What do you think about this?
“It’s a general rule in the industry to abstain from market research during the holidays”
Your answer probably depends to some extent on what you call “the holidays”.
Should You Do Market Research During The Holidays?
It used to be the 30 or so days from Thanksgiving to Christmas Eve. We all know December is a dead month for almost anything, so maybe performing market research during that period is a waste of time.
But these days “the holidays” is a much longer time frame which definitely covers November and December. With many holiday ads being everywhere a month earlier, you could argue that the holidays include October too.
Can your business really afford to pause research for a quarter of the year, every year?
Especially when many potential customers are in the right mood, with open wallets, to make their first purchase from you? As a 2019 Google/Ipsos joint study revealed:
48% of shoppers said they are open to purchasing from new retailers during the holiday season.
Market research can help you discover what attracted these new shoppers to you. Know more about their motivations and decision-making process and you may be able to turn first-time buyers into regular customers.
However, a holiday shopper may be less representative of your typical one. For example, rather than being someone who uses your product or service, they may be buying a present for someone who is your typical customer.
A possible exception to this is when your product/service revolves around the holiday festivities. This makes it incredibly relevant to shoppers right now, so they’re more likely to cooperate properly.
How people shop over the holidays could indicate how they do it during other major life events – e.g., school, birthdays, weddings/honeymoons, vacations and other holidays like Valentine’s Day.
Understanding how they “holiday shop” puts you in a much stronger position to make sales during these life events.
But that’s not all…
…in a recent survey 75 percent of consumers said they, “wished retailers better understood their preferences and used that insight to send personalized offers for the holiday season”.
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The only way you’re going to be able to do that is with research during the holiday period.
Therefore, the benefits of holiday research are greater than any potential pitfalls.
You may not capture all the data you need. But what you do get will certainly be useful, and possibly invaluable, to your business and profits.