Is Marketing Research still relevant in these volatile times?
Marketing research could be defined as the collection of information needed to make decisions about a business.
Let’s look at some data from McKinsey & Company, which was collected after the first year of the pandemic:
- More than 60% of consumers have changed their buying habits and intend to stick to them;
- 40% of consumers have tried new brands; and
- Only 12% said they would buy from the same retailers and brands as the previous year.
If you only realize these data points now, your business may be challenged to continue to successfully capture your customers’ purchases.
We asked our marketing expert, Ms. Jinggay Gallardo, about her insights that could be drawn from the McKinsey study, and other insights that would help businesses be aware in this new environment.
- 1. My customers are now buying online and I need to have or strengthen an e-commerce presence. If I have a large number of physical stores, such as optical stores or dental clinics (services that cannot be rendered online), it is time to assess which ones should stay or go, and innovate in terms of consumable products that can be sold online. .
- Brand loyalty quickly disappears. Customers of market leaders are looking for smaller, more available (online) and affordable brands. New brands that can effectively launch into the digital market allow information about them to spread quite quickly. The convenience of digital stores like Shopee and Lazada has even attracted global brands like Revlon to ensure they are there and within reach of their customers.
- 3. Store loyalty is also rapidly disappearing. The birth of Metro Mart and even Vice President Leni Robredo’s Community Mart, a palengke online delivery service, forces big-box stores to look to include or improve grocery delivery services.
Apple’s Steve Jobs said he doesn’t pay too much attention to customer research, especially when it comes to what customers say they want. Instead, he was very “skilled at seeing below the surface what customers want now; they just don’t realize it until they see it. But no one, not even Jobs, could have predicted that roller coaster marketers are still in business as of 2020.
Most small businesses won’t find themselves in that enviable position of knowing what their customers need and want. However, this does not mean that all small businesses have to take a complicated scientific approach to researching the market and their perspective as well as current consumers. Small business marketing research ranges from no research to hiring a professional research firm. Along the way, there will be both formal and informal approaches, with differences again attributable to the size, industry and nature of the business as well as the personal predispositions of the owners or small business managers.
Nonetheless, it is important for small business owners and managers to understand what marketing research is and how it can benefit their businesses, as well as the constant decision making they will need to make, especially in a marketing environment. rapidly evolving. .
Mrs. Jinggay Gallardo will lead a virtual workshop titled “Marketing Research for SMEs: Understanding and Applying Techniques for Better Decision-Making » April 26-27, 2022. This is an eight-hour virtual workshop for marketing professionals and key strategists in an organization, as well as entrepreneurs.
For more information, you can write to [email protected]or send an SMS to these numbers 0919.3428667 and 0995.1346744.
For your other e-learning needs, Inquirer Academy can help you design and deliver a self-paced virtual workshop, webinar, or online course for your organization.
The author is the executive director of Inquirer Academy.
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