These days, the Market Research industry is celebrating its anniversary with a series of events that encourage us to stay at the forefront of innovation. This IMRD26, we join in once again with our blog post and infographic. When almost everything has already been said, it’s hard to find something to add to the conversation. However, our celebration coincides with a time filled with uncertainty. For this reason, our specialty appears as an extremely necessary tool right now.
Amidst inflammatory news such as high currency volatility due to international unrest, the closure of the Strait of Hormuz, and the almost arbitrary imposition of tariffs at the least expected moment, we must reconsider every step our companies take with almost meticulous attention. In this way, the work of market analysts appears more as a strategic investment than a mere requirement. Therefore, we reveal four applications of Market Research in these times.
Knowing the world. We know that traditional and specialized media outlets exist. However, given the sheer volume of news on all fronts and because one is immersed in a particular environment, it’s difficult to take advantage of the news objectively or attentively. Furthermore, it’s also true that between operations and navigating unforeseen market events, there isn’t much time left to stay informed. For this reason, you can use agencies in the sector to filter and receive the most relevant news that will have the greatest impact on your business.
Assess fears. Let’s be honest. In times of crisis, we tend to activate both conscious and unconscious protective protocols. In recent days, both Brazilian and Mexican media outlets have revealed that restaurant consumption has fallen due, among many reasons, to genuine uncertainty about the future. Instead of simply adjusting to the consequences of these changes in habits, anticipate them as much as possible and detect them early with qualitative and quantitative research.
Adjust prices. Following on from the previous point, people tend to give more weight to the rational aspect of their purchasing decision-making process. This includes reviewing their available budget and, consequently, paying attention to prices to make ends meet each month; this is without even considering job losses due to the disruptions of our times. Therefore, it is crucial that you determine the prices your market needs and values.
Finding niches. Where there’s smoke, there’s fire. Many proverbs warn us that at the first signs of change, we must be attentive and take precautions. Otherwise, we will be swept away by the current of larger events. In times of crisis, the landscape transforms. Market participants disappear, new ones emerge, and sectors open up that would otherwise be largely irrelevant. Be strategic and use research to determine which areas you should maintain and which ones you should cover, at least on an emergency basis.
The current situation may be more significant than we imagine. We want to believe that sanity will prevail and that the peace we have enjoyed in recent decades will continue. However, anything is possible. We must rethink our decision-making processes to adapt them to a near-warlike environment. If economic competition already has little to learn from military strategy, now more than ever it makes sense to be proactive rather than reactive.
At Acertiva, we understand this reality. Thanks to our more than two decades of experience in the field, we value preparedness for challenging times. We celebrate this year’s International Markets Day by reflecting on the challenges ahead, emphasizing the caution and empowerment that innovation offers. If you have any needs in this area, please contact us. This step could be the beginning of your next success story.
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