Consumer Trust Index: a KPI6 and PwC collaboration to handle the crisis
We are witnessing a dire crisis. The effects of the COVID-19 emergency are crystal clear, but there is good news: we are facing it together.
Consumer Trust Index is a tool that companies can use to understand the market and to significantly reduce their losses. It is a day-by-day indicator of Italian consumers’ trust, emotions and propensity to spend. CTI is a way out to overcome the Coronavirus emergency, together.
And it is powered by PwC and KPI6: we found out that we both believe not only in the value of data, but in the entrepreneurial skills and the expertise of Italian companies and entrepreneurs. People, and companies, that we want to help recover faster.
Consumer Trust Index: what is it about?
AI technologies could be a great help during the emergency management. They can increase our understanding of customers, their trust, their willingness to spend, with the right timing. But above all, it is important to know what people are thinking and their emotional state.
PwC and KPI6 have developed the Consumer Trust Index to accomplish this task.
Combining and analyzing data from different sources (web, social networks, search engines, stock market and much more), we have built an artificial intelligence index that, with the help of Machine Learning technology, has allowed us to predict the trust function several weeks ahead.
The Consumer Trust Index is a real-time indicator of how consumer trust (intended as positivity, sentiment, and willingness to buy) evolves day-by-day. The final output is something more than classical trust indexes show.
CTI offers real-time insight, it can be declined to a geographical area and market segments and it is based on a non-solicited, reliable methodology, with the most powerful Artificial Intelligence in the industry of market research. Last but not least, it is extremely easy to read and to interpret.
Consumer Trust Index is a unique tool that turns data into accessible insights.
It allows a great understanding of everyday events, and, of course, the way these very events influence customer behavior.Luca Passoni, Innovation Manager @PwC
How CTI will prove relevant to your business
CTI validity and usefulness lie in being able to face 3 main moments of the COVID-19 timeline:
1) Crisis management: CTI will help brands to improve their strategic activities to minimize losses due to stagnant demand during the expansion of COVID-19;
2) Predictive model: CTI predicts when confidence will return to pre-crisis levels, in order to give the brands advantage of the trends of the trust of their customers.
3) Post-crisis strategy: With a huge competitive advantage, brands will be able to continue using CTI data to interpret the level of market confidence.
From Global to Industry Panel
CTI is a multiple index for specific needs. An important thing that distinguishes our Consumer Trust Index from survey-based indexes is the fact that it can be read as a global overview, it can be declined by industry, with a drill down in each brand.
The index is used vertically, it takes into account any kind of industries and brand, giving us 3 different indexes in 1: Global, Industry and Brand Index.
CTI portraits the confidence and propensity to consume of the entire population in a certain country; it shows trust trends in a specific market fragment (such as FSI, Fashion or Food) and it studies each brand to get a dedicated view on the most profitable actions to overcome the COVID-19 crisis.
These additional insights can drive a brand’s strategies towards its short- and medium-term goals: minimize losses, retain customers, and recover faster once the crisis is over. CTI allows a company to intercept developing trends (and how to make a profit out of them) and detailed information regarding the performances of the single brand.
The index will also allow companies to know the share of market and voice of their competitors, making the relationship of trust towards its industry and competitors more evident .
Our goal is to combine the Consumer Trust Index, developed in a collaboration with KPI6, with our business and innovation strategy expertise.
That will allow us to provide tangible support to companies in this difficult period, with a sound, structured approach.
We will understand and predict the evolution of the crisis in real-time, control the context, and ultimately define the best actions to take, for companies in any industry.Domenico Agnello, New Ventures Innovation Lead @PwC
A PwC and KPI6 collaboration to support our economy
KPI6 merged its expertise and technologies to the ones of PwC in order to create CTI, an economic index of trust that also speaks of hope and wealth It will enlighten the path towards a rapid economic and social recovery.
Our goal is to give a contribution to the Italian economy in its fight against COVID-19, the common enemy. The tool we developed is a powerful ally that will stay useful even after the current crisis is ended. A way to gain trust in ourselves, strength, and motivation… on the re-birth road.
We all recognized, by now, that after the coronavirus emergency the economic and social situation will be changed deeply. A new, unstable context will continue over time. The change will be progressive and gradual, just like the uncertainty in user confidence.
Our observatory will fight against the context, in a dynamic and propositive way, providing you the data-certainty to drive your brand performances at the highest level.