Executives and business leaders around the globe are searching for answers during a time of great uncertainty.
The pressure to act quickly and decisively can often be extreme, yet management teams may also feel paralyzed by the complex challenges facing their companies and industries.
Confronting the Unknown
In a rapidly changing world, careful market research can help provide much-needed clarity and allow you to make critical adjustments to your business strategy.
An effective path forward begins with accurate market intelligence — by relying on complete and unbiased industry data, seeking diverse viewpoints, and closely monitoring key factors that affect your business.
Start by asking fundamental questions about your business and industry:
- What is the current demand forecasting for your industry and a possible timeline of recovery?
- How has your industry evolved or been disrupted? Which of these changes are likely to be short-term or long-term?
- How has consumer behavior changed, and to what degree could these shifts become permanent?
- How will supply chains operate? How can you build a more stable and resilient supply chain?
- Which market segments are winners or losers?
- Where are the pockets of growth in your industry during COVID-19 and beyond?
- How can you capture market share while competitors are vulnerable? For example, can you purchase cheap assets, adopt new technology, or prioritize channels that are outperforming others?
- How are government regulations shifting in your industry?
- What marketing methods will be most effective in this new climate?
- Where is your company most exposed? How can you diversify risk?
These questions do not have simple or static answers, but the intelligence you gather can help you cope with ambiguity and build a portfolio of strategies to position your company for greater success.
Information Is Power
While vital for strategic planning, obtaining accurate market data can be time consuming and may require specialized expertise that is not readily available within your company. In addition, if you only rely on internal inputs, your perspective may be too narrow and include blind spots that hamper your ability to prepare for what comes next.
However, your organization is not alone in its quest for answers during COVID-19. Expert assistance is available. MarketResearch.com helps business professionals get the right research when they need it most. We offer the world’s most complete and current database of expert insights on global industries, companies, products, and trends.
Our knowledgeable research specialists provide personalized assistance and give informed and objective advice to help you find the critical information you need, whether that’s in the form of a published report or data table, an on-going research subscription, or a custom research consulting project.
Contact us to learn how we can help you find trusted insights for your toughest business questions, or download our white paper to find out more about the value of market research for decision making.
About the author: Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.