Big data technology has become pivotal to the evolution of modern marketing. A lot of marketing strategies have evolved in response to new insights that were made available with data analytics. One of the benefits of big data technology is that it can help us see the impact of the pandemic.
Early last year, My Customer made some great observations about the role of analytics in tracking customer trends. The pandemic surfaced a couple of months later, which opened even more doors for analytics to be used to help brands monitor customer trends.
Data Analytics Helps Brands Discover Major Insights in Customer Trends During the Pandemic
About a year ago, the coronavirus stepped on the scene and wreaked havoc on the world. In the blink of an eye, the workplace went virtual, unemployment rates skyrocketed, children transitioned to distance learning, in-person activities ceased, traveling was restricted, and daily routines were altered. We talked about the strategies hospitals took to use big data and AI to deal with the pandemic, but many other companies took similar steps.
Naturally, these changes had a significant impact on business. Although entrepreneurs did what they could to adjust to these changes, they overlooked one crucial factor – marketing. Those that did focus on marketing usually neglected to make data-driven marketing insights.
The COVID-19 pandemic has transformed the landscape of marketing forever. As current times have altered everyday life, it has impacted the way consumers spend their time and money. Ultimately, to remain relevant and operational, businesses must reevaluate and adjust their marketing efforts to accommodate the average consumer. They have found a number of digital marketing strategies work wonderfully when paired with big data technology.
It starts by having a clear understanding of how marketing has changed amid the pandemic. Many analytics tools have helped us discover some more trends that work well. Continue reading to learn more.
Consumers Spend More Time Online
Internet usage has skyrocketed since the start of the global pandemic. With more people spending time at home, they turn to their computers, laptops, and mobile devices for information, business, social interaction, and entertainment. From playing games and streaming movies to socializing with friends and online shopping, digital platforms allow people to stay connected and complete everyday tasks safely.
Why This Matters: Part of an effective marketing strategy is knowing where to reach your target audience. Businesses that invest a lot of time, money, and resources into traditional marketing concepts will fall by the wayside. If your customers are online, you should be developing a marketing plan to meet them where they are.
This is one of the areas where analytics has proven to be most useful. It is a lot easier for brands to track customers when they are spending time online and better understand their behavior.
eCommerce Is Booming
While lockdown orders have been lifted in many states, the fear of the coronavirus causes many people to remain close to home. So, when it comes to shopping, they prefer eCommerce platforms. They can purchase what they need from the comfort of their homes and have it delivered without having to risk their health.
Why This Matters: Brick-and-mortar establishments are losing foot-traffic at alarming rates. Failure to go digital could result in the ultimate demise of your business. Those without a digital footprint need to invest time, money, and resources into developing a solid eCommerce site that’s convenient for their customers. Fortunately, there are companies like Power Digital Marketing that can assist local businesses in making the transition.
Big data has been incredibly useful in the field of ecommerce. The global market for analytics in ecommerce is expected to grow to be worth $22.4 billion within the next four years. It may grow even faster, since so many ecommerce brands found so many great benefits of it during the pandemic.
Localized Advertising Has Increased
Analytics platforms showed that the pandemic did bring about positive change. It caused citizens to focus on their communities. From watching local news channels to supporting local businesses, residents are more reliant on localized content than ever before.
Why This Matters: Customers prefer to review state and local news channels, websites, blogs, and social media groups to learn the latest about the pandemic and their communities. They also prefer to support brands that will ultimately help stimulate their local economy. As such, businesses must incorporate localized marketing concepts to reach their target audiences.
Truth in Advertising Is A Must
In the wake of the pandemic, brands have been exposed in ways they never thought possible. “Cancel culture” has become the new norm as consumers call major companies out for their false advertising, poor business practices, and insensitivity to current times. Most people prefer to do business with companies that are honest, transparent, aware, and proactive in supporting the causes they care about.
Why This Matters: The increased use of the internet and more downtime has provided a means for consumers to observe companies under a microscope. Misinformation or bad news can ultimately spread in a matter of seconds, ruining a company’s reputation for good. As such, businesses large and small must be honest, open, and considerate in their marketing efforts.
An effective marketing strategy is the foundation of any successful business. As everyday life has been altered for the foreseeable future, so have the needs, interests, and expectations of the average consumer. Business owners that hope to survive the pandemic and beyond, need to have a clear understanding of how marketing has been impacted and make the necessary changes to optimize customer experiences.