As our CEO Kay Iversen said last month, Market Logic is here to support our clients during these uncertain times. Part of that support includes sharing learnings from some of the best brands we have the privilege to work with – which is why, earlier this month, we sent out a survey to our clients to understand the impact of COVID-19 on their business.
Thirty-three client organizations swiftly responded to the survey, just as the shockwaves of the virus and its social impacts were ricocheting through their organizations and the world.
The results provide a holistic view of how top firms from pharma, finance, CPG, electronics, finance, oil and gas, insurance, utilities, media, telecoms, retail and automotive are adjusting to working from home and reframing their priorities, and what their technology needs are. Here’s a summary of what we found:
The insights function is becoming even more key as a strategic partner to the business. More than ever, leadership relies on them to filter and provide accurate information. In many cases, insights teams are asked to provide updates on COVID-19 news on top of their regular work.
“Insights is a key strategic partner advising the business on how to work in crisis.”
With decentralized teams working from remote desktops and smartphones, cross-platform collaboration is key, and stakeholders have an even more pronounced need for new, accurate, relevant information.
Clients highlighted the need for increased API integrations with SharePoint and Microsoft teams, as well as tools used across the organization (e.g. Qualtrics).
“People rely even more on us than usual to deliver trustworthy information.”
We’ve heard many requests to make market insights platforms available enterprise-wide, particularly as knowledge zones and news have become the central hub for COVID-19 related information. Respondents highlighted expert knowledge curation as a key enabler to focus on relevant information.
“We’ve had more of a push to integrate more data onto our Market Logic platform as it is a cloud solution that is reachable from everywhere.”
With social distancing in place, qualitative research methodologies have needed to pivot – fast. Clients noted an increased focus on secondary sources and consultancies, particularly Kantar, Nielsen, McKinsey and BCG. Online methodologies are gaining in importance as well, and DIY tool integration is providing opportunities for faster results and the centralization of data.
“It’s harder to gather reliable insights from our consumers, since this needs to be done remotely now.”
In addition to understanding the impact of COVID-19 on consumers, research is focused on how the crisis is changing customer behavior.
“We’re focused on understanding the before, during and ‘coming out’ customer behavior.”
As we’ve seen, research and insights teams are having to re-imagine their entire understanding of market research – quickly. And just as the hunger for relevant data has increased, the availability of new research has decreased.
These needs have prompted Market Logic to continue to help industry leaders strategize on how to make the most of reduced budgets, a remote workforce, a changing research landscape, and the need for timely, impactful research.
Our next COVID-19 survey will be sent out to agency partners to best understand the shift to virtual methodologies – both to understand consumers during the pandemic and after we move into the “new normal.” Stay tuned for more information.