Time to plan ahead?
When lockdown was implemented in March, Insight Angels took the position that our clients should consider pausing their research investments to think and reflect... This was against a backdrop of real uncertainty for consumers, the economy and, indeed, their own businesses. The advice was not to stop altogether but to tune in to the here and now rather than keep going with a plan that may soon become obsolete.
European countries are now entering the next phase with economies beginning to reopen. We believe this is a time in which we, as insight professionals, can uniquely contribute by shining a light on what consumers truly need and feel right now. Insight Angels is launching a nimble, collaborative and iterative insight offer to do just that.
What’s next:
Companies find themselves broadly in two camps, each with its own set of challenges. Whichever side of the divide you are, planning for what’s next is critical:
The first camp is made up of companies that have been able to keep going, maybe even grow and acquire new customers: they are ‘lucky’ to be in an industry where demand remains strong, and have been able to adapt or scale their business model to respond to the new trading reality (most FMCG companies, some retail but also restaurants switching to ecommerce or take away food, allowing them to maintain a base level of activity).
The second camp is made up of companies which, through no fault of their own, have had to put their business on pause (travel, hospitality, automotive, fashion... the list goes on). Many are focusing on getting to a position from which they can restart their activity quickly as and when possible.
No clear shape to the recovery
Various recovery scenarios are contemplated... some have suggested a V-curve where demand rebounds straight away, some think it will take longer, some believe our trading reality will be changed forever. The most likely scenario, we think, is that 2020 will be a write-off for many businesses, with the rest of the year occupied making short-term adjustments in response to shifting and uncertain sands. All this whilst preparing a longer-term strategy for 2021...
Whatever the scenario, start planning now
Whichever camp your business is in, it is key to start planning now and consumer insight will be a critical enabler. Large scale consumer sentiment barometers (of which there are now so many) may help ‘set the scene’, but there is certainly also a need to focus in on your own audience in order to extract insights relevant to your business’ direction and actions. By tuning in to your customers’ fears, concerns and hopes, you’ll be able to adjust what your brand says and does, ensuring you remain relevant and avoiding any damaging faux-pas.
Why now?
As consumers now face the prospect of being allowed out more, real questions rather than projected fears, will begin to surface: what does the practicality of taking the train again mean, what does going to the optician to get my new glasses look like, how does buying food on the go make me feel?
What to do?
We have developed a new insight offer to support you, based around three principles:
Nimble: simple, light-touch modules mixing qual and quant to get to all the nuances of how people feel along with the reassurance of numbers – ad-hoc in nature to be specific to your needs but with standardised elements in order to be quick to roll out....
Collaborative: co-creation sessions in which we present what we have heard and develop hypotheses with you about what the insights mean for your business.
Iterative: standalone moment-in-time insights or repeat dips to understand how things are evolving.
Of course, this is particularly relevant if you find yourself in camp two: your brand may have been out of sight and out of mind for several few weeks and consumers are returning with a new set of needs and emotions to understand... The likelihood is they haven’t completely changed but some things will be different (for instance, not being on a busy train was important before for comfort... it may now be about peace of mind).
However, if you are in camp one, your challenge is to retain those new customers that have recently come to you: you need to cement this new behaviour so the gains aren’t simply short term – what do they like about your brand, your offer, your product? What is the risk of them switching back to old habits as what they used to love doing or consuming becomes available again?
Sound interesting and want to know more? We’d love to hear from you!