FINDING THE TRUTH IN THE PAST HOW HISTORY CAN HELP YOU ANALYZE COVID-19 DATA AND PLAN FOR A BETTER 2021
This spring, scientists and local governments asked citizens to “flatten the curve” by staying home and limiting the spread of COVID-19. While the economic shutdown had many businesses scrambling to make up for lost profits, it could also provide more pivotal information for making wiser data-driven decisions, according to Columbia School of Business professor Oded Netzer. The pandemic skewed data that many business leaders rely on to make decisions about future marketing practices. How can you make valuable marketing moves when your data is undercut by a crisis and marred by unprecedented closures and business decisions? For Netzer, the answer lies in the past. In an article published by Columbia Business School, Netzer explains using data, which cannot provide the full story of the circumstances to make a marketing plan, requires human foresight and conceptualization. It’s our job to pick up on the patterns data from the past has given us. He explains, “Humans are good at pattern recognition; computers are good at data processing. At times like these, when data are limited, we need to combine both.”
Netzer recommends analyzing the market crash of 2008, previous fallouts from past pandemics — such as MERS or even the Spanish flu more than 100 years ago — and changes or data pulled from countries further along in the COVID-19 fight. Because of the limited information experts have on COVID-19 and the lasting implications of the pandemic, Netzer believes those who look to the past to conceptualize current data will have the best idea of how to move forward. With this thinking in mind, Netzer recommends businesses run simulations and test marketing strategies now before fully deploying them in 2021. This can provide real-time data and identify pain points. In addition, Netzer advises businesses to establish multiple variations of their marketing plans so businesses can easily adapt as the times do. Now is the time to examine your skewed data, compare it to the past, test your 2021 marketing strategies, and create simple, effective hypothetical scenarios so you can be better prepared for marketing your business in the new year. This year’s data may be incomplete, but it can still be a powerful tool in building your future.
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“Hey Dave, I wanted you to know that I stole a page from you on this last email I sent out to my advisors. This is a testament that your training has value. I took a risk sending this out … one thing I do know is that the folks who talk to me are great Southern folks who enjoy family and are not afraid to speak truth. Well, in this email, I dipped my toe into that. I ended it with, ‘What is your why?’”
Taylor Mungia Senior Internal Marketing Specialist Benefit Bank Distributors, Cedar Park, TX
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