The Positive Impact on the Market Research Industry During the Pandemic
Remote Working During the Pandemic
When it comes to the economy, there’s no denying that the COVID-19 outbreak and everything it brings with it has rocked the US’s infrastructure to its foundations. However, as the situation continues to unfold, certain industries, such as the market research industry, have found themselves asking something that they would have never dreamt of: could our reaction to the pandemic actually give us some positive outcomes for the business world?
Yes, we know this may sound crazy, but hear us out. Have you ever heard the quote ‘’necessity is the mother of invention?’’. Well, so far, we have seen astonishing strides being made across a myriad of industries in the US alone. If you really think about this, you’ll come to realize that the time it’s taken for many organizations to transform their operations in order to fit in with our new way of life during this pandemic is absolutely staggering.
This is not to deny that tough times are still to come, but it just goes to show you what can truly be achieved when you take away distraction and transformation programs are prioritized.
“Technology now allows people to connect anytime, anywhere, to anyone in the world, from almost any device. This is dramatically changing the way people work, facilitating 24/7 collaboration with colleagues who are dispersed across time zones, countries, and continents.” – Michael Dell, Dell
Market Research Thrives Through the Pandemic
Whilst the pandemic and related lockdown measures have had devastating impacts on many industries of the global economy, other industries like delivery services, fitness equipment, e-commerce, market research, and many more have thrived and experienced a rise in demand.
While the pandemic has provided benefits for multiple industries, the biggest positive impact lies within market research. This is due to the market research industry being absolutely resilient. Whether the economy is weak or strong, companies across the world will always rely on market research when it comes to them improving their business reputation, enhancing their relationship with their customers, and increasing their revenue.
Since the COVID-19 outbreak has called for many companies to unfortunately experience many problems. They’re beginning to reach out to market researchers in the hopes of rebuilding. This results in market research thriving like never before.
The CATI Methodology
CATI stands for Computer Assisted Telephone Interviewing. Put simply, the same way computers replaced clipboard questionnaires in face-to-face work, CATI has replaced traditional telephone interviews.
When using the CATI methodology, you’re able to enhance your customer experience and optimize your strategy by receiving a quick read of customer satisfaction, determine the impact of your campaigns, and set the direction for future marketing strategies by testing new hypotheses and understanding consumer preference.
Since the implementation of remote working, CATI has pushed companies into expanding their resources and capacities for market research interviews. As this system provides you with access to more native speakers around the world than ever before, it’s resulted in businesses shifting their methodologies from face-to-face interviews to CATI as an alternative solution. This alone comes to show that remote working has proved to be a hugely positive result of the pandemic.
During these troubling times (or not so troubling if you’re in market research), we would have expected drastic reductions in spending, but a sizeable number of businesses are maintaining or even increasing their revenue due to using the CATI methodology, this is especially true for B2B companies.
So What’s Next? - Post-Pandemic Life
Whilst most companies have emerged and adapted since their initial response to the pandemic, there a few who are just only beginning to come to terms with its implications. This stands as a time to make the right decisions. Many people will appreciate that these are very chaotic times for businesses, as well as themselves, but only for so long. Any missteps made now will most likely shape people’s longer-term view of your brand.
Let’s face it, your company thrives on knowing what is happening, when it’s happening. Automated and online research tools, along with existing research platforms can help you check what people are thinking, how they’re feeling, and allow you to respond to new initiatives; from innovation to marketing content.
When it comes to making decisions that affect your business and its future growth, market research should play a vital role in ensuring the right actions are taken in order to safeguard the future of the business, its employees, and the wider community.