How Market Research Should be in the COVID-19 Pandemic?

It may be all fingers and thumbs to do market research services in the COVID-19 pandemic situation. The massive shifts happening in lived experiences and market behavior, it raises quite an uncertainty among market researchers about research priorities and best data capture practices.

And it’s not wise to pause or halt the need of business research or any type of online market research (healthcare market research, social media marketing research, Google market research, etc.) until the economy bounces to normal. You just have to figure out the best strategy to find out about consumer anticipations or uncertainties regarding their needs and preferences. And there could also be possibly fewer uncertainties so that global market research can be done.

Image Showing the importance of Market Research in times of Pandemic Covid-19

As policymakers make decisions for proper response to overcome the pandemic, it can also help market researchers for crafting a new and successful strategy in their models.

The Foundation to Consider for Market Research

The COIVD-19 pandemic is all-out peaks and troughs, and so is the economy. So it will be unstable – i.e., it might spike up in some areas, goes away, and come back again later – that is completely unpredictable. And not only market research services providers, but everyone has to accept this fact unpleasantly. The coronavirus is anticipated to spread among the world’s population for at least 18 months, or until the development of a successful vaccine. The lockdown restrictions (Stay at Home, social distancing, etc.) will only have a gradual easing and will have a varying timeline for different outbreak locales.

And the economic impacts (already upset) around different parts of the world also depends on how the virus is still circulating or if the disease is spiking (again). The economy might bounce back to how it was before COVID-19 or that it won’t, as it solely depends on the outbreak’s severity.

There are strategic and tactical next steps that researchers should undertake by considering these models. So global market research is highly dependent on this global reality which should be the basic foundation of your online market research.

Pressing Concerns

1. Hot Spot Regions should be Sensibly Approached.

The global hot spot regions (United States, Europe, etc.) require market researchers to be extremely sensitive when there is a need of business research or for data collection in hot spots. This is the same with emerging ones (United Kingdom, Turkey. etc.). Make sure you acknowledge this fact and refrain from researching behaviors that require leaving the house, or asking painful or triggering questions, especially when hospital capacities are going to be overboard, or when death tolls are expected to rise heavily. So make sure you are always aware of this.

2. Health care providers shouldn’t be Overtaxed

Pause data collection or healthcare market research with health care providers, as they remain overtaxed. If data collection is inevitable – for this population’s well-being or COVID-19 management, do it.

However, maintain continuous data collection with other populations for changes in behaviors and priorities, since it provides valuable insights to businesses for providing the best support and for redefining their strategy for the COVID-19 pandemic.

Long-term Considerations

1. Sustain/Start Uninterrupted Data Collection

People returning to normalcy soon cannot be confirmed, in light of the pandemic. A long-term strategy for collecting data on purchase behavior constraints, mobility outside homes, or an opinion tracker. Although you have to strictly maintain an attitude of a sensitive mindset and genuine concern for your consumers and markets. With massive consumer research data about how they are socially and economically impacted, organizations can figure out about the ongoing happenings and tailor better responses to them.

2. Deploy Short-term Tactics to Measure Change and not Strategic ones

Forget all about strategic market researches now, and focus on deploying trackers or reshaping existing research tools to monitor the fluctuations in people’s perceptions. It should be able to find the change in people’s consumption priorities.

The Wind-up

Do not wait for the economy to be stable to relaunch your online market research. Alter your strategy into one that is accepting and responsive to the ongoing shifts in the economy. This will help organizations considerably to overcome such instability.

The COVID-19 pandemic era is a learning curve in market research services such as healthcare market research, social media marketing research, Google market research, etc. and it’s not likely to go away soon. Always ensure your global market research resonates with the right tone to your consumers’ concerns. Also, your data collection should be periodic to understand the new changes or priorities among them.

Another useful method is to incorporate pandemic forecasting into your overall strategy, which will help forecast the continuous and rapid shifts as new data is within reach.

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