Read All About It: How Marketers Can Adapt in a Changing Media Landscape
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Businesses are always on the lookout for the next big disruption – or are looking to be the force that disrupts their industry. New competitive offerings, legislations and demographic shifts all have the potential to upturn an industry. However, some disruptions come from well outside the world of business and create many questions and even greater risk. The current health crisis around Covid-19 / Coronavirus is clearly part of the latter group.
Covid-19 is at the center of a tremendous amount of uncertainty - implications to customers, employees, families and businesses. But we also have the advantage of an enormous amount of data to help guide us through the crisis. One recent example is a client who is incorporating data on how the virus is spreading and leveraging the incidence by city to quantify the impact. As the virus spreads from one city/region to another we have a true test/control and can isolate the prominence of the virus vs. the business drivers to help address the impact and plan going forward. Through proper analysis, this data lets us know the risks businesses are facing and what opportunities exist to better support customers and minimize business loss.
When faced with disruption and uncertainty, Analytic Partners recommends leveraging advanced analytics to support decisioning and reduce risk. We leverage our decisioning tools and through scenario planning and war-gaming our clients can weigh short- and long-term implications and better meet their customers’ needs, given a range of outcomes.
Analytic Partners has already been working with our clients on modeling such scenarios considering the spread of Coronavirus. Some examples of the topics we have uncovered include:
No matter the type of business you are supporting, it is wise to look at risks and opportunities to make decisions that serve your customers while moving the company forward. In a crisis it is especially necessary to get closer to your customers and leverage analytics to understand their needs.
Given that there are significant financial risks for many businesses in a time of crisis, creating and modeling out scenarios not only supports data-driven decisioning, it also allows a clear view of the financial risk – necessary for many companies to report. Most importantly, during this challenging time, we wish everyone to stay safe and healthy.
-Joshua Bayne, Senior Director - Product Strategy
Analytic Partners can help your business adapt.Talk with an expert.