As the year nears its end with 2020 just around the corner, now is the time that business professionals start assessing which trends will help them grow their enterprises in the coming year. Here are six business trends for 2020 that are standouts.
Insights-Driven Marketing
Companies can no longer merely make assumptions about which strategies will get the most favorable responses from consumers. They must rely on insights-driven marketing, which involves analyzing numerous sources of data and extracting valuable information from it.
According to the 2019 Altimeter/Prophet State of Digital Marketing report, data analysis was the top skill desired from new hires in 2019 and 2020. More specifically, 41% of respondents said it topped their list of capabilities that new employees should have.
That finding indicates businesses will continue tapping into data to determine how to please their customers and drive profits. They translate to a company poised for growth next year. Scrutinizing the data correctly increases the likelihood of a businesses’ efforts paying off instead of falling flat.
Sustainable Products
There was a longstanding belief that even when people intended to buy sustainable products, they wouldn’t do it once they got to their stores of choice. However, research from New York University confirms that people do purchase sustainable items, and they contribute to business growth in the process.
The researchers examined dozens of categories of consumer packaged goods and found that in more than 90% of those segments, products marketed as sustainable grew 5.6 times faster than their conventional counterparts. This suggests shoppers are voting with their wallets and showing a preference for sustainable products a trend that seems set to continue in 2020.
However, it’s often not enough for a company to describe a product as being sustainable. They also have to explain what the sustainability aspect means for consumers. Then, shoppers can grasp how their purchase ties into a broader aim that helps the planet or its inhabitants.
Social Learning to Foster Continual Workplace Development
Company leaders often realize that well-educated employees are assets to workplaces that can facilitate enterprise growth. That’s why they often schedule paid training and seminars for career development. Into 2020 and beyond, the people who get educated at work should expect it to happen more informally. Statistics indicate that 50% of businesses have social learning opportunities for workers.
Analysts say social learning can sometimes happen organically, but workplaces should not assume that’ll be the case. Rather, they should look for ways to promote social learning through peer networking, mentoring and similar educational perks. Then, employee learning happens continuously, making it more likely that workers stay ahead of the curve and help the workplace thrive.
Mobile E-Commerce Improvements
Mobile e-commerce shows no signs of slowing. Keeping pace with consumers’ demand for it means businesses must make their mobile purchasing processes as efficient as possible. Then, they can increase mobile purchases to simultaneously help the company grow.
A faster checkout process is one thing people can expect this year as they shop on their smartphones. More companies will offer single-click checkout processes and options to pay from digital wallets. Both streamline the checkout process and remove hassles for consumers. Single-click checkouts, in particular, reduce the chances people will have second thoughts about buying something.
Content Marketing to Move People Through a Journey
When the Content Marketing Institute asked professionals how content marketing will change in 2020, some said that a positive change is that content is more audience-focused than centered on the brand. However, an opinion expressed was that companies still have work to do regarding figuring out how content is instrumental for spurring the customer journey.
More-specific content will supplement customer experiences in 2020, providing them with the information they want and need while engaging with brands. This trend benefits business growth because when done well, it helps companies learn more about their customers.
Using Artificial Intelligence to Spur Digital Transformations
When MuleSoft released its top digital transformation trends for 2020, artificial intelligence (AI) was on the list. The material brought up how AI can provide personalized promotions, assist consumers via chatbots and more, giving measurable advantages to businesses.
However, it cautioned that AI is only as good as the data it receives. Companies that want to maximize their growth potential with AI, then, should ideally hire talent that understands this emerging technology.
Keep an Eye on These Business Trends for 2020
These are not the only things that will propel business growth in the coming year. However, evidence shows they’re leaders that businesses professionals should remain mindful of as they determine how to tweak their operations.
