COVID-19 IMPACT:

Market Research

Industry Update: 06.07.2020

Vertical: Market Research
Type: B2B
Covid Impact on Demand: Positive
Covid Impact on Ability to Supply: Negative
Viable Transition/Readjustment: Yes

We’re just ordinary people.

The business world now recognises that pandemic conditions are here to stay.

SoPro have direct access to several hundred B2B marketing operations, spanning 60+ verticals. In recent weeks we have seen major movement in global sentiment, shifting from defensive tactics to proactive strategy as realisation sets in.

We are now witnessing the largest and most complex change management project in the history of humankind.

The worlds businesses are rapidly readjusting to compete in a new world. Here’s how.

Market Research, what are we seeing?

Not surprisingly for a market worth over £4bn p.a., we are seeing significant spikes in demand for market research as governments and brands seek to understand the impact of COVID-19 and the changing perception of its target market. Social distancing has put an end to any face to face quantitative research, which can operate through digital channels in most cases, except where it was conducted via footfall. As in the logistics sector, customers are prioritising their spend to focus on in-demand insights such as government, food, retail, manufacturing, medical and well-being.

Digital surveys have become a preferred data source with social tech giants quickly embracing the trend. Twitter polls and even LinkedIn now adding user-generated Polling to enable instant data collection across live audiences.

What do these businesses need to do now?

1. Adjust your business targeting

Demand is up across the board. Even the offline industries such as Travel are relying on external market research to signpost strategic planners towards the likely future demand timelines. We are seeing some suppliers pivot to in-demand sectors.

2. Review your marketing channels
MARKETING CHANNELS VIABILITY
B2B Direct Mail

NOT VIABLE

Telesales

NOT VIABLE

Paid Search

PARTIAL VIABILITY

Tradeshows and Exhibitions

NOT VIABLE

Awards Circuit

NOT VIABLE

Door to door sales

NOT VIABLE

Word of mouth

PARTIAL VIABILITY

Social Media

PARTIAL VIABILITY

Digital Outreach i.e. B2B prospecting

VIABLE

3. Revise your proposition

To reflect the way that COVID-19 has affected short and medium term demand. The major proposition changes we are seeing relate to the size and scale of research projects, so focus on what you can offer in terms of availability, flexibility, volume and methodology. Flexible payment terms are also in demand if you can support this option.

4. Revise your messaging

Forget your standard intro… Revise all messaging to set out how your proposition directly contributes to overcoming their current COVID-19 response needs. Be clear about the experience and insight that you can bring to the table in that regard.

5. Drop the experts a line

At SoPro, business growth is what we do, and we've got the tech and team to quickly generate a healthy pipeline for your business. Our expert team are ready to discuss your campaign today.

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“One of the great things about working with SoPro is the dedicated team of professionals we have at the other end of the phone... For us, there really is no question. Having a prospecting service is vastly more beneficial than just having the tool. Put simply, it’s transformed our business.”

Nick Washington-Jones, Managing Director, Tack UK

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