Report: How has COVID-19 changed your market?

COVID-19 has no doubt changed everything from the way we interact with each other to how businesses operate in the new normal

And a market research firm specializing in economic and market forecasting has recently conducted a United States Business Economic Demographic Forecast Report that contains data, information, and insights that business decisions makers require in facing today’s many challenges.

Challenge in Making Post Pandemic Business Decisions
COVID-19 is an economic and societal transformational event on par with those that occurred after the World Wars and the Great Depression, according to a news release.  It has fundamentally changed the way people think about work and leisure, as well as where, when, and how they want to live and work. This event has had a profound impact on many factors that influence the United States business economic structure. While many of the changes are temporary, many others will be permanent.

According to Steve Daniel, President of Daniel Research Group, “In this rapidly changing economic environment, business executives are struggling to make immediate critical decisions about asset allocation and investments, product and service development, as well as marketing tactics and strategies, that align with new market dynamics.” This free report will provide them with a better understanding of their markets.

Structural Changes
Over 8 million workers lost their jobs in the initial months of the pandemic in 2020. By the end of 2021, five Million were re-employed. By the end of this year,DRG forecasts that employment will be over 1 million higher than before the start of the pandemic. However, businesses have not experienced the same recovery. The long-term trend in the US for employment to migrate from a smaller firm to larger firms was accelerated by the pandemic and will continue, the news release said.

More than 440,000 businesses closed in the first year of the pandemics. Not only have they not recovered, but more will also be lost over the next five years significantly changing the distribution of businesses by industry and firm size.

Total Available Market
At some point in the forecasting process for products and services marketed to companies, the size and growth of the Total Available Market (TAM) need to be estimated. For most products and services, the user and/or buying decision-maker is an employee within the business or business sub-unit. DRG maintains and continually updates a Business Economic Demographic Database (BEDD) that contains the history from 1998 and a forecast to 2026 of Employees, Businesses, Establishments, and Payroll by Sector (Public and Private), Sub-Sector, Industry and Business Size (Employees). BEDD was designed to help size and forecast the total available market for their products and services. It provides the answer to three fundamental planning questions:

1. How big is the market for your product or service?
2. How fast is it growing?
3. How is it segmented by Sector, Sub-Sector, Industry, and Business Size?

The DRG U.S. Business Economic Demographic Database (BEDD) containing business demographic data, is specifically built for use in the design, development, and application of market size models and forecasts for enterprise products and services.

Taxonomies and Metrics

Source: Daniel Research Group