The COVID-19 pandemic is setting a new way of life, where people have different desires, different expectations and needs. The challenge for businesses is to react to that, to slide in and provide answers, solutions, services or products that people are looking for, and maybe didn’t exist before.
Cognetik started a new video series about the impact COVID-19 has on businesses, in areas such as customer behavior, demographics, or customer loyalty.
In Episode 1, Part 1 of the Cognetik Insights Series, Senior Digital Analyst, Parker Smith, sets the stage for how businesses are changing and can adapt during this time.
The challenges businesses are facing during the COVID-19 pandemic are greatly attributed to behavioral shifts and new consumer purchase patterns.
When it comes to consumer purchase patterns and behavior shifts, there are a lot of different aspects to look at. Some organizations that have a very short business cycle, like companies from the QSR industry, where business owners or managers could see a shift within a day. For example, people that would have normally ordered pizza for the whole office at lunch might only order food for their families.
On the other hand, businesses such as real-estate companies will have a different shift that’s not visible in dayparts, but rather in visitation patterns segmented by weeks. That takes longer to track.
In Episode 1, Part 2 of the Cognetik Insights Series, Senior Digital Analyst Parker Smith and Marketing Manager Lisa Simorelli discuss buyer demographic shifts and new, emerging patterns.
So far during the COVID-19 pandemic, there wasn’t a big shift in demographics. Companies would either receive more web/ app traffic from all demographic groups or less traffic from all demographic groups.
There isn’t a big change in demographics in terms of traffic and web metrics, but there is a discrepancy in terms of disproportionate growth, which is business-specific. Some industries soared, such as online marketplaces for groceries or electronics, while others plummeted, such as jewlery or travel websites, in terms of web traffic.
The demand for data and analytics also significantly increased. Many businesses need to go digital, they need to generate and deal with more traffic, which means more avenues to test, and more data to collect.
In Part 3 of Episode 1, CTO & Co-founder Matt Alexander, Strategic Solutions Director Kiran Gopinath, and Senior Digital Analyst Parker Smith discuss digital adoption rates and building your analytics practice to stay competitive.
There are many companies that need to embrace digital transformation if they haven’t already adopted a digital-first strategy. These companies don’t have apps or they have never prioritized the digital side of their business.
Most likely, every one of these companies is struggling right now to come up with a strategy to launch the digital transformation, which may not even be customer-centric or data-driven.
On the other hand, companies that might have their standalone website or app need to think about tapping into marketplaces to acquire new customers, due to the increased competition from traditional businesses that try to get digital by accessing these platforms.
In Part 4 of Episode 1, our experts discuss building loyalty and trust with new customers through data.
A lot of people are shifting from offline to online and are finding new avenues to fulfill their customer’s needs. The big question for companies is how to get those people, who are using new platforms due to COVID-19, be more loyal to their brand?
The main goal is to gain the trust of your customers. One way is to have loyalty programs, to reward your customers.
On top of that, there’s also the option to listen to your customers. However, only a small subset of your customers is going to submit the surveys on your website. So, what is the best way to listen to your customers? The answer: through data.
Having a really solid tracking implementation on your website is extremely valuable, to be able to listen to all of your customers, not just the ones that want to talk to you.
By leveraging data, you can see their behavior, their purchasing habits, if they’re coming back to buy from you, etc. Essentially, you can get a sense of what your customers like, and you can start reacting to their desires and needs more effectively.
In the final part of Episode 1, the team brings the concept of customer loyalty full circle and discusses how companies can utilize customer data to maximize their revenue.
In the last couple of years, gamification has been an important avenue for companies. Companies are implementing weekly challenges for their customers.
Companies need to find a good balance between fun and rewarding programs and keeping their businesses profitable. In time, this will build trust with their customers.
Cognetik will be here to provide value through articles, videos, and helpful tips on how to move your business forward. We’re also available to answer any questions or just to strategize on solutions.