Businesses and consumers are operating in a new reality as they pull together to fight the Coronavirus pandemic. How do companies stay on the consumers’ radar with business closures and mandated quarantines? The answer is with a little creativity, ingenuity and passion. Using Next Generation AI, we can see how companies are responding!
Marketing Pandemic Pivot
As stores, restaurants, barber shops and even bars closed one by one, the question of, “How can we increase revenue?” quickly became, “How can I keep revenue coming in?”
Anhuesser Busch reported $285 million in lost revenue in the first two months of Coronavirus hitting. And home goods giants like Home Depot who sources 30% of its products from China, are coming up with contingency plans to protect their company. The financial impact is being felt around the globe. Searching Quid’s market intelligence capabilities, we can see how much business and companies are talking about the financial impact:
And exploring top emotions expressed in the past two weeks in NetBase, we see a good bit of fear, but something else too. Notice the amount of positive language in our graphic (marked by green). “Love, Thank, Favorite Retailer,” are three top emotions that offer hope to retailers, and inspiring creativity to shine.
“Necessity is the mother of invention,” after all. And luxury retailers, among others, are ready to stand tall and set that bar for the industry.
Luxury Retailers Set Bar
As the world washes their hands in order to decontaminate, top luxury retailers everywhere are washing their hands in order to get down and dirty and offer an online shopping experience for the public in quarantine.
Dior, known for impeccable fashion, live streamed a Paris catwalk show for its Autumn/Winter collection in order to keep its Chinese buyers connected during the outbreak. When you consider that China’s population makes up about 40% of customers for the luxury fashion houses, and their online sales account for 14% of luxury spending, this wasn’t only being creative, but a bit of financial ingenuity. Customers took to Twitter to express their delight about online offerings:
Following suit, the World’s Most Valuable Luxury Brand Louis Vuitton harnessed the power of social analytics tools and showed its love by launching an exclusive Valentine’s Day pop-up, allowing customers to place orders online. LV then went beyond, and moved all offline promotions, online, by sending out QR codes to its customers. Completing this, LV moved consultations and post-sale customer services online as well, doubling online sales from 2019.
Sharing Consumer Love Online
And of course, where do the customers show their love? On social media! This customer showed off his prized LV facemask to his 75,000 followers on Instagram:
And this lady was excited to order online and receive a Key Fob!
It is safe to say, customers are reacting with strong positivity to an online option. Recognizing the connection between needing to do regular day-to-day things and feeling normal, LV and Dior opened the retail door for their high-end consumers during this time of limbo. And we can see mentions, posts and net sentiment pointing to quite a bit of love for them:
Online events as a whole, are on the rise actually. And it makes sense.
“By binding creativity with consistency, brands can create digital engagement-focused content (including livestreaming, retail-tainment, 3D mappings, AR filters, interactive personalization) that will favor both sales and branding.”
Online retail is already a flourishing industry and will grow even more as consumers spend less time out and about due to Coronavirus.Forbes expects to see massive gains in e-commerce delivery services for grocers and restaurants. Recently, more retailers are putting on their creative cap and shifting all their focus to online success!
Following Suit – Adapting In-Store Events to Online
Taking in-store events and making them work for online platforms takes a bit of creativity but there are lots of best practices to help retailers along. And there’s lots of conversation happening around the necessity of online events right now too:
And are they really that bad though? Whereas in-store events are often one day only and create a sense of urgency that online lacks, the ability to have products accessible all hours can be amazing for capturing those late-night shoppers. In fact, “data from John Lewis has found one in 15 purchases are made online between the hours of midnight and 6am. And the number of late-night shoppers [rose] 25% in the period 2018-19.”
Maybe your audience consists of athletes available in early hours just before a morning run, or those who peruse online during daily lunch breaks. In NetBase you can see when your target segment is active so you’ll know the best time to reach them:
And hosting an online launch party for VIPs before the product is publicly available is always a hit:
Combining social listening with online events offers an awesome opportunity to build long lasting relationships that will see your business through uncertain times. You’ll be able to see what’s working, what isn’t, and pivot in real-time to connect meaningfully with consumers. It’s an opportunity, really. Use it as such.
Amazon, Louis Vuitton and Dore offer different things from Luxury fashion to everyday needs like toilet paper, they have one thing in common: They are keeping an eye on shifts and consumer needs in the marketplace, and are pivoting focus as needed. Reach out and we can help you better understand how these needs look in your category too!