Top 5 reasons why Data Analytics matter in the Age of Covid19

The virus is here to stay, and cost-cutting on data analytics and customer engagement is not an option

Netflix used the power of streaming technology in the year 2007 – one year before the global economic recession. Yet, here was a brand that at the peak of recession in 2009, gained 3 million subscribers. Netflix became every member’s ideal brand because they kept alive the spirits of a large unemployed audience with unlimited streaming per month, and a monthly disc-delivery service. By adjusting their pricing to fit the then-dystopian economic situation, they were noticed for excellent customer service and today, their brand foothold is the total worth of 36 million subscribers globally.

If there is anything a crisis tells us repeatedly in history, is that analytics gives brands an edge during crucial times. The plethora of data available today is enough to minimise losses during economic instability. The 2020 COVID crisis asks brands to do nothing different: Analytics is meant to help brands gather, understand and actually act on data. In a time where customers are locked into their houses, data helps brands study buyer behaviour, compare financials, operations, performance management, predict trends based on patterns and most of all, forced brands to maintain a personal relationship with customers globally in an efficient manner.

Automation is another way to save dollars without any compromise in meeting customer expectations and being available to them 24/7. With the advancements in AI and Machine Learning, automation is every ambitious brand’s most affordable option.

Here are five ways in which Analytics and automation can help sustain business agenda in the age of COVID19:

  1. Observe geographic trends and evaluate media: Use analytics to identify customers that are most affected by the change in business operations, and in what way. Remember that analysing different media performances across the globe and will not only unravel insights for strategic targeting, but also tell you the best way to optimise investments during unprecedented times.

  2. Keep the momentum alive: Business continuity management depends on data analytics and in-depth market research online. Most sustained businesses rely on visualisations, alerts, notifications and control-dashboards to know shift in market trends and consumer behaviour patterns.

  3. Automation: Chatbots and automation, on the other hand are used by the most durable businesses during this time: Automation handles the large influx of data to maintain maximum-effective customer experience standards in the time of need. Chatbots are a great tool to leverage on to make a brand “always available” to their customers.

  4. Data management is money: Bring the world closer by combining internal organisation data with third-party resources like data management tools, CRM and social listening. Develop core KPIs to enable impact-tracking, and use the power of analytics dashboards to manage siloed tools, study and bifurcate data influx, even manage interdepartmental collaborations.

  5. Analytics is only as strong as the data feeding it: The benefit of real-time analytics is that it can take you where you need to be. The crisis has caused businesses to tread based on evidence of data. For business leaders, analysis is about strategically deciding the path on which the future of the company resides on, especially during the times of COVID19.

Know that POST COVID19, some behaviours are here to stay:
1. Personal productivity apps like Zoom, Google Meet, etc will be used on an all-time high, and WFH will continue to be a legitimate thing.

  1. Online shopping will be as relevant as retail shopping used to be.

  2. The era of middlemen might actually see an end! Direct marketing is going to form a new and uninterrupted link to customers, meaning brands and customers will only need a digital channel to communicate.

  3. Customer engagement will be about showing empathy. Emotional marketing will now be a reality, wherein brands will analyse the sentiment of their customers to target their buyer behaviour.

  4. Comprehensive dashboards will be the norm of the CX managers. Machine learning and deep analytics are set to provide managers with cohesive data patterns that neatly provide clarity on the digital market sphere.

LOCOBUZZ IS A SAAS PLATFORM THAT CONVERGES WITH TECHNOLOGIES SUCH AS AI, ML, BIG DATA AND ANALYTICS TO PROVIDE BRANDS WITH A 360-DEGREE CUSTOMER EXPERIENCE MANAGEMENT SUITE. LOCOBUZZ’S POWERFUL ANALYTICS ALGORITHMS HAVE HELPED SEASONED BRANDS ESTABLISH A STRONG FOOTHOLD IN THE DIGITAL HEMISPHERE THROUGH THE COVID19 CRISIS PERIOD. VISIT OUR WEBSITE WWW.LOCOBUZZ.COM FOR MORE INFORMATION ON OUR CX MANAGEMENT SERVICES THAT ARE CATERED TOWARD BUSINESSES LIKE YOURS!

Nishevita Aiyer
Client Relationship Manager
Locobuzz Solutions Pvt Ltd