Closed restaurants, vacant airlines, schools, amusement parks and canceled concerts; these phenomena dramatically illustrate the extent of COVID-19 pandemic.
According to the recent report of Ipsos study, nearly four in five Americans consider their lives upended by the spread of virulent disease. That is to say, the pandemic has impacted every corner of this society to some extent. Regardless if you run a startup or work for an established brand everyone is experiencing some level of uncertainty.
So, what is the solution? What do businesses have to do to face this challenge?
It is worth mentioning that businesses may not be able to use the same information they were relying on before to run operations and make crucial decisions due to new regulations and changes in behaviors.
In fact, they need quality data based on competitive research to identify and understand the strengths and weaknesses of their competitors in the market. Moreover, it can help businesses learn several new ways to facilitate and serve their customers as the pandemic continues.
Not convinced? Take a look at these three reasons to develop an in-depth understanding of why competitive research is vital to growing your business.
Competitive Research – Why You Need It to Grow Your Business
Understand How Customers Respond to a Crisis and Its Implications
Successful businesses know how important it is to keep track of customers’ expectations, behaviors and fears, especially when there is still so much uncertainty. Competitive research, in this regard, allows businesses to evaluate the services and products of their competitors in the market. It aims to cast a net to get an idea of who the leading competitors are and what the distinguishing characteristics of their brand are and now can show what changes businesses are making. In fact, it serves as a critical resource for getting competitors’ insights, allowing companies to determine their changing needs.
Get Faster Feedback from Consumers
During the pandemic, all brands need to understand new market trends to improve their value proposition for their customers and time is of the essence. Competitive research, in this respect, can help people understand what precautionary measures or special COVID-19 adjustments should be made to ensure customers continue to feel safe and get the highest quality service or products.
Consumer feedback is always imperative but during this unique time it is more important than ever. Not only can it help businesses get the information they need to set themselves apart from their competitors (something critical with ongoing economic uncertainty) but also but always them to compare and contrast and changes they have made.
Luckily, competitive research helps businesses generate insights by collecting fast feedback from customers. Online surveys and data collection tools are tremendously advantageous to generate insights a business needs practically overnight.
Helps Businesses Assess Brands Allegiances and Customers’ Buying Patterns
Brands around the world are adjusting their supply chains to alleviate immediate concerns of the customers with a barrage of email surveys to detail their response to the pandemic.
What are the results?
With closed markets, customers are flooding eCommerce sites, and social media to buy essentials. Thus, determining the changing needs of the customers is not the only thing research can help with. It helps businesses assess the change in “buying patterns” to adjust their offers, communication and logistics to meet the needs of their customers.
All in all, a crisis like the COVID-19 pandemic is not the time for businesses to delay their actions. In fact, it is time for them to speed up. Luckily, today’s technology-enabled insights tools like Premise allow firms to obtain faster feedback than before through primary research.