Measurement Through Uncertainty: Advanced Analytics and Covid-19
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It is not hyperbole to say again that Covid-19 has had an unprecedented impact on the world as we know it. Every business has been impacted in some way. It has caused marketing leaders to throw previous plans out the window and rethink approaches. The turmoil has left many marketing leaders to question their analytics. Many people are asking how they can effectively capture the impact of Covid-19 while also dealing with so many other forces at play. Can analytics still leverage historical results to predict outcomes given this non-regular event? And as things move towards stabilization, recovery, and revitalization how will businesses know the lagging impacts of Covid-19?
What it comes down to is: Does the pandemic break your analytics?
To help answer these questions, and many others our global clients have been asking, we have published a new whitepaper “Measurement Through Uncertainty: Advanced Analytics and Covid-19.” This paper addresses these measurement challenges and outlines how Analytic Partners is leveraging our adaptive Commercial Mix Modeling methodology to accurately capture the impact of Covid-19 on business performance.
The truth is, in this chaotic state, data and analytics become even more important and measurement approaches must adapt. While each industry and brand will be impacted differently, a holistic Commercial Mix Modeling (CMM) measurement framework that includes controllable, non-controllable, macro-factors, and the ability to isolate the impact of Covid-19 is an approach all businesses should adopt.
If you are not establishing a program right now you are essentially leaving money on the table. Even for businesses that are new to advanced analytics, you can achieve quick wins with a value assessment rapidly followed by a foundational CMM framework. In this way, Analytic Partners helps brands set up for success to track and monitor during recovery and beyond.
Organizations with existing programs must update existing models to reflect new consumer behavior and improve speed to insights and continuously refresh to assess how these changes impact business performance. In order to be prepared for a range of outcomes, businesses must leverage scenario planning, while refining those plans as the latest data and results are available. And to quickly prove out learnings and identify potential risks, developing a data-driven program of test and learn through experimentation will help businesses continue to adapt, evolve, and thrive.
How can brands accurately capture the impact of Covid-19 on business performance? Learn more in this white paper.Download The White Paper