By: Agosu Omoleye
In the business arena, the happenings of the past year has actually drawn a line of distinction between intentional business owners and the average Joe typically paying lip service to trendy terms like agile, flexible, pivot, and – the now cringe-worthy “new normal”.
Certainly 2020 was an interestingly tough year, but the optimists among us realised early on that the COVID-19 pandemic and associated lockdowns should be viewed as the ultimate opportunity to accelerate and leverage digital transformation. Increasingly, a digital strategy is fast becoming the only strategy.
The covid impact has also influenced just about every single one of our expectations around digital possibilities, with our recent learnings prompting us to think very differently about our strategic planning for 2021 and beyond.
Data remains a top priority in nearly every type of organisation. Importantly, it’s not a trend as much as an element that is fundamental to a future-focused approach to doing business, no matter the industry. The efficient application of relevant data forms the bedrock of efficiency.
Applying the right kind of data, as with technology in general, has the potential to streamline operational efficiencies, and strengthen the quality of decision-making.
When it comes to creativity in marketing, and advertising in particular, data takes the guesswork out of the equation. Rather than speculating about what a client needs or wants, or relying on the creative director’s “intuition”, data provide measurable insights into actual customer behaviour and preferences.
As such, data allows for connection and personalisation. Brands must understand that data lies at the heart of online immersion. Despite all the buzz, data is simply information – about your clients, your products, your services … down to the smallest details. But that information, or data, is super powerful. It is also the resource that will set the average Joe apart from the exceptional in no distant future.
Simply, data is information about people. And with people spending more time online than ever before, brands and businesses can leverage this unique opportunity to gather valuable information that will help them connect with their customers in new, relevant, and very exciting ways.
The impact of 5G is set to dramatically change the way we have experienced internet speed to date. Expected to be at least 100 times faster than 4G, the shift can be likened to the difference between a dial-up modem and fibre.
Entertainment and communication will evolve to a point where engagement happens in real-time. As the roll-out of 5G continues, the boundaries of what’s possible with online experiences – from entertainment to shopping, working, learning, and more – will be pushed beyond what we can currently imagine.
Video literary killed the radio star a long time ago, but in 2021 it will likely continue obliterating everything in its wake. Online video consumption shows no sign of slowing down as “people become accustomed to having endless high-quality videos on tap”.
We’re likely to see even more brands moving to spend on video production and advertising in time to come as the covkd experience is fast reshaping the future of business.
It is undoubtedly the golden age of video and the best is yet to come. Businesses hoping to arrive at the mark of excellence in 2021 must make video a key part of their advertising and marketing strategy.
Business survival in the 2020s and beyond is contingent on truly embracing and adopting a digital-first approach. This starts with elevating the strategic importance of the digital function within an organisation to much more than a nice-to-have. It should, rather, be an integral part of a systemic approach to business growth and performance enhancement.
Business leaders need to stay current with technology, data, creativity, and its endless possibilities. Too many are operating in silos when what is needed is seamless, integrated solutions across not only marketing and advertising channels, but the entire business.
We don’t know what we don’t know, which is why business leaders must commit to staying relevant by prioritising digital transformation. Remember too that digital transformation is not limited to the tools and the technology, but references a holistic approach to business leadership that values innovation, solutions, and a future-forward ethos.
Businesses of the future will have to be fully prepared for the digitally-savvy customer, who expects brand communication to be personal, relevant, interesting, and available – where, when, and how they want it.
If there’s one thing that needs to be a strategic priority in 2021, it is the deliberate plan to remain relevant in the context of rapidly-changing local and global demands.
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