Domain 1: Marketing Research
Posted by Communications2 on Jul. 6, 2022 / Member Resource / Subscribe 0
Market Research Today: Choose Timeliness Over Historical Insight
Written by Nicole Marshall, CPSM
One thing is clear if we look at our most recent 10 to 12 years in the A/E/C industry – things can, and will, change on a dime. From generational transitions taking leadership from Boomers to Gen X, from housing crises, to pandemics, to population migrations, our country is in a rapid period of growth and transition in its relatively short history. This era, in some ways, feels like that beautiful childhood age when you start getting pimples and your voice changes and you stop thinking your parents are cool. It’s simply undeniable that we are living in a period of tectonic shift like no other.
With that reality in mind, as marketers, we need to recognize that longevity no longer is the best source of answers. Currency is rapidly taking the place of history, as our organizations compete for the projects to be built today. As we take the time to develop the market research required to make valuable decisions for our companies, we need to adjust accordingly.
Here is an example of the kind of resources we might have provided in the past as a part of a market research effort versus the kind of information that might be better suited for market research in today’s rapidly shifting society. This example assumes that we are assessing a particular geography, but we could, instead, apply this same mindset if we are researching a particular market sector or a particular client audience as well.
|
GEOGRAPHIC MARKET RESEARCH PROJECT COMPONENTS (2012) |
GEOGRAPHIC MARKET RESEARCH PROJECT COMPONENTS (2022) |
|
Census data from U.S. Census Bureau by decade |
Current population survey from U.S. Bureau of Labor Statistics by month |
|
Local economic data from U.S. Bureau of Economic Analysis |
Quarterly Summary of State & Local Tax Revenue (QTAX) from U.S. Census Bureau |
|
Local Economic Development Organization’s Annual Report |
Recent Articles in Local Business Journal on Major Business Moves |
|
Archived article from A/E/C industry publication about the state of the local market |
Podcast hosted by local market A/E/C industry business leader about the state of the local market |
|
Jobs/hiring data from Monster.com |
Housing stats and migration data from National Association of Realtors |
|
N/A |
Recent Covid-19 figures available by market through major national newspapers |
When it comes to market research, our industry has often been guilty of preferring thorough, long-form reports in making decisions. From hiring market research consultants, to digging into major data studies and analysis, those efforts might now be as time consuming as they are useless.
In a day and age when the world is shifting quickly, our companies need to learn to do the same. We need to be able nimbly execute short-form research efforts with confidence and currency that can help our companies make pivotal decisions at a more synchronous pace.
To dive further into Market Research approaches, be sure to visit the SMPS Resource Library to help get yourself up to speed to more quickly block and tackle these rapidly changing times.
Nicole Marshall, MBA, CPSM is a Salt Lake City-based public relations consultant specializing in the built environment. Her firm, Curated Communications, supports A/E/C and Real Estate Development firms across the country in Colorado, Chicago, San Francisco, and New Orleans, to name a few. Her work focuses on the establishment and enhancement of public relations and communications programs for small and mid-sized companies. To learn more visit www.curatedcommunications.com.
0 Comments