The COVID-19 pandemic has definitely changed the world, with its effects lasting for the long run, especially in the economy and business side of things. Companies have spent the majority of 2020 trying to adapt to these extraordinary circumstances, with business trends changing from what has been happening the past months.
Just like the pandemic, the trends in business are here to stay for now, with no clear future of when it will change. And as business owners, NOW is the time to be updated and adapt to these emerging business trends.
This article will identify business trends in 2021 that will shape our next new normal.
1. Social Media Spending Increases
Social media is a huge business trend that will only grow from here. With billions of social media users, this has become a growing target for many marketers.
Social media ad spend is expected to increase by up to 15% this 2021, with this year being a dramatic increase as businesses were forced to pull back on traditional marketing, paving the way for the digital world. And many marketers see how well digital marketing is for them!
2. Media Generates Better Return on Investment
One of the interesting upcoming business trends is one focused on multimedia spend. Press releases are now less effective, with brands more likely to bring press releases in-house, producing video announcements of company developments over sending text-based releases to outlets, hoping it would be published.
Press releases, though necessary, will be more effective with multimedia, having more interactive elements or video. That’s why investing in video and social media are current business trends you need to follow!
3. Augmented and Virtual Reality
This is not a new business trend, but quickly becoming a huge one, and this may be their year to break new ground when it comes to business adoption. This is one of the business investment trends even small and new companies should adopt!
Augmented and virtual reality will allow you to experience everything in different ways, especially during this pandemic. It’s become even more powerful with most people working from home, unable to go out amid lockdowns. That is why this is one of the trends for new businesses to adopt, so they have the edge over their long-standing competitors.
4. AI and Big Data Drives Personalization
AI and big data are big and small business trends that allow you to collect a huge amount of data and utilize machine learning to put this data to good use. This can help your business create target marketing campaigns or become more efficient in your internal processes.
With these trends in small businesses, you can create custom user experiences and personalize their buying journey, making them more inclined to invest in you and come back for more!