Unveiling Insights: A Case Study In Primary Research Support
The collaboration resulted in the client clearly understanding the key facets of the competitive industry, key competitors, and how to build customer relationships. The client had the answers they needed to know how to position themselves, what would best suit the market, and how to get started.
The Situation
BlackBean Industrial Marketing is a full-service industrial marketing agency specializing in brand strategy, SEO, web design and fractional CMO services for B2B manufacturers.
BlackBean has been working with a client in the heavy equipment industry, who was eager to expand their business into the United States market. The market was highly competitive and as a new entrant to the market, a deep understanding of the market rivals was key to forming effective strategies.
BlackBean had completed a thorough desk research analysis and wanted to conduct primary research to find insights directly from the source of potential customers. With a need for specialized expertise in conducting in-depth interviews and gathering firsthand data, BlackBean wanted to partner with a seasoned research firm. By collaborating with primary research experts, they could combine their desk research to find the most meaningful insights for their client to stand out amongst competitors.
The Challenge
BlackBean’s client was planning to develop and refine products in the US market and needed customer insights to help inform and guide their solutions. The client was looking to hear feedback directly from potential buyers in order to decide on potential new product offerings.
In order to deliver a well-rounded and in-depth research report for their client, BlackBean was looking for a partner who could conduct primary research on their behalf. One of the biggest obstacles was reaching the heavy equipment industry audience. This industry by nature can be expensive and time consuming in order to find and speak with key decision makers in this audience.
What Changed
BlackBean partnered with CTRS Market Intelligence, who was tasked with conducting in- depth interviews to discover any hidden opportunities in this market. The goal was to gather information that would help understand the potential for industrial equipment rentals and sales in various industries and sectors. The primary research would explore the extent of existing opportunities, and give critical insights into customers.
CTRS contacted 1,500 people to ask if they would be open to being interviewed, with a predetermined monetary incentive.
Although this audience was challenging to reach, CTRS spoke with over a dozen people and asked them questions about the following:
Supplier relationships: who do they currently work with; what would appeal to them about a new manufacturer; and what’s the decision process for working with a new manufacturer.
Customer insights: what are their current pain points; what conflicts do they face; and what are the purchasing behaviours.
Once the primary research was complete, CTRS compiled the customer findings and their expert analysis into a report. CTRS facilitated a workshop with BlackBean to review the recommendations and insights that were highlighted in the report. This allowed for alignment of insights with the desk research that BlackBean completed, refining of the analysis to make sure it’s meaningful and relevant for the client, and strategic planning for the client to give them thoughtful recommendations.
CTRS then presented the high level report findings to BlackBean’s client, along with additional insights from BlackBean. During this presentation, a workshop led by CTRS helped to prioritize the list of action items and recommendations. This was a crucial step in ensuring the client was supported in knowing what to take action on right away.
The Result
CTRS was able to conduct the necessary primary research and provide BlackBean with more data and insights to complement what they already knew. The findings validated the opportunities available and clearly identified the recommended next steps. With this, BlackBean and their client had comprehensive data to develop strategies best aligned with the target audience and their needs.
Ultimately, these findings were used to help the client understand what was missing in the market and how they could leverage this. As a result of the report, both BlackBean and their client were able to understand market positioning, key competitors, customer demands, and the necessary operational steps.
The collaboration between BlackBean and CTRS Market Intelligence resulted in the client clearly understanding the key facets of the competitive industry, key competitors, and how to build customer relationships. The client had the answers they needed to know how to position themselves, what would best suit the market, and how to get started.
Here’s what Grant Hendricks, Director of Business Intelligence at BlackBean, said at the end of the project:
“They were a delight to work with, providing valuable insight into the new markets our client planned to reach. We recommend their services to anyone looking for high quality first-party market research in the B2B sector.”