Crisis Research Kit
While the challenge of 2008 was the RISK (something that we can estimate by observing consumers’ optimism and surveys), the challenge of today is UNCERTAINTY. When you cannot rely on a single action plan given the conditions of total uncertainty in which you need to take decisions, you have to experiment. What is essential to do nowadays is to experiment with 2-3 alternative scenarios for 1-3-6 months and take small initiatives of 1- 2 weeks duration.
Jack Welch once said that “If the rate of change on the outside is greater than the rate of change on the inside, the end is near”. Today our customers are moving on a speed measured in hours and days, thus we need to get around faster as well.
Under such circumstances the majority of previous practices applied for research are also obsolete or irrelevant. Each company case is unique, in some it might be reasonable to postpone or stop on-going research. However, there are also some important helpful initiatives that we can offer in our Crisis Research Kit.
Research to speed up Innovation
Is what you are selling the thing that customers need today? If not, it may be time for a change. Understanding how novel ideas can be launched in an eCommerce environment and utilisation of digital solutions is more critical now than ever before. Today the famous quote of Samuel Becket: “Fail again, fail better” sounds more relevant than ever.
Market research can help you select the best ideas. Being guided by a moderator who is into the peculiarities of NPD, via online focus groups we can help you hear your potential customers feedback on your ideas and save your time as well as prevent financial loss treading on the wrong track.
Research as Customer Care
The more vulnerable feels your customer, the more sensitive is his/her reaction to the quality of service and a lack of attention. It is crucial not to put your clients off while trying to retain sales. When the clients know that their voice is being heard, it becomes an important factor in instilling loyalty. Done right, it also gathers key information to ensure every functional area of your company is acting in a way that increases customer loyalty – from the product itself to messages from the marketing team, service offerings and ideas for improved support.
We can help to install Customer Centricity Program for the crisis period, which will assist in listening to your customers with empathy and making instant adjustments in relation to them.
Redesigning a Brand Tracker and Company Dashboards
You might already have standard metrics (awareness, preference, etc) and might be aware of the fact that market turbulence may have turned numbers upside down. The problem is that it could be a risky solution to try getting the numbers back by asking the tracker questions of the day before. Even a pre-crisis tone
questionnaire might sound offensive to a vulnerable consumer. Thus it is necessary to ask the right questions rather than keep sticking to the old practice.
Consumers don’t stop buying in a recession—they buy less, switch brands, buy alternatives, or buy completely new product concepts. They might become more attached to your brand, or on the contrary – feel alienated. These are the moments that the tracker needs to fix over the period of crisis. What needs to be done is to increase the frequency of questionnaires and at the same time to cut costs, therefore we propose syndicated research for industries.
Another important thing that was accelerated by COVID -19 crisis is building the systems and capabilities that give people across the organisation the information to make smart decisions and leverage real-time analytics to enable companies to work at the speed of the customer. Our data team can assist you in creating an optimized version of the key dashboards and reporting systems to keep things under maximum control in this transitional period.
Pricing models and promo revision
Pricing is another headache for marketers today. We all wish not to cut prices or waste marketing budget on inefficient solutions and primitive discounts, but to find ways to strengthen your offering at the current price- level. For this purpose, with the help of research we can:
- Help to select which bonus product or service to offer so as to make the product more irresistible.
- Check the degree of how sustainable are the pricing models designed for bricks and mortar in the world of booming e-commerce and how suitable they are for rapid launch/fast roll-out of e- commerce platforms
- Experiment with different short term pricing strategies and promotional ads
- Help to be more accurate with promotional activity online to attract online consumers/shoppers
Research for the expansion
The data of previous crisis shows that consumers become more open to new ideas during a crisis since their usual habits have been interrupted. Understanding what resonates with consumers is the key for those who want to seize opportunities inside the crisis
- Are consumers of your brand going to revert to previous consumption patterns when the recession ends? If not, how should your products and services change so that you are on the frontline of adjusting to the new reality in your industry?
- What new products and services will consumers be open to embracing?
- Is there any potential to expand our market share moving into new markets, adding new products, or acquiring a floundering competitor?
With the help of our Crisis Research Kit we can deal with the issues and questions above, so that when the recession is over, your future success is founded on well-made decisions backed up by sound research.
We are here to provide you with more information, answer any questions you may have and create an effective solution for your instructional needs.