On Wednesday September 23, we hosted our second eNumerate conference, a virtual thought-leadership event aimed at breaking the status quo of data delays, disparate data sets and disjointed consumer views. We heard from analysts and leaders from innovative brands on how they evolved their strategies to better anticipate ever-changing market demands and stay ahead of consumer needs. We also shared our own thought leadership exploring how disruptions to our homes, economy, and society have altered consumer behavior.
Numerator Product Announcements: New Capabilities for a New Time
The pace of the world is faster than ever, and in a time where “unprecedented” has become the new precedent, we’ve been working on new ways to meet the evolving needs of brands and retailers. At eNumerate, we got the chance to share some of our latest projects and products, which set a new standard for data speed, detail, and flexibility. Here’s a peek at what we’ve been up to:
- We announced the beta version of our TruView tool— powered by our new 1MM household Measurement Panel— allowing brands to measure their market share across all channels with consumer context. Keep an eye out for the full release in 2021!
- We’ve launched Promo Insights, connecting Numerator promotions and purchase data to understand which promotions are bringing in net new buyers, who is purchasing on-promotion, which brands are impacted by the promotions, and more.
- Purchase Journey is coming soon to Numerator Insights, and will offer a complete view of shopping and consumption— from planning to at-the-shelf decisions to consumption and evaluation
- Mobile Paid Social Data is now a part of Ad Intel, adding critical analysis of social creative and ad spend on Facebook
- Digital Rebates Media Type is available for Promotions Intel clients to understand how consumers are seeking promotions and its impact on shopper behavior
Insights from Numerator: Disrupting the Status Quo
Numerator has done extensive research into consumer behavior shifts in the past six months, and at eNumerate, we shared more insights into today’s consumer landscape and what we anticipate for the future. Our findings came down to three major differences we’re seeing in today’s world, related to our homes, our economy, and our society.
Our Homes: Panic to Patterns
Our homes are the center of our lives in a new way; they’ve become offices, schools, restaurants and social spaces. The way we fill them has changed too, from what we buy to how we buy it. Online shopping is booming— 80% of consumers have made an online purchase in the past three months— and the shift online has accelerated nearly two years in the past six months alone. We’ve seen a sustained shift in the types of products consumers are purchasing, as well. Brands need to adjust to these new patterns of behavior, as many of these habits are likely to last beyond the duration of the pandemic.
Our Economy: Retreat, Reset, Recover
Our economy continues it’s dynamic cycle of recovery after unprecedented job losses earlier this year, a temporary shut-down of many businesses, and a lingering fear about the dangers of COVID-19. Unlike historical recessions, the layering on of social distancing, stay-at-home orders, and a pandemic has made spending far less predictable, with the average household spending more across channels in the past six months than they would on average. Consumer sentiment is proving to be a stronger predictor of spending and behavior than typical predictors like purchase power. As brands prepare for an extended period of disrupted spending, they need to understand the immediate fears and desires of consumers in order to best serve their needs.
Our Society: Appeal to Ideals
In addition to the changes we’ve seen in our homes and our economy, the fabric of our society is changing as well, with people across the country voicing support for social justice initiatives. 77% of shoppers say that a company’s stance on social issues is an important consideration to them. In fact, shoppers pace more importance on brand values than they do brand status when considering products. Brands are taking note and speaking with their ad dollars. In June, brands spent $1.6 million on advertisements with racial justice messaging— more than 5x the amount spent on similar ads in the past two years combined. Developing an authentic stance on social justice and integrating concrete values into business will be critical for brands moving forward.
Insights from our Client Presenters
In addition to announcing new products and sharing our latest research, we invited our clients to present on how they’re using data to navigate these unprecedented times. Here’s what we heard:
- Ken Romanzi, CEO of B&G, discussed how B&G navigated the COVID-19 period, how they are future proofing their large portfolio of brands, and how this year is re-shaping the “CPG company of the future.”
- Chris Shaw, Director of Category Development and Shopper Insights at Henkel, discussed how the brand was able to understand the impact of Dial Body Wash promotions on shopper behavior and repeat purchases.
- Mary Jane Campbell, CBI Group Lead at Johnson & Johnson, spoke to uncovering the drivers behind Tylenol’s COVID-19 surge, analyzing new brand buyers, and adjusting advertising creative to attract and retain new consumer groups.
- Andrew Lazar, Equity Analyst at Barclays Capital, shared how they analyzed increases in household penetration, along with trial and repeat purchasers to measure and predict brand growth.
Numerator remains committed to disrupting the market research space, working quickly to innovate new solutions and publish timely research to help you navigate today’s changing world. If you’d like to dig deeper into anything we covered at eNumerate, reach out to your Numerator representative to discuss how we can help your business move forward.