It’s a fact that in the business-to-business (B2B) sector 60% to 90% of product or service launches end in failure; and this is true for all industries. Of these failures, 75% are due to ignorance of the market. Are these figures alarming or real? Real, unfortunately!
Too many companies market their products and services without doing proper research and analysis to validate the needs of their clientele, the real advantages of the offer and, last (but certainly not least!), the buying process. We all know that the buying cycles in B2B are longer and more complex. Better be prepared before going to market.
Don’t skip steps!
In an extremely competitive environment, continuous innovation and the launch of products adapted to the evolving market needs are key factors of success for B2B companies. Structured market research conducted by experts will confirm the necessity of your offer.
Research will also provide you with the opportunity to learn about similar products or services offered by the competition.
Discerning market segmentation will help you to:
1. realize market initiatives with more agility and speed so they will convert into sales, and
2. quickly change tactics when necessary which will help avoid investing too many resources and thereby ruining opportunities with prospects.
With market research, it’s easier to learn about entry barriers such as norms, new laws, current and future buying policies as well as other information that may limit market penetration. The same goes for using a distribution network.
So if your company is in the process of developing or marketing new products or services, I suggest downloading our marketing guide “5 essential steps to follow for a successful B2B product launch conditions.” This could very well help you avoid failure, increase sales and even exceed your expectations. Download it now! We can’t wait to read your comments and answer your questions.