To say that consumer behavior will remain unpredictable in 2021 could be the understatement of the year. Some of the trends we saw in 2020 kept their momentum, while others burst into our world and disappeared just as quickly as they appeared. This dynamic and unpredictable sequence we are going through makes it essential for brands and companies to base their important decisions and their marketing strategy on data and information in real time, in order to be able to face the future and any crises that may arise.
Access to data is not the problem, however, far from it. There’s no shortage of data from a myriad of sources, but the question is how to use it. The reality is that today’s dynamic market demands faster, more focused decision-making than ever before.
Opportunities out of this complexity
To create opportunities out of this complexity that is emerging in the post-pandemic period that we are living in, OMD, one of the largest media networks in the world, has created a tool capable of bringing together relevant signals from disparate data sources, and which can provide marketers with a detailed insight into the evolving economic and digital landscape.
OMD’s ‘Fast Start’ data and analytics platform contains a Singapore WhatsApp Number List set of over two billion fully anonymized pieces of data, built from an ever-growing list of over 18 partners and data providers, including Google Search and Google Maps, and from over 40 different markets around the world.
With this new solution, businesses will be able to get a bird’s-eye view of a lot of essential information, such as media consumption, prices for advertisements and projections for the future, consumer feelings and impressions, pedestrian traffic, consumer purchasing behavior, fluctuations in hospitalization rates, cases of death, and local vaccination against the Covid-19 virus. All of this should help companies better understand how to meet the needs of their customers and implement models of marketing strategies that can match what the data anticipates.
Shared database and resource
Connected by a shared database and resource, marketing teams using Fresh Start can directly and quickly address complex questions and issues in planning and optimizing their ongoing operations. In other words, they can make better strategic decisions, via a more agile approach.
With data-driven foundations to track the changes and transformations underway in markets and the global economy, businesses and brands will be able to better identify trends that are likely to last, and react quickly, unlike to those who do not have the technology offered by OMD. They will also be able to turn to real-time data signals to monitor changes in consumer behavior, and make intelligent predictions.
Today, it is no longer enough to plan your projects and strategy as events develop, as medium and long term plans can become stale weeks or months after their launch. Instead, OMD has found it necessary to put in place a planning process that is based on a range of tangible results, so that its internal teams and clients can take advantage of fleeting trends.
Google’s Mobility Trends
For example, Bacardi, the famous rum brand, used the Fast Start dashboard very effectively last summer, shifting a large chunk of its marketing budget to promoting its Bacardi rum cocktails. As the latest data, including that provided by Google’s Mobility Trends ( Community Mobility Reports ), began to reflect changing behaviors and an increased interest in outdoor social activities, Bacardi made the decision to rework its budget. As reported in the Wall Street Journal, Bacardi spent 65% of its planned media budget in the United States on launching cocktails in May, then increased its media and digital ad spending between June and July.
Other brands have used the dashboard to track rapidly changing demand across the globe. In March 2020, following sudden store closures across Europe, a large retail customer reassessed its media business on the continent. Along with the retailer’s own data, real-time insights from the Fast start dashboard highlighted short-term rebound opportunities. The data feeds gave the brand insights into the differences seen in each market, revealing where demand was shifting towards digital commerce.
Research signals indicating short-term product demand, combined with the falling cost of media placements due to reduced advertising competition, has led the company to focus on markets such as Germany, where signs of recovery were more positive. The signals also gave them reason to focus on e-commerce and social channels. Later in the year, the retailer used those same lessons to prepare for future opportunities.