In case you missed it we sat down with Lenny Murphy at Greenbook. We talked about custom recruiting, the challenges of traditional B2B research, and how we’re partnering on the 2021 GRIT report.
Check out our highlight reel of key insights and FAQs.
- What makes NewtonX different from other market research firms?
- Why did GreenBook choose NewtonX to field the GRIT report?
- What is real B2B market research?
- Why are B2B panels broken?
- What is the power of research communities and of small-group studies?
- What are fair incentives for B2B market research?
- What is the NewtonX graph, and how does it work?
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What differentiates NewtonX from other market research firms?
B2B audiences are difficult to find because traditional panels are all built for B2C criteria. Our proprietary, AI-driven search is built exclusively for B2B professional audiences. Every search is custom, we never recycle data, and we guarantee 100% fraud-free research. It’s sort of like LinkedIn Navigator on steroids when it comes to identifying “the appropriate people based on the target and then custom recruiting” the professionals. As Lenny puts it: “very cool.”
The differentiator with NewtonX? As Sascha explained the difference: “We recently had a quote from a client that said ‘we just removed 50% of the sample from the panels we’re using. You guys were spot on 100% we didn’t remove a single person.'”
Why did GreenBook choose NewtonX to field the GRIT report?
Leading market research publication, GreenBook, approached NewtonX when they were having trouble finding 200 client-side buyers for the 2021 GRIT report.
We were thrilled GreenBook, with all of its knowledge of market research firms, selectively asked NewtonX to help with this work. Lenny said about the results, “you knocked it out of the park. I looked at the data yesterday and it looks fantastic…you have my kudos from industry-wide and personal experience.” NewtonX delivered the entire 200 within a few weeks.
What is B2B Research?
B2C audiences are almost always retrofitted for B2B purposes. Traditional market research is built on panels that amass people over time. Market research companies’ primary revenue driver is B2C, so it makes sense why their panel is optimized for B2C use cases. B2B research is different. A specialized B2B market provider will be able to deliver unmatched insights compared to traditional firms. As Sascha put it “If you enable it with the right technology it’s going to open up a market that today is not accessible. Basically any professional in any company needs insights, and if the experience is smooth enough and you just go to the head of marketing and say, ‘I need to launch this product but I know someone out there did it before’, you connect NewtonX to that person and that’s how B2B research market will grow.”
Why B2B panels are broken. How NewtonX uses an open-network.
“We don’t like the word panel.” At NewtonX we know what it takes to reach a certain type of audience, we call it custom recruiting from an open network.
Custom recruiting is when we take our clients exact specs and create a search that finds only respondents who meet that exact criteria. An open network is the opposite of a panel. We can source the highest quality professionals anywhere in the world through the power of our NewtonX Graph.
When it comes to reaching out to professionals with a survey or consulting opportunity, we know what makes them feel appreciated and how to compensate them appropriately. Sascha explains, “Given our very precise search and targeting filters, our professionals are only being presented with opportunities that really fit their expertise. When we reach out to them they know it’s relevant…compared to other places where you get bombarded [with requests].”
Research Communities and the power of small-group longitudinal studies
Communities are groups of highly targeted people who can provide data and insights over time. They are particularly useful as tracking tools for quantitative data (such as prices, capabilities, budget, risk, growth, forecasting, etc), innovation trends, and voice of the customer. Because the community can be accessed at different points in time, controlling for mitigating variables is easier than in, say, a typical consumer survey, where the group of people responding might change significantly over time.
Unlike consumer surveys, ensuring that your respondents will remain engaged and are also a perfect fit for your respondent criteria is paramount. The data you get will only be as good as the people who give it to you.
Because of this, many enterprises turn to providers who aren’t restricted to a panel. Instead they have an open network. NewtonX uses its AI-powered knowledge graph to find extremely precise matches for your needs. Professionals are then screened to ensure their responses will be valuable and accurate — both now and over time. When done correctly, this can become an extremely powerful resource.
What is a fair incentive for B2B quantitative surveys and qualitative interviews?
Do we really believe a CISO is going to take a 20 minute survey for $25? No. If your current market research provider is offering you a cut-rate CPI for a senior level decision maker, ask yourself if that professional would actually spend the time to respond and provide quality answers. Many market researchers are accustomed to the rates of B2C research where incentives are much lower. When market researchers are presented with a B2B CPI there is sometimes sticker shock. Though as soon as we explain a busy C-level employee making upwards of $200k a year will not give you their time for less than $130, everyone understands and would rather have good data than go with the cheapest bidder.
What is the NewtonX Graph and does it work?
We’re often asked how does your AI technology work? How do you get the people you get? The NewtonX Knowledge Graph is our proprietary search technology. It synthesizes professionals knowledge, skills, tools and allows us to segment more granularly than just a resume. That’s why our custom recruiting method is so popular, because client’s get to specify exactly who they want at the outset, so any respondent will meet that exact criteria.
Key Quotes
- “I think what you’re doing is really really interesting. And I think the industry is really going to perk up and pay attention.” – Lenny Murphy, Executive Director of Research, GreenBook
- “For anybody out there, we are digging into the data right now from NewtonX and I can tell you that the NewtonX data looks better and is cleaner than our own internal sample list within GRIT. Take that for what it’s worth. I’m a believer. You guys did a great job. You have the Lenny seal of approval.” -Lenny Murphy, Executive Director of Research, GreenBook
- “We think we’re the best player in market research because we’re taking an approach that’s so radically different. That’s what is really needed in market research. Somebody needs to come in with a fresh perspective and rethink from the ground up, what is required to make this work?” – Sascha Eder, CEO NewtonX
- “If I was still running a B2B focused, primary research company, I would be all over you.” – Lenny Murphy, Executive Director of Research, GreenBook
- “I suspect many players in the industry will listen to this interview and you just became an acquisition target for quite a few folks.” – Lenny Murphy, Executive Director of Research, GreenBook
