As the COVID-19 pandemic worsens, it’s likely that the world will face a slow recovery. Many businesses and consumers are already preparing for the next recession as key parts of the United States yield curve have started to reinvert.
The COVID-19 crisis will serve as a reset moment for many consumers and companies; the need for fresh and new marketing, advertising, and insights is now even more vital than before.
Now more than ever, it is important to make smart, fiscally sound business decisions. There is no better way to make these kinds of decisions than with market research.
Not only does market research uncover valuable customer and non-customer insights, but it also ensures your budget dollars are well spent. Strategic research stops monumental mistakes before it is too late.
At a time when every budget dollar must be spent strategically, data and analytics will be your business’s saving grace.
In order for a business to succeed during an economic downturn, it is crucial all decisions are supported by data and fact-based evidence. Market research helps stop monumental mistakes before it is too late.
The world as we know it is changing rapidly before our eyes
Our culture is changing almost daily because of the isolation and social disconnection many are experiencing.
Market research allows us to dive deeper into these changes and bring actionable insights to light so your company is able to stay relevant to consumers during and long after the COVID-19 recession.
As a company, it’s important to keep your mind open to what is going on around you. Market research the best form of listening there is. As a company, there are several ways to capture the changing needs and shifts of your target market.
Our full-service market research company could make a claim for a variety of studies to measure shifts in purchasing behaviors among many of your stakeholders.
To name a few...
- Voice of Customer (VoC) research can measure areas of satisfaction and what areas should be made a priority to improve.
- Brand equity surveys showcase a holistic perspective on how your company is perceived in the mind of customers, prospects, and employees.
- Competitive analysis research can identify why a competing brand is winning customers over you, and what it would take for their customer to switch.
Listen to your customers
When it comes to understanding the changes that are happening in the world and how they may impact your business, listening to your customers has never been more important.
Realistically, regardless of the 2020 recession, no major business decision should be made without consulting your customers.
Making generalized assumptions about what is best for your business is the easiest way to fail.
Chances are, customers have an immense amount of value to your business. When a company listens to its customers' wants and needs, but also observes their behaviors, it’s possible to generate new insights to better serve its customers in their rapidly changing lives.
By taking the time to listen to your customers’ or your clients’ unique challenges, your business is able to meet their needs without having to ask.
Data triangulation is essential
During the market research analysis process, it’s not just one thing you’ve read or seen, it’s everything coming together (think more circularly and less linearly).
While mobile ethnography, social media listening, and in-depth interviews are each strong on their own, when combined with one another as a hybrid market research approach, no stone is left unturned.
This type of invaluable feedback allows your team to draw key insights and drive important changes.
When market research methodologies are combined, they’re able to support each other. For example, Drive Research will often conduct in-depth interviews with stakeholders before launching an online survey to a larger audience.
In doing so, our team is able to identify any potential gaps in the research and add additional questions if needed.
Changing your business approach to creates room for growth
People across the world are experiencing dramatic life changes. There are new restrictions placed on things we used to do in our everyday lives such as work, travel, and see our friends and families.
With these changes, our culture is rapidly evolving. Nonetheless, there will be trends identified during COVID-19 that will last far beyond the pandemic (such as grocery delivery services, digital banking, etc.).
What does this mean for you and your company? Did you adjust your business approach to offer remote resources? Will customers expect these types of services moving forward?
This is an important opportunity to truly listen and watch the world around you. It is time for strategic thinking and innovation.
The insights your company will draw from these observations have the potential to change the way you operate, creating room for growth during the 2020 recession, but also in the long-term.
Drive Research is a market research company located in New York. Our team has the knowledge and tools to design a qualitative or quantitative research study to help drive business decisions forward.
Interested in learning more about our market research services? Reach out through any of the four ways below.