How can you use market research to identify consumer behavior changes during a crisis?

Market research, especially the primary methodology is a potent tool to gauge consumer sentiments at all times, including crisis or situation creations. Immersions, FGDs, Shopper Behaviour on ground and latest indications of Social listening/Searches can quickly bring up sentiments, pain points, worries & Concerns and also the possible remedies that already occupy the mind space. Organisations deploying consistent intelligence gathering with Primary research use it to gain competitive advantage over the ones using syndicated reports or awaiting trends, which come with a time lag.

Market research is a powerful way to understand change in consumer behaviour esp. during a major crisis and leverage the understanding to identify ways in which brand can help consumers in a relevant manner. For eg. in FY'20, during COVID, ITC kept following emerging trends and introduced over 40,products and variants during the pandemic to meet evolving consumer demand. During the lockdown, the Savlon portfolio of hygiene products was augmented with differentiated offerings including disinfectant sprays, advanced ‘Hexa’ sanitisers, soaps, body wash, germ protection wipes and so on.

Market research during a crisis begins with closely monitoring emerging trends and shifts in consumer sentiments. This involves tracking social media, news outlets, and industry reports to understand how consumer priorities and behaviours are changing in real time. Advanced tools can be used to gauge public sentiment and identify new patterns as they happen, such as increased interest in health and safety products or a shift towards online shopping. By staying alert to these trends and setting real time alerts, you can quickly adapt your strategies to meet evolving consumer needs.

Monitoring consumer behaviour during a crisis is crucial, yet it demands a subtle approach. Employing diverse data sources like social media, reviews, and analytics offers a broad perspective on shifting sentiments. Tools such as sentiment analysis and keyword research are invaluable for uncovering underlying consumer emotions and themes. However, the real challenge lies in interpreting this data in a context that’s rapidly evolving. It's not just about identifying trends but understanding the why behind them. This allows businesses to adapt their strategies to meet consumers' changing needs effectively. Tailoring communication and offerings to significantly enhance consumer trust and loyalty, proving essential in navigating through crises.

The most important changes that need to be monitored are the changes in consumer perception. These are also critical for predicting post-crisis customer behavior. Neuromarketing research is one of the most effective ways to measure perceptual change quickly and accurately. Crises are times when the perception changes may be reflected differently with the claimed data. At this point, neuromarketing research is an effective methodology that reach the unconscious that is the source of decision making. In addition, since crises are situations that require rapid action, neuromarketing research helps to take timely actions, as it results in a much shorter research duration compared to traditional research.

During a crisis it is critical to analyse how other businesses are responding, what strategies they are implementing, and how consumers are reacting to these approaches. Learning from the successes and failures of others can help in refining your strategy and avoiding common pitfalls.

It's important to consider the broader socio-economic context. This includes understanding how the crisis is affecting different demographic groups, regions, and economic sectors. Ethical considerations should also be at the forefront, ensuring that strategies are not only effective but also socially responsible. Additionally, businesses should be prepared for post-crisis scenarios, planning for long-term changes in consumer behaviour that may arise from the current situation.