With the new year—and a new decade—inching ever closer, many businesses are looking to the future. Just as individuals around the world are planning out New Year’s resolutions, organizations around the world are refining their business strategies. Many of these updated business strategies will spotlight some of these top trends.
The world of digital marketing is expected to see its own unique trends in the coming year. As a subcategory of business strategy, digital marketing strategy deals with all of the efforts funneled into online audience engagement. Digital ad spending is expected to rise, as it has done for the past several years, while chatbots and private messaging apps will gain traction. While businesses will certainly continue to utilize social media, which has proven to be quite fruitful, apps such as WhatsApp and Viber, which have gained popularity amongst individuals, have finally been picked up by businesses. The ultimate goal for many of these businesses is to allow customers to easily pay for products through the apps, rather than going through any intermediaries.
Online Research and Big Data
Big data and internet research are expected to continue their upward trajectory in 2020. Studies in the year 2019 found that digital case studies of business products and services, including on-site and third-party reviews, often influenced purchasing decisions. As businesses delve into the data behind this logic, they will need to accommodate the vast amounts of information available to them. This is where big data comes in—using modern technology, businesses can synthesize massive amounts of data to pull out the most helpful clues as to what attracts audiences and what turns audiences into customers. A thorough understanding of these factors can redirect business strategies, putting companies on the path to future success.
One of the biggest technological advancements that has impacted business is the development of artificial intelligence (AI). This technology is capable of performing various complex tasks, synthesizing information and analyzing its output faster than we can blink. As more and more businesses invest in AI, they are simultaneously investing in improved software and customer management services. Its versatility is staggering, but businesses of all sorts in any imaginable industry can reap its benefits. For instance, dental tech has recently begun incorporating AI to eliminate the need to type into a database; now, dentists can simply vocalize a task and the AI will input the information.
As mentioned previously, AI can handle a variety of tasks. While some may see this as a cause for concern, namely due to the myth of technology stealing jobs, automation of tasks can actually create a huge benefit for businesses and can open up job opportunities. Consider this scenario: a company automates its most menial tasks, such as scheduling client appointments and synthesizing data, by using AI and other new tech. This frees up time for employees all across the business, allowing them to direct their efforts towards interpersonal relations with clients and business growth ventures. In essence, this would help propel the business towards its goals, instead of letting it lag behind. As the business grows, it expands, and expansions open up new job opportunities.