IKEA Corporate Talk: this is what we have talked about

At the beginning of the conversation, we learned about her career path, how she went from geographer to Insight Manager. You might think that the two professions have nothing to do with each other, but it soon became clear that she can use her geographer's knowledge in many cases in her work.

Consumer behaviour is changing

Being responsible for three countries (Hungary, the Czech Republic and Slovakia) is a challenging job, as you need to know the specificities of each country, its consumers and its characteristics. Research is of course inevitable, especially in the current period of crisis, which has shaken up the home furnishing market and consumer behaviour is constantly changing. Not only is it constantly changing, but it is also very important that consumers in the three countries react very differently to new economic situations. For example, while for the Czechs the rational decision when the crisis and inflation hit was to postpone their purchases, the Hungarians thought very differently: they were more likely to act on the principle of "buy today because it will be more expensive tomorrow".   

The discussion also covered how IKEA is integrating a data-driven approach into its workflow and the important role data plays in business decision-making. 

IKEA's market position

We also discussed IKEA's market position and its competitors. In addition to pricing, of course, we also discussed the marketing activities of the companies, with IKEA focusing on the experience. As in most areas, research is very important in the field of communication, for example, advertising material is measured using different methodologies, including eye-cameras, to make sure that it is understood by consumers in all three countries, so that it is clear if changes are needed before the campaign starts.  

Of course, when it comes to IKEA, we cannot pass by the restaurant, which is truly unique in the home furnishing retail market. The importance of the restaurant is paramount in many ways. On the one hand, for Hungarians, 'Ikeázás' is a real leisure activity, often whole families spend a whole morning together, so the restaurant can be an important stop. However, the existence of the restaurant also appeals to a completely different target group: people who are not necessarily interested in the home furnishing market but who work near an IKEA store often have lunch in the store's restaurant.  

This Corporate Talk also highlighted the important role that data and targeted information gathering can play in a company's operations and the situations in which it can help decision-makers in their daily work...   Thank you Kata!