects.
As a B2B market research tool, ScoreApp focuses on the needs, pain points and aspirations of the people you’re selling to. Because this data gives you the actionable insights you need to make business-critical decisions.
Stop using ‘gut instincts’ to make big decisions. Let’s take a look at the main market research metrics you can track with ScoreApp.
Challenges of B2B market research
B2B market research has different challenges to those faced by B2C companies. You can use the right market research metrics to get ahead of the game and tackle them as part of your process. These challenges include:
B2B mindset
There’s often a disconnect between B2B businesses and their audience because the relationship is seen as being between two businesses – especially with SaaS. But companies don’t speak to each other, people do.
This is where you can get the edge on your competition – use the best practices of B2C market researchers that focus on the humans involved.
Cost of B2B market research
Hiring a B2B market research company to do all your primary and secondary, quantitative and qualitative research is only really in the budget for large, global companies.
According to Shopify, “on average, you can expect to pay between $20,000 and $60,000 for a round of market research from a marketing research firm.” That’s between around £15,000 – £46,000.
There are a number of variables that affect the price, like research methods and sample size. But market research companies charge a decent chunk of change for even simple surveys and focus groups.
Complexity of the buying decision
As a B2B business, you know your purchase decision is way more complicated than a simple B2C transaction. You’re usually dealing with a buying team in a complex, often niche, market. Each individual member of that team has a different perspective and path to purchase.
They all have different roles, needs, authority, hurdles and requirements that you need to account for on each customer’s journey. For example, according to recent research, it takes an average of 54 touchpoints before a B2B SaaS purchase is made. 54!
There are no straight lines from ‘customer problem’ to your checkout, and having the right metrics helps you optimise the process for everyone involved.
High stakes purchase
Most B2B services and products are high-ticket items. For your customers, the big price tag simply means the stakes are higher, so as many risks as possible need to be eliminated before they seal the deal.
Length of sales cycle
Your B2B sales cycles are usually longer than B2C for a variety of reasons:
- Contract negotiations
- Multiple sign-offs from different departments
- Ensuring tech stack alignment – particularly with B2B SaaS products
- Fulfilment of requirements for different regulatory bodies
Market size
B2B businesses are usually trying to reach a smaller pool of potential customers than a B2C company with broader appeal. This means you really need to understand how customers perceive your company, in relation to your competition.
The challenge for market researchers is to make sure you’re targeting your questions at the right people.
Compliance with market research laws
In the UK, there are various market research laws that we must operate within. These include the Data Protection Act (2018), Privacy and Electronic Communications Regulations (2003), and General Data Protection Regulation (GDPR) (2018). The Information Commissioner’s Office (ICO) provides both guidance and oversight for businesses.
And that’s just for the UK! As a global business, you need to comply with the market research laws of every country you operate in.
Benefits of B2B market research
Good market research metrics give you insights that can be used across your organisation to minimise risk and maximise success with everything else!
Competitive intelligence
You can use thorough B2B market research of your competitors to understand their comparative strengths, weaknesses, market positioning, and audience perceptions.
This helps identify gaps in the market and where the competition’s dropped the ball, so you can differentiate your offerings and position them to give you the edge.
Improved customer targeting
You can use B2B market research to really nail an ideal customer profile for every member of your buying teams. It helps you create personalised messaging in precisely targeted marketing campaigns that address each decision-maker’s individual needs. A strategic approach increases engagement, conversion rates, and sales.
Enhanced sales strategies
Your sales teams can use your market research insights to shorten your sales cycles by optimising all the touchpoints on each team member’s customer journey and adapting sales strategies to suit each stakeholder.
Informed product development
Want to ensure product-market fit before you invest in development? Listen to what your customers really want through B2B market research and create those products or services. Success will be unavoidable!
Better understanding of buyer behaviour
B2B market research reveals how your potential buyers evaluate your offering, what influences their final decision, and the typical customer journey. So you can meet them with the right information, at the right time, in the right place and boost their confidence in buying from you.
Risk mitigation
Minimise pre-launch risks by using market research to understand market trends, competitive threats and customer expectations. Avoid investing in something no one wants to buy and always hit the right price point by using reliable data insights.
Improved customer retention
B2B market research isn’t just about reaching new customers, it gives you a treasure trove of insights to help retain current clients.
Understanding customer satisfaction levels, expectations, and evolving needs helps you adapt your offerings and improve customer experience. This strengthens relationships, increases long-term loyalty – and may even turn your customers into willing brand advocates.
Entering new markets successfully
Expanding into new markets is another business risk that can be mitigated through market research. It helps you identify target markets, figure out the market potential, and evaluate the competitive landscape.
Manage brand identity and reputation
B2B market research insights can tell you what customers really think about your brand, product or service. You can find out exactly how you’re perceived by customers and how that compares to your competitors. If necessary, you can take steps to either change or bolster those perceptions to secure your position at the top of your industry.
Cement your position as a key person of influence
Your B2B market research is your research. You’ve created a primary source of evidence and can use it to create original research content that cements your position as a key person of influence in your industry.
As you can see, B2B market research gives you a host of actionable insights that help you make informed decisions based on reliable data. Using ScoreApp as a market research tool makes the data collection process quicker, smoother and less hassle for you.
Track key B2B market research metrics with ScoreApp
Here are some of the key market research metrics B2B companies can track with ScoreApp:
1. Lead segmentation data
Metric: The data collected from your market research quiz can be used to segment leads based on specific characteristics like company size, industry, challenges, or their stage in the customer journey.
Why this matters to your business:
Lead segmentation data allows you to create highly personalised marketing messages and offers, tailored to each group.
By understanding the unique needs and pain points of different segments, you can deliver more relevant content, improving the effectiveness of outreach efforts and increasing engagement.
Basing this approach on real-time data enhances lead nurturing, drives higher conversion rates by addressing the specific concerns of each segment, and increases the ROI of your marketing spend.
Example:
You’re a B2B SaaS company with a product that helps businesses streamline their operations to maximum efficiency. Their market research quiz includes questions about company size, industry, biggest challenges, purchase timeline, and budget range.
The data insights help you segment your leads into 3 different categories with different needs:
- Small businesses in the healthcare industry, struggling with process automation and with a maximum budget of £10,000. You send them emails that focus on your most affordable package, highlighting how easy the software is to use, and removing the risk with a free trial.
- Mid-market companies in manufacturing who need help with customer data management immediately. You make sure they get their eyeballs on case studies that show them how you’ve helped other similar clients meet these challenges. You might also send them content relating to optimising customer data management for scalability.
- Enterprise companies in the financial sector, who need compliance support and have a long purchase timeline. You can best serve this segment by sending them detailed product demo videos, white papers, and information about how security and regulatory features ensure compliance with industry regulations.
With a strategy that’s personalised to each segment, you increase the chance of engagement and conversion within each one. Everyone feels understood by the right lead nurturing, which builds trust and smooths the path to purchase.
2. Customer pain points and challenges
Metric: Directly ask your customers what pain points and challenges they face as part of your quiz. This gives you invaluable insights into how your product or service can help them, and even throw up some unexpected needs you can be the first to meet.
Why it matters to your business:
With direct insights into what your audience needs, you can:
- Refine product/service offerings: Address the most pressing challenges by enhancing product features or adding new functionalities that solve those issues, ensuring your offering is as relevant as possible.
- Create targeted content: Develop marketing materials, blog posts, video mini-courses, or case studies that speak directly to these pain points.
- Improve sales messaging: The sales team can use the data to craft personalised pitches. If a majority of leads are struggling with the same problem, your sales team can shift their focus on how your product or service fixes it.
Example:
If you’re selling B2B SaaS, your quiz questions may include problems like operational inefficiencies, lack of automation, software limitations or budget constraints. For example:
- What’s your biggest frustration with your current tools or systems?
- What processes eat most of your time in your day-to-day operations?
- What are the biggest obstacles to achieving your business goals?
3. Score distribution
Metric: The overall distribution of quiz or assessment scores across your audience gives you insights into the readiness or maturity level of your potential customers.
Why it’s important to your business:
By analysing the score distribution, you can ensure that each segment receives the most relevant content and offers, boosting engagement and conversion rates. Low scorers get nurtured through educational resources, while high scorers are directed toward high-value offerings, optimising your sales process and increasing revenue potential.
Example:
A B2B SaaS quiz might ask about their current technology stack, growth stage, or readiness for advanced solutions, generating a score that reflects where they stand in their buying journey. The score ranges could be categorised as:
- Low score: Indicates beginners who might not be ready for complex solutions yet. They need your introductory-level, educational content to make them familiar with your offering.
- Medium score: Shows customers who are moderately prepared and might benefit from standard offerings, or your mid-range packages. Your nurturing focus can be on their specific problem and how your offering helps them scale their business when they’re ready.
- High score: Reflects advanced customers ready to invest in premium or high-level solutions. You can tailor your messaging to emphasise advanced features or premium services that align with their more sophisticated needs, potentially increasing deal size.
4. Lead qualification scores
Metric: Leads are automatically scored based on their quiz or assessment responses, which helps gauge how close they are to making a purchase.
This score could be influenced by factors such as their level of interest, budget, purchase timeline, and specific needs.
- High-scoring leads: These leads are more likely to be further along in the buying journey, with a clear need for your product or service and ready to make a decision soon. These leads should be fast-tracked for direct sales outreach, where your team can engage them quickly and provide the necessary information to close the deal.
- Low-scoring leads: These leads may be in the research phase or not fully ready to commit. They might benefit from additional nurturing through targeted content, educational resources, or low-pressure engagement to build their readiness over time. These leads can be added to a nurturing funnel with relevant content aimed at moving them further down the pipeline.
Why it matters to your business:
By scoring leads based on their readiness to buy, you can prioritise your sales efforts, focusing on high-scoring leads for immediate outreach, while nurturing lower-scoring leads until they’re more qualified.
This maximises the efficiency of your sales team and improves conversion rates by engaging prospects at the right stage in their buying journey.
5. Product/service fit
Metric: Responses to specific quiz questions can help determine which of your products or services is the best match for different leads.
For example, questions about a lead’s specific challenges, company size, industry, or budget can indicate whether they would benefit more from a basic, mid-tier, or premium offering.
By analysing these responses, you can assess how well your offerings align with their specific needs – even before you bring your product or service to market!
Why it matters to your business:
Matching your products or services with the specific needs of your leads helps to ensure a better customer experience and higher conversion rates.
Leads are more likely to buy things that actually solve their problems – and keep coming back because they trust that you understand their perspective.
6. Conversion rates by segment
Metric: Tracking the conversion rates of various lead segments—such as those categorised by lead scores, industries, company sizes, or specific challenges—provides valuable insights into how different groups respond to your marketing efforts.
For example, a B2B company might segment its leads into categories based on their quiz scores, such as:
- High-scoring leads: Those who definitely need your product and are ready to buy.
- Industry segments: Groups – like technology, healthcare, and finance – that have nuanced differences in their needs and pain points.
Why it matters to your business:
By analysing conversion rates for each segment, you can identify trends and patterns that highlight which segments are more likely to convert into paying customers. So you can prioritise resource allocation and focus segmented marketing strategies accordingly Ch-ching!
Examples:
- Data shows that high-scoring leads in the technology sector convert at a significantly higher rate than other industries. So you focus your marketing efforts and sales outreach on the technology segment – maximise that ROI!
- Leads in the healthcare industry convert well with educational content about compliance – so you create more resources on that topic specifically for that segment to capitalise on their interest and demonstrate your authority.
7. Content engagement metrics
Metric: All ScoreApp quizzes trigger personalised follow-up content. Content engagement metrics measure how it’s received by your audience. It includes things like landing pages, email sequences, and other resources.
Content engagement metrics include:
- Open rates
- Click-through rates (CTR)
- Bounce rates – time spent on landing pages
- Conversion rates from the content provided
Why this matters to your business:
Insights from content engagement metrics are crucial for evaluating the relevance of your content.
How do you know if your content is resonating with your audience if you don’t have a mechanism to ask them and analyse their answers? If you find engagement is low, your data will help you find areas for improvement.
This is also a brilliant way to see what kind of content your different audience segments prefer and use this as a foundation for future content creation. You can make sure that your content is perfectly matched to each audience segment, at every stage of your sales funnel.
8. Industry trends and patterns
Metric:
It’s crystal ball time! By aggregating your quiz data over time, you can identify broader industry trends and patterns. This can be things like common goals, emerging challenges, and changing preferences within your different audience segments.
Why this matters to your business:
There are several benefits to monitoring industry trends, including:
- Proactive business strategy: Reliable market research data means you can adapt to market changes with agility and speed – keeping you ahead of the competition. By using insights to inform your business strategy, you’re operating from a proactive position that gives you a competitive advantage.
- Product development: Because you can see common goals and challenges as they emerge, you can prioritise these new solutions in your product development – so you’re first to market with the answer.
- Thought leadership: Talking about industry trends as they are happening – or even before they happen – helps you stand out as a key person of influence in your industry. As your audiences face new challenges and opportunities, they’ll look to your content as the authority in the field.
9. Customer feedback on service gaps
Metric: By incorporating feedback questions into your quiz, you can gather valuable insights about perceived gaps in your current service offerings, in real-time. This could include specific aspects such as features that are missing, areas where customers feel the service is lacking, or suggestions for improvement.
Why this matters to your business:
You already know why customer feedback is important – happy customers spend more money and come back for more!
You can use this kind of market research metric to really get into the details of:
- Product/service: What do they absolutely love? What do they think could be better? What would they like in the future?
- Customer service: Where do they need more help? What type of help do they prefer – chatbot or phone line?
- Customer satisfaction: Regularly asking customers what they think and acting on their concerns is a significant step towards increasingly satisfied and continually engaged customers.
- Better than all the rest: Responsiveness to customer feedback can be the crucial differentiator in a crowded marketplace. Quickly fixing problems raised is such a rarity you can’t fail to stand out.
10. Sales cycle length indicators
Metric: By tracking when and how leads progress through the sales funnel after interacting with the quiz, businesses can gauge the average time it takes for leads to convert from initial interest to a completed sale.
This involves analysing the various stages of the sales funnel – awareness, consideration, decision – and measuring the time each lead spends at each stage.
Why this matters to your business:
Do you know where the bottlenecks are in your sales funnel? By tracking the length of your sales cycles, any obstacles in your funnel are clearly flagged and you can fix them quickly.
Sales cycle metrics also identify the average time leads take to progress through each stage of the sales funnel. If leads are stalling in a particular phase, you can adjust your nurturing efforts to move them forward more effectively.
Your sales team can make good use of these insights too, tweaking their strategy to account for different lengths of sales cycle and the reasons behind it.
Armed with reliable data, you can decide how to allocate resources to turn leads with longer sales cycles into sales – particularly when they’re in your most lucrative segment.
11. Retention and upsell opportunities
Metric: Using ScoreApp data, businesses can pinpoint specific areas where current clients might benefit from additional services or support – giving you ideal upselling opportunities!
This metric analyses quiz responses from existing customers to identify trends in scoring that reveal weaknesses or gaps in their current usage of your product or service.
Why this matters to your business:
By tracking where existing customers are scoring low in certain areas, you can introduce additional offerings to retain and grow customer relationships. You can proactively stop them from switching to a competitor by addressing issues before they escalate. And you can’t fix a problem you don’t know about.
Because you have such a deep understanding of your clients, you can tailor additional offerings that genuinely enhance your customers’ experience with your company.
Recognising and acting on upsell opportunities fosters a deeper relationship with clients, demonstrating that you understand and care about their success.
This doesn’t just encourage more frequent and larger purchases, but it also boosts loyalty, triggers word-of-mouth referrals, and significantly increases customer lifetime value (CLV).
Leveraging ScoreApp for B2B Market Research
By using ScoreApp as your market research tool, you gain a deeper understanding of your market landscape and customers. This comprehensive approach enables you to make data-driven decisions that enhance lead nurturing, refine product offerings, and ultimately drive sales.
Now you know what market research metrics to use, let’s start future-proofing your growth. Create your market research quiz for free, right now, with ScoreApp.
