Importance of Research During a Recession
Businesses and consumers alike are preparing to get themselves through the impending recession. While financial experts expect it to be a short-lived recession, our natural reaction is to pull back and save wherever possible. Businesses may cut head counts or superfluous travel. Consumers might switch from brand name products to generic/store brand, or put off large purchases. In the midst of the cutbacks and penny-pinching, it is more vital now to conduct research than ever before. The repercussions of not doing research may come at a much greater cost than paying for the research itself. Brands need to understand how to position themselves during times when consumers are holding their wallets extra tight, and thinking twice about where to spend their money.
It is crucial for brands to hear from their consumers as spending habits change. Consumers are eager to share their opinions and experiences. They may even be more inclined to purchase products and services from brands that truly understand their needs. There are many ways to tackle this that are both cost effective and productive for brands. A quali-quant approach such as online boards, digital diaries, mobile ethnography can reach a large number of consumers yet produce qualitative results. Let’s not count out the effectiveness of good old-fashioned focus groups, in-depth interviews and online surveys.
No matter the methodology that is chosen the importance of research during economic uncertainty should not be dismissed.
Focus Forward has been a supplier of qualitative recruitment and transcription for the market research industry for two decades. Contact us to learn more about how we can help your research move in the right direction…Forward!