Market Research Australia

There are so many differences between B2B and consumer markets and this is certainly the case when contemplating market research in Australia. The differences do not necessarily reside in the products or services within these markets themselves, but instead, in the manner in which these products are transacted, and in the relationships which naturally exist between parties.

“Market Research Australia” firstly needs to appreciate and understand that B2B marketplaces are characterized in the following ways:

• Complexity of the purchase decision - Typically much more complex when it comes to purchase decisions (as the financial and non-financial value of business purchases is often high). There are often several stakeholders involved. For example, there are research and development staff, procurement staff, accounting staff, suppliers, external consultants, etc…. It is seldom that decisions are taken exclusively by individuals.
• Derived Demand – as all demand in B2B markets is ultimately derived from some manner of demand in a consumer market. As an example, a company might manufacture chemical products, which when added into cement, cause the cement to set more quickly. This chemically dosed cement will then be on-sold to cement companies, who then sell their product to building companies, who in-turn build homes for families.
• Ability to switch supplier – Another challenge for “Market research Australia” is understanding the important switching costs and triggers. When operating in a business to business marketplace, if the supply of a product becomes interrupted, it might prove difficult to switch or substitute suppliers. There can actually be many varied reasons for this. For example, the company may be operating in a market where there are very few alternatives available. But even if there are alternatives available, the act of switching may have significant cost and time implications for the production of those goods.
• Smaller customer bases - B2B markets are regularly characterized by smaller numbers of transacting customers and often a smaller customer base creates many more opportunities for relationship building with business contacts.
• Personal customer relationships – Yes another challenge for “Market research Australia” is understanding the importance of personal relationships. In order to sell products, many companies representatives personally call on key customers, providing a chance for personal relationships to develop. In many markets this is the key selling mechanism
• High value spend – Some transactions can be very significant in value and where the Pareto rule applies, 80% of the financial value will be driven by 20% of customers.
• Technical products - Products can be technical in nature. Customers usually want very precise information about what the products are capable of.
• Differences in the explicit ways in which product benefits are marketed - Industrial companies typically do not have the marketing nor communications budgets that might be a fact of life within larger companies. Because of this, advertising campaigns are usually smaller, and targeted around opportunities to see, touch and feel the product itself. In these markets, trade shows and good old “word of mouth” and referrals still play a vital role.

For the market researcher, these differences in B2B markets can present many challenges. Market research Australia is faced with the demanding task of designing research in order to extract and capture this intelligence.

Business Sales Agency / Agent

There are a multitude of reasons why you might outsource part or all of your sales function to a Business Sales Agency / Agent.

Some companies leverage an outsourced sales function in order to provide them with speed to market. Others are driven by risk management and the desire to avoid hiring and firing costs. And others simply know that selling is not a core competency. But regardless what the motivation is, the most important decision in outsourcing the sales function is finding the right partner … a Business Sales Agency / Agent that matches your business, its cultural values and financial and marketing goals.

Outsourcing isn't a good fit for every business. However if you have more opportunities to sell your product or service than you can take advantage of, then outsourcing can deliver dramatic growth and it can do so without the cost or risk of building a team internally.

Think about answer the questions below in order to see if a professional outsources sales solution or a Business Sales Agent can add to your business line-up:

• Do you need to focus on your core business and products and services?
• Are you looking to target specific territories that might be underserved?
• Is your industry competitive?
• Is speed to market a differentiating factor for you?
• Are you struggling to lower your cost of new client acquisition?
• Does your existing sales team need a more effective prospecting and lead generation approach?
• Could you manage your sales process more effectively?
• Are you struggling to scale your selling team?
• Are you looking to reduce the risk of hiring and employing
• Do you struggle to create an optimal sales environment for your selling team?
• Do you spend far too much time looking for information about sales opportunities?

If you answered yes to any of the questions above then you are not alone. Outsourcing sales is growing in popularity and continues to be flavour of the month (or decade). And if you are not doing it, your rivals might be!

The reasons for outsourcing are several and numerous. Here are the top 10:

1. Reducing and controlling operating costs

2. Gaining access to best-in-class capabilities

3. Freeing up internal resources for other purposes

4. Resources are not readily available internally

5. Improving your company focus

6. Accelerating re-engineering benefits

7. Selling function is too difficult to manage/out of control

8. Making capital funds available

9. Sharing risks

10. A cash infusion is necessary

If you decide that outsourcing makes sense for you, then now you need to decide what part of your sales process might benefit from engaging a Business Sales Agency Australia.

There are also benefits in benchmarking your internal sales team, to ensure that they are squeezing every dollar from your sales and marketing budget. A Business Sales Agency / Agent can supply and manage field sales individuals freeing up other personnel to support the growth.