B2B Reseachers: Consultants 2B?
Is B2B research merely an apprenticeship for a consulting career?
Last week I attended the tail end of a conference organised by the Market Research Society B2B Network.
One of the problems faced by purveyors of business to business research is that the complement of agency-side researchers faces constant attrition. This partly explains why - at the event - a panel discussion on why B2B research was fundamentally different from B2C, somewhat missed the mark. The discussion focused, excessively in my view, on data collection - missing the point that B2B researchers are typically engaged by strategists rather than product or brand managers. This requires them to think way outside the box on methodology. For many B2B assignments survey research may only be a small part of what is needed.
B2B researchers are more likely to be asked to solve an intractable business problem. If researchers can help solve these problems they, naturally, start gravitating towards strategy consulting.
This was my own experience. It’s why, over 20 years ago, I started consulting rather than being a provider of research. But I know many other researchers who have moved into consulting or have been cherry-picked by their client companies. When I was client-side I also hired (or tried to hire) several former colleagues who had cut their teeth in B2B research.
I was keen to use an AI tool to test this hypothesis. So I asked Grok (X’s AI research engine) to tell me why this might be the case. Here’s its answer (slightly edited). But I’d be curious to know what you think. Please comment below.
Business-to-business (B2B) market researchers often transition into strategy consulting roles because of a combination of factors related to career progression, skill set expansion, and market demands:
Broader Impact and Influence: Strategy consulting roles allow individuals to have a more direct and broader impact on a company's overall strategy and operations. While market research provides insights, strategy consulting involves using these insights to craft actionable strategic plans, which can be more appealing for those looking to influence business outcomes significantly.
Career Advancement and Prestige: Consulting, especially at top-tier firms, often comes with higher prestige and potential for rapid career advancement. The strategic nature of consulting work places consultants at the heart of business decision-making, which can be more prestigious than a specialised role like market research.
Diverse Skill Development: Moving into strategy consulting exposes professionals to a wider array of business disciplines beyond just research. Consultants often deal with operations, finance, technology, and human resources, providing a holistic view of business operations. This broad skill set is highly valued in the corporate world, enhancing versatility and employability.
Monetary Incentives: Strategy consultants, particularly those in well-known firms, often enjoy lucrative compensation packages, including high salaries, bonuses, and benefits. The financial incentive can be a significant motivator for the transition.
Client Interaction and Relationship Building: Consultants typically have more direct interaction with C-level executives and decision-makers. This not only accelerates networking opportunities but also places them in a position to understand and shape corporate strategies from the top down.
Problem-Solving at a Macro Level: While market research focuses on understanding market dynamics, strategy consulting involves solving complex organisational problems, which might include market entry, mergers and acquisitions, or operational restructuring. This shift allows for engagement with higher-level strategic issues.
Market Demand for Strategic Advice: The business environment's complexity and rapid changes make strategic advice increasingly valuable. Companies often seek consultants not just for market insights but for strategic direction, which aligns with the trend towards strategic agility.
Intellectual Challenge: Strategy consulting can be intellectually more challenging because of its broad scope, requiring integration of various data points into strategic frameworks. This can attract individuals who thrive on complex problem-solving and continuous learning.
Pathway to Leadership: Many executives in various industries start their careers in consulting. The skills learned, such as leadership in project management, stakeholder management, and strategic thinking, are directly applicable to senior management roles.
Skill Set Synergy: Market research skills are highly transferable to strategy consulting. The ability to analyze data, understand market trends, and interpret consumer behaviour forms a solid foundation for crafting business strategies.
However, this trend doesn't mean market research is diminishing in importance. Instead, it reflects a career progression where the insights gained from market research are used as a springboard into roles that require strategic application of these insights. For those who remain in market research, there's also a path to becoming experts in their field, leading research departments, or specialising in niche markets where their expertise can be equally or more valuable than general consulting. The choice often depends on individual career aspirations, whether one seeks to deepen their expertise in research or to broaden their strategic impact across business functions.