Everything has changed. What do we do now?
What just happened?
COVID-19 is a force majeure the likes of which we have never seen before. Everyone references the 1918 flu pandemic, but people then didn't have the same ability to travel and infect new populations as we do now.
We are likely experiencing a global recession, and this is the first recession to begin in the service sector, causing employment to fall faster than GDP. A manufacturer can hold onto their inventory until things get better, but services are far more vulnerable. When customers stop coming to a shop or restaurant for an extended period, they likely have to close.
What will happen?
The global pandemic is a society changing event. When things finally calm down, everything we used to take for granted will no longer be accurate. Crises change people. What people valued before the pandemic, is not what people value now. What people value now is not what they will appreciate once we restabilize.
Most of the experts believe the health crisis won't be over for at least a year. We may experience on and off social distancing measures to combat infection spikes.
The economic recovery will likely be slow. It will probably take a while for consumers to regain their confidence and spending ability, and they will be skittish along the way.
What should you do about your research?
Everything you thought you knew about your customers is probably no longer valid. Some advocate for doing as much fast turn around research as possible to understand customers during a crisis. While that sounds great, very few will have the resources to deploy a research team in force to understand the landscape quickly. It also makes very little sense to invest in research you will likely have to trash in a month because everything has changed again.
Look at your research program and think about the following questions:
What should you stop doing or decrease?
What do you keep doing or increase?
What do you change?
What should you do next?
Find ways to help
Este Lauder, LVMH, and craft distilleries are switching their operations to make hand sanitizer.
Workout apps are opening their paid tiers for free.
Clothing, sports gear, and 3D printing companies are working to produce medical personal protective and ventilator equipment.
But beware, you can get it wrong. Yelp added GoFundMe calls to action to local restaurant pages without asking their permission first, and the fallout was severe. Instead of being seen as a good deed, people interpreted it as a dirty money grab during a crisis.
Are you unsure how to help? Do some research. Ask your customers what they need or want to see from you. Find out what this is like for them.
Here is how we plan to help. We are launching a Tips for Tips program. If you can't afford a full-scale research project or need help with an RFP, ask us for advice or a contribution. We want to help you get through this, and the best we have to offer is our research expertise.
Be ready for what comes next
Once events start to slow and normalcy starts to return, look at the data you have, and ask if you have what you need to make confident decisions about your next move.
It will be a good time to invest in research when you have a solid footing. Right now, the rug has been pulled out from everyone, and there is no shame in taking some time to figure out how to survive and take care of your own.
Stay home, wash your hands, and stay healthy.
