2020 was a year of change for individuals and businesses. The pandemic and the business uncertainty required companies to look internally and recalibrate their priorities to focus on protecting their biggest asset – their customers. Most of the businesses are still reeling under the impact of pandemic and the recalibration process will continue into the new year.
In this post, we have picked key predictions that matter to you from the report published by the research and analysis firm Forrester.
Changing Requirements for Chief Marketing Officers
Due to social distancing and national lockdowns, businesses in 2020 had to adapt quickly to consumer needs. Even though there are signs that the pandemic and social unrest is at a crossroads, this year will affect how businesses conduct business well into the future. To adjust to changing consumer preferences in a digitally connected world, CMOs will need to improve all paths of the complete customer lifecycle.
30% Higher Spending on Loyalty and Retention Marketing Initiatives
If the pandemic has taught us anything, it is that consumers want comfort and control. Brands will need to change their offerings to retain customers. CMOs play a significant role in this process, as it is up to your team to adopt strategies that put your customer’s needs first. In fact, Forrester Research predicts that in 2021, spending on loyalty programs and retention marketing will increase by 30%, to keep more customers from fleeing to another competitor.
Adjusting to How We Problem-Solve and Plan for Tomorrow
Unpredictability is a challenge for any business. The pandemic and sudden business closures caused business leaders to rapidly adjust their strategies as problems popped up. Now, companies are ready to change how they work with customers by planning for the future, instead of simply responding to unforeseen challenges.
Focus on Customer Experience and Continue Improving
2020 gave firms some great data on how customers act as their needs rapidly change. In 2021, you should improve your companies CX competencies based on the data you have received from customers. It will require that you educate your customers and employees on changes to the customer’s experience. However, a focus on CX will pay off well past 2021 and lead to greater customer satisfaction.
A Stronger Focus on Automation in the Workplace and AI
Employees and management had to adjust how they conducted business in the face of a pandemic. This required firms to provide artificial intelligence, machine learning, and hardware solutions to employees, so they could complete any task. Now that companies have been forced to lean into workplace automation and AI, these technologies are here to stay.
Expanding the Effectiveness of Automation and AI
There are some significant hurdles to incorporating automation and AI in your company. This is especially true if your firm employs remote workers. However, as we enter 2021 and move into the future, we believe that customer support, document extraction, and many other tasks will benefit from automation and AI. Costly infrastructure and high stakes will need to be overcome but can be with the right technologies and corporate partnerships.
Taking Your Business to the Edge
Several years ago, we saw a huge focus on cloud computing. The next trend that early adopters have been using in 2020 is edge computing. With edge computing, companies can identify and adjust based on data they collect from any customer device. Since edge computing is becoming the new cloud, is your company ready to focus on building a more interconnected business?
Start Implementing Edge Computing in 2021
Over the next several years, companies will differentiate themselves from others using modern technologies. Edge computing is at the forefront of innovation, as it helps everyone become more connected using any device.
To learn more about how your firm can use AI to retain and grow your customer revenue, be sure to contact VOZIQ.