4 Reasons why right now is the best time ever to do research and capture market share

By: Grant Gooding

Everyone is adjusting, everyone.  Organizations are laying people off, daily routines are being altered, supply chains are being disrupted and business models are pivoting fast.  Yet throughout all this chaos there is a strange anomaly that doesn’t typically happen during periods of change… people are wildly accessible.

In the midst of uncertainty, many of our clients are continuing to invest and are even doubling down on market research.  Why?  Because this might be the best time to do market research that we have ever seen.

We are seeing response rates actually INCREASE with our clients that are in field right now.  There are a lot of changes happening and the faster you learn about how your customers and prospects are adjusting, the faster you can pivot, recover and even gain market share.

Here is why we think right now might be the perfect time to do market research…

1. Right now, you need to be communicating with your customers more than ever

When things are challenging, you need to be talking to your customers.  There is no such thing as over communicating right now. If you haven’t already, you should be calling, texting and emailing your best customers just to check on them.  Here are three things you should be asking them as a starting point to provide value:

1. Ask them how they are doing and how their family is doing

2. Ask them if they are having to pivot their business model and how

3. Ask if they are updating or creating new products or services

Just asking these 3 questions allows you to deepen your relationships, gain a greater understanding of the impacts on your organization and theirs and put yourself in an early position to assist with new initiatives.

2. Your customers and prospects are hunkered down WITH access to email.

This basically never happens.  We typically have to adjust launch times based on holidays, industry calendars and other variables to maximize response rates.

Your existing and potential customers are more willing to engage and devote time into something they can do at home.  On-line surveys, phone calls and digital focus groups can all be executed easier than ever.

Your targets are working in front of their computers on conference calls.  There are very few if any out of office replies (ironically) because people are not on vacation, at conferences, client visits or attending trade shows.

3. Your clients are currently modifying or shifting their business models, just like you

Most of your target customers are making adjustments to their business models, strategies and tactics based on this new temporary reality; however, for many of them these strategies and tactics will become permanent.  New realizations of changes in logistics, processes, supply chains, sales techniques and marketing will be forced on organizations and they will find that some of them are worth keeping permanently.  The faster you understand these changes, the faster you can adjust and even capture market share from your competitors who move slowly through this crisis.

4. You have time to prepare and adjust during down time

If you take the time to understand your customers environment, you have time in the next 90 days to make adjustments and then when new normal returns you can hit the ground running.  Those that come out of this disruption on top are going to be those that take the time to research their market, adjust to their adjustments and then put strategies and tactics in place to gain market share.

Much of this you can do on your own but if you would like an expert like PROOF to help navigate how to learn and grow during this down time here are some things you need to know:

1. In a short phone call, we will tell you if you need an expert like us or if you can do it on your own. We will even tell you how to do it.

2. Every part of our process is 100% virtual.

3. Our process is lightning fast – only takes 45 days – which means you will be done in plenty of time for when normalcy resumes.

4. You likely already have all the data you need to execute the process so we can start immediately.

5. When there is uncertainty, people start protecting their cash. So, to help, PROOF can start right away but will defer any payment for 60 days to help you keep your cash during this rough time.

6. If you are a nonprofit, we have a special program just for you that is deeply discounted to help you with donors over the next 6 months.

What do you want to know to come out of this in a better position than you were before?