We’ve regularly extolled the virtues of market research at the B2B International blog, especially during the rockier times experienced in many markets at present. And there’s no need to just take our word for it – independent commentators also recognise that being armed with market intelligence is the best defence against ever-tightening margins and increasing costs.
One particular advocate is BBC Radio 5 marketing commentator John Rudd, who says that businesses should use market research during an economic downturn to maintain an edge over competitors,
The director of public relations and marketing at Aston Business School said that “changes in the market should be identified through market research, with the collection of customer and competitor information. This information should be analysed and strategies realigned rapidly to meet new challenges“.
He argues that marketing becomes more important during an economic downturn, as customers and consumers scrutinise their spending.
“Information should be used to react rapidly to meet new challenges and, whether there are thriving times or times of uncertainty, businesses must be marketing-led”, said Rudd.
He added that companies that slash marketing budgets as a quick fix were “misguided” and that “any economic uncertainty should mean more work” for successful marketing departments.