The COVID-19 crisis has sent an extraordinary shockwave through the economy. Not only have there been significant disruptions to business activity and revenues, but fears of the virus and public health measures have significantly upended customers’ purchasing behavior. Which of these changes will be temporary and which will be permanent is still unknown.
This uncertainty creates a major challenge for business leaders who rely on analytics and predictive models to drive their strategic decision process. As COVID-19 invalidates statistical models that were being used to predict future customer behavior, how can enterprise leaders avoid additional revenue loss and still create personalized targeting that supports key growth strategies?
To build an effective model, you have to start thinking and acting differently. It is essential that underlying data accurately reflects the current population’s perspectives and behaviors. Even in those cases where purchase behavior has not drastically changed, the magnitude of the COVID-19 economic crisis and its impact on our broader society still need to be taken into account when trying to predict future buying behaviors.
Watch this webinar to discover:
- How to account for the unprecedented situation brought on by COVID-19.
- How to effectively use data to help contextualize new predictions and forecasts.
- How to understand changes in your models and digital analytics in order to determine what actions will deliver impact for your business.