It has become difficult to sell or produce products or services without market research, even more so since COVID-19 disrupted demand and supply.
A report by Arizton Advisory and Intelligence confirms how market research can help solve business challenges efficiently, and why it is imperative in today’s climate. Consumer behaviour driven by COVID-19 is impacting how they work, how they buy and entertain themselves.
These behaviours affect various types of products and services in the market. According to reports, innovations and trends of a particular product have proven to boost profits in the long term.
For example, Lego’s in-house researchers through market research, created a product that would greatly appeal to girls to boost sales of female pop toys. To run data-driven campaigns, hire market research firms, consult experts, and have an objective view of the data, among other things.
[4 minute read]