Chemistry is thus at once a science and an art.
- The Oxford Illustrated Dictionary.
Our modern world runs on chemistry. The chemicals industry is responsible for converting thousands of different chemical compounds into millions of the things that we use in our everyday lives.
For companies selling chemical products, or the infrastructure that goes into creating those products, business to business (B2B) market research is an all-important factor. You might say that effective chemical market research is the catalyst that sets in motion the reactions that produce successful relationships between organizations in the chemicals industry.
The Chemicals Between Us
The screen of the phone or computer that you are reading this on is the result of many different chemical processes. The liquid crystal display, the plastics surrounding the screen, even the product you use to clean the surface: all of these things utilize chemicals at some stage in their production.
And in order for all of those compounds were able to be brought together, a whole bunch of different companies had to work together in a molecular chain of producers, marketers and technicians. So if your company works in the field of chemicals, good market research is vital in ensuring that your product or service is part of these chains.
What is chemical market research?
Chemical market research lets your company understand the buying process operated by the companies that you supply or would like to begin supplying. Salespeople need to have a firm grasp on how potential customer goes about doing their chemical buying and where their products go once they are manufactured.
By implementing a chemical market research programme, you will be able to find out essential data about your clients. You can then use this information to retain a competitive advantage in what is becoming an extremely complex and fragmented market.
Keeping your ion the prize
That’s a terrible pun, we know! But being able to keep a close eye on the chemical marketplace is fundamental in making sure that your chemical company (wherever it may sit in the chemical supply chain) remains competitive.
Chemical market research can provide data about the following parts of the chemicals industry:
- Supply Chain Issues. Knowing in advance when and where supply chain pinch points might occur will give you an edge when it comes to pitching options to your B2B chemical clients.
- Analysis of Competitors. The chemicals industry is a “buyer-centric” marketplace. So knowing what your competitors are up to, and finding ways to match or exceed their chemical product initiatives gives you a big advantage when dealing with buyers of chemicals.
- Customer Trends and Insights. Presenting your B2B clients with information about how you can meet their future requirements is a great way to secure new deals.
- Industry Changes. With increasing regulation and competition from new markets, chemical market research will keep you abreast of industry changes and how your company can accommodate them.
Reactions Lead to Actions.
Chemical companies constantly compare products and seek information that will enable them to evaluate alternatives. B2B chemical market research puts you in touch with the relevant information you’ll need when you make your pitch to potential or existing clients.
Know your buyers
Players in the chemical industry need to understand who their target buyers are, what they are looking for, and how their decision-making processes operate. Buyer research can have a profound impact on your B2B dealings in the chemical industry.
Understand who makes the decisions
The key decision-makers may not just be the top executives of a chemical company. Engineers, supervisors and employees often shield their managers from approaches by salespeople. So making sure that you are contacting the correct people within your target market in the chemical industry will ensure that you create the best set of conditions for positive outcomes.
The Right Chemistry
With extensive experience in the field of conducting market research in the world of chemicals, Priority Metrics Group can help your company succeed in your area of the chemical industry. Click here for more information about the clients we have helped and to find out more about our services.