As we have seen in the past few weeks, almost every business is feeling the effects Covid-19 is having on the market. Some businesses that focus on brick and mortar or in-person services have had to close unexpectedly, while others have had to adjust to a remote workplace. Some have had to cope with mass cancellations, like airlines and Airbnb, while some have had to adjust to a massive increase in orders, like Blue Apron.
A large portion of the national conversation around Covid-19 and business has focused on the pandemic’s impact on small businesses, but larger companies are also experiencing changes. Companies with a number of subsidiaries and brands may have increased demands. Social media activity (and with it customer opinions, complaints, or service requests) will continue to increase as social media becomes a more important avenue for communication. There may be pressure for these organizations to cut costs, like social media ad spend. But it is increasingly important in these times to know and listen to your audience on social media in order to keep them loyal to your brand. This crisis is also highlighting the need for brands to be heard by customers. They will be looking for updates on your social media and watching your responses as the pandemic unfolds. What they see and hear will influence their perception of you for years to come.
Consumer Packaged Goods Market Analysis
Large companies, especially those that are in the consumer packaged goods market, may be struggling with increased demand as people stock up in preparation for potential coronavirus lockdowns. In depth analysis of your audience can help identify markets and locations where your brand should focus, influencers you can reach out to, and customer service issues that should be addressed.
Procter & Gamble owns a large number of consumer packaged goods brands, including the toilet paper brand Charmin. Charmin, along with other toilet paper brands, has been the subject of an increasing amount of discussion on social media channels as stores struggle to keep up with increased demand brought on by the pandemic. Looking at mentions of Charmin on social channels, a number of customer concerns jump out.
As people spend more time inside their homes, customer service issues and complaints will continue to make their way onto social channels. It’s important to be proactive in reaching out to dissatisfied customers. Good service can turn a negative impression into positive social customer experience.
Charmin customers are looking to social channels for answers, but the information isn’t there. The marketing team could use this information to reduce their standard advertising and re-focus on promoting their COVID-19 specific efforts and P&G’s charitable contributions. Although they do state on their most recent post that they are focusing on producing and shipping, they may want to promote this post or have an influencer share post, and answer the questions that customers tweet in response so the consumers feel that they are being listened to.
Knowing what your customers need from each brand or channel is essential to ensuring they have a positive customer experience. But how do you anticipate what they need? If you listen close enough, they’ll tell you. Keeping an eye on keywords and phrases mentioned alongside your brand can provide important insights to each brand’s unique place within the industry and the market.
A dashboard examining phrases that have been mentioned alongside “Charmin” in the past 24 hours shows us that people discussing Charmin are also concerned about its plant workers and sustainability issues. This would be a great opportunity for Charmin to be proactive and schedule posts about their sustainability efforts and the benefits given to their workers and have influencers convey this messaging to their audience.
Influencers with up to 103,991 followers are already engaging with Charmin on Twitter. This shows us that Charmin already has a strong brand awareness - a great indicator! They may benefit from focusing on their brand reputation and pushing content that positively affects it.
Zooming in on the tweet about Charmin from the largest influencer mentioning the brand in our dataset, we find that the tweet is critical of Procter & Gamble’s advertising, generating a large number of the tweets with negative sentiment on the bubble graphs above.
Thankfully, other brands under the P&G umbrella are generating a more positive conversation.
The tweet with the highest reach about Olay, another P&G brand, mentions their charitable act of donating products to healthcare workers.
Looking at a word cloud of phrases mentioned alongside Olay, we can identify products that are being discussed most frequently (new olay body wash and olay regenerist retinol) and product specifications that are important to Olay customers (fragrance free). Phrases relating to their donation to the nurse does not directly appear in the word cloud, which indicates that they may want to have an influencer promote this story and should strategize ways to utilize these most frequent and important phrases, according to the customers, in near-future marketing efforts.
Researching competitors is also an essential piece to a comprehensive market analysis. You should always be conscious of what your competitors are doing on social media, how their content is performing, who is mentioning them, and what topics they are mentioned alongside.
Johnson and Johnson’s skincare brand Neutrogena was discussed by influencers with a greater reach, but the discussion was less consistently positive than the conversation about Olay—the second most popular tweet suggested that they found a Neutrogena product to be ineffective.
This could be a great opportunity for Olay to build a relationship with this influencer, who already has a negative impression of their competitor.
With the new issues facing large companies and brands and an increasing amount of consumer data available, you may need new tools to assist with in depth market research in order to stay on top of shifting customer needs for subsidiaries.
Give your marketing team the power to analyze markets widely and deeply, so your brands can stay one step ahead, if not more.