Praveen Nijhara, CEO, Hansa Research pens down the role of market research during a pandemic and the significance of staying informed to battle uncertainty.
The COVID-19 global pandemic has resulted in corporates and businesses swimming in unchartered waters. In these times of crisis, it has become hard for marketers to know where to begin. Corporate appetite for market research has held fort to an extent, but the world remains in uncertain times. The current state of flux is likely to continue, since consumer demands and behaviors continue to change. Over the lockdown period, existing clients have reached out to us to guide them on:- Whether to continue with research?
- How to conduct?
- Which Research to conduct?
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FMCG FMCG has always been one of the largest consumers of market research, but the sector went through a drastic slowdown in commissioning research projects during the lockdown period. The sector is currently grappling with a forced shift towards tech-based solutions, instead of contemporary research methodologies. A significant proportion of their TG is not yet connected online and hence the sector is dependent on face-to-face interaction with the respondents. Brand Tracking studies have suffered a huge setback as it was impossible for these projects to be executed via traditional (face-to-face) methods. A significant number of enquires now pertain to how can they make the transition to digital solutions using online/mobile. The lockdown has forced a significant change in consumer behavior, and the category faces a challenge in understanding the sustenance of this change. Some questions that are now being asked to be addressed by market research:-
- Will the consumer redefine what is ‘essential’ post the lockdown?
- Will ‘indulgence’ regain its erstwhile levels or will there be a correction?
- With a newfound appreciation towards hygiene, will there be a different trade-off between Price Sensitivity vs. Product Quality?