In times of economic uncertainty, companies – big and small –see immediate changes to customer behaviors as sales from historically consistent customer segments have become unreliable and unpredictable.
The way people work, shop, consume media and relate to brands has accelerated . Consumers who traditionally shopped in stores have migrated to mobile and online channels for information and purchases. Digital and streaming content has increased. Health/safety product sales, grocery delivery and restaurant takeout have skyrocketed. The film industry is generating revenues by releasing new movies direct to consumers via subscription-based streaming services.
Consumers and businesses have been in a state of uncertainty trying to adapt to continuously evolving situations. Companies need to be prepared to quickly adapt to changing behaviors in order to grow and thrive in continuously evolving markets. Organizations that can read and react to shifts in behaviors will enhance their ability to re-engage customers and positively influence the speed of recovery to their businesses.
Data is more important than ever to help identify & understand changes in behavior – short and long-term – and making strategic adjustments. Here are a few suggestions for leveraging data to help::
- Centralize customer information to create a unified view
- Segment customers into key audience groups
- Establish KPIs for a baseline timeframe
- Compare customer segment KPIs to at various time frames to identify changes in behavior
- Implement continuous measurement reporting to quickly spot trends and shifts in consumer behaviors
It is important that companies continue to engage with customers to reassure and reduce anxieties. Organizations that use data to adjust their strategies accordingly will be better suited to regain and grow market share and sales quickly.