A Look in to A B2B Market Researcher’s Career Journey & Business Philosophy

In July, Strategex acquired B2B Market Research firm, Priority Metrics Group. The acquisition checked the usual boxes: complementary services, new growth avenues, an enhanced value proposition. By bringing PMG into the fold, Strategex can provide clients a more comprehensive suite of end-to-end services.

But, this wasn’t just about adding another feather to Strategex's cap. It's about PMG's brainpower—they’re powerful market researchers and strategists who pioneered B2B market research over three decades ago, using a different approach than their B2C counterparts.

We sat down with one of the leading brains behind the operation John Barrett, co-founder of Priority Metrics Group. He fits perfectly with the Strategex team, bringing expertise in marketing, strategic planning, and market research. Known for his pensive nature and dry wit, John often engages in conversations by answering questions with questions (don't worry; this interview was an exception), a testament to his deep analytical mindset. Who is this business radical who had a quiet, yet respectable influence on defining B2B market research?

In part one of our interview, we’ll learn more about John’s background and business philosophy.

How did you first become interested in market research and strategy?

My journey into market research began during my MBA program at USF, where I worked in the marketing office as a kind of gopher/clerk. Most of the professors did research as a side project, and hired me to help on various projects. This sparked my curiosity. One professor ran a research company that, despite quality issues, was thriving. That experience highlighted an industry ripe for improvement.

My first job in market research was through a professor who connected me with a firm in retail banking. We pioneered research on ATMs, cashless banking, and debit cards. It was clear I needed more knowledge, so I pursued a doctorate at UVA where I could delve deeper into strategy and research.

What inspired you to start Priority Metrics Group?

Starting my own business was a lifelong ambition. When a former boss approached me with a consulting opportunity, it was a chance to leap with a safety net. His offer was half the company and two months’ salary. After that, we’d have to see if we could sell anything else…and here I am, thirty years and thousands of projects later.

I often wonder about a corporate career, especially when I see old colleagues and classmates who achieved leadership positions at large corporations. But the slow corporate pace and bureaucratic decision-making style wouldn't have suited me. The freedom and rewards of owning PMG far surpassed any corporate allure.

How would you describe your approach to market research and strategy development?

In market research, it’s all about understanding the reasons behind people's actions. People do what they do for a reason. It is our job to figure out why. Thus, crafting the right questions is more important than the answers. I spend 80% of my time on this and 20% analyzing.

In strategy, execution and culture matter more than planning. A compelling vision is BY FAR the most important aspect to strategy—and results follow vision. A winning strategy is dynamic—responding to changes in real-time, and continuously monitoring results and tweaking the dials. Further, a winning strategy adapts to real-time changes, driven by data rather than gut feelings. Gut feel is nothing more than indigestion.

Sound data quiets the critics and gets everyone aligned.

What are some of the most complex issues businesses are facing today, and how does your expertise in market strategy help address them?

Businesses face two core challenges: growing faster than the industry and motivating employees. Understanding customers better than competitors is key to growth. For motivation, it's about creating a sense of purpose beyond just compensation, making employees feel part of something bigger.

Growing faster than the industry means outpacing competition through superior differentiation and value. Achieving this requires a deep understanding of customers, often using Voice of the Customer. The art of research lies in its analysis. Analyzing data is akin to interpreting political polls: often wrong, but insightful when analyzed correctly. A more reliable approach in customer and market research is to ask questions like "Who do you think will win?" instead of "Who will you vote for?" This reduces bias, providing more accurate insights. Similarly, in marketing, questions like "At what price would this sell?" or "How many would someone like you buy?" effectively gauge purchase intent, the holy grail of marketing research.

In my market research work, I show clients how to use our findings to outpace their competitors. If your industry grows at rate X, and you grow at X+, you're gaining ground, creating a winner’s edge. Listening systematically to customers, and keeping your fingers on the pulse of the market often provides this advantage.

Regarding employee motivation, it starts with compensation but quickly shifts to being part of something greater. It’s about transforming simple tasks into meaningful missions, like building a cathedral instead of just laying bricks, or providing profound insights rather than just computing averages.

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John Barrett's journey from a curious MBA student to a trailblazer in B2B market research is nothing short of inspiring. With a knack for asking the right questions and a disdain for gut feelings, John has crafted a dynamic approach to strategy that keeps businesses ahead of the curve. As Priority Metrics Group integrates with Strategex, we know John's influence will continue to shape the field.