As we begin to wrap up in 2020, we must reflect on the events that influenced the business world to make better decisions in the coming year. A lot happened this year that made business owners re-evaluate both their operations and survival strategies. From the Covid-19 pandemic to the various protests that occurred across several countries and regions. Shortly, we’ll be looking at the 5 leading business predictions for 2021. These business predictions for 2021 are based on the reevaluation of business in 2020, research data, and experts’ opinions.
1. Competitive Rivalry Among Businesses
The Covid-19 pandemic is among the biggest business influencers in 2020. As a result of the lockdown, several businesses have to shut down and cease their operations. Survival strategies become the dominant strategy in the minds of business owners. However, this resulted in a mass transition to the online space. NameCheap, which is among the top domain and hosting company recorded a whopping increase in the rate of newly registered domains and hosting.
Most businesses that weren’t online transited online in 2020, while the businesses with a weak online presence solidified their online presence this year. The competitive rivalry among small businesses is among the main small business prediction of 2020. In 2021, more businesses will be competing globally than locally. To increase your competitive edge, you need to develop a solid digital marketing strategy for your business.
2. Businesses Should Find Ways to Enhance their Digital Experience
This business prediction is a follow-up to the previous prediction. 2020 Achieving Customer Amazement Survey shows that ninety-six (96%) of customers will leave you for bad customer service. In 2021 make sure your digital experience and customer service are too good that the thought of switching brands never comes to the minds of your customers. The rise of chatbots in the last two years is proof that business predictions works, and we should prepare for them.
It is not enough to create a website, and it’s also not also enough to be posting regularly on social media your competitors are doing that too. To win in 2021 and beyond, your business needs to enhance its digital experience and customer service. Customers need to enjoy surfing your website and doing business with you, they need to be sure of getting swift responses when they interact with your brand.
3. Rise of Smarter Customers
The rise of smart customers is among the top business predictions of 2019, and it still made our list this year. Whether your business operations are dominant online or offline, you’ll still need to take this prediction seriously. Customers are more educated than ever. There is ample educational and optional information now available to customers in making a decision. Inbound Marketing Statistics shows that begin their buying process starts with a search engine.
Therefore, excellence in both service and product delivery is not optional, it’s a necessity if your small business will win in 2021 and beyond. Brands have to be careful when dealing with customers so they’ll not fall short of this business prediction. A bad review can ruin your business, and a happy customer can raise your business. Knowing that customers are getting smarter will help you better prepare and position your business in 2021.
4. Rise of Remote Workers
According to a new survey by a US technology research firm, the number of employees working remotely is set to double in 2021. Another research by FlexJobs shows that businesses lose $600 billion a year to workplace distractions and that remote workers are 35% to 40% more productive than their in-office counterparts. From the various statistics, it is evident that the business prediction of a rise in remote workers is already upon us.
If you’re running a small business, Fiverr is a great place to start. Fiverr lets you outsource some tasks to competent freelancers and remote workers around the world, so you’ll have time to focus on vital aspects of your business. Outsource to freelancers where necessary, and hire remote workers where necessary.
5. Customers are willing to pay more for convenience
Customer convenience is the last of the five small business predictions for 2021. Gone are the days when the business with the cheapest price in the marketplace wins, customers are now demanding more than cheap products and services. Customers want convenience, and it is predicted that their demand for convenience will increase in 2021. Reducing price to beat your competition is a weak strategy.
Will price still matter? Sure it would, but a better customer service experience will make price less relevant. Understand the dynamics of customers demand and wants so you can better position your business to deliver more convenience to your customers, that’s how you win in 2021
It’s a wrap
Abraham Lincoln said that the most reliable way to predict the future is to create it. We have given you insights and business predictions for 2021, yours is to create your 2021 by taking action. As you develop your marketing strategy for 2021, recognize these predictions and use them to your advantage.