On June 23-24, DATAxSCIENCE presented a series of case studies about the ways and means brands are forecasting their post-pandemic business recoveries.
With the introduction of vaccines and the coronavirus’s wider diffusion, forecasting attention is turning to scenarios for the pandemic’s end, and the timing and shape of recovery. Yet forecasting recovery can be more challenging than dealing with the immediate crisis.
During the emergency, the sense of purpose was clear – act now and safeguard the business. During the recovery phase, marketers need to address both present and long-term questions:
- What changes in consumer purchasing and watching behaviors that we witnessed over the past year will remain?
- How do models need to be adjusted to account for new behaviors and new marketing channels?
- Given that many governmental statistics are retrospective, what forward-facing signals can serve as early indicators of changes ahead affecting market forecasts?
The year 2020 was marked not just by the pandemic, but also by enormous social tensions and political polarization, opening new challenges for brands:
- How will brands navigate tensions between stakeholders and shareholders while advocating for important issues, like voting rights, that might impede profits?
- How will companies make sure every voice is heard and represented and what is the special role of market research in this process?
- How will impending changes in rules regarding privacy and tracking affect our ability to forecast and provide evidence-based plans for the business future?
Crises breed innovation and that is what we can expect in the recovery phase. In order to gain insights into changing consumer behaviors and guide decision-making, new types of data and forecasting methods should be considered.
Priyanka CarrGM, Market Research
Lisa CowieHead of Agency Research
Brian FuhrerSenior Vice President, National Product Leadership
Jane Sarasohn-KahnHealth Economist, Advisor, Trend Weaver
Jennifer PelinoEVP Omni Channel Media
Jo Ann SaittaChief Digital Officer
J. Walker SmithKnowledge Lead, Global Consulting Division
Scott McDonald, Ph.D.President & CEO