One of the most basic audience breakdowns you'll want to determine before you start any market research is understanding who you will be targeting. Two of the most high-level segments you'll be reviewing is business-to-consumer and business-to-business audiences. Each are two very different segments and focuses for your market research project.
What is the difference between B2C and B2B market research?
Let's review some of the basic differences between B2C and B2B research.
What is B2C Market Research?
B2C market research is defined as business-to-consumer market research. This is market research focusing on non-business customers. Very basic examples of this would be market research with grocery store customers, movie goers, or a study about leisure travel.
All of these examples would mean the survey, focus groups, or in-depth interviews (IDIs) would be completed with consumers. The pool of potential consumers for market research is much larger than business-to-business. B2C market research costs less as well because of the available sample from online panels.
When it comes to B2C market research rewards, honorarium payouts are less than business-to-business payouts. With the higher quantity of sample available, it is easier to obtain completed surveys. Therefore this translates to lower costs and lower rewards.
In the old days of telephone surveys B2C market research was most conducted in evenings and Saturdays only while the respondent was home. This line has been completely blurred nowadays because of? You guessed it. The smartphone.
The smartphone gives market research companies in Rochester like Drive Research, the flexibility to send survey invitations and conduct research at any time. Are there best times to send an invite? Yes. But with consumers being attached to their smartphone devices, they will often reply to surveys at all times.
What is B2B Market Research?
Whereas B2C market research focuses on consumers, B2B market research is defined as business-to-business market research. These types of studies focus on business-related customers and decision-makers.
Some basic examples of B2B market research include surveys with IT managers to discuss data security, commercial banking focus groups to talk to small business owners, or in-depth interviews (IDIs) with C-level decision-makers to talk about ISO 9001 survey vendors.
All of these market research projects focus on business professionals in some capacity. This is different from B2C research in that B2B participants are more scarce and difficult to contact. Not as much sample exists in the B2B space so the cost to complete a study is more expensive.
Reward and honorarium payouts are significantly more in B2B market research. C-level decision-makers can earn as much as $250 for a short 20 to 30 minute interview while physicians can earn upwards of $300 or more for their time.
Where B2C market research was mostly evenings, any kind of B2B phone market research is daytime only. You want to reach these participants while on-the-job since the survey relates to business.
However, the smart phone and laptop has allowed B2B participants to work after hours and check email. Some even prefer to take these IDIs after hours so they are not taking any time away from work. Therefore, B2B targeted surveys are also completed around-the-clock online.
Contact Drive Research
Drive Research is a market research company in Rochester, NY. Interested in learning more about our market research services? We are available to answer any questions you might have about market research.
Contact us at 315-303-2040 or send us an email at email@example.com.