A Customer’s behavioral pattern that includes habits, needs, preferences, and means of interacting with service all comes under consumer behavior. Over the years promoting, customer-centric marketing campaigns have become the norm of major industries. According to the statistics, over 86% of consumers would pay more for getting a better customer experience- that’s how significant it becomes to step closer to understanding your buyer’s needs.
Data Analytics makes it easier for marketers to learn and observe their customer’s needs. They get to know more about the preferences, likeness, and aspects that influence the decision making of their target audience. Back in November 2020, the chief measurement strategic at Google, Neil Hoyne stated at the virtual symposium of “The Use of Analytics and AI in a Post-pandemic World.” that,
“The companies that are going to win are the ones who are using data, not guessing,”
Therefore, studying the behavior of consumers in marketing is a must to do a thing. According to the statistics, “ around “76% of consumers expect” brands to recognize their preferences, needs, and expectations. If you understand what your customers want from you only then you will be able to target and promote your product.
The Disruption Pandemic Caused To The Industries
The COVID-19 pandemic has completely shaken the world and tore apart many companies from progressing. It has influenced consumer behavior to a great extent. Whether you look at the economic aspects of the healthcare sector, everything is disrupted in its own way.
People all across the world are responding to the pandemic in distinctive manners. They are being more conscious of what to expect, where to buy, and what to choose. Certain industries are doing great but the demand has increased so hugely that they fall short of supplies.
However, with the gradual progress to handle pandemic as the industries enter the post-COVID phase, there comes a challenge on how to influence the consumers and what better strategies to imply that can reap profitable outcomes. Here are some ways Data science can help marketers to understand the consumers and create ways to influence their behavior, thereby generating better revenues.
The Opportunity To Stay Relevant
Data Science reveals that consumers during the pandemic become fearful of both the economic and healthcare sectors. Look at the stats below:
Source: Accenture
Considering that, companies and brands must avail this opportunity and step a bit closer to their consumers who would appreciate the efforts made for them. As per the statistics, around 20% of consumers get more included to shop from a brand who assists them during shopping. So, only if you know what your consumer expects you will be able to gain their trust.
You need to gather data that can give you a proper insight about what your customer thinks about your service and how you can influence them.
The Rise In Conscious Consumption
People are more conscious now than ever before. Even if they are spending, they prefer spending the right amount on the right thing- something which has more value and worth in their life. They are not frivolously wasting money over any petty thing.
Source: Accenture
Data extracted through analysis at the Food Marketing Institute – FMI showed that people are emphasizing buying certain kinds of food during crises. Food items like canned meals, soups, and easy to prepare meals are in more demand. They are rather sticking to such items just in case of a sudden lockdown. Their attention is diverted towards getting things that are more useful and beneficial in terms of their health and safety.
The Rise in Online Shopping
During the pandemic, there was a huge surge in online shopping. As consumers we’re all locked in their homes, they found this to be the safest and only available option. Here is a statistic showing the increase in online shopping.
Source: UNCTAD
As the consumers begin to quit their shopping trips to amazing brick and mortar stores, companies all around the globe started rebranding. They analyze consumer behavioral patterns and shift online introducing seamless platforms to interact. The surge in eCommerce also drove the popularity of digital coupons. With more customers searching for promo codes, brands gained a new channel to build traction for their products.
Helps To Provide Real-Time Analytics
Apart from the aspects mentioned above, one good use of data science during the pandemic and even after was to identify the best time to show marketing and promotional ads. As you know most of the companies shift to remote working steps where the time to get online was different, not usual. In this way, many brands have to shut down their PPC due to the unavailability of their most targeted customers.
All of this analysis was driven out through data science. Using AI-powered bots, now brands are using cutting edge tools to understand how their consumers respond and what the best time is to interact with them.
Helps Influence The 3 Major Aspects of Consumer Behavior
With the help of data science, you can target three major aspects that influence consumer behavior, on the whole.
- Personal- It involves interest and opinions of the customers
- Psychological- It involves common perception and thoughts
- Social- It involves socio-economic classes, groups and social media activities
All three of the above-listed areas can be easily tracked and influenced. The statistics gathered through data science will help you find out what things your consumer likes, about their online activities and the right time to approach them.
In A Nutshell: Data Science Helps in Predicting Behaviors
You may stay completely oblivious as to what is going on in the market if you do not use advanced practices to extract data about your target group of audience. With the help of data science and the information that is brought for you, you get to view the market from many different perspectives. You understand the needs and necessities of your audience and created the best ways to reach out to them. You get to know how your consumers responded during the crises and what things matter most to them.
