Interested in news from global Nielsen? Read on.
It’s Time for Brands to Rethink Their Omnichannel Strategies
It’s critical that brands understand that not all online shopping ends with an electronic purchase – COVID-19 fueled a 50% increase in U.S. omnichannel shopping last year, but less than half of the activity led to online purchases. Said differently, many omnichannel shoppers use digital channels for information rather than simply an electronic means to an end. And that’s precisely why omnichannel strategies can’t solely focus on the point of purchase.
Omnichannel business and marketing strategies have grown increasingly important in recent years, but data collected for this year’s Nielsen Annual Marketing Report suggests that marketers need to focus more on creating holistic experiences for consumers.
Understanding Consumer Trends and Panel Integrity During the Time of Covid-19
Nielsen‘s national TV audience measurement data highlights that total TV viewing has declined in recent years, however, TV viewership, as well as other media consumption, spiked when people were forced to stay at home, with massive jumps in news viewing. But after the initial shock of the pandemic arriving passed, consumers’ shifting media habits continued. The pandemic has both bottlenecked and accelerated aspects of the media industry, acting as a polarizing factor for consumer segments.
Media consumption has been fragmenting for years, particularly as consumers become exposed to new options and platforms. Consumers will always gravitate toward options that appeal to them, and the shifts we’ve seen are evidence that they will juggle their media options to fit their lifestyles and preferences. True audience measurement data provides clear insight into those preferences, and having those insights can help navigate future decisions, regardless of how unprecedented the situation might be.
During the COVID-19 period, Nielsen transformed the way it manages its panel to leverage more remote techniques and address the challenges of this unprecedented time. A series of innovative procedures were put in place, aimed at protecting the overall fidelity of audience estimates and maintaining a robust sample size.
First-Party Data Is a Good Start, But It’s not Enough
Overall confidence in first-party data quality is universally low. Data is the key to developing the personalized experiences consumers are seeking, yet first-party data typically highlights brand-specific interactions. So in that regard, first-party data does not provide information about consumer behavior away from any given brand. Second- and third-party data provide brands with information about what consumers do when they’re not directly engaging with the brand.
Surprisingly, especially when customer acquisition is a top priority for marketers this year, brands have yet to embrace data partnerships as a way to enrich their own first-party data. Data and person-level engagement are the keys to marketing success going forward, and many tools and solutions have been scaled to benefit brands and budgets of all sizes.