The Critical Role of Market Research in 2021

The COVID-19 crisis has shaken up the global economy and left many industries reeling. In this volatile business environment, what role will market research play across different sectors?

I asked a variety of market research professionals—including executives and founders, research directors, and senior analysts from around the world—to consider what “job” market research will perform and the key benefits it will provide for companies in the coming year.

Some of their responses take a broad outlook, while others focus on the value of market research within specific industries such as energy, pharmaceuticals, or health care. Each viewpoint helps shed light on what the future may hold for the market research industry and the businesses that depend on it.

Understand current market dynamics and the long-term outlook.
David Sprinkle, Publisher, Packaged Facts

“As has been the case since the COVID-19 pandemic struck, market research in 2021 will depend not only on expert historical understanding of individual markets, including their distinctive patterns during and after previous economic recessions, but also on steady tracking of market performance throughout the year. The interconnected factors at play—COVID-19 contagion and fatality rates; the corresponding economic slowdown and job loss; the roll-out and effectiveness of COVID-19 vaccines and drugs; federal and state/local fiscal and stimulus responses, including any lock-down policies; and consumer resilience and psychographics in the face of the experience or threat of economic insecurity—mean in aggregate that market sales trajectories may continue to look more like a pinball’s track than a single-direction arrow or clear-cut curve. Quality and objective market research will enable industry players and market analysts to keep their eye on the larger and longer-term picture, as it unfolds.”

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Get ever closer to the consumer and identify growth opportunities.
Sarah Boumphrey, Global Research Director, Euromonitor International

“Companies will have to get ever closer to the consumer in 2021. Agility, innovation, and bold choices will be needed in order to identify growth opportunities. In this environment, market research and the actionable insights it provides, are even more crucial than ever.”

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Make fact-based decisions for a better future.
Joe Newsum, Founder, Kentley Insights

“2021 is all about economic volatility with the virus, shutdowns, vaccines, stimulus, policies, consumer and business demand, bankruptcies, globalization, and more. This volatility will hit every industry in its unique way, and leaders will depend on market research to discern reality from fiction to help drive fact-based decisions for a better future.”