We saw dramatic changes in businesses over the last year, especially in retail, travel and hospitality. The sudden lockdowns didn’t give restaurants or boutique retailers any time to prepare how they would reach their customers without their brick-n-mortar stores.
For a lot of businesses, this was devastating. Some simply closed up shop to regroup and think about the future. For others, they were able to make quick changes or pivot to new products and services to get them through.
This situation was unique. It was sudden. All businesses were affected. Changes that might have taken 5 years were implemented in less than a month. This unwanted challenge uncovered how important it is to understand your customer – the very people who make your business possible.
Until not too long ago, consumer insight studies seemed to be reserved for big businesses. The major retailers and big box brands with multi-million dollar market research budgets. But ecommerce has changed that. Ecommerce makes it easy to connect with customers outside of your local area. Your customer is no longer the foot traffic on main street, but consumers from all over the country.
And businesses that understand the value of consumer insights are the businesses that are succeeding.
They are the ones that are consistently meeting the needs of the customers, the ones who are aligning their brand to their market.
The world of business will continue to change and evolve. Technological advances will see to that. But as long as you understand your customers, as long as consumer insights are valued and utilized in your strategy, your business will stay ahead of the curve.