5 Reasons to run a B2B survey for due diligence
A B2B survey for due diligence is usually done for compiling data in order to make investment decisions. Those decisions should be based on B2B market research and be data driven. Consequently, a due diligence survey with decision makers as respondents is an ideal solution. Let?s investigate all the reasons behind this claim.
1. Get good quality data
The data quality is very important for private equity firms. Since they use the results of a survey to make investment decisions and millions of dollars are at stake, they take their due diligence seriously. Thus, the data quality is very important and when they run a B2B survey for due diligence they try to find the best panel provider with clean data outputs. For e.g., let?s assume you run a survey and the panel provider gives you an output with all attempted results and you can find some unfinished answers, some that were disqualified, some which are simply illogical. That would result in a huge amount of work to be done after the survey is finished. Therefore, it is best to check the quality of the panel provider and ask about the output and form of results upfront.
2. Fast results
Did you know that a B2B survey for due diligence can produce results in as little as three working days? That is correct, yes. However, it obviously depends on the complexity of the survey, its structure, and the length. Additionally, if the target population is very niche and tricky to find, it might take longer to locate the respondents, verify them, and get the information from them. Thus, be aware that a survey might take as little at 3 working days and as many as 10 days for complex surveys. Moreover, it is always advisable to ask how does the survey provider obtains the B2B survey respondents.
3. Eliminate bias
The data obtained from a small amount of people is most likely based. For example, expert calls are usually done with a maximum of 10 people. That is because there is a limit of C-level executives that an individual from a private equity firm could speak to. Therefore, by getting information from over 100 people with a survey you eliminate the bias from expert calls of 10 individuals.
4. Use data for analysis
No matter the type of research, you can always analyse the output. However, when you run an actual B2B survey for due diligence you can not only analyse the result but manipulate the data and produce projections for the future. The usual output is in excel or Tableau so that the client can use the data in any way possible.
5. Get decision makers from the industry
By running a survey for due diligence, you can get 100-200 decision makers that have actually a good understanding of all the internal processes as well as the execution of the deals. Additionally, it depends on the industry, but you can even find 400 decision makers in some sectors that will give you good quality insights for data driven decisions.
A B2B survey for due diligence run the right way can help produce the best quality data and at the earliest time possible. Thus, we suggest you add a B2B survey into your commercial due diligence research to cross check all the other information.