B2B market research can be based solely on numbers and statistics, opinions of experts from the industry or some other data you could collect. One of the ways to obtain data is through commercial due diligence surveys. Thus, today we will investigate the benefits of running surveys as well as the drawbacks of that process.
Benefits of running a commercial due diligence survey
When you run any type of survey, be it a B2B or B2C, you will undoubtedly get a massive amount of information to analyse. Let’s look into this and some other benefits of using surveys in B2B market research.
Get information for analysis
Market research needs a big amount of data to support investment decisions. Thus, when you run a survey you are able to make data driven decisions which are going to be more objective than expert’s insights into the industry. Additionally, when you receive data from 100 plus decision makers or niche consumers from the industry you can use the data for thorough analysis. Panel providers will usually produce the data in an excel spreadsheet or through a software. You can then use the data to produce future projections, models and generate even more data for your analysis.
Acquire data fast
Have you ever thought how long it takes to run a survey? Obviously, it depends on the length of the survey, its complexity and some other factors. However, a survey no matter the details might take a maximum of 10 days to produce good quality data. Additionally, if the survey is aimed for consumers, then the results might be available only in 3 days. Consequently, you can acquire a big amount of high quality data in a span of a week on average.
Drawbacks of surveys for B2B market research
Surveys can produce fast results and a vast amount of data. However, we should discuss the problems of this type of B2B market research too. Here, we look into some of the most common problems we can face with a survey.
Let’s assume a survey is badly structured or scripted. Then, the respondents will be confused with the questions and might give you bad results. Illogical responses could interfere with data analysis and the use of this data for investment decisions will be misleading.
Surveys can become expensive
A B2B survey for private equity is usually aimed at people who are senior decision makers in leading industries. Imagine how much you need to pay a person to spend 30 minutes answering questions about a specific market, good or process in the firm. At GrapeData you can enquire about quotes specific for your survey, no matter the length, complexity of structure, or target population.
In short, a commercial due diligence survey has both benefits and problems for market research. However, when you run a survey to back up a claim or support the decision with more data, it is a very good addition to your B2B market research. This happens especially with due diligence conducted for consulting firms or private equities.
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