Despite all of our collective struggles and the terrible individual tragedies that are currently happening, we are a resilient country...we will come through this. We will not, however, come through unchanged.
Forty years after World War II, my family found over 200 rolls of toilet paper in my grandfather's house. My grandmother said it was because it was in short supply during the war, so every time he went to the store since then he picked up an extra roll or two. This is a classic example of event-driven behavioral change.
Why do I think there will be a boom?
This is an event-driven downturn. History suggests that event-driven recoveries are swift. Firms that are not prepared will struggle to keep up with the changed marketplace. How do you prepare for changes like my grandfather went through?
It will be important to understand how your customers will be different on the other side of this tragedy.
Possible COVID-19 triggered market challenges and how research can help
1.With the forced trial due to shortages of some goods, is your brand in peril of losing previously loyal customers to competitors?
2.Or conversely, how can your brand retain any newly acquired customers long term?
3.Is there a new channel and/or pricing model for your category given the new digital reality? Can you develop it first?
4.Have priorities when making purchase decisions changed significantly from before the crisis? Will it be long term or temporary?
Here are two case studies showing how research can help navigate significant shifts in the market:
1.Changing a business model to reflect changes in the market.
2.Adjusting to changes due to ACA.
Clients have chosen TRC Market Research as their custom, consultative research partner to navigate big changes. We have deep expertise solving complicated problems.
We can also easily pivot to quick, affordable agile solutions when needed, especially when you need short term tactical feedback during this crisis. While customers will change, you still need to understand their current feelings, even if it provides only temporary tactical guidance.
We believe in custom solutions. We are available to talk through your firm’s specific challenges and give our impartial opinion?