The latest times have been challenging for everyone. Business in general, regardless of the sector of activity, felt the impact of a crisis that has taken place worldwide.
After confinement, there are now new forms of consumption, new behaviours by customers and an acceleration in digital transformation. Also, these pandemic times have brought uncertainties, challenges and a permanent need to do more and better with fewer resources, to wage more on digital channels that have become preferred in connection with the consumer but also to create more profitable and targeted business opportunities.
Marketing is one of the most crucial areas within organizations because, in addition to working on the organization’s positioning and reputation, it is also responsible for the process of attracting, nurturing, converting and retaining customers by generating value for a product, service or brand. Consequently, in these adverse times that we live in, play undoubtedly, an essential role in capturing consumers more effectively, allowing the organization to gain higher relevance in the market and have greater competitive advantages.
Have you ever imagined how you could enhance your strategy if you knew your customers’ behaviour properly and anticipated their needs to develop more personalised campaigns giving a more effective response and with an impact on the business?
To achieve success in its strategy, the marketing department has to dominate the entire customer journey, generating value during the whole process and creating a disruptive offer that creates a connection with the customers, who at the end, are the principal ambassadors of any brand.
With the right insights, you can give your customers personalised services and products according to their needs, tastes and preferences at the right time.
Never as much data has been generated as today, but this data is only of real value when they are stored, processed and generate decisive insights for decision-making.
Data Analytics and Artificial Intelligence solutions are an essential tool that makes it possible to understand consumers’ needs, market trends and direct the company’s offer more efficiently and provide timely responses to the challenges posed. Also, with a broader and more accurate knowledge of the market, you can create new products and services tailored to the needs that will undoubtedly give brand recognition and win more customers.
Having the main KPIs in real-time, or even alerts for more critical changes will help you make better decisions and create the right strategies to leverage your organization and create opportunities in more adverse times.
Undoubtedly, with efficient data analytics, you can have more personalised and profitable strategies, reduce the churn rate, and create excellent and more customised products and services, thus optimising results and creating a differentiating position in the market.
Now, the question that surely arises is how the consumer will behave in a post-COVID scenario? The crisis we are currently experiencing is leading not only to an acceleration of digital but also to new perceptions by consumers concerning brands.
According to the Edelman Trust Barometer 2020, 65% of users believe that the response to the pandemic will be a fundamental criterion for choosing to buy products from either brand in the future. Likewise, one in three consumers is already rejecting brands that do not respond, either due to their silence or due to the disclosure of inappropriate messages in the current context.
As such, it is time to readjust the strategy, creating a greater connection with consumers, a higher knowledge of their tastes and needs, and an efficient adaptation to the new reality and the new forms and channels of consumption, to mitigate the financial impact.
Having a data-driven strategy allows you to be one step ahead, with higher and detailed knowledge of what is going on in your organization and the market, leading to better strategic and operational decisions.
The future undoubtedly belongs to companies that add intelligence to their businesses, either by preventing and protecting their data or by turning them into valuable insights that will add value and turn opportunities into profit.
Are you ready for the new market demands?
Opinion article published in Briefing – November, 2020