In times of crisis, most companies cut back on market research. It is ironic that we know this because of a number of market researches, mostly conducted by public organisations, as well as by large private companies. This is because, of course, when money is tight it comes natural to stick to essential investments and expenses, i.e. in those aspects of business without which a company cannot survive (such as production and personnel). This means that choices are made, consciously or otherwise, about what is not essential, and it is usually agreed that the company will continue to have a more or less reliable customer base, even if the message is not perfectly on target. This is, of course, precisely the kind of mistake onw should strive to avoid: if there is a crisis, it is clear that the customer base needed to maintain turnover and growth is no longer available. This is the very moment to identify and acknowledge the audience’s true needs. This phenomenon has occurred on a very large scale in our own industry – the events business – over the last two years. Faced with a slump in business volume, many people have chosen to save money on market research, thus remaining somewhat ‘blind’ to the needs of their customers. Is there a way to resolve this conflict? Can research be done without huge investments? Yes, as long as you have a good strategy in place. Here’s how.
Leave a reply