Brands Rely on A.I. Driven, Real-Time Consumer Insights and Activation as Consumer Behavior Shifts During Pandemic
Resonate, the leading provider of A.I.-driven consumer data, intelligence and managed media, today announced record performance in 2020 despite the effects of the COVID-19 pandemic. Revenue exceeded $50 million growing 139% year over year.
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The company’s consumer intelligence platform has a compound average growth rate of 86% with net revenue retention well over 100% during 2020. Brands continually relied on Resonate’s industry-leading consumer data and analytics platform to inform marketing, and their hyper-targeted, precise activation capabilities during the pandemic. Demand for Resonate’s industry-leading offering has grown tremendously resulting in 119% increase in new customer acquisition over the last six months.
“2020 presented marketers with an unpredictable, volatile consumer landscape,” said Bryan Gernert, CEO of Resonate. “The pandemic, social justice movement and presidential election prompted an immediate realization that brands require ready access to real-time insights that keep pace with consumer sentiment in order to adjust to these macroeconomic market conditions. Without fresh, privacy-safe data to inform their decisions, they remain subject to the tides as opposed to driving growth.”
At the beginning of the pandemic, brands were searching for insights into how consumers were adjusting their lifestyles. Historical data was no longer applicable, and predictive models couldn’t account for what consumers were feeling in real-time.
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As a result, Resonate launched The Pulse of Today’s Consumer, a free research report available to aid marketers in their quest to connect with consumers. Over the course of 2020, Resonate issued 10 waves of the report and data, representing nearly $1,000,000 in free studies and insights to help the marketing landscape keep pace. The reports were crucial in not only telling marketers what motivated consumers to buy, but also how those motivations shifted based on current events. The Covid Wave reports helped marketers understand which segments of the population were eager to resume certain pre-pandemic activities (and which were not), as well as how the vaccine would influence future decision-making. These insights proved valuable across industries, including travel and dining, which are reliant on consumers resuming pre-pandemic behavior.
The company also provided timely insights on the presidential election and the social justice issues that were front and center for most of 2020. The convergence of three seismic and highly divisive events left marketers scrambling to understand the mindset of the American consumer.
As demand for Resonate’s A.I.-driven data and insights increased, marketers relied on it to gain a competitive edge. As a result, Resonate’s online presence grew dramatically. Overall, website traffic grew 53% in 2020 compared to 2019, with traffic during the fourth quarter of 2020 up 76% over the fourth quarter of 2019.
“With consumer sentiment changing on a weekly basis, marketers learned the data coming from tools they relied on in 2019 was outdated and not reflective of current consumer trends. Our solutions offer real-time data that has proven to be invaluable this past year,” continued Gernert.
The pandemic forced a sudden switch to ecommerce for many brands and with it came a need to understand customer and prospect buying habits and values in real-time. While this was important prior to the pandemic it became vital in order to survive when the pandemic started. More brands are relying on Resonate for its unmatched ability to provide true consumer insights by delivering the “why” behind consumer buying decisions Today more than ever, Resonate is a trusted partner and essential resource for today’s most innovative brand marketers.