To say the world is suffering will be an obvious reaction, but to say businesses are suffering will be an understatement. All businesses across all industries globally are looking for survival as COVID-19 pandemic wreaks havoc. Health and economies, businesses, governments, and not-for-profits are struggling to pace up with changing circumstances day-to-day.
All non-core spending is put on hold while businesses try to find the best way of operational efficiency and sound footings. One question that decision-makers might be wondering about – Is this the right time to spend on market research now, when customers, partners, and stakeholders are likewise trying to cope up and adapt?
Well, I do not have any facts or hard data to support here but anecdotally the obvious answer seems to be: No, let’s hit on the brakes and look for survival rather than expansion. I have seen many projects put on hold and it makes intuitive sense under these circumstances. There are convincing reasons to hold on to your money for now and pause customer insights or market research studies right now – changing business plans and priorities, and concerns about preserving cash chief among them.
We are not here to bother you with a misguided sense of business hope in these tough times. Right now jobs and the health of your families are more important and sensibility to these issues supersedes all. However, I don’t think a blanket hold on market research activities makes sense for most organizations. You have to act and be prepared in bad times to reap the fruits in good times.
Impact of COVID-19 on Business: Why impactful research is the need of the hour?
This is the time to be close to those who matter most. For businesses, customers matter the most. I might sound self-contradicting here from above but believe me, I am not. While it is the best time to save cash and cut on non-essential activities, there are compelling reasons to start and continue customer insights and market research activities in these challenging times.
- The business environment has become dynamic and things are changing very fast. More than ever there is a need for organizations to adapt fast. What factors to consider if you want to adapt? That’s what market research finds out for you.
- As consumers and businesses adapt, demands will change. You need to understand the changing requirements and how you fit in. That is where our insights function can help you.
- Of course, every challenge brings in new opportunities. People change and so does their taste in goods, services, and messaging. We help you answer these:
- Where are the opportunities for your organization?
- How are they evolving?
- How do you position your products, services, and brand in the new atmosphere?
What is the ground reality when it comes to interest in market research during COVID-19?
Well in one word the answer is “increasing”. Yes, the interest is increasing. Our B2B and B2C panel partners tell us that panel recruitment is on the rise. Expert demand is on the rise. Why this rise in MR activities in these times? Here are some potential reasons.
- Change in work environment: Work environment has changed. Work from home is the new norm at least for the time being. There is increased availability. There are either reduced work hours or unfortunate layoffs. This is resulting in more time to participate in MR activities and who doesn’t want some extra bucks in the form of incentives.
- Need for socializing: There is the psychological and behavioral factor of connection and distraction. People have limited social interactions nowadays. Thus they are looking for opportunities to speak with other people. Spending an hour talking to a qualitative researcher by phone or via video chat breaks some of the isolation of social distancing and provides a distraction from an anxiety-inducing and depressing news cycle.
- Suggestive position of power: People always have this inherent need to be heard and put themselves in the position of power. We all are feeling a sense of powerlessness in the face of this pandemic. MR activities are enabling people to provide input and feedback even in the form of online surveys. This gives a suggestive sense of being in a position of power, position of control.
Be positive, keep your cool and wait the COVID out. Keep the research on
Investment decisions need to be made wisely and what matters for one business might not matter for others. So its a case by case decision. I take your leave with two questions that might help you make a decision on whether to start market research or pause it for a while:
- Are you pre-pandemic initiatives still moving forward? Is your organization moving ahead with a new product or service? If yes, why not continue with planned insights and inputs.
- Is your business recalibrating? Do you need to change your offerings or messaging? If “yes” or “we’re not sure”, then it is better to connect with your customers, prospects, and stakeholders to find out if your new ideas will resonate.
Timelines and priorities will shift, but eventually the pandemic will pass, and you will be competing for your customers’ time, attention and dollars. You need to understand them now more than ever.