Importance of market understanding in these times
Market research like most industries was affected at the start of this global pandemic. And yet, market research professionals have an important role to play, by putting management teams in touch with customers and offering sound, evidence-based advice.
COVID-19 has made market research crucial to any brand’s longer-term prospects. The brands that are thriving now are the ones that are investing in understanding today’s rapidly changing consumer.
Companies need feedback from the market/ customers to help in restrategizing and positioning brands, products and services. People are ready and willing to answer surveys and discuss the impact of the pandemic in their consumption patterns (commodities, entertainment, information and information sources etc.). All this and more to get to understand consumer attitudes and generate some really actionable insights to ultimately help drive increase in share of wallet.
It’s important to do it now as it informs brands on the change in customer behaviour and what to expect in the coming days for services and products you may be offering. Consumer messaging needs to be carefully put together to communicate safety, empathy and transparency. Does the marketing content resonate well during the crisis ahead? These are sensitive times and communication should be carried out with that in mind. It is also very vital to look into the change in the work environment, how are your employees feeling? Is there a change in the work culture and how it may affect future business?
Market research helps you stay ahead of the times by understanding the environment and how the market is affected by it.
