The end of the year is a good time to look back on the last 12 months and contemplate strategies and priorities for the year ahead. But as we come to a close of this decade, it’s even more powerful to reflect on the last 10 years and evaluate the amazing ways in which business has changed. Let’s look at some of those shifts and see what implications there are for business growth as we enter the third decade of the 21st century.
10 Years of Business Changes
1. Social media has changed the way we communicate.
As we began the decade in 2010, social platforms were already popular. There were approximated 9.7 million users, and that number has grown to 2.82 billion users in 2019. Social media will continue to expand in the new decade. Social media goes far beyond Facebook (still the number-one platform in 2010) and Twitter to include everything from blogs, forums, business networks and photo-sharing platforms to social gaming, chat apps, video sharing platforms and more. Social media means we’re communicating far more frequently and with wider audiences, locally and globally. While some platforms have come and gone (remember Vine?), the explosion of social media has made it a part of our everyday lives, both personally and professionally. The rapid and wide-reaching adoption of social media technologies has transformed the way we find partners, access information about the world and demand political change.
2. SEO is here to stay (and is always changing).
Most companies agree that search engine optimization has affected their marketing outreach. Today, 51 percent of online traffic arrives at websites via organic search. Search engines in 2010 were already pillars of the internet world and search engine results pages (SERP) ranking, conversion rate optimization and pay-per-click ads were similar priorities as they are today. That said, the way rankings work is constantly shifting to keep up with the ever-changing internet climate and technologies. Just take a look at the large number of SEO blogs we’ve written over the years and the constantly changing requirements and goals. In 2010, customized search was a new concept, whereas in 2020, it will be a top priority.
3. Technology innovation drives business growth.
In 2007, Microsoft was the only tech organization among the top-10 biggest companies in the world. In 2017, half of the top 10 were tech giants: Apple, Alphabet, Microsoft, Amazon and Facebook. In both the B2C and B2B markets, technology entrepreneurs are leading change in corporate governance, user experience and product design. Continual advancements in technology have become the norm.
4. Mobile technology and apps lead business communications.
Mobile technology was changing the landscape of business back in the 1980s, but the prevalence and impact of smartphones and other devices in the past 10 years are unmistakable. Of the some five billion cellphone owners around the world, it’s estimated that at least 2.5 billion of them own a smartphone. Moreover, there’s a growing number of those who use tablets and other connective devices, resulting in a shift in the way we communicate and interact with everyone in terms of frequency and messaging. Fewer phones calls are being made since email, text and messaging apps have fully entered the workspace. In addition, ease of access to these products changed how, when and where we work, resulting in a rise in remote workers and time spent “on the job.”
5. Migration to the Cloud.
Cloud technology is actually only two decades old. However, the prevalence and expectations have grown exponentially. Companies utilize the cloud for their computing and storage needs. In addition, it serves as a platform that supports creativity and innovation, facilitating collaboration between stakeholders. Cloud technology also has changed the way products are delivered, with cloud-based software quickly becoming the norm.
6. Blogging is an essential form of business communications.
While blogging has been around for nearly 30 years, it is still a pillar of global business communications. As it has matured, we’ve learned to use this platform for a variety of purposes including informing, teaching and entertaining our audiences. Even though social media has become a significant influence for online communications, it hasn’t pushed blogs out of the way. In 2019, 45 percent of marketers say blogging is their most important content strategy, 77 percent of internet users read blogs regularly and a quarter of all websites on the internet are blogs.
7. Outsourcing has become a business strategy.
As technology advances and the demand for innovation increases, the number of departments necessary to run a company, as well as the skill sets and specializations required, continues to expand. Take the sales team for example. Salespeople are now differentiated into lead-generation experts, account-based experts, product specialists, and customer retention and relationship experts. As specialization becomes more prevalent, so does the need and effectiveness of outsourcing.
Rather than require your own employees to fill countless roles, outsourcing to niche companies who are experts in that field is becoming the norm. Consider this: 93 percent of companies outsource some, if not all, of their marketing. We’ve learned in the last 10 years that if you’re trying to do it all yourself, it’s becoming more challenging to meet the needs of a changing marketplace. With competing and changing priorities, business professionals tend to be on overload, and it is easy for key initiatives fall through the cracks. As a result, the reliance on outsourced suppliers and contractors is predicted to grow.
8. We are global and multicultural.
The use of the internet and social media has made global communication a business reality. As such, more companies are expanding into new and international marketplaces than ever before. As that occurs, multiculturalism—the co-existence of ideas, beliefs, and values from a socially, racially and geographically diverse audience—is taking center stage as these types of consumers are growing in scope and purchasing power. In fact, by 2015, 38 percent of the population (120 million people) had a multicultural background. The numbers are expected to grow by 2.3 million annually, reaching majority status in the U.S. population by 2044, according to the U.S. Census Bureau.
9. The Internet of Things is only getting bigger.
While the use of smartphones has changed how we communicate with each other, even more futuristic is advent of smart technology in more “ordinary” places than PCs. The Internet of Things now encompasses cars, home appliances, voice-first assistants, doorbells, medical devices and even light bulbs. The number of items and devices we have connected to the internet has grown, which drives new behaviors and ways of performing routine tasks.
10. Data analytics are pivotal.
If you read trade journals and business magazines, you’ve seen “big data” strewn across the headlines. The use and interest in compiling data about ourselves and our target markets have changed the way business works. Companies utilize data to identify what their target markets are up to, what they are looking for, and what their challenges are. As we head into 2020, compiling the data is no longer the issue. The big difference lies in the ability to use the information to produce a corporate differential and draw actionable insights to stay on top of market trends.
Are We Entering a New Industrial Revolution?
There’s no question about it. Our list of lessons is dominated by advancements in technology. Many consider our time the “Fourth Industrial Revolution”. By recognizing that technology adaptation and usage help us better address the changing values, concerns and challenges of society, we are in a better position to identify and take advantage of opportunities, create a competitive advantage and leverage resources to produce greater business growth.
While your list of lessons learned in the last decade might be different from ours, we’re sure your insights will help you plan for 2020 and beyond.
Wishing you a healthy, prosperous New Year from Trade Press Services.
