The New Normal. That term is thrown around a lot to describe the long-term impacts of COVID-19 on how we live and work. The thing is, we don’t actually know what the new normal is yet. Across industries, the landscape of business is still rapidly changing from day-to-day. This makes building a strong marketing strategy extremely difficult. Especially if you work in an industry that has marketed around a predictable seasonality for decades. That predictability is gone.
How do you create a marketing plan in a rapidly changing industry? Leverage your data.
Analytics offers clarity in an uncertain world. Through data, you can uncover how the pandemic has changed your business, specifically if your high-value customer or prospect segments are still engaged and making purchases post-COVID. With these insights, you can build a marketing plan based on hard data rather than outdated assumptions.
As an example, here’s how we’ve used the MOTUS CI analytics platform to create a marketing plan for our fitness clients as they’ve reopened their clubs.
- To start, we compare the data our clients have generated since reopening against their pre-COVID data. From this, we can track how buying trends have shifted, potential red flags our clients should avoid, and new opportunities they can maximize.
- In most cases, we’ve discovered that traditionally high-value customer segments are not buying at the same rates they were before COVID. Worse, members from these segments are canceling in large numbers. The combination of high cancellations and low buying in these segments is creating dangerous membership deficits for our clients.
- The good news? Many of our fitness clients are seeing higher engagement rates among customer segments that have traditionally been low-value segments.
- Using this analysis, we’ve created retention campaigns tailored to high-cancellation segments in order to proactively reduce their attrition rates. In conjunction, we’ve developed hyper-targeted promotional campaigns to engage the newly identified high-opportunity segments at the household level.
- Following this model, we’ve slowed attrition rates in high-value segments while increasing membership rates among prospects who have traditionally not been targeted.
- Most importantly, we revisit the data monthly to ensure our client has the most up-to-date data on customer trends and can continue to create data-driven marketing strategies.
Are you seeing a shift in your prospect audiences or that concentric circle saturation marketing is costing you more and producing less in the post-COVID market? In-depth analytics can offer you a concrete marketing strategy to thrive in the new normal of your industry.
Want to learn more about MOTUS CI’s analytics platform? Visit motusci.com to get started.