“From a marketer’s perspective, from a retail or restaurant perspective, there is this great reset where you have an opportunity to actually grab market share that you’ve never had before,” David Shim, the CEO of Foursquare, said about how the pandemic created a level playing field where reopening businesses could possibly make a gain on competitors at a fraction of what it might typically cost.
During the local intelligence session of Live with Search Engine Land, Shim and PlaceIQ CEO Duncan McCall talked about what Shim refers to as “the great reset,” where consumers navigate between their routines prior to the pandemic, shopping behavior changes due to quarantine, reopening markets as well as the various economic impacts the pandemic has had the whole time. With lockdown restrictions starting to lift, location data can be used by businesses to help understand how audiences adapt, enabling them to market to customers that are ready to buy.
According to Shim, we’ve never had this kind of reset regarding consumerism in the physical world. He said that with the pent up demand due to the closure of non-essential businesses, customers are moving in droves to store locations at up to 80% of pre-pandemic levels in some areas.
“Consumers want to consume in the physical world, and the fact that they don’t have any kind of learned behaviors, that their muscle memory has to be rebuilt when it comes to consumption [means] you need to get in front of these folks, because if you wait too long . . . the number two, the number three, the number four player in the space has an incredible opportunity grab market share,” he added.
McCall said that, on the other hand, “reopening is different than reemergence.” He said that states lifting restrictions doesn’t really equate customers coming back to physical stores. When reentering the market, it’s partially determined by each specific circumstance – the population density of their area, whether they live alone, personal preferences and priorities
“If you add all that up . . . it really does show the power of location to, on a day-by-day basis, help understand what is really happening on the ground,” McCall said, talking about how location data can be used to segment these audiences for marketing purposes.