The global impacts of the COVID-19 pandemic have been staggering. Businesses are changing the scope of their operations or facing the inevitability of shutting down completely amidst these uncertain times.
Every industry has suffered from the impact of the pandemic. Hospitality and travel have been most affected due to travel restrictions and restaurant and bar closures. 7.5 million small U.S. businesses are at risk of permanent closure over the next five months as of late April 2020. The aviation industry has over 90% of their global fleet grounded, and numerous big chain retailers such as Neiman Marcus, JCPenny, and Hertz forced to close stores and file for bankruptcy.
Media monitoring and media market research can help support businesses during these complicated times and provide them with the support they need to recover, continue operations, and evolve alongside the changing state of the world so that they can remain operational and even profitable.
Impact of the Pandemic on Businesses
Industries all over the world have been affected by the pandemic including healthcare, travel and hospitality, higher education, media and entertainment, manufacturing, food and agriculture, and almost every other industry you can imagine. This disruptions has caused significant interruption to every operational function for many organizations across every industry.
Even seemingly robust industries, such as manufacturing and real estate, have been impacted given the lack of consumer demand and buyer confidence, respectively. Organizations who have previously enjoyed economic resiliency have been forced to cease operations, close stores, enact widespread layoffs, and take other devastating actions to try and stay afloat during the pandemic.
Businesses are facing new challenges as they navigate this changing work landscape and need new ways to support business operations and processes and promote business continuity and readiness. Media market research companies are being increasingly relied upon during the pandemic to help organizations develop tactics that will ensure they can continue to reach customers and fulfill market needs.
What to Expect from Media Market Research
Media market research provides insights into behavioral and social trends and helps to detect patterns from consumer and market trends.
- Information Collation: Collect valuable information on the market to understand the nature of events driving market fluctuations so that your business can navigate decision making with purpose.
- Competitor Monitoring: Monitor the drivers of competitor decisions with methods like market research on social media so that you can build new marketing and advertising strategies that are built from successful competitor campaigns to improve the certainty of success.
- Compliance and Regulations Monitoring: Gauge legal and compliance updates from governments and institutions operating around the world so that your business can stay apprised of constant fluctuations, changing conditions, and the ranging complexities of regulatory environments.
- Create New Investment Opportunities: Keep a close eye on new investment opportunities using research and analysis to find new ways to approach new suppliers, investors, and create opportunities for profitability.
- Improve Customer Engagement: Improve communication with customers and consumers and learn how people talk, feel, and associate with brands so that your business can personalize marketing and advertising that suits individual customer needs.
Key Suggestions to Businesses for Survival
Businesses can take measures to improve their responsiveness to unforeseen and disruptive circumstances.
- Listening and Learning: Listen to other businesses, your customers, and employees to stay aware of and learn from their experiences, pitfalls, and successes during the crisis.
- Focus on Data: Use data findings to determine what possible internal changes must be made to ensure business continuity and maintain operations.
- Improve Brand Communication: Understand how to speak the language of their customers and better reach them on an emotional level throughmedia research.
- Set Priorities: Use research to set clear priorities that will ensure business survival and establish measurable short and long term business goals.
- Find New Opportunities: Evaluate potential new opportunities, such as pivoting your business model to provide valuable or necessary services for your customer.
- Discover New Insights: Predict events or trends so you can better prepare your organization with a new strategy, such as rebuilding your supply chain.
Research and Analysis Services to Support Your Business During the Crisis
Research Optimus (ROP) is a leading market research firm with researchers who are tenured in providing media research services, media monitoring, social media search, and media market research reports. Our experience and capabilities are positioned to help support businesses with the insights and media monitoring tools they need to improve decision making and take appropriate action during the uncertain circumstances caused by the COVID-19 global pandemic.