Updated: Oct 2, 2020
As a data-driven marketer I am alarmed at the second hand reports of CMOs turning inward and ignoring crucial data as they attempt to navigate the perilous waters of the pandemic. Now, there is quantitative support for what I've been hearing - Duke University, the AMA and Deloitte surveyed marketing leaders recently. In the results, the survey found that only 53% of marketing leaders are looking at their website analytics, and only 22% are looking at how overseas companies handled the pandemic!
With marketing headcounts reduced by up to 37% nationally its critical that marketing leaders pay close attention to their website analytics in order to understand the changing nature of customer behavior. The coronavirus pandemic has driven many shoppers online, and research shows that move may be permanent. For the 47% of marketers who are not paying close attention to their website analytics there is a risk of losing market share to competitors who are better optimizing their user experience and consumer journey in the age of COVID-19.
Its not just first party data though. Organizations that are thriving in these difficult times include those companies that are paying close attention to how overseas firms have handled the pandemic. Texas based grocer H-E-B began reaching out to Chinese retailers in early January to understand the ramifications of the coronavirus pandemic. Armed with these powerful insights H-E-B began table top exercises that prepped their logistics, and marketing teams to prepare for the changes in supply chains, and customer behavior which allowed H-E-B to become a model of preparedness in their market.
During the pandemic its critical that marketing leaders employ all data available to them and learn from overseas companies who have successfully navigated the new normal.