Considering the revenue, the market size of the Market Research Industry in the US is $24.3bn in 2021, while that of the global market is worth $76bn.
The figures give a clear understanding of how impactful the insights and analytics industry of the US is.
That’s a pretty picture. Now, imagine the ill effects of the Covid-19 level pandemic over this prosperous industry.
With nationwide lockdown, businesses getting shut, people forced to land with online analysis only, the research industry has suffered a significant backdrop.
There was one avenue that did keep the MR industry hopeful – the health and pharmaceutical industry. Research firms collaborated with the health departments to understand the trends and fears of this unknown intruder.
By 2021, things have started approaching normalcy, but not before significant damage. Now, the Market Research establishments have more onus than before – they need to help their consumers to revive back, as well as themselves to get an understanding of what needs to be done, to put away the post-pandemic blues.
The Post-Pandemic Blues
“Help yourself, to help others”.
It is simple yet powerful, especially in the present context.
Before helping other businesses in getting back to their feet, the Market Research industry must delve into the changing trends. Start with answering the following questions:
- Check on your employees if they are sufficiently empowered.
- Do your customers have the best way to reach you for solutions?
- Have you figured out the right KPIs that could measure current and future success?
- Do you feel the need to change the vision of your brand, based on the present situation?
- Is it more feasible to group together with a business consulting firm, to get new minds onboard for winning strategies?
These are some things we need to consider, not just to gain the revenue but for the best CX, non-hasty consumer insights or ill-advised decisions.
You can take a pause here and work on finding the answers to the above-mentioned questions.
And if you have decided to read further on, then let’s continue to enlighten you. (We are in no mood to overwhelm you though.)
Halted Growth of Revenue
This is no secret.
The unblocking of blocked revenue streams is always on the top of your mind. Being a research company or a business consulting firm, you must have analyzed all possible reasons for the same; some are evident, while others are obscure. Our input is, read through the other points below, then revisit this topic. You may get a better understanding.
Change in Buyers Purchase Behaviour
The past 2 years have been times for contagion, self-isolation, and economic uncertainty, for everyone. This made buyers cut back, trade down and put off their purchases. There is a huge change in different aspects of consumer behaviour – the way they spend their life at home, taking up their learning, communicating, entertaining themselves, travelling and maintaining their wellbeing.
Pre-pandemic times, they were used to doing things in a certain manner. Visiting different stores to look for the perfect color, hopping bars, attending unlimited seminars, raising awareness for even the tiniest cause.
Will they go back to the same lifestyle, once normalcy returns? Hmmm…
Affected Mode of MR buyers’ Businesses
Can you think of a business that can’t be taken online? Hard! Isn’t it? Almost every business has moved over the cloud, internet, and social media.
The better question to ask here is, “Could they compete, with the available resources and their will to hustle?”
Businesses who have said “No”, are the ones feeling post-pandemic blues the most. In such a scenario, their next stop is a digital marketing company and the thought of approaching a research and insight company takes a backseat.
The better question to ask here is, “Could they compete, with the available resources and their will to hustle?”
Use of Technology and Tools
The year 2020 has seen the “decade in days” in terms of the adoption of digital. Disney plus has seen an upsurge in just 5 months, which took Netflix to reach in 7 years (source: Report by McKinsey).
Businesses, who used to rely on Market Research firms and business consulting services to understand the market behaviour and test the water before diving, chose digital learning and consumer insight tools. Technology-enabled online mediums grabbed their attention as they could deliver faster feedback than before.
This mode is still on until the consumers will find more relevant offerings, with safety assurance.
Our discussion doesn’t end here; we gave you problems, we are bound to give you solutions too.
Stay connected with us.
