As Australia contends with the impact of the COVID-19 pandemic, there have been far reaching implications for businesses. These unique set of challenges are unprecedented in recent history as businesses come to terms with restricted travel and physical distancing measures which have had an ongoing impact on the global market. As businesses attempt to make decisions during these uncertain times, market research has become an increasingly important tool to assist in making important business decisions.
Essential customer feedback
While customer feedback is essential for any business, it has become even more important during the COVID-19 crisis to allow for businesses to gain insight into what consumers want going forward. With the assistance of market research, businesses are able to obtain data which offers information such as the fears and expectations of consumers. Targeted insights into the needs of your target market means that you’re able to make well-informed decisions about the short term direction of the business. Market research can obtain feedback in areas such as the changing buying habits of customers, their expectations of your brand, and how you customers feel about your response to the crisis.
Adapt to the changing landscape
The changes which have come with COVID-19 will not last forever but businesses need to make smart decisions which ensure their survival and growth. For example, buying habits of your customer base may change in response to economic downturn in the wake of government restrictions and the desires of your target audience may also be impacted. By understanding your customers through market research, your business is able to adapt to these changes and continue to provide value to the market.
Valuable market insight
Broader market insight has always been an essential component of market research to ensure that you stay on top of market trends and monitor your competition. However, this has become even more essential during the COVID-19 pandemic to monitor emerging trends in the industry to allow your business to embrace necessary change. For example, shopping habits may have changed to an increasing trend towards online interactions and new segments in your industry may be on the rise. Although it can be easy to become insular in your focus, having a broader perspective through market research continues to be necessary.
Check on your brand health
In these uncertain times, it’s important the businesses respond appropriately to the impact of COVID-19 and work hard to remain relevant. Evidence-based decision making through appropriate market research allows for insights to be drawn from a number of sources, such as social media, surveys and online data, to monitor the health of your brand and ensures that you have a long-term strategy in place which will keep you in the hearts and minds of your customers.