Search
The Role of Market Research in the Pandemic
22/10/2021
The global economy has been flabbergasted by the COVID-19 pandemic, which has left several sectors reeling. Market research and consumer insight's ability to make quick decisions is never more essential than in times of crisis.
When confronted with the facts of the COVID-19 pandemic, those of us in market research share the same sense of apprehension as the rest of the population. On the other hand, the best market research companies in India play an essential role in bringing management teams in contact with customers and providing reliable, evidence-based recommendations.
Following the second wave to respond to the pandemic, now is the moment to figure out what will best assist people in the future - both practically and emotionally - and, as a result, ensure that the companies for whom we work withstand the crisis as much as possible.
It's important to get quick consumer input.
Fortunately, thanks to top market research companies in Gurgaon, like Novus Insights, you won't have to worry about "physical distance" preventing you from getting the information you need. A pandemic of the magnitude of COVID-19 is not a moment for hesitation; it is a time for action. The good news is that today's technology-enabled consumer intelligence tools offer quicker feedback than ever before. With the assistance of automated, online and self-serve technology, fieldwork and data processing that used to take weeks may now be completed in hours.
If you already have tracking B2B market research and global market research in place, it will provide you with essential insight into how behaviour and opinions are changing, enabling you to determine whether it is still relevant and important to potential consumers.
This is the moment of introspection.
Although evidence-based decision-making is more vital than ever, some forms of consumer insight activities should definitely be postponed until happier and more stable times. If you've been considering doing ad hoc prediction research of some kind, you might want to postpone it. All predictive study is predicated on the premise that the future will be comparable to the present, yet things are far from steady right now.
If you have a mandate to conduct the job, there are a number of ways to calibrate your results, such as retesting previous stimuli to determine how much responses have changed over time or incorporating questions that you can compare to a separate, normative database. Unfortunately, the same cannot be said for projections based on behavioural and attitude data collected before the pandemic; however, they will be updated as soon as some stability returns.
For fast-changing times, quick response is essential.
Many businesses are just now beginning to perceive the pandemic's consequences after their second response to it. After this second phase, there will be a time of re-evaluation, modification and fine-tuning. This is the moment to make the correct judgements and speak in the appropriate tone of voice. People will understand that these are tumultuous times for both organisations and individuals, but that this will only last long and that any mistakes made now will likely impact people's long-term perceptions of your brand.
Of course, in any market, competition is always a concern. Market research assists firms in identifying potential competitors. So, if you are seeking top-grade market research for your brand, get in touch with Novus Insights without giving it a second thought!
