Craig D. Lounsbrough
This is a period in time when none of us can be unaware of the staggering commercial implications of the coronavirus pandemic and the global lockdown that followed.
The business sectors that many of us work in have struggled. Some sectors are now bouncing back. A few sectors are really flying.
Never has there been a time when the popular press was as focused on consumer sentiment and its financial implications.
If you work in a corporate Insight team, do you feel that your role is ‘commercial’? Very often market researchers and analysts don’t naturally identify with that label: we tend to associate commerciality with sales teams, marketing or finance.
But the truth is that organisations cannot enjoy sustainable commercial success without understanding consumers, how they make choices, how they subsequently behave, and the financial implications of their behaviour.
In normal times we can become so focused on the pieces of analysis and research that we’re doing that we lose sight of the fact we are only investigating consumer decisions or customer behaviour because of its possible financial impact.
However, this summer, the commercial bones of our companies have been laid bare.
It is obvious to all of us that if consumers are afraid to fly then airlines will suffer.
If governments continue to restrict our use of bars and restaurants then many hospitality businesses will have to close.
If more of us are working from home then there will be more reliance on online retailers – and potentially more income for Jumia, FedEx, DHL, Yodel and Royal Mail.
Adopted from IMA
