The stay at home or shelter in place restrictions placed on Americans during the COVID-19 pandemic have greatly impacted economic function since mid-March. The latest jobs report claims a staggering unemployment rate of 15% forcing businesses to adjust rapidly to changing consumer preferences and behavior and maintain a level of malleability as the economic climate continues to shift.
This interference of COVID-19 on economic function, particularly with regards to consumer spending, sentiment and purchase patterns, has created a wave of uncertainty among business decision makers. In an effort to adjust marketing plans and sales projections through EOY and into Q1 2021, your business may need answers to substantial questions like:
- How has the pandemic affected our target market segmentation’s purchasing behavior? Is this change permanent or temporary?
- How has the perception of our products/services changed over the course of the past two months? What does future perception look like?
- Will the fear of coronavirus contagion impact our target market segmentation for a significant amount of time after the economy reopens? If so, how long will this last?
Answers to these questions will help businesses swiftly address changing consumer sentiment while maintaining an appropriate level of empathy amidst a trying time. Luckily, the variety of digital tools available for widespread data collection allows businesses to rapidly gather large amounts of consumer data for analysis at a low cost of entry. The key to tackling the rough terrain of the COVID-19 pandemic is agility; with digital resources like crowdsourcing, your business can collect qualitative data points over a pre-established period of time to determine positive or negative changes in sentiment.
Using Crowdsourcing to Monitor Your Brand
Intelligent crowdsourcing has a huge potential for businesses of all sizes allowing for the proper regulation of data through the collection of real-time, unbiased information from diverse, reliable Contributors.
Digital crowdsourcing is an incredibly powerful method of conducting qualitative research at a time when consumer behavior post-quarantine is largely unknown and unpredictable. While there is still some uncertainty of just how quickly all consumers will feel comfortable performing in-person market research in the form of focus groups or retail audits, conducting crowdsourced sentiment analysis will allow for the instant collection of pertinent data that can aid with the planning process.
The most common use cases for sentiment analysis data collection with the Premise platform are:
- Interviews: Contributors ask members of their communities to answer a list of established questions and record the responses for reporting.
- Surveys: Contributors are tasked to answer questions related to a variety of topics.
- Freedom of Movement Sentiment: Contributors share their perceptions of safety, quality and ease of travel.
- Economic Sentiment: Contributors share perceptions of the quality and availability of goods, commercial vibrancy, the availability of jobs and access to fair wages.
- Public Sentiment: Contributors share perceptions on a variety of public-related factors like safety, prosperity and rule of law.
While interviews and surveys are an effective means of gathering data related to targeted consumption and behavioral patterns, the freedom of movement sentiment, economic sentiment and public sentiment provide useful data related to long-term behavioral patterns and general economic perception.
A combination of any or all of the Premise sentiment analysis use cases can establish a solid foundation for data analysis and actionable insights for your business during COVID-19 as you chart a path into a future post-pandemic.
The Premise Solution
Premise’s crowdsourcing technology uses a robust, innovative mobile application to collect real-time data from an extensive network of Contributors around the globe. These local Contributors provide an unbiased, unique perspective that allows them to collect extremely granular data and glean valuable consumer insight on a local level.
Are you interested in learning more about how Premise can help you conduct and analyze local or global sentiment for your business during COVID-19? Visit https://www.premise.com/ or email firstname.lastname@example.org. We can’t wait to help you become more data-driven.