An occasional column by Jack Curry on the post-COVID industry landscape
“I would be surprised and delighted if we weren’t in this current situation through the winter and into next spring” said Chief Medical Officer Chris Whitty at the last UK Government press conference. But what does “this current situation” mean? The situation in Britain is evolving constantly. Globally the picture is orders of magnitude more complex.
In my last article, I went through some worries and thoughts on the research industry in the middle of the pandemic, from the perspective of a young researcher. This article is the first in a series about the next phase of the coronavirus pandemic and its effect market research industry, from the perspective of someone new to the industry. This article will cover why international, multi-country research will prove itself even more valuable in the coming months and years.
Client woes
In the pandemic so far, we have seen projects requiring quicker turnarounds and lower budgets, as client-side researchers fight to prove their effectiveness to stakeholders. The rapidly evolving situation has necessitated a more stripped down, streamlined approach to deliver the insights quickly enough for them to be acted upon in a short amount of time.
We have also seen companies and brands focusing more on their core markets, shrinking the scope of their research to a few key countries. This may make sense for some. Albert Camus said, “In order to understand the world, one has to turn away from it on occasion.” Whether you agree or not the point is it should only be “on occasion”.
An empathetic approach
We can’t be under any illusion about what is going to come next. The OECD has predicted that the global economy will suffer the biggest peace-time downturn in a century, even without a second wave later this year. We are in for some sustained, difficult times ahead. This will be felt by all, including the research industry. A recent ESOMAR study found that market research professionals were expecting a reduction of up to 22% turnover for all research-related businesses over the coming year.
As someone who works in a market research agency it is important to understand the issues clients will be facing, but it would be a mistake to restrict the scope of future research projects.
Different countries are, and will continue to be, at different stages of lockdown or restrictions for the foreseeable future. The backlash against globalisation has been building for a while, but the pandemic has truly accelerated these feelings to the point where differences between countries and cultures are becoming ever more pronounced. The world has been thrown into turmoil, and companies will need to retune their compass to find true north again.
Multi-country research allows multi-national firms to take a holistic view across all of their markets, perceive any differences there may be, and make informed rational decisions based on the insights they glean.
In the Pandemic Profile research I’ve worked on with Tapestry we found that the UK and US differed significantly on many of their attitudes to coronavirus. From takeaway food, to shopping habits, consumer behaviour has been almost totally split by the Atlantic Ocean. Our next wave is going to take a deeper look at what it means for different sectors including the Auto industry, Gaming, and Travel. Looking at this from a multi-country perspective – and in the case of the US, even a multi-state perspective – allows us to see behaviour as either localised or universal.
The revolution will not be televised (but it might be on a Zoom call)
There are global research opportunities, as well as threats, arriving from the pandemic.
It is now easier than ever to reach people using online research techniques. While this is obviously not a new phenomenon, historically it has been better suited to some audiences than others. The impact of COVID-19 means we’re now seeing people becoming increasingly comfortable with Zoom IDIs, mini groups, and self-filmed ethnography.
There has also been a chance to use full deprivation studies on various aspects of life that have been paused. Recently I worked on a very interesting project looking at how the lack of live sports has affected fans. As a sports fan I was fascinated to see just how much fans were desperate for their sport to return. As an Arsenal fan I’m now wishing it was shut down again.
Other affected industries can make similar creative use of the disruption to make a case for their importance once restrictions are eased.
The bottom line
With countries becoming ever more isolated, companies making a head start in observing the international effects of coronavirus will benefit in both the short and long term.
The pandemic has highlighted just how important market research is, my prediction is that we will now see a further realisation of just how important multi-country, global research really is.
