Innovation, Marketing & Business Trends to Watch in 2020
Over the last few years, the business environment has changed. Businesses are adopting new technologies, processes, and ideas faster than ever before. In order to stay competitive, leaders must keep up with their customer expectations and the latest innovations within the market. Here are a few concepts that will become increasingly relevant in 2020 and drive business growth over the foreseeable future.
Employee happiness will be prioritized by businesses – The current unemployment figures have reached historical lows and businesses are in competition to attract top talent. The economy is predicted to remain healthy, more baby boomers will leave the workplace, and the remaining workforce will continue to seek work-life balance. These variables will force employers to place an increased focus on employee happiness and mental wellbeing. Employers already understand that happiness is tied to more than just compensation, benefits, and career path. The most innovative employers will seek to understand what their team really wants and formulate a blend of purpose, environment, and benefit to attract and retain valuable team members.
Remote working will become the norm – As the battle for talent becomes more intense and industries continue to evolve, remote working arrangements will become increasingly accepted. Employees will find benefit from living wherever they want and having increased flexibility in their role. Employers will find return in the ability to recruit across a global workforce and savings by decreasing their office footprint and their rent expense. This shift will require increased attention on communication technologies, the development of culture, and the proper onboarding and management of teams. Innovative employers will invest to ensure that their workforce is properly onboarded, engaged with meaningful work, and produce meaningful results for the organization.
Big Data will be replaced by actionable data – Companies have spent millions on launching big data strategies and many have yet to find a return from their investment. Big data investments started with a goal of understanding customer behavior and identifying predictive operational metrics but have morphed into academic pursuits around machine learning and artificial intelligence. Executives will be placing more scrutiny across their investments and will demand a return from their data scientists. We will see a renewed emphasis on converting big data into small and actionable data sets.
Content marketing will shift to experience marketing – Over the last few years, marketing teams have been obsessed with the creation of content. The content is distributed across multiple platforms, including Google, YouTube, Instagram, Facebook, and Twitter. This is done in an effort to increase search engine traffic, engage potential customers, and drive sales. The landscape is changing and digital platforms are increasingly filtering content and placing more emphasis on paid advertising. In order to remain competitive, advertisers will need to transform their campaigns from content to immersive experiences. The experiences will include content, but will also incorporate physical, virtual, and other opportunities for customers to interact with their brands. Brands will map the customer experience, identify moments that matter, incorporate storytelling, and deliver experiences that will make their brand unforgettable.
Businesses will spend time on algorithm hacking – The digital economy has made products and services immediately available to most consumers around the globe. Technology firms have integrated search engine patterns, social media traffic analysis, consumer data, and even Alexa discussions to proactively suggest options and ensure an easy purchasing journey. Companies will invest more time than ever to understand and leverage these proprietary algorithms. This is the only way brands can remain top of mind in a transforming marketplace.
Small and midsized businesses will see an increase in acquisition activity – As the economy continues to roll, CEOs will be under increased pressure to drive company growth at faster rates. They will need to be agile and find value in a market where multiples have risen to astronomical figures. This reality will force a shift in the acquisition market and drive executives to look down the market to find better values. These smaller organizations will also provide a workforce that is used to being agile and pivoting at a faster pace. They will need partners that can identify local businesses and negotiate deals that provide benefit to both organizations.
Businesses will connect with consumers via cause marketing – Customers and employees alike are looking for a little more from the organizations with which they associate. They are searching for companies that provide quality products/services AND share their values. Organizations are embracing this corporate responsibility trend and aligning their brands with non-profit organizations and community causes. National Parks, humane societies, education, and at-risk children have all been beneficiaries from cause marketing initiatives. Progressive brands will spend time to understand their customers, identify the causes they support, and establish communication plans that create emotional connections to their brand.
As you begin to develop your business strategy for 2020, remember that Stonehill can help. Our integrated services include customer insights, marketing, service design, and organizational design. Our team can be reached at 813-444-1984 or info@stonehillinnovation.com