Increase Market Research during tough times

Businesses should use market research during an economic downturn to maintain an edge over competitors, according to BBC Radio 5’s marketing commentator John Rudd.

Rudd, director of public relations and marketing at Aston Business School, said: “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 argued that marketing becomes more important during an economic downturn, as customers and consumers scrutinise their spending. “It is the job of marketing to make it their company’s product or service that customers select,” he said.

“Information,” Rudd added, “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.”

He said companies that slash marketing budgets as a quick fix were “misguided” and that “any economic uncertainty should mean more work” for successful marketing departments.

(Research Live)