Bain & Capital suggests ways to use free online tools to predict and respond to shifts in demand brought by COVID-19, as well as guide communications with customers

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Ample Data, Often Free, Can Predict Consumer Behavior Through the Covid-19 Crisis

Analyzing and Predicting Customer Behavior – Bain & Capital suggests ways to use free online tools to predict and respond to shifts in demand brought by COVID-19, as well as guide communications with customers

Summary:

Bain & Capital provides suggestions how to analyze demand affected by Coronavirus epidemic, which caused lockdowns in many parts around world, using free tools. These include:
  • Analyze Google Trends – Study shifts in Google search trends per location around world to predict declines and bounce backs over next week or succeeding month
  • Apply Trends to Ad Budget – Apply variation in predicted search volumes from previous year to last 4-6 weeks to the ad budget, reviewing it twice a week
  • Adjust Communications to Situation – Focus creative content on supporting customers and raising funds for awareness, especially for industries with fall-off in demand, or emphasize valuable ways to spend time at home if appropriate to company’s product or offering
  • Achieve Reach and Frequency Goals – Direct internal or agency teams to clear reach or frequency goals, making sure not to oversaturate on smaller audiences, and applying updated goals to bidding strategies per keyword or audience
  • Plan for Second Half 2020 – Track changes in customer behavior through customer relationship management (CRM) system, third-party panel or media partner to plan shifts in media channels, weights, and creative content for near future
To read more on article for free, visit https://www.bain.com/insights/ample-data-often-free-can-predict-consumer-behavior-through-the-covid-19-crisis/
Company: Bain & Company
Category: Customers, relationships and channels

Original publication date: April 9, 2020

Date last updated: May 17, 2020