One thing stood out more than anything else. The current economic impact of the crisis is a tsunami about to crash our shore in ways we have never seen before. This situation is much different from what we experienced in 2001 and 2008 and it requires marketers to ask a whole new set of questions, which I'll share below.
Why was the research conducted?To understand the impact the pandemic, the recession, and post-pandemic issues were having on different businesses and how insight leaders were responding.
How was the research conducted?1:1 IDIs with 100 insight leaders and several "Virtual Think Tanks" - triads of leaders from different categories coming together to discuss the crisis.
What are the key findings of the research?Seismic, unpredictable shifts have impacted society and as a result have impacted shoppers and consumers dramatically. It feels like the world continues to change daily.
Unfortunately, most marketers have been locked into supply chain meetings, to avoid shorting customers and putting their brands at risk by forcing trial of competitive brands.
As a result, they have not been able to think beyond the next few weeks, but organizations are hungry for proactive and innovative longer-term planning.
If there has ever been a time for the insights function to rise the occasion and have a seat at the table, it is now.
Contributor's Name: Jonathan La Greca