The recent severe economic downturn has generated a whole new set of questions for media companies, advertising agencies and advertisers. They want to know: How will the economic downturn affect my sales? Who are the new, "most valuable" customers I should be pursuing now? How should I update my old messaging strategy to make it work in this new economy?
It is apparent from the feedback we are receiving from our clients every day that they need market data more than ever to answer these questions, and they need it quickly. The move by Experian® SimmonsSM to quarterly releases already has become an invaluable improvement in dealing with this fast-moving consumer environment. However, Experian Simmons is dedicated to continue doing even more for its clients.
The latest three-month wave from the Simmons National Consumer Study (Fall 2008) holds a unique position in the analysis of consumer behavior in that its fielding period straddles both the pre- and post-economic meltdown (subsequently referred to as pre-event and postevent) that occured during mid-September 2008. We take advantage of an important property of the Experian Simmons sample design that allows the breakdown of the data into smaller time periods to give the researcher the ability to take an unprecedented look at consumer reaction to the economic crisis as it unfolded.
Experian Simmons has undertaken the task of testing the ability to utilize "just-in-time" data coming out of the field in order to meet this challenge. There are a number of reasons for this effort, including the value added for our clients as well as our own intellectual curiosity.
There also are significant technical and methodological barriers to producing "just-in-time" data that include issues of weighting, data cleaning, in-tab resolution and interpretation. The methodology section at the end of this document shares some of the caveats that need to be taken into account when interpreting the data.
We are at a unique historicla point in time for American consumers. What is clear is that their reaction to the economic downturn will be complex and sometimes unexpected. Understanding that reaction in a quick-moving environment is likely to be a key factor in separating those companies that emerge from the crisis healthy from those that do not.
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