New B2B panels announce the death of market research giants

| July 28, 2021

Custom B2B expert panels, or Custom Recruiting, recently emerged as an alternative data source to traditional enterprise market research.

Unlike off-the-shelf market reports from companies such as Nielsen, Gartner or Markets & Markets, B2B survey panels take a custom approach to data and expertise by targeting respondents and honing in on custom qualitative and quantitative insights. This new approach to enterprise market research is particularly useful for B2B leaders and executives who want specific insights on their product, competitors, the market, and emerging technologies. In the vast majority of cases, the data that is relevant to executives is so specific that off the shelf reports can’t cover it adequately.

Typically, when enterprise founders and executives want insights into the voice of the customer, the competitive landscape, to perform due diligence, or to gather data on a particular market, they turn to one-size-fits-all comprehensive downloadable reports from market research firms like Markets & Markets, Gartner, or Nielsen. These off-the-shelf reports give in-depth data on numerous industries. However, because they are pre-packaged and broad, they can be insufficient to answer precise questions or needs. They can’t compare to a custom B2B panel or survey. In fact, a NewtonX client in the SaaS space recently stated that when he would buy a traditional market report, typically only 10-15% of it would be relevant to his company and the precise questions he needed answered. 

How customized B2B surveys disrupt market research

Most B2B executives need market research specific to their products, industry, and competitors. Sometimes, these needs align well with traditional market research reports. But more often than not, these reports only contain small slices of the  information that the executive is seeking. Or worse, they contain none at all. This means that purchasing a report is always somewhat of a gamble. All executives have to go by is a table of contents. Worse still, there’s no way to request further information after reading the report. 

Here’s a summary of the three key problems with off-the-shelf market reports: 

  1. A wealth of information, but not tailored or specific to client needs
  2. Often little-to-no information on sub products, sub customer segments, sub-geographies etc.
  3. No ability to double-click on the data; if something doesn’t make sense or you want elaboration you cannot dive deeper into the information. 

B2B Surveys address each of these problems, and still provide the same depth and scale of research that traditional market research reports do. 

Tailored, niche, flexible B2B expert panels can address these pain points

Custom B2B panels (Custom Recruiting) are comprised of experts in the industry that executives need insights into. We select the people who make up the panel because of their experience, title, tenure, previous companies worked at, and industry expertise. We use custom recruiting for each panel. As a result, the panel members and the data and insights they provide are always relevant to the client’s needs. 

B2B Surveys provide three key benefits that traditional market research does not: 

  1. Insights directly from the people that executives wants to hear from 
  2. Both qualitative and quantitative data (competitor pricing and opinions on competitor products, for instance)
  3. The ability to deep dive into numbers and insights. Executives can source data and opinions directly from the person who provided them, and ask for follow up consultations. 

Access the best B2B minds

Accessing decision makers, C-levels, business owners, academics, and senior analysts en masse was, until recently, very difficult. Now, however, products like NewtonX enable clients to access full panels of experts tailored to the clients’ precise request. Executives can learn about competitor products, gauge customer sentiment, conduct due diligence, and gain insights into extremely niche knowledge about technology and services. And they can get all this from the people who know the most about each of these topics. Now, instead of using 10% of an off-the-shelf report, business leaders can get customized information and data that precisely addresses 100% of their needs.

Related Content

The Future of B2B Market Research is NewtonX Custom Recruiting

It’s time for a sea change in how market research happens.

read more

GreenBook chooses NewtonX for market research industry-leading GRIT report

Leading B2B research publication GreenBook partners with NewtonX in latest 2021 GRIT Report. Learn more about our partnership.

read more

GreenBook: NewtonX’s Sascha Eder On Using AI For Custom Recruiting

"We are the best kept secret in market research out there." Lenny Murphy and Sascha Eder talk about scalable B2B solutions and the future of self-serve market research.

read more