Bain & Company shared how market testing can enable companies to adjust to new strategies, messaging and offerings that can resonate to customers’ new reality

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To Market to an Upended World, Test, Test, Test

Adapting to New Customer Behaviors – Bain & Company shared how market testing can enable companies to adjust to new strategies, messaging and offerings that can resonate to customers' new reality

Summary:

Bain & Company shared new insights to help marketers adjust their strategies to adapt to new customer behaviors during Coronavirus period. These include:
  • New Customer Segments – During the lockdown, business are now looking at two key segments – the unemployed and working from home – and will have to cater their messaging and strategies to this new reality
  • Shift Marketing Channels – Some companies shifted media spending from television to digital channels, and focused advertising on products, rather than large groups, sharing food and shaking hands in their videos
  • Use New Data Models – Throw out old data and historical mix models as they may no longer apply, while using testing to identify products and offers to meet new needs
  • Conduct A/B Testing – Use A/B testing to craft messages, promotions and packaged offers that can communicate with empathy the value offered and ways they can help customers, and what marketing channel will best reach them
  • Take Action – Rapidly act and deploy strategies according to learnings from tests, and consider using messaging or approach that worked into other channels
To read more on this article, please visit https://www.bain.com/insights/to-market-to-an-unsteady-world-test-test-test/
Company: Bain & Company
Category: Customers, relationships and channels
Source:

Original publication date: April 13, 2020

Date last updated: April 30, 2020