Profacts is a 100% Belgian, independent full-service market research company. Based on insights from market research and big data, Profacts provides strategic advice to customers in various sectors such as telecom, energy, banks, retail, fast-moving media and so on.
What we are seeing today, according to CEO Carine Vaeremans, is that many companies are reducing their investments or efforts, postponing them or at worst, silencing them. Understandable considering our current economic climate. Despite the decline in business confidence, we also see companies that go against the grain. The smartest companies and brands are now fully investing in the future or are adapting and reinventing themselves, which gives a powerful optimistic signal to the rest of society. We need this optimism to survive this global pandemic and economic crisis.
From trend to habit
We notice that emerging trends are now gaining momentum. Just think of teleworking, digitalisation or even online shopping for food. As a result of the corona crisis, all these daily activities have become more and more common among all sections of the population. Companies that anticipate these trends are able to adapt more quickly, which gives them a huge advantage. For companies, it is hyper important to keep a finger on the pulse and to understand their customers. This is now more important than ever. It is critical to identify behavioral changes and translate them into a strategy. It is a fact that companies in a crisis often save costs on advertising, marketing and research, while at the same time their consumers are changing and increasing their media and consumption behavior very rapidly.
The future is now
First and foremost, we must embrace and fully understand this new reality. The reality of the customer has changed and so has ours. Some things will go back to the pre-corona era and other things will have changed permanently. Apparently it takes an average of 66 days to fully master a new habit. This means that our regular routines will have changed fundamentally.
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