30 second summary:
- BrightEdge combines search and business intelligence with important new innovations.
- Marketers are looking for a solid view of their macro market and for micro business opportunities.
- Consumer emotions are a main driver for market shifts.
- Holiday Shopping Insights show how people buy certain items.
- Enhancing the brand’s ability to monitor, analyze, and activate data is critical to 2020 success.
As the traditional customer journey continues to change radically in many industries, many companies are struggling to adapt their search and digital strategies to the changes and conditions of the macro market. Recently, BrightEdge introduced Market Insights at Share20 so that, for the first time in our industry, marketers can combine Business Intelligence (BI) with Search Intelligence.
According to their COO Krish Kumar,
“Marketers need platforms that leverage big data to scan the entire marketing landscape, but also move quickly to explore opportunities and understand rapidly changing search patterns. Old models don’t always fit the new reality. Recently, the markets have picked up and marketers increasingly need a robust unified platform with agility, breadth and depth, and speed of execution with high precision. Our announcements show where our industry is really going. “
BrightEdge Market Insights provides customizable macro market trends for strategic planning and highlights opportunities. In combination with the newly released BrightEdge Intelligent Log Analyzer, the company integrates extensive data, powerful analysis, BI and web infrastructure optimization on one platform.
This year, more than ever, marketers need a solid view of their market and opportunities made up of as much relevant consumer data as possible in real time.
The emotions of the consumers are a key driver for market shifts
According to Deloitte’s latest Global Anxiety Index survey, 50% of US consumers are concerned about their health and 61% are concerned about the health of others. 38 percent delay large purchases, and 26 percent find the ability to meet upcoming financial commitments and make payments a real problem.
Fear is not the only emotion that leads to massive changes in consumer behavior. Research by BrightEdge on search volume in the first six months of the coronavirus pandemic shows that demand in segments such as home office, garden and terrace, cooking and grocery delivery continues to be higher than in 2019. The COVID Impact Index shows that the first searches pet goods, sporting goods, play equipment and groceries have balanced out, although demand remains higher than it was before COVID.
Growing interest in industries typically associated with discretionary spending like apparel, footwear, and beauty / cosmetic products suggests that consumers may return to at least some of their pre-pandemic shopping habits.
In the early days of the pandemic, few could have imagined it would last as long as it did, and there is no end in sight. Since we had no context from previous experiences in our lives, it seemed impossible for life worldwide to be turned upside down for the way it actually was. Given the ongoing risk and unusual longevity of the crisis, many consumers are looking for ways to feel better – self-sufficient, having the company of a pet at home, improving their physical health, and finding fun ways to spend more time at home.
Why Marketers Need To Combine Search And Business Intelligence
The coronavirus has undoubtedly changed consumer and shopping behavior in a variety of ways. Furthermore, the scale of this crisis has shown that we as a business community may be more vulnerable to large-scale, long-lasting economic disruptions than previously thought.
Consumers are reevaluating their careers, rethinking their lifestyle, and looking for meaningful spending decisions. Moving forward requires brands to simplify complex data analysis and understand key market drivers in real time across millions or billions of data points. Indeed, one of the most direct expressions of that intention is search.
Real-time search data offers a much more holistic view of consumer interest not just in the brand itself, but in the market as a whole. In addition to localized possibilities, broad market shifts become visible and a comparison with the performance of the competitors becomes possible. Search results give brands a broad view of the entire marketing landscape, but also the granularity to find specific localized opportunities and understand the intent behind the trends.
Activate your search data and digital strategies for the fourth quarter and beyond
BrightEdge, a study on vacation planning, suggests that in the first few weeks of the COVID-19 pandemic, shoppers changed their online buying behavior and are more aware of their budgets for more important goods or affordable luxury. Buyers browse more often, resulting in more purchases and overall revenue, even though they are of lesser value.
Improving your brand’s ability to monitor, collect, analyze, and activate data is an essential part of any digital marketing strategy. Companies that implement changes based on data analytics can expect revenue margins to grow by between 8 and 25%.
In 2020, it will be vital for marketers to keep their finger on the pulse of changing consumer needs and behaviors. BrightEdge innovations help both customers and the community as part of their mission to inspire their customers and deliver the best performance by becoming an integral part of the digital experience.