Over six months into a global pandemic and the ensuing global recession, corporate budgets have taken a hit. COVID-19 has put many projects on hold, pushing potential research to 2021. There are a lot of unknowns that exist. News about the economy is changing constantly and what is taking place now may be different next week. This poses challenges when starting new research, both in terms of timing and interpreting results.
But firms still need good data to make good decisions. While it may be easy to push research off to save budget, pulling the plug on data to help navigate out of this current environment (and plan for what’s next) could end up costing firms even more in the long run.
An Escalent Insight Community is a private, online platform that establishes a two-way dialogue between brands and customers. It enables fast, continuous insight into a particular business issue and allows members to feel like “part of the team” as they provide their input. With all of the unpredictability right now, Insight Communities give firms the flexibility to pivot research when they need to. Here are just a few examples of how Insight Communities have alleviated some pandemic-related concerns:
The key to a successful Insight Community is managing members’ experience and building a relationship with them. With the ability to conduct both quantitative and qualitative research, an Insight Community can be a key asset for any organization across a wide range of research methodologies and schedules. In fact, one client shared with us the following:
“This community is so valuable to us and, with COVID-19, it has demonstrated its worth tenfold.”
So, if you have concerns about how things will play out for the rest of 2020 and into 2021, send us a note to ask us how an Insight Community can help cut through the noise and put your research plan back on schedule.