The COVID19 pandemic has affected people of all levels, irrespective of their demography. This has had major consequences on the economy, leading to dramatic changes in businesses and consumer behavior.
Companies had seen rapid shifts in consumers’ goals, challenges, psychology, behaviors, and situations, so they are adapting to the changing and immediate consumer/buyer needs with a cut-back on the planned research. Pushing towards online market research helps to capture such relevant information to identify the key strategies for revenue growth.
Recreating the consumer/buyer personas by empathetic online messaging, researched-back the databases to get the purchasing behaviors of the buyers and one-on-one consumer and client interviews would attract buyers largely. Exploring social media cannot be ignored to connect with the buyers. Passively taking note of consistent questions and comments, actively conversing with the consumers via comments, polls, surveys, and other engagement features on social media helps to associate with the consumers.
Frequent phone calls to the consumers allow discussing their daily needs, problems, pains, and challenges. Such conversation helps to identify which product or service is best suited to the current needs. Focus group discussions provide the opportunity to ask questions that aren’t easy to solicit in a written survey. Live chats are cost-effective and do not require travel, and can reach a more geographically diverse group.
Online Focus groups provide ways to conduct research both face to face and synchronous text-based, implemented in the form of web chats. This approach helps to reach people of diverse geographies, which is very much required considering the situation.
Analysis of competitors' websites is the key to determine their business trends, ad campaigns, incentives-in-crisis, blog posts, social media posts, and target audience to redesign the products and business policies. This analysis is necessary to ensure the supply and distribution of essential products to all consumers to prevent a shortage of supply. More so it strikes a balance between the competitors to work in a cohesive and cooperative environment for smooth business operations.
The right kind of market research about the consumer's insights provides the resiliency needed to build a successful path towards recovery and rebound.