Brands Rely on Resonate’s A.I. Driven, Real-Time Consumer Insights and Activation as Consumer Behavior Shifts During Pandemic
RESTON, Va., April 19, 2021 (GLOBE NEWSWIRE) — 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.
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 a 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, [brands] remain subject to the tides as opposed to driving growth.”
– Bryan Gernert, CEO of Resonate
Tracking Consumer Sentiment Amid the Pandemic and Other Recent Events
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 Historical data was no longer applicable, and predictive models couldn’t account for what consumers were feeling in real-time.
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 e-commerce 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.
Resonate is a pioneer in A.I.-driven consumer data and intelligence, delivering deep, dynamic insights, activation, and analysis in an easy-to-use SaaS platform. The Resonate proprietary, privacy-safe data set includes more than 13,000 fresh, relevant data points that describe more than 200 million individual U.S. consumers. Hundreds of companies use Resonate to drive better marketing strategy and execution fueled by a better, more comprehensive understanding of their customers and prospects that extends beyond traditional demographics, psychographic, and behavioral data to uncover why consumers choose, buy or support certain brands, products or causes. Empowered with unparalleled technology to drive insight into action, leading brands, agencies, and organizations use Resonate to identify, engage, and analyze these audiences, driving growth and increasing customer lifetime value.
Headquartered in Reston, Virginia, Resonate is privately held and backed by Argentum Capital Partners, Revolution Growth, Greycroft Partners and iNovia Capital.