At Cuebiq, we are always looking for ways to innovate and develop our products and services. In October 2021, we released new audience segments: Lapsed Audiences. This segment consists of individuals who interacted with your brand prior to March 2020 (the onset of the pandemic for most Americans). It allows you to re-engage with your former customers and harness the power of location data to understand how loyalty and decision-making have changed as a result of the pandemic.
The Impact on Brand Loyalty
As a result of the pandemic, we were forced to rethink several aspects of our lives, such as the way we shop, dine, and even watch TV. The pandemic also caused supply-chain issues, worker shortages, and a higher demand for daily essential products. Value and convenience became the most important factors when shopping, thereby impacting brand loyalty.
Over the last year, there have been several different narratives questioning the potential for a “new normal” and how many of our pre-pandemic habits will return. In July 2020, Ketchum called it a “brand reckoning” after conducting a study in which 45% of American shoppers said “COVID-19 has already changed their brand preferences; 62% expect permanent shifts.” By August 2020, McKinsey’s research reported that the number of US customers “who have tried new shopping behaviors since Covid and plan to continue” was closer to 75%. Then, in 2021, Merkle found that 57% of consumers stayed loyal to a brand despite the events of 2020.
The Return to “Normalcy”
By June 2021, The World Economic Forum was reporting that 52% of Americans were shopping and 45% were dining out as they had pre-pandemic. However, changes in consumer behavior have left companies and brands vulnerable as they struggle to “capture new customers while retaining existing ones”, making it more important than ever for brands to re-engage with their former consumers. This article from eMarketer explains that, “brands and their agencies need a way to read emerging signals in the vast ocean of data… and respond opportunistically in real time to maximize their desired outcomes.”
The Value in Lapsed Audiences
Fortunately, Cuebiq’s Lapsed Audiences provides the real-time, precise data that brands need to craft customer re-acquisition strategies. These segments are based on a new methodology built by our data science team by observing consumer behavior before and after the pandemic. In addition to helping brands build consumer loyalty by converting churners into loyalists, Cuebiq’s Lapsed Audiences also aids marketing efforts through
- Reduced Cost: Lapsed customers have an existing relationship with your brand, eliminating the need to spend on creating brand awareness.
- Reduced Effort: Lapsed customers have already demonstrated a need for your products/services.
Examples of Cuebiq’s Lapsed Audience Segments
We are launching with 50 audiences available that cover many verticals including:
- QSR → Chick-Fil-A, McDonald’s, Burger King
- Interests → Coffee Lovers, Movie Enthusiasts, Mall Frequenters
- Lifestyle → Flyers, Professionals, Fitness Enthusiasts, DIY’ers
For easy activation of Cuebiq’s Lapsed Audiences, search for “COVID Churners” on Data Marketplaces through LiveRamp, The Trade Desk, Oracle, Centro, Eyeota, and Pushspring.