Change is always happening in the business world. Still, significant changes are imminent as companies move into 2022, with hopes of the COVID-19 pandemic becoming less prominent in our day-to-day lives. People’s priorities and expectations are changing, both as employees and as consumers, and businesses need to be pivoting to meet those expectations if they want to continue to thrive. Additionally, technology continues to evolve, and embracing the digital business world is no longer optional for most industries. Let’s explore a few fundamental changes we expect to see in business through 2022.
Focus on Purpose Over Profit
In earlier years, business was all about profit. People measured success by revenue. Today, while profits are still significant, a focus on purpose is becoming more critical. Consumers want to invest in companies that align with their values and make a difference, so having a clearly defined mission and strategy is essential for consumers trying to evaluate if they want to support your business.
Similarly, as Gen-Z enters the workforce, they are interested in working with companies that can demonstrate healthy company culture and align with their vision. If you just focus on numbers and monetary success and cannot sell the impact of your product or your company’s philanthropic efforts, many Gen-Z candidates will lose interest. As a result, going into 2022, more businesses will be reevaluating their purpose and communicating that through their marketing more heavily.
Business is all about the customers. As industries become more saturated and the competition continues to increase, it’s becoming more important to personalize your marketing and target more specific demographics. Universal marketing strategies are moving out, and segmented marketing is becoming the standard.
This bleeds into more areas than just marketing as well. Customers have high expectations for the businesses they interact with, so it’s crucial to fine-tune your customer experience throughout the entire buyer’s journey. Consumers want to be able to find and purchase products easily, not have to dig for the information they want and be able to have positive interactions with customer service.
Necessary Digital Transformation
Embracing technology isn’t optional. Customers want to be able to find your company and purchase your products without setting foot in a store. Technology is becoming more and more accessible with many easy-to-use tools available even if you aren’t tech-savvy. Additionally, mobile-friendly websites are essential as most consumers use mobile devices more frequently than a traditional computer screen. Being able to easily order out-of-stock items directly from your store, order pickup options, and even local delivery are becoming standards that your business needs to embrace.