The Rewards of Research
One factor remains true, and was especially evident during the COVID-19 pandemic: Humans tend to question change in their daily lives. So, why shouldn't we question change in business? Frankly, working to better understand the drivers—whether among core users or within a desired user—should be an “always-on” part of your business.
Real-time action is instrumental for driving results within an overcrowded marketplace. When you are therefore hesitant to invest in research because budgets are tight, think again.
Reaching consumers at that critical moment and touchpoint in their shopping journey is paramount for any brand. Consumers, now, are more self-aware of their behavioral changes. And, many consumers are keeping some of these new behaviors that were adopted in 2020. That means that all businesses must be agile and adaptable.
1. Today, insights are pivotal for any marketing activity.
Since consumer behavior is continually changing, you need to keep your finger on the pulse of the current consumer. Businesses that act on facts—based on direct feedback rather than instinct—are reaping the rewards.
2. Strategic thinking is the ultimate “biggest bang” for your buck.
Businesses—and more importantly, consumers—have adjusted where they're spending their money. On the business side, budgets have been slashed—especially marketing budgets. Alternatively, on the consumer side, while the decision-making process is instantaneous, they have proceeded with caution on impulse buying. With limited budget to reach the consumer, conversion from browsing-to-buying is more important than ever before.
3. Identifying relationships can unlock opportunities.
Unlocking the value of consumer data can deliver growth, revenue, and create differentiation for a business to remain top-of-mind. Consumer data will help your business develop and implement initiatives for marketers, product owners, and strategy leaders in the support of building lifelong brand advocates.
Digital marketing became a saving grace for many businesses during the pandemic. Not only was it the most prominent avenue for reaching consumers with stay-at-home restrictions in place, but it also provided in-depth data and analytics instantaneously, helping businesses pivot where they needed to. And, with stricter privacy laws and the eventual elimination of third-party cookies coming through the pipeline, the future of the digital ecosystem is changing at a dizzying pace.
To sum it up, an investment in research should not be overlooked. As business owners, you should strive to understand the value of uncovering insights from internal and external data. The best part of it all is that research can be conducted in many ways. On a big or small scale, at a minimum, we can assess brand awareness and ad testing, satisfaction and loyalty analysis, potential customer feedback and assessment, conjoint analysis, and consumer and competitive analysis.
Reach out to our research team at EGC to learn more about how we can help you use data and insights to help make better decisions for making your business grow.