Analytics are increasingly important for marketing, and the pandemic has made effective analytics even more vital. From everyday items to luxury goods, companies leverage analytics dashboards to decide where, when and how to market.
A prime example is Mercedes-Benz. It uses a dashboard to access 35 sources of data across 30 markets. This includes commonly used data such as media consumption habits, consumer sentiment, foot traffic, and shopping behaviors. But also factors in “of the moment” analytics on government restrictions to combat the virus and changes in local COVID-19 cases, and mortality rates. According to Natanael Sijanta, Mercedes-Benz Director of Global Marketing Communications, “Mercedes-Benz is seeking data to answer questions on customer behavior and economic activity in different regions.”
Candy maker giant, Hershey Co. is gearing up for what will be a very different holiday season. This iconic company is using analytics to understand what’s happening globally, nationally and, in the U.S., on a state level to make advertising and marketing decisions. “Hershey’s is a national advertiser, but there are state-specific implications which will impact the holiday period,” explains Hew Griffiths, Global Chief Product Officer for Universal McCann. State restrictions, local unemployment data, COVID-19 rates and other topical information could have a significant influence on what happens on a consumer level in a particular area.
Consumer products companies are not the only ones benefiting from creative data analytics solutions. SRAX, Inc. uses investor intelligence and big data to “unlock and utilize data in new powerful ways to create a new nexus of opportunity between public companies, financiers, investors and traders.” Its technology platform for investor intelligence, corporate communications and shareholder retention and acquisition, Sequire, has acquired more than 75 publicly traded companies as clients in just over a year. Using data and resources from Broadridge Financial, the platform allows companies to monitor investor behavior, access trendline information, and execute and measure retention and acquisition campaigns. It would seem to be only a matter of time before such capabilities are extended beyond the public markets.
The wealth and investment management industries are not exempt from this trend. Firms are focusing on building out client relationship management systems and other information capture platforms to build a complete picture of client behavior and develop highly targeted sales and marketing using real time information and metrics to find out what’s working and what’s not.