Closed restaurants, cancelled concerts, machines turned off, hotels running at 50% or less capacity, events simulcasted – a new normal in gaming.
As casino resorts try to find their financial and operational footings, many things are put on hold. Further, when business contracts, there is a tendency to renegotiate contracts, reduce advertising that is not already contracted and cut superfluous spending. To pause or put on the breaks makes intuitive sense right now. Market research should not be on the chopping block during this time, but instead be actively pursued. To advance from the pandemic in a better position, organizations need to assess changes in behavior before they become evident.
Market research will help with short-term decision-making during this time and help frame longer, post-pandemic positioning. As the term research implies, market research is the process of gathering information to make better decisions. The purpose of market research is to understand customers’ needs and desires and changing attitudes and behavior. Now is the need for more information, more research.