“Increases in business uncertainty are associated with prolonged declines in economic activity” (see: National Bureau of Economic Research).
Currently, the U.S. economy is expected to continue contracting (see The Conference Board’s forecast).
Such circumstances can make it tempting for business to cut back on market research, viewing market research as “discretionary.” It’s not discretionary, actually, and smart businesses realize this.
During times of uncertainty and business decline, it is more important than ever to do what you can to keep customers spending – on your business, not with your competitors or on other products/services. Market research and competitive intelligence provide insights about consumers, competitors, and market conditions that support your strategizing and consumer communications – information you can use to encourage your customers to continue buying your products or services during periods of uncertainty and economic decline.