Market Research Role in 2023 – Covid-19 came as an alert to the world economy and left many renowned industry masters speechless. The question is whether market researchers can help in such a situation!
The same question came across to several market researchers, even those from the executive sector or researchers’ field and senior global analysts. What will be the reaction of the job market to it, and apart from that, will the companies enjoy any benefits in the following years?
Their responses took a broader turn. Some researchers focused on the total input generated by specific sectors like healthcare, pharmaceuticals etc. This outlook depicts what might happen for any particular sector and the future of relatable businesses.
“Understand the present market dynamics and the future it holds,” stated David Sprinkle.
“The case that has been since the hit of the COVID-19 pandemic, market research in 2023 will rely on expertise in the historical understanding of individual markets, consisting of their differentiated trends in the present and after earlier economic recessions, and on accurate tracking of market statistics throughout the year. The interlinked elements at play—
- COVID-19 communicable and casualty rates
- The consistent economic downfall and job mislaying; the invention and productiveness of COVID-19 vaccines and medicines
- Any policies consisting of lockdown policy by the federal, state or the response of the public
- Any psychological collapse of the consumer due to insecure economic conditions.
The total sum of the market’s sales can look more suffocated than a clear horizon. The inability to see the more significant and longer picture by the industry players and market analysts will open through qualitative market research.”
Ever got closer to the consumer and identified growth opportunities.
Sarah Boumphrey, Global Research Director, Euromonitor International
“Companies will have to get closer to the consumer in 2023. Growth opportunities will be in need sharpness, creativity, and smart choices in order to identify them. Market intelligence and the useful information it provides are more essential than ever before in the present market.”
Build practical decisions for a better future.
Joe Newsum, Founder, Kentley Insights
“With the virus, recessions, vaccines, lockdown, business demand, bankruptcies, and globalization 2023 will be all about economic disaster. Every industry in its unique way will be hit by this disaster and leaders will rely on market research which will help to differentiate reality from fiction to help make practical decisions regarding the future.”
Customer research manners directed to grab the right position in the new market.
John LaRosa, President, Marketdata LLC
“Companies minimize their marketing and market research during the time of recessions. This will work as increasing the fire or problems. It is necessary to find out especially in the time of slow sales that what’s the reason behind losing customers and which ones. It’s also necessary to find new trending products and successful ways to strengthen your market position. Without any market research, it will be tough to find out new successful and comfortable ways.”
Essential intelligence into a significantly changed world!
Jack W. Plunkett, CEO, Plunkett Research, Ltd.
“Abruptly Change of the world due to coronavirus is highly known by the executives. For example, 10 years’ growth in digital adoption and behaviour were sold in a few months in 2020, calculated by plunkett research, with everything going from telemedicine to streaming entertainment websites.
The next question arises from the executives is that if this is going to be a permanent thing. What will be the taste and preferences in businesses of the consumers in the future? Will today’s high saving rates and financial orthodoxy suffer, or will keep spending resume at former levels? What investments are businesses and consumers willing to make if they spend more freely in the upcoming years? How will business markets in 2023 continue within and outside the country?
The only way to make the enterprises work through gainful insights will be through accurate research. This incredibly changed environment will require the hard work of researchers more than ever for analysis, forecast making, and drawing closure. These needs have grown the scale of research clients significantly in recent months. We mainly conduct deep research in online banking and food and healthcare markets. Enterprises and market professionals will experience challenges and excitement over the next few years.”
Examine the horizon for powerful threats.
Edwin Bailey, Director of Marketing & Research, Content Catalyst
“Corporate management team will be fully aware in 2023 of the events that will cause the downfall of the business. Competitor intelligence and strategy will be taken more into consideration and will be well funded to research any dangerous threats. Research regarding another recession, war, or any other ‘unpredictive’ global events will be bought up by the companies or through commission.
Unfamiliar events such as the pandemic will badly affect the business of airline companies but they may seek shelter into ‘pandemic immune which will provide them with support and essential market research to understand any threat of unusual events not familiar to them.”
Spot winners and losers during challenging, liquid situations.
Simeon Pinder, Senior Analyst, GMR Data Ltd
“The way we research has dynamically shifted due to the pandemic. We have to answer three questions —How was a sector operating pre-COVID? How about during? And what is the outcome of post-COVID?
For example, retail relying on our business mix has been dry. The banking sector had to deal with loan breaks while expanding its digital to encourage customers towards online. PPE, medical devices, and RX & OTC arenas, besides vaccine trials in the pharmaceutical sector, were highly demanded.
No sector has ever benefitted universally and within parallels where our research proves winners and losers. Independent market research is always a welcoming approach during dry and tough times. We also see the hope at the end of the depression, and we expect an occupied 2023!”
Analyse markets where the latest research and development is practised rapidly on a large scale.
Deirdre Kelly, PhD, Managing Director, Kelly Scientific
“COVID-19 pandemic has made market research crucial in all market in 2023 because of the depression. The Pharma industry will demand concrete data from market analysts in case of unsureness of drug availability, key ingredients, global logistics, clinical trials and when a new drug is out in the market that will hit the pharmacy industry.
Immunotherapies have been seen by us at Kelly Scientific as a market which manages to keep healthy sales in spite of the pandemic pressure.
Evaluation of areas such as an increase in demand for certain anti-infectives, vaccines and trending therapeutic markets. Since dynamic or latest research and development is performed quickly and on a large scale, thorough market analysis will be crucial in 2023. Industry leaders ought to know all of the knowledge thoroughly.”
Plan a new path through uncertainty and strengthen your position after the downfall.
Dan Strempel, Senior Analyst, Simba Information
“Disruption was faced by the scholarly and professional publishing industry before COVID came into existence. The urgency of fast movement due to COVID towards open access, and open research has made us believe that digital outputs are an accurate way of achieving success. In order to track the future uncertainty and idealize their place in the market after the downfall is through market research.”
Track sudden changes in the energy sector.
Sara Peerun, Commercial Director, Visiongain
“We are experiencing for the first time in history the negative prices of oil because of the tough challenges faced by the energy industry because of the pandemic, which has altered the market. Market research is the anchor to find out the nature and pace of the oil and gas market recovery in 2023. It will also help to find out the impact on the global energy transition efforts by the pandemic.”
Acknowledge how the destruction has affected your portfolio and what facilities might help in times of uncertainty.
Dr Vishal Agrawal, CEO, DelveInsight Business Research
“Finding a way to conquer the impact of COVID on business by the global health care has kept them busy without hurting themselves. The occurring conditions of patients are a real threat to the delivery of healthcare services, e.g. dialysis, because they are more likely to get infected by coronavirus. There is a rise in opportunity for telemedicine and digital platforms to provide people with their services because people deny seeing any physicians.
The healthcare market will experience a sudden and strong shift in the next coming year. Digital healthcare and telemedicine offer tremendous opportunities. One can expect to create an exponential impact as regulators around the globe are looking for viable alternatives. Useful alternatives can be received by regular consumers all over the world through digital healthcare and telemedicine as they offer great opportunities.
Companies will require insights on using the pandemic as a profitable plan in the market through strict competitive monitoring. Market research will help the company to know how the destruction has affected its portfolio and what facilities may help during uncertainty. To fix unpredictable situations in the health industry, learning from past events, market research forms a healthy approach to help decide the strategy building.
Understanding consumer needs and analysis of everyday events will help to derive accurate forecasts that will lead to understanding long and short-term suggestions for business growth.
Search for promising globalization growth opportunities while minimizing risk.
Marcello Antonioni, Managing Partner, StudiaBo srl, in charge of ExportPlanning
“Strategic planning has always been the key to growth and development for companies. Corporate decisions based on reliable data are essential for the recovery and achievement of business, especially nowadays when it’s needed the most.
The importance of strategy and market research in internationalization has always been behind the philosophy of Export Planning. By 2023 this data-driven approach will likely go viral in an expanded risk situation. One can expect it to be helpful in international trade.
A dead market will need the powerful tools of a strictly chosen market for growth. There is a considerable risk in the market in the absence of the company’s SWOT analysis. Then the only helpful tool is market research.
The most encouraging markets for one’s products through macroeconomics, linked with modern technology and expertise in globalization and data analysis, are possible with the help of verified data from official resources. Minimizing risk while searching for new opportunities is a critical support market research will provide in these challenging times.”
Discover product-market suitable in an endless changing digital world.
Faisal Ahmad, CEO, BIS Research
“The need for learning and advertising the market specifically for new upcoming products is now known by almost all digital enterprises. Collecting knowledge is no more fancy rather it has become a necessity to find suitable products for the rapidly changing world.”
Use good knowledge of business planning, advertising, and presentations.
Gerry Christensen, Founder and CEO, Mind Commerce
“Critical aspects like the need for insights, and promising information has grown rapidly over the last decade for the growth. Significance of market research will grow in 2023 despite the disturbance caused by covid.”
Identifying the behaviour of the information delivered and used is necessary for an ever-changing environment. The Buyer expects a premium market research drive and content-based delivery. The kind of information used is changing statical reports to more trendy information. Often, a user gets it as a subscription service.
Customers get access to market research content such as images and data because of the increased demand for flexible platforms demanded by market research users. Customers’ expectations will be satisfied in this dynamic environment through successful market research companies which are user-friendly and at our service.”