Business to consumer (B2C) companies spend hundreds of thousands of dollars on market research before they brand and launch new products. Business to business marketers should do the same. You don’ t have to spend that much or take months or a year in research. Just take a pragmatic look at the opportunity before you start marketing. Here are some of the things you should look at:
1. What research already exists about the product or service you are launching?
2. What do your existing customers need or want around this product or service?
3. Who are your competitors in the product or service space?
4. How are your competitors positioned? What are their prices? Their market share?
If you are launching into an existing industry, there may be a lot of market research already that you can access. If you are launching a new product or service, you can do some primary research by interviewing potential customers, conducting surveys or even polling on social media platforms.
My point here is do the research. By looking before you leap, you will have a better chance of success with your marketing.