Making the right decisions in business is critical. For companies in the B2B sector, these choices can shape their future success or failure. So, how can businesses ensure they’re making the best decisions? The answer is clear: B2B market research.

Market research isn’t just about collecting data. It’s about understanding the market, knowing your competitors, and determining what your customers really want. It’s a tool that provides clarity in a complex business environment.

Every decision a company makes – from launching a new product to entering a new market – should be backed by solid research. It’s like having a roadmap in unfamiliar territory. As we dive into the importance of B2B market research, remember this: in a world full of information, understanding that information is what sets successful companies apart.

The Evolving Landscape of B2B Markets

The B2B market isn’t what it used to be. Like everything in the business world, it’s changing and evolving rapidly. A few years ago, businesses had the luxury of time. They could test the waters, make a decision, and then adapt based on the results. But those days are long gone.

Now, the market moves at lightning speed. New competitors are entering the scene almost daily, and they’re not just local businesses. Thanks to technology, even a tiny startup from halfway around the world can be a threat. This surge in competition means that companies can’t afford to rest on their laurels. They must be proactive, always on their toes, ready to adapt and innovate.

So, how do businesses keep up? The answer is data-driven strategies. In the past, many decisions were based on gut feelings or past experiences. While experience is valuable, it’s not enough in today’s dynamic market. Companies need hard facts, clear insights, and actionable data. This is where B2B market research comes into play. By understanding the market’s shifts and trends, businesses can make informed decisions that give them an edge over their competitors.

In short, the B2B market is more competitive and challenging than ever before. But with the right tools, like comprehensive market research, businesses can navigate these challenges and thrive.

What is B2B Market Research?

B2B market research is a systematic process that businesses use to gather, analyze, and interpret data about their target market, competitors, and the industry as a whole. While the core essence of market research remains consistent across different sectors, there are key differences when comparing B2B (Business-to-Business) and B2C (Business-to-Consumer) research.

As shown in the table above, B2B market research primarily focuses on businesses that are selling to other businesses. This means the considerations, challenges, and strategies will differ from those of B2C market research.

For instance, B2B market research often deals with longer sales cycles. Decisions in the B2B realm aren’t made on a whim; they often involve multiple stakeholders and can span weeks or even months. This contrasts with B2C, where individual consumers might make a purchase decision in minutes based on an emotional connection or a compelling advertisement.

Relationship-building is also more emphasised in B2B. Businesses are not just looking for a one-time sale; they’re aiming for long-term partnerships, which means understanding and catering to the specific needs and pain points of other businesses.

Another significant difference lies in the audience. B2B market research targets a smaller, more specific audience, often characterised by particular industry niches or specialised roles within companies. This is in stark contrast to B2C, where the audience is broader, encompassing a wide range of consumers with diverse preferences and behaviours.

Lastly, B2B market research requires a deeper understanding of industry jargon, complexities, and nuances. It’s not just about knowing what businesses want but understanding the intricacies of their operations, challenges, and industry trends.

While B2B and B2C market research aims to provide valuable business insights, the method, focus, and outcomes can vary considerably. Recognising these differences is crucial for any company looking to gain a competitive edge in their respective markets.

Types of B2B Market Research

In B2B market research, different methodologies cater to distinct objectives and needs. Broadly, these methods can be categorised into three primary types: Quantitative Research, Qualitative Research, and Secondary Research. Let’s dive deeper into each category to understand their nuances and applications.

1. Quantitative Research

At its core, quantitative research seeks to quantify data and typically applies statistical analysis. This type of research is instrumental when businesses want to measure and analyze trends, patterns, or relationships within a market.

  • Surveys: One of the most common tools in the quantitative research arsenal, surveys can be distributed widely to gather responses from a large sample size. These responses, often in the form of standardised closed-ended questions, provide a numerical representation of market opinions or behaviours.
  • Structured Interviews: Unlike casual conversations, structured interviews involve a pre-defined set of questions asked in a specific order. They combine the rigour of surveys with the personal touch of interviews, ensuring consistent data collection across participants.

2. Qualitative Research

Qualitative research, on the other hand, delves into the ‘why’ and ‘how’ behind data. It’s more exploratory in nature and aims to provide insights into market motivations, reasons, and underlying opinions.

  • In-depth Interviews: In-depth Interviews (IDI)are one-on-one conversations between a researcher and a respondent. The goal is to explore detailed perspectives, experiences, and motivations. Such interviews are flexible and can be adapted based on the respondent’s answers.
  • Focus Groups: Focus groups bring together a small group of participants to discuss a specific topic or set of topics. Guided by a moderator, these discussions can reveal shared experiences, common pain points, and collective insights that might not emerge in individual interviews.

3. Secondary Research

While quantitative and qualitative research involve primary data collection, secondary research leverages existing data. It involves analysing information that has already been gathered, either internally by the company or externally by other organisations.

  • Industry Reports: These are comprehensive documents that provide insights into a specific industry’s current state, trends, challenges, and opportunities. They’re invaluable for businesses looking to understand their market landscape.
  • Publications: Articles, journals, whitepapers, and other published materials can offer a wealth of knowledge. They can provide historical context, expert opinions, and detailed analyses that can be instrumental in shaping a company’s strategies.

B2B market research isn’t a one-size-fits-all endeavour. Depending on the objectives, businesses can employ a mix of these research types to gain a holistic view of their market, make informed decisions, and chart a path to success.

From Insights to Action: The Process

The journey from raw data to actionable insights is a structured and meticulous process. At its heart, it’s about translating information into meaningful strategies that drive business growth. Let’s walk through the critical stages of this transformative journey.

1. Data Collection

Before making any informed decisions, businesses need a wealth of relevant data at their disposal. The key is to gather comprehensive and accurate data that truly reflects the market landscape.

  • Identify Objectives: Begin by pinpointing what you aim to achieve. Whether it’s understanding customer behaviour, gauging market demand, or assessing competitor strengths, having clear objectives will guide the data collection process.
  • Choose the Right Tools: Depending on the research type (quantitative, qualitative, or secondary), employ appropriate tools. This could range from surveys and interviews to analyzing industry reports.
  • Diverse Sources: Don’t rely on a single source. Collate data from multiple channels to ensure a well-rounded perspective. This could include customer feedback, online reviews, sales data, and more.

2. Data Analysis

Once you have a robust dataset, the next step is to sift through this information to derive meaningful insights.

  • Data Cleaning: Start by filtering out any irrelevant or erroneous data points. This ensures that the analysis is based on accurate and pertinent information.
  • Pattern Recognition: Use statistical tools and software to identify trends, correlations, and patterns within the data. For instance, is there a specific feature that most B2B customers value? Or a common pain point they face?
  • Deep Dives: Don’t just skim the surface. Dive deep into the data to uncover underlying reasons, motivations, and triggers. This will provide a richer context and more nuanced insights.

3. Strategy Formation

With insights in hand, it’s time to translate them into actionable strategies.

  • Align with Business Goals: Ensure that the derived strategies align with the company’s broader objectives. Whether expanding into a new market segment, refining product features, or optimising pricing, the strategy should serve the larger business goals.
  • Stakeholder Collaboration: Involve various departments and stakeholders in the strategy formation. A collaborative approach ensures the strategies are practical, feasible, and holistic.
  • Continuous Iteration: The market landscape is dynamic. As such, strategies should be flexible and adaptable. Regularly revisit and refine them based on new data and changing market conditions.

In essence, the journey from insights to action is a systematic one, rooted in rigorous data collection, thoughtful analysis, and strategic planning. By adhering to this process, businesses can not only understand their market better but also carve out a distinct competitive edge.

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How StellarTech Navigated Market Challenges with B2B Market Research

In the competitive world of enterprise software solutions, StellarTech, a fictional company, found itself at a crossroads. Despite having a robust product suite and a loyal client base, they witnessed stagnating sales and increased competition from emerging players. The company knew they had to pivot, but the direction was unclear.

The Challenge:

StellarTech’s primary product, an enterprise resource planning (ERP) software, was once a market leader. However, with the advent of cloud computing and niche software solutions, their offering seemed outdated. The company needed to decide whether to invest in a complete product overhaul, diversify its software suite, or explore untapped markets.

The B2B Market Research Approach:

StellarTech embarked on a comprehensive market research journey. They initiated a mix of quantitative and qualitative research methodologies:

  1. Surveys and Structured Interviews: Targeting their current client base, they aimed to understand the strengths and weaknesses of their existing product and what additional features or improvements were desired.
  2. Focus Groups: Bringing together IT heads from various industries, StellarTech sought to grasp the evolving needs of businesses and where their software could fit in.
  3. Industry Reports and Publications: A deep dive into secondary research provided insights into market trends, emerging technologies, and competitor offerings.

The Insights:

The research revealed a clear demand for cloud integration capabilities and industry-specific software solutions. Moreover, there was a significant market in small to mid-sized businesses that found current ERP solutions either too complex or too expensive.

The Strategy:

Armed with these insights, StellarTech decided on a three-pronged approach:

  1. Product Enhancement: They initiated the development of a cloud-integrated version of their ERP software, ensuring flexibility and scalability.
  2. Diversification: Recognising the demand for industry-specific solutions, they began developing modules tailored for sectors like healthcare, manufacturing, and retail.
  3. Market Expansion: StellarTech launched a scaled-down, cost-effective version of its software targeting small to mid-sized businesses, filling a significant market gap.

The Outcome:

Within a year of implementing these strategies, StellarTech saw increased sales and successfully expanded its client base. Their tailored solutions became a hit in industries where they previously had a minimal presence.

This fictional tale of StellarTech underscores the transformative power of B2B market research. When approached methodically and acted upon strategically, market insights can pave the way for business rejuvenation and growth.

Navigating the Hurdles

B2B market research is a powerful tool, but like any tool, it has challenges. Understanding these challenges and proactively addressing them is crucial for any business aiming to harness the full potential of its research efforts.

1. Biased Data:

Challenge: One of the most common pitfalls in market research is data bias. This can stem from various sources – from leading questions in surveys to a non-representative sample group.

Solution: Ensure questionnaires are neutral and free from leading or loaded questions. It’s also essential to diversify the sample base, including various industries, company sizes, and demographics. Regularly review and update research methodologies to minimise bias.

2. Changing Market Dynamics:

Challenge: The business landscape is ever-evolving. What’s relevant today might be obsolete tomorrow. Relying on outdated data can lead to misguided strategies.

Solution: Adopt a continuous research approach. Instead of one-off research projects, regularly update your data, keeping an eye on industry trends, technological advancements, and shifting customer preferences. Utilise real-time data analytics tools to stay updated.

3. Over-reliance on Quantitative Data:

Challenge: While numbers and statistics provide a clear overview, they often miss the nuances and qualitative aspects of the market.

Solution: Balance quantitative research with qualitative methods. In-depth interviews, focus groups, and open-ended surveys can provide context, depth, and a more holistic understanding of the market.

4. Information Overload:

Challenge: In the age of big data, businesses often find themselves drowning in a sea of information, struggling to determine what’s relevant.

Solution: Prioritise data based on business objectives. Use data visualisation tools and dashboards to sift through vast amounts of data, highlighting critical insights. Regularly review and declutter datasets, ensuring only pertinent information is retained.

5. Limited Internal Expertise:

Challenge: Not every company has in-house market research experts, which can lead to poorly designed research methodologies or misinterpretation of data.

Solution: Consider partnering with specialised market research agencies. They bring expertise, experience, and advanced tools to the table, ensuring research is comprehensive and insights are accurately derived.

6. Cultural and Regional Differences:

Challenge: For businesses operating globally, understanding cultural nuances and regional preferences is vital. Standard research methodologies might not be applicable across all regions.

Solution: Localise research efforts. Collaborate with local experts or agencies who understand the cultural and regional dynamics. Ensure research tools, like surveys, are translated and culturally adapted.

While B2B market research presents its set of challenges, they’re not insurmountable. By recognising these potential obstacles and implementing best practices, businesses can ensure their research efforts are robust, relevant, and actionable.

The Horizon Ahead: The Future of B2B Market Research

The realm of B2B market research, like many industries, is poised for significant evolution in the coming years. Driven by technological advancements, changing business landscapes, and an ever-increasing demand for data-driven insights, the future holds exciting prospects. Let’s delve into some predictions and trends shaping the next chapter of B2B market research.

1. Integration of Artificial Intelligence (AI):

Forecast: AI will become a mainstay in market research processes. From data collection to analysis, AI-powered tools will offer deeper insights, faster results, and enhanced accuracy.

According to a report by the MIT Sloan Management Review, over 85% of companies believe AI will offer a competitive advantage in the future, with a significant portion of this advantage stemming from insights and analytics.

2. Real-time Data Analysis:

Forecast: The demand for real-time insights will grow exponentially. Businesses will no longer be content with periodic research reports but will seek continuous, up-to-the-minute data to make agile decisions.

A study by PwC revealed that 67% of business leaders believe real-time data analysis will be crucial to their operations within the next few years.

3. Predictive and Prescriptive Analytics:

Forecast: Beyond understanding current market dynamics, businesses will lean heavily on predictive analytics to forecast future trends. Furthermore, prescriptive analytics will guide businesses on the best course of action based on these predictions.

4. Increased Focus on Data Privacy:

Forecast: With regulations like GDPR and CCPA in place, the emphasis on data privacy will intensify. Market research methodologies will need to be adapted to ensure compliance while still gleaning valuable insights.

According to Cisco’s Annual Cybersecurity Report, 84% of businesses feel that data privacy is a competitive differentiator in today’s market.

5. Virtual Reality (VR) and Augmented Reality (AR) in Research:

Forecast: VR and AR will offer immersive research experiences. For instance, virtual focus groups or product testing in augmented reality environments will provide richer, more nuanced feedback.

6. Growth of DIY Research Tools:

Forecast: While specialised research agencies will always have their place, the proliferation of DIY research tools will empower businesses to conduct preliminary research in-house, leading to more informed and collaborative engagements with research agencies.

7. Natural Language Processing (NLP) in Sentiment Analysis:

Forecast: NLP will revolutionise qualitative research, especially in sentiment analysis. Analysing customer feedback, reviews, and open-ended survey responses will become more precise, capturing the subtleties of human emotion and intent.

The future of B2B market research is not just about more data but better, more actionable insights. As technology continues to shape this domain, businesses equipped with the right tools and methodologies will find themselves at the forefront, making informed decisions that drive growth and innovation.

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In the Vanguard of Business Success: The Imperative of Market Research

In an era where information is abundant, but actionable insight is rare, the distinction between enterprises that thrive and those that merely survive lies in their approach to market research. Businesses, especially in the B2B domain, are not navigating calm waters but are braving a storm of rapid change, fierce competition, and shifting customer expectations.

Market research, in this context, is not just a tool—it’s a compass. It provides direction amid ambiguity and offers clarity in the face of complexity. B2B enterprises that relegate market research to the sidelines do so at their peril. For it’s not merely about understanding the market; it’s about shaping it, leading it, and setting the gold standard for others to follow.

To dismiss or undervalue market research is to disregard the very lifeblood of strategic decision-making. Ultimately, the enterprises that will stand tall recognise the profound power of informed insight and, more importantly, act on it. In the unfolding chapters of the business story, let market research be the ink with which success stories are written.

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In today’s fast-paced world, consumers are bombarded with messages from all directions. From social media ads to email campaigns and everything in between, it can be difficult for brands to stand out from the noise. One effective way to break through this clutter and connect with customers is through storytelling. When it comes to market research, storytelling is a powerful tool that can help researchers and marketers understand their audience and create more impactful campaigns.

Consider the following scenario: a market research agency conducts a study on a new line of skincare products. The report is filled with data points, including statistics on consumer demographics, purchasing habits, and satisfaction rates. While this information may be valuable, it doesn’t tell a story. It’s simply a dump of data.

Now imagine that the same agency presented the same findings differently. Instead of simply presenting the data, they tell the story of a busy working mom struggling to find the right skincare routine. They paint a picture of her hectic mornings and the stress of trying to look and feel her best. Then, they show how this new line of skincare products fits seamlessly into her routine, saving her time and giving her confidence.

By telling a story, the agency has transformed a dry data dump into a compelling narrative. They’ve created an emotional connection with their audience, helping them to see the real-world implications of their findings. This is the power of storytelling in market research, and it’s an art that more and more brands are starting to embrace.

The Power of Storytelling in Market Research

“Stories are the single most powerful tool in a leader’s toolkit” – Dr. Howard Gardner, Harvard University.

Dr. Gardner’s quote holds true not just for leaders but also for marketers and market researchers. Storytelling is a powerful tool that can help brands stand out from the competition and create a connection with their audience.

According to a study, messages delivered as stories can be up to 22 times more memorable than just facts. This means that a well-crafted story can have a much greater impact on your audience than a dry data dump.

One reason stories are so powerful is that they engage both the logical and emotional parts of our brains. When we hear a story, we not only process the information, but we also feel an emotional response. This emotional connection is what makes stories so memorable and impactful.

In market research, storytelling can help researchers and marketers better understand their audience and create more effective campaigns. By understanding the real-world implications of their findings, they can create stories that resonate with their target audience.

For example, imagine a market researcher is studying consumer behaviour around eco-friendly products. By telling the story of a family that switched to eco-friendly cleaning products and their positive impact on their health and the environment, they can create an emotional connection with their audience. This connection can drive home the importance of eco-friendly products and encourage more 

people to make the switch.

The Components of a Good Story

“Stories are how we learn best. We absorb numbers and facts and details, but we keep them all glued into our heads with stories” – Chris Brogan, CEO of Owner Media Group.

Now that we’ve established the power of storytelling in market research, it’s essential to understand what makes a good story. There are several components that can help turn a data dump into a compelling narrative.

First, a good story needs a relatable protagonist. This can be a person, a brand, or even a product. The protagonist should be someone or something that your audience can identify with and root for.

Next, a good story needs conflict. This can be a problem the protagonist needs to solve, an obstacle they need to overcome, or a challenge they need to face. Conflict creates tension and makes the story more engaging.

Once you have a protagonist and conflict, the story needs a resolution. This can be a happy ending, a lesson learned, or a new opportunity discovered. The resolution should tie up any loose ends and leave the audience feeling satisfied.

Finally, a good story needs a clear message. This is the underlying theme or idea that ties the story together. It’s the reason why you’re telling the story in the first place. The message should be clear and easy to understand and resonate with your audience.

According to a study by Edelman, 65% of people connect with brands based on shared values. By crafting a story communicating your brand’s values, you can create a deeper connection with your audience and differentiate yourself from the competition.

A good story engages your audience, creates emotional resonance, and communicates a clear message. By incorporating these components into your market research, you can create stories that drive real-world impact and help you achieve your business objectives.

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Using Data to Tell a Story

“Data storytelling is a powerful way to communicate insights, engage stakeholders, and drive action” – Nancy Duarte, author and CEO of Duarte, Inc.

Now that we’ve discussed the components of a good story let’s explore how data can be used to tell a story. Market research is all about data, and by using data visualisation, researchers can create compelling stories that resonate with their audience.

According to a study by Salesforce, 89% of business decision-makers say that data is vital to creating more effective marketing campaigns. However, data on its own can be overwhelming and challenging to understand. This is where data visualisation comes in.

By using charts, graphs, and other visual aids, researchers can turn complex data sets into easy-to-understand stories. Data visualisation can help researchers identify patterns, communicate insights, and engage stakeholders more meaningfully.

For example, imagine a market researcher is studying the impact of a new social media campaign on brand awareness. By using a bar chart to visualise the increase in brand mentions over time, they can create a story that shows the success of the campaign in a clear and compelling way. This type of data visualisation not only communicates the insights of the research but it also engages stakeholders by showing the impact of their work.

Data visualisation is a powerful tool that can help market researchers create informative and engaging stories. Using data to tell a story, researchers can communicate insights, engage stakeholders, and drive action toward achieving business objectives.

Tips for Crafting a Compelling Story

“Stories are how we remember information. We tend to forget lists and bullet points, but we retain stories” – Nick Morgan, author and communication theorist.

Now that we’ve explored the power of storytelling and how data can be used to create compelling stories, let’s look at some tips for crafting a story that resonates with your audience.

First, it’s important to focus on your audience’s needs and pain points. By understanding what your audience cares about, you can craft a story that speaks directly to them. This means researching and understanding your audience’s demographics, interests, and values.

Next, create a clear and concise message. Your story should have a single central theme that ties everything together. This message should be easy to understand and communicate, and it should be relevant to your audience.

Another tip for crafting a compelling story is to use emotion. As we discussed earlier, emotions play a major role in how we remember information. By creating an emotional connection with your audience, you can make your story more memorable and impactful.

Finally, use data to support your story. Data can provide context and validate your message. However, as we discussed earlier, data on its own can be overwhelming. By using data visualisation, you can turn complex data sets into easy-to-understand stories that support your message.

According to a recent study, 70% of consumers say a brand’s story can influence their purchasing decision. By crafting a compelling story that resonates with your audience, you can differentiate your brand and create a deeper connection with your customers.

Crafting a compelling story takes time and effort, but the rewards can be significant. By focusing on your audience’s needs, creating a clear message, using emotion, and supporting your story with data, you can create a story that drives real-world impact and helps you achieve your business objectives.

The Role of Storytelling in Market Research Strategy

“Brand storytelling is no longer a nice-to-have; it’s a need-to-have” – Harvard Business Review.

Now, let’s explore the role that storytelling should play in a brand’s overall market research strategy.

First and foremost, storytelling should be used to humanise data. By creating a narrative around your research findings, you can make them more accessible and relatable to your audience. This, in turn, can help drive more meaningful insights and actions.

Another way that storytelling can be used in market research is to inform brand strategy. By understanding your brand’s story, you can better align your marketing efforts and create a more consistent brand message. This can help differentiate your brand and create a deeper connection with your audience.

According to a study by Google, 50% of consumers say they are more likely to purchase from a brand that tells a story they can relate to. By incorporating storytelling into your market research strategy, you can create a story that resonates with your audience and drives real-world impact.

Storytelling should be a key component of any market research strategy. By using stories to humanise data, inform brand strategy, and connect with your audience, you can create a more impactful message that resonates long after the campaign is over.

The Importance of Storytelling in Market Research

“The stories we tell literally make the world. If you want to change the world, you need to change your story. This truth applies both to individuals and institutions” – Michael Margolis, CEO of Get Storied.

To stand out from the competition, it’s important for brands to use storytelling in their market research. By creating a compelling narrative around their research findings, they can create a deeper connection with their audience and drive real-world impact.

Throughout this blog, we’ve explored the power of storytelling in market research, the components of a good story, how data can be used to tell a story, and tips for crafting a compelling story. We’ve also discussed storytelling’s role in a company’s overall market research strategy.

As we’ve seen, storytelling is a powerful tool that can help market researchers create informative and engaging stories. By using data to tell a story, they can communicate insights, engage stakeholders, and drive action towards achieving business objectives.

If you want to make a real impact with your market research, it’s time to embrace the power of storytelling. By crafting a compelling story that resonates with your audience, you can differentiate your brand, create a deeper connection with your customers, and drive real-world impact.

Implementing Storytelling in Your Market Research Strategy

Now that we’ve established the importance of storytelling in market research let’s look at some practical ways to implement storytelling in your research strategy.

One effective way to incorporate storytelling in your market research is to use case studies. Case studies are a great way to showcase the real-world impact of your research findings. By telling the story of a customer who successfully implemented your recommendations, you can create a compelling narrative that drives home the value of your work.

Another way to incorporate storytelling in your market research is to use personas. Personas are fictional characters that represent your target audience. By creating a persona, you can better understand your audience’s needs and pain points and craft a story that speaks directly to them.

According to a study by Cint, 62% of market researchers say storytelling is the most important skill for success in their field. By incorporating storytelling into your market research strategy, you can differentiate yourself from the competition and create more impactful campaigns.

It’s also important to remember that storytelling is not just about the research findings but also about how they are presented. By using compelling visuals, engaging copy, and creative formats, you can create a story that captures your audience’s attention and drives home your message.

Measuring the Impact of Storytelling in Market Research

“If you can’t measure it, you can’t improve it” – Peter Drucker, management consultant.

As with any marketing strategy, it’s important to measure the impact of your storytelling efforts in market research. This will help you understand what’s working, what’s not, and where you can improve.

One way to measure the impact of storytelling in market research is through engagement metrics. This includes metrics such as time spent on page, bounce rate, and social media shares. By tracking these metrics, you can understand how your audience responds to your storytelling efforts and make adjustments as needed.

Another way to measure the impact of storytelling in market research is through surveys and feedback. This can include surveys asking customers about their experience with your brand and feedback collected through social media or other channels. By collecting feedback, you can understand how your storytelling efforts resonate with your audience and make adjustments as needed.

According to a study by the Content Marketing Institute, 60% of marketers say that measuring the ROI of their content marketing efforts is a top priority. By measuring the impact of your storytelling efforts, you can ensure that you’re getting a return on your investment and making the most of your marketing budget.

The Future of Storytelling in Market Research

“The art of storytelling is changing. Technology is changing. And we’re having to rethink how we approach stories and storytelling” – Joe Sabia, digital artist and storyteller.

As we look to the future of market research, it’s clear that storytelling will continue to play a crucial role. However, with technological advancements and changing consumer behaviour, the way we approach storytelling must evolve.

One way that technology is changing the art of storytelling is through immersive experiences. Virtual and augmented reality can be used to create more engaging and interactive stories that transport the audience to another world. By incorporating immersive experiences into market research, researchers can create more impactful stories that resonate with their audience.

Another way that storytelling is evolving is through the use of user-generated content. Consumers are increasingly becoming part of the storytelling process, creating their own content and sharing their experiences with brands. By incorporating user-generated content into market research, researchers can create more authentic and relatable stories that connect with their audience on a deeper level.

According to a study by HubSpot, 53% of consumers want to see more video content from brands. By incorporating video into market research, researchers can create more engaging stories that capture their audience’s attention and drive home their message.

The future of storytelling in market research is bright. By embracing new technologies, incorporating user-generated content, and creating more video content, market researchers can create stories that resonate with their audience and drive real-world impact.

Final Thoughts: The Enduring Power of Storytelling in Market Research

“Marketing is no longer about the stuff you make, but about the stories you tell” – Seth Godin, author and marketing expert.

Storytelling is a powerful tool that can help market researchers create informative and engaging stories. By using data to tell a story, researchers can communicate insights, engage stakeholders, and drive action toward achieving business objectives.

Throughout this blog, we’ve explored the power of storytelling in market research, the components of a good story, how data can be used to tell a story, tips for crafting a compelling story, and the role of storytelling in a company’s overall market research strategy. We’ve also looked at how to measure the impact of storytelling and the future of storytelling in market research.

As we’ve seen, storytelling is not just a marketing tactic but a way to connect with your audience on a deeper level. By creating stories that resonate with your audience and drive real-world impact, you can differentiate your brand, create a more impactful message, and achieve your business objectives.

The enduring power of storytelling in market research is clear. By incorporating storytelling into your research strategy, you can create stories that are both informative and engaging, and drive real-world impact that lasts long after the campaign is over.

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You must start market research with a plan. The research design is the strategy that answers your research questions. It sets the tone for how you gather and analyze data. 

What is Research Design?

Research design is the framework or conceptual structure within which research is carried out. It includes the research elements, methodologies, and processes the researcher uses to conduct a study. It allows researchers to set themselves up for success.

There are three main types of designs for research:

  • Data collection
  • Measurement
  • Analysis

The research design used is based on the organisation’s problem, and researchers select the tools and techniques during the design stage of the study.

A market research study aims to uncover the unknown or confirm assumptions and provide accurate and unbiased insights so they can be used for decision-making.

Here are the main characteristics of sound research design:

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1. Objectivity

The research findings should be objective so more than one person agrees with the results. 

2. Reliability

If a similar research study is carried out repeatedly in a similar setting, it should yield similar results. The research results depend on how reliable the research design is. The way research questions are framed is crucial to the process.

3. Validity

Any measuring device is valid if it only measures what is expected to be measured.

4. Generalisation

The information collected from a given sample should be representative and applied to a larger group from which the sample is drawn. 

Research Design Elements

Research design creates an impact when it is unbiased and increases trust in the accuracy of the data collected. The essential elements of research design are:

  1. An objective purpose statement
  2. List of techniques to be implemented for collecting and analyzing data
  3. The methods applied for analyzing data
  4. The type of research methodology utilised 
  5. Possible objections to research
  6. Settings for the research study
  7. Timeline
  8. Measurement of analysis

Research Design Types

The design of a research analysis can be broadly classified into quantitative and qualitative.

Qualitative research

Based on psychology, sociology, and anthropology principles, qualitative research is a market research method that obtains information and data using open-ended and conversational communication. It reveals what people think and the why behind their beliefs and behaviours. 

Frequently used qualitative research methods:

  • One-to-one Interviews
  • Focus Groups
  • Ethnographic Research
  • Case Studies
  • Record-Keeping

Quantitative research

It is for cases where statistical conclusions to collect actionable insights are essential. Numbers provide a better perspective for making critical business decisions. Quantitative research methods are necessary for the growth of any organisation. Insights drawn from complex numerical data and analysis prove to be highly effective when making decisions about the business’s future.

There are many instances where brands need quantifiable data to make decisions. Quantitative research is a methodical exploration of phenomena by gathering quantifiable data from existing and potential customers using sampling methods, like sending out online surveys, online polls, and questionnaires.

You can further break down the types of research design into the following categories:

Descriptive research

When conducting this type of research, a researcher describes a situation or case. The researcher collects, analyzes, and presents collected data to provide insights into the why and how of the study.

Experimental research

This type of research is conducted using two sets of variables. The first set serves as a constant, which you use to measure the differences between the second set. It establishes a relationship between the cause and effect of a situation.

For instance, researchers may want to observe the influence of an independent variable, such as a price, on a dependent variable, such as brand loyalty. 

  • Pre-experimental research design
  • True experimental research design
  • Quasi-experimental research design

Correlational research

Unlike experimental research, correlational research is non-experimental and looks for variables that interact with each other. When one variable changes, you can infer how the other variable will change. There are three types of correlational research:

  • Positive correlation,
  • Negative correlation,
  • No correlation

Diagnostic Research

In this research, the researcher evaluates the underlying cause of a defined problem or subject. This type of design usually has three important parts:

  • The inception of issue
  • Diagnosis of issue
  • Solution for the issue

Explanatory research

This type of research investigates and explores something that has not been studied before or is yet to be explained well enough.

Explanatory research is responsible for finding the events’ what, why, and how by establishing cause-effect relationships.

There are four types of explanatory research: 

  • Literature research
  • In-depth interviews
  • Focus groups,
  • Case studies

Research studies should be designed with the end in mind. The research design must be planned and methodical like any other project to get the desired, accurate, and unbiased results. 

Kadence International helps leading brands make game-changing decisions. If you are looking for a research partner to help better understand your customers, we would love to help. Simply fill out our Request for a Proposal here.

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Head of Global Research and Strategy, Phil Steggals, shares his top tips on running workshops that translate research findings into business action.

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We have all fallen into the trap at some point in our lives. It could be at an important client meeting, an internal discussion, or even a family gathering. We speak for a while, throwing in some fancy or elaborate words or dropping in some acronyms or jargon so that we can confirm to our audience that we are speaking with authority. Then, the dreaded question. “I’m sorry, I don’t understand, what does that mean?”

Within any professional service, there is a tendency to think that the ‘methods & language’ that we use, and our internal jargon is of vital importance. I fear that market researchers might be some of the worst culprits. In my years, I have seen so much emphasis put on the ‘look how smart we are’ that people lose sight of what we should be discussing (thankfully this is not the case at Kadence). 

As a father of a 2-year-old daughter, I have started to have to communicate in a completely different way, often in response to the phrase, “No, I don’t want to”. Slowly breaking down what I am saying and using simple language has become the norm. I have recently read a book that really brought this to life for me. Yanis Varoufakis, former finance minister of Greece and renowned Economist has written a book called ‘Talking to my daughter, a brief history of capitalism’ that takes this example further. In his book Varoufakis using simple language and analogies to explain to his teenage daughter the history (and implications) of the global economy. It is a very accessible, enjoyable read, and makes complex geopolitical arguments easily accessible. 

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What we come to recognize, is that it takes a greater confidence to be able to speak without the use of jargon. If you can get your point across in the most basic terms, in an engaging and clear way – your audience will recognize you for what you are. A storyteller. If you hide behind jargon, then you will quickly be found out as someone that cannot get their story across. 

At Kadence, we work with many nationalities. We are a multicultural office in Singapore, and we work on multi-market studies for many multi-national companies. As such, we have to recognize the best way to get our points across. Whenever I speak to an audience, I try to keep the following tips in mind.

4 top tips for communicating information clearly and simply

  • Understand your audience. Who are you speaking to? Are they researchers or are they clients with a limited understanding of research terms?
  • Relatable Examples. Perhaps the most powerful tip of all: equating a complicated situation to a more simple process or example (ideally one that is universal and not dependent on cultural nuance) 
  • Pay attention to how you are received. Are people nodding along, or staring blankly? Asking questions as you go is a great way to gain understanding about what is being taken in
  • Practice with people outside the industry. The fail-safe. Check with a friend or loved one to see whether they can understand what you are trying to say! 

At Kadence, one of the key traits that we look to develop in all of our team members, is the ability to think creatively. The term ‘creativity’ is often misunderstood. It can be seen by some as a trait that only ‘artistic’ people possess – and not something to improve over time. Whilst it is true that some people perhaps have a more natural leaning towards creative outputs (and why we employ dedicated designers to help with the visual appeal of our output) at its root, thinking creatively is of vital importance for the growth of a business.

If you have not read Ed Catmull’s book ‘Creativity Inc’ – Overcoming the Unseen Forces That Stand in the Way of True Inspiration – I would highly recommend it. Firstly, it is a fascinating story about how a person who dreamed of becoming an animator, but could not draw, ends up as the President of Walt Disney Studios and Pixar! However, more importantly is that Catmull brings forward usable, relatable stories of how they could foster an environment of creative thinking. “For me, creativity includes problem-solving. That’s the broad definition of it”.

Thinking outside the box

Whilst it may be easy to associate creativity with a movie studio – much of the lessons learned are hugely practical for any business (or team within a business) that are tasked to ‘think outside the box’ to solve a problem. For me, the largest problem with the term ‘thinking outside the box’ is that it is a cliché, with no clear meaning or benefit derived from doing so. Sometimes, thinking ‘within the box’ is effective. By the purest definition, it was ‘thinking inside’ that you got you to where you are today. ‘The box’ is often a negative, the norm, staying with what you know, how a company operates, and there is often nothing wrong with optimizing this as a starting point.

However, there does come a time where you need to look for new ideas and inspiration. You could Google ‘how to think outside the box’ but there are many, many results that come up – and whilst some claim to give you advice (Forbes for example) it is not as easy as that to implement.

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Using research as a tool to think creatively

This is where research companies can play a pivotal role … not just by collecting data, but by helping you think about a problem differently – creatively!

At Kadence, we look to help companies make sure that they are focused on the impact that research can have – and we work creatively to be able to do that. Our starting point is always making sure that we are thinking about the business goal. A great example of this (and an interesting read regardless) is in HBR’s article on ‘Are you Solving the Right Problems’. The author describes framing a problem, an elevator being too slow in an office building – with disgruntled tenants – with the list of potential solutions geared up around making it faster (new lift shaft, upgrade motors, change algorithms etc). However, the problem is really that ‘the wait for the elevator is annoying’. This then presents a much different list of potential solutions (provide entertainment, TV screens, mirrors to check appearance, etc) – all of which are much cheaper than construction of new lift shaft!

This correct framing of the problem brings us back to creativity as a tool. If we are tasked with thinking ‘creatively’ about a problem, how do we do so. Particularly if we have been ‘in the box’ for a long time. The rest of the HBR article continues with suggested ways of re-framing the problem, but at Kadence – we go searching outside the box!

Harnessing ‘spheres to influence ‘ to find new solutions

We use a term called ‘spheres of influence’ to assess what are the associated, but distinct industries, or experts that might be able to give an opinion on the problem or potential solution. We draw this up with our clients, then we go looking for our creative solutions. For example, when working with an airline, whose goal it is to create the best in-flight experience possible we would create a map of the ‘spheres’

Spheres of influence - What is the best inflight experience we can create?

By looking at the spheres of influence on a brand, and by speaking to people who have a viewpoint on this (e.g. for an airline, understanding views on what makes best in class bedding or a best in class luxury car seat etc) we can reframe the problems creatively and therefore focus our proposed solutions on something that is likely to be more relevant.

Increasing creativity in your organisation

As a first step, you could always look to assess how creative you, or your teams are. There is a test called the Torrence Test of Creative Thinking (which we recently carried out on our team in Kadence) that allows you to assess how creative individuals are. If you do find that you or your team score low on this, don’t fret. Either give Ed Catmull’s book a read….or simply get in touch with Kadence*

 *ideally you should do both