We are in the midst of the most significant health crisis most of us have ever seen. Every day holds a new challenge, and the news is continually reporting something that previously would have seemed out of the realm of possibility—such as canceling March Madness or shutting down Las Vegas. What does all this mean for your business? How do you continue to move forward with your marketing and market research? And, could the current state of mind impact the value of the insights you get?
The answer, as you might have guessed, requires thoughtful consideration.
The economic and business environment is changing rapidly. Major decisions will continue to be made, and they will have long-ranging impacts. A misstep in action or tone will have outsized consequences with nervous customers. In addition to immediate decisions, preparation for what comes next is critical.
It is important to have good data to make good decisions. The key is to ensure you can get that data along with the context and consultation needed to rapidly put them into action. There are some cases where it may make sense to revisit your market research plan, for instance if your research is with respondents on the frontline of the crisis (i.e., state officials, certain physician specialties, hospital administrators). On the other hand, hitting the pause button on must-have key strategic work for new product development or a tracker could mean losing critical business insights.
Here are a few questions that you can ask to help you make the right decision:
Concerned about data quality?
Escalent has been monitoring all projects before and after March 11, when the World Health Organization officially declared COVID-19 a pandemic, to make sure we have a clear understanding of whether or how this crisis is impacting response rates. Overall, we are not seeing a lot of change, but here are some specifics on what we are seeing from the field:
We will continue to monitor customer sentiment, research productivity, and potential changes in results on a daily basis, and we will advise our clients immediately if we recommend taking action.
Escalent recognizes the significance of the COVID-19 disruption. We are dedicated to delivering the high-quality insights you expect, and we are here 24/7 to help you navigate this situation—together. Have more questions? Send us a note.