Nobody has predicted the dire and challenging situation of 2020. Now that 2020 is finally over, what do market experts predict for 2021? Marketing budgets were reduced last year but performance goals have remained the same. This means that building better software is a business priority.
Technology has become a great equalizer for small and medium-sized businesses. Small businesses that cannot afford automation and sophisticated business analytics have applications for every business function. Custom software has become more affordable and accessible so that there is no reason for a small business not to go digital to reduce costs and remain competitive.
If there is one thing that the coronavirus pandemic has taught business it is the importance of flexibility. There are companies that have successfully adopted to the needs of the employees that are working from home, to the needs of shoppers who are too afraid to shop at physical stores and to those that require entertainment during the monotonous days of staying at home.
The swift and adaptable became successful. Unexpected items that include bicycles went out of stock for months in spite of a selling price of $2,000 per bike. Buyers that were already frustrated due to their pandemic-based predicaments saw more value in vendors that can respond quickly and offered easy access to their products and services.
In 2021, marketers will be facing budget cuts and smaller teams. However, companies that do this will be setting themselves up for failure. During economic downturns, companies that reduce their marketing budgets do not perform well. Once the consumer-driven environment resumes, budget conscious companies will be left behind.
The truth is the pandemic has accelerated trends in business like digital transformation and work from home initiatives. If there were previous cracks in the business models that the pandemic has exposed, now is the right time to fix them.
It is important for brands to prioritize building better software because consumers expect brands to co-curate their experiences to reflect on their preferences at any given time. They expect brands to understand their previous purchases and help them determine what they should buy next based on the data they have collected.