The Covid-19 crisis has rocked the global economy and shaken many industries. What role does market research play in this volatile business environment across different industries?
In uncertain times, it’s more important than ever for companies to understand their customers and the market. And that’s where market research comes in.
Too often during a downturn, companies make the mistake of slashing their marketing and market research budgets. They see it as a cost-cutting measure, rather than an investment in their future. But in reality, it’s more critical than ever to research what you’re missing and pivot to find new market niches and potential new products and services.
Find answers to the big questions
A key question that companies need to ask themselves in the post-covid era is how long this current business environment will persist. The pandemic has accelerated the shift towards e-commerce, remote work and virtual communication. These trends are expected to continue.
Additionally, it’s important to understand what the future attitudes, needs, and plans of businesses and consumers will be. Will spending return to pre-crisis levels or will we continue to see high savings rates and financial conservatism? What will people want to spend and invest in once they have the freedom to again? And how will the business market change geographically and regionally?
Market research can help companies understand how these changes will impact the way they do business, and plan accordingly.
By surveying customers, gathering data from focus groups, analysing sales patterns, and using advanced analytics, companies can gain a deep understanding of the market and make informed decisions. In a new and challenging business environment, having all the data and insights you need to make major business decisions is essential.
Understanding people will improve your business
Market research is all about understanding people – which is the key to creating products and services that they want and need.
Think about it this way, if you’re not using market research to understand your customers, you’re flying blind. You’re making assumptions about what they want, rather than knowing for sure. And in a post-covid economy, where everything is uncertain, making assumptions is a recipe for disaster.
But if you use market research, you’ll have a clear picture of what your customers want, and you’ll be able to create products and services that meet their needs. This is the key to building a loyal customer base and creating a sustainable business.