2020 is here, and with a new year and decade comes new business development trends. From an increased emphasis on personalization to advances in AI, these business development trends are reshaping how you can crush your sales goals this year. The digital transformation continues. Today, technology enables organizations to create personalized interactions to build deeper customer relationships.
Now, to help energize your business development strategy, we’ve gathered the top new business trends that will impact growth through 2020. Which business development trends are you incorporating for this fiscal year?
1) First, consumers will demand more control over their data
This state-level legislation began in California with the CCPA, with several other states likely to follow suit. This is just the start of data regulation and privacy evolution, and governments around the world will to change their approach to regulation.
However, the implementation may come with challenges. But, will provide greater transparency and seek to build trust.
Keep in mind, compliance is ongoing and what is required of your business today may need to be updated. Organizations should be able to respond as additional requirements come into place. When preparing for the CCPA specifically, check out our guide to best practices when it comes to compliance.
2) Increased emphasis on personalization
In 2020, a supermajority of consumers prefers to work with brands using a channel of choice communication and personalized experiences. Instead of showing every little thing to the customer, you can digitally cut the noise and show the options most relevant.
According to Gartner, by 2020, smart personalization engines used to recognize customer intent will enable digital businesses to increase their profits by up to 15%. The days of simply showing a wide range of options to every customer are long gone. Naturally, people will gravitate towards businesses with personalized options that cut through the noise and give them precisely what they want.
3) Technology as a key investment
New technologies will define and spur business development trends. Technology is no longer a luxury or cost, it’s a necessity for business growth. Time-saving tools are making it possible for entrepreneurs to accomplish more with fewer resources. With improved efficiency, growth becomes more attainable for companies of any size.
The promise of 1:1 marketing is now a reality thanks to the combination of rich, contextual data, AI, and technology. Technology is constantly changing, but if you take time to research and implement new tools, you’ll be ahead of the business development trends in 2020 and beyond. According to sources, the global sales intelligence market is projected to grow from $2 billion in 2019 to $3.4 billion by 2024.
4) The rise of 5G
5G technology creates a wealth of opportunities for new products and services. Delivering faster data speeds than ever before, 5G helps brands optimize the relationship between people and machines. 5G networks will likely be all across the world in 2020 and can open avenues as we’ve never seen.
With such high download speeds, it will radically change the way we interact on the internet. Interactions will become almost instantaneous, which will greatly benefit business to consumer relationships as businesses will communicate and ultimately accomplish things more quickly.
5G also plays a part in supporting the video-hungry audiences as well as allowing new technologies such as virtual reality to take off. This business development trend could mark the beginning of an ever more connected world.
5) Focus on cause marketing
Brands with a long-term, forward-looking view that care for the planet and causes that really matter to people are winners. Customers are increasingly looking to patronize businesses that follow sustainable, green, and socially responsible practices, and the Gen Z and millennial generations are especially concerned about these values.
Today, millennials are worth $1 trillion, and 73% say they’d spend more on sustainable products. They are an exceptionally purpose-driven generation and they expect businesses to adapt to their standards in the workplace and in society and want to find meaning where they shop. Hence why environmental sustainability is so important.
Over the next few years, the next generation is set to take over. Gen Z is made up of 86 million people, and they are expected to represent 40% of all consumers by 2020. To leverage this audience, businesses need to evaluate how they market themselves and what causes are important to them in order to attract this demographic.
For both of these generations, authentic storytelling and meaningful connections resonate best. Gen Z and millennials look for immersive experiences and expect advertisers to reward their time with something of value.
6) Finally, word of mouth referrals and reviews will have greater impact
Word of mouth referrals and reviews have always been popular, but the trend is growing. Now, before they buy a product or try a service, consumers want to know other people have used it and found success.
Today, online reviews have a strong influence on the success of any business. When scoping out new products or services, consumers first search for client reviews. According to sources, 88% of customers trust online reviews as much as personal reviews. In addition, review quantity gains the trust of 70 percent of consumers.
In order to encourage the review process, express the value and importance of feedback to your customers. Explain how reviews help your business grow and even offer incentives such as a discount on a product or service if they participate.
Heading into this year, it’s crucial to build more engagement and community with your company’s prospects and customers. Then, when you create an emotional connection with customers, you humanize your brand and set yourself apart from your competitors. Creating relationships can be simple gestures, but small efforts establish a level of trust with current and potential customers.