On today’s episode, Claire will share five of the trends she is excited about in 2020. Trends from sustainability to connectivity and beyond, where innovation has big opportunities!
Listen to find out:
- Some ways you and your business can contribute to the environment and with raising awareness about sustainability.
- How -in a world that is increasing in better ways to communicate but increasing also in the number of people that feel disconnected- we can help to create more meaningful connections.
- What we can do to educate people and ourselves in Data and use it to improve your customers’ experience and build trust with them.
- The key for businesses to maintain and retain their customers base.
- How a focus change can transform and improve your business and the connection with your customers.
Reference Trend 4: Customer Trust
Transcript of this episode:
So it’s the start of a new decade. Are you ready?
What are the big trends you’re excited about when it comes to innovation? Today I’m discussing five of the trends I’m excited about in 2020. From sustainability to connectivity and beyond (spoiler alert there are a lot of ‘ity’ ending words). These are the trends where I believe innovation has the biggest opportunity. See, I told you about the ease. If you’re ready to learn more, let’s dive on in.
Welcome to the innovation in business podcast.
My name is Claire and over the last nine years, I’ve worked in innovation teams across industries including research, manufacturing, retail and technology. I’ve seen the good, the bad and the downright ugly when it comes to innovating for customers. Now I alongside by esteemed guests, over sharing the learnings that I’ve gained with you to help you avoid the mistakes and capitalise on their learnings. to grow your business with innovation, this is the AIC innovation in business podcast. And let’s get ready and dive on in.
So, today I’m talking about the 2020 trends. It’s a new decade, everyone’s really excited and there is a lot going on. The first time that I want to talk about is sustainability. In 2019, gretta. Greenberg, and forgive me if I’m saying that wrong, was Times Person of the Year.
Her work, increasing visibility and awareness on sustainability and environmental issues, had global reach and a massive impact on how politicians and people are mobilising to support sustainability initiatives and the environment as at time of recording at the start of 2020. Realising a lot of incidents that have further increase the focus on environmental issues. With wildfires raging across Australia, floods raging across the UK. We know that the environment and environmental issues are very important as they have been for years.
And we are seeing an increasing focus on them and how companies can support the environment further. It’s also a time of great political uncertainty. People are looking for stability and certainty. And these you see this reflected in results in elections in the UK and across the world, the political climate and how is changing and has been changing. And if your business in 2020 you need to be thinking about sustainability to not just sustainability when it comes to a new environment, though this is a very important aspect. I remember at the start of 2019 the area where I lived, there was probably one store where you could take your packaging and have it refilled with products such as cleaning products or grains and different like rice and spices, etc, etc. I don’t know if you have them in your area. But let me tell you at the end of 2019, I am within walking distance of five of these stores where you can take your old packaging and get everything refilled. They’re all doing really well. And one of them which has been open, as far as I’m aware, for only a year is already opening up a second branch in the area. If that doesn’t show you the importance of sustainability and business. I don’t know what will these businesses have thriving because that able to speak to the need that we have to better support our environment and provide a service that helps us to do that. However, when I talk about sustainability as a trend, I’m not just talking about environmental sustainable ability. I’m also talking about creating a sustainable culture within your business, a culture that makes employees feel valued, valued and supported a culture that allows them to develop and to feel excited to come to work every day. Something that we know is incredibly important, particularly as we continue to see more and more millennial workers get into management and move up through the ranks and the gen Z’s are coming in. So, sustainability and it creating a sustainable culture is important for them, and for everyone to have a happy working life.
The other one that I spoke and touched upon previously and Episode One of this podcast was sustainability and performance and making sure that particularly in a time of uncertainty, you’re able to build sustainable foundations and innovate sustainably while growing your business. So yeah, sustainability. That’s my number one traffic To continue in 2020.
The next thing I want to talk about is connectivity. Now, this isn’t something new. And I’m sure that the idea that we are more connected than ever, is not something that you’re going to say, oh, wow, she’s coming up with this brand new innovative idea of connectivity. But I just want to illustrate my point a little bit more with a story about how when my friend moved to New Zealand, just over a decade ago, so when this happened, I didn’t have Facebook, I was pretty late in the game when it comes to Facebook. And to be honest, I’ve never really seen email as a way of keeping in touch with my friends. I use it purely as a business tool. So when my friend moved, the only way we were able to keep in touch was through Facebook, which was at the time, just Facebook now you have Facebook Messenger, etc, etc. But when I look at how We stay in touch today and we are still in touch. We have so many different options through all the new social media platforms that are coming out FaceTime, the ability to send text messages over the internet and WhatsApp, this things that allowed us to get more and more connected. And p when I look at the relationship and how I’ve stay connected with my friend in New Zealand versus how he stayed connected with my art, he lived in Australia where we would have to do phone calls exclusively there will cost a fortune. And we had to be very specific about the times, we now have way more options for how to stay in touch. However, at the same time, people are increasingly saying that they feel disconnected from others in the world. So one of the things that we need to think about when it comes to connectivity is making connectivity meaningful. This year will see an increased 5g rollout bringing faster internet speeds to the masses across the UK and worldwide. And with it, you need to ensure that your business and your internet and online presence is ready for that kind of speed and you’re able to perform in a way that customers will increasingly expect.
Another thing that we’re going to see a lot more of is as Internet of Things and IoT experiences become more and more accessible, and increasingly adopted by customers. How can you use this technology to connect better with your customers and build that connectivity with in your own products and your own business? As always, social media is going to be a big part of any marketing strategy within your current business and the current environment we live in. But how can you make sure that you’re seeing this is the connection opportunity is and not just as a pure marketing tools so that you get better engagement from your customers in 2020. So, when it comes to connectivity, I think the key is to be prepared and be open to the different innovations. How can you create an innovative connected experience for your customers? How can you test and learn quickly, and ensure that your website and the interfaces are able to perform at the speeds expected by customers? People are looking for meaningful connections. And in many ways, there has been somewhat of a backlash against the traditional ways that people have used the social media platforms to connect with customers in a way that doesn’t feel authentic. So how can you innovate within your own marketing and your own business in 2020 to build those authentic connections that are going to really drive your business?
The third topic that I want to talk to you about is data education. This is one that’s incredibly dear to my heart. And this is one of the stories and passions that really got me started on this path to artificially intelligent consulting, and the work that I love doing with my clients now. So two years ago, I started a blog on artificial intelligence to educate people on AI and how the data is being used. The reason I did this is because I saw in the media, how a lot of news outlets and other authority figures, were talking about artificial intelligence and big data in a way that was just not true to how the systems and the processes and the algorithms actually worked, and was not offering customers the information that they needed to be able to make good, solid decisions when it comes to data, how data is being used and how they want to interact within this world. Fast forward just a couple of years, and we’re seeing that there has been a lot more of a push towards educating people on how their data is being used. So and also how to use big data within businesses. So GDPR was a major milestone and a big first step when it came to, particularly in the US, educating people on data and helping them to understand how companies are using their data and give permission for companies to do that. That is a long way to go. When it comes to making data education mainstream and having your customers feel like they are connected and able to understand how you’re using their data and trust you to use their data in a way that they would be happy with. So When it comes to 2020, from this perspective, and looking at the data education trend, how can you within your business, innovate using data while maintaining the trust of your customers, and maintaining the relationships and the openness that they need to understand how you’re using that data? The other part of this data education piece is teaching people on data skills. How can we increase the knowledge of workers on how to use data and how they can? How can we make data systems accessible to them so that they can make the right kinds of decisions for you and your business and innovate for your project using data driven decisions.
Another massive area and a huge trend that’s only going to continue over the next few years, and definitely in 2020. So that’s my soul. On day to day education, a topic that’s incredibly close to my heart. That’s topic again, something that’s really close to my heart seems like everything is close to my heart, because I’ve got a big heart. Anyway. So the next piece I want to talk about is trust and ethics. It builds on what I was saying about data, education and helping customers understand how we’re using data. But trust is incredibly important. When it comes to building a business that will come as a surprise for no one. If your customers don’t trust you, they’re never going to buy from you. So in 2019, we saw that trust in business was rising and according to business reports, it grew by three points on average, but business to community reported that only 34% of customers stated that they trust the brands they use. That’s not great, and it’s obviously A huge area for improvement within the business and the brands, it costs as much as five times to acquire new customers than it does to retain a customer. Trust is an incredibly important part of retention. And if you can retain your customers, you’ll be able to grow and scale your business much more effectively. There is a need to build trust by focusing more on creating great experiences for customers than on acquiring new customers. Instead of looking at customer acquisition within your big goals in 2020, I encourage you to look at how you can retain the customers that have used you in the past how you can engage them with new innovations, and how you can build the best possible experience that will keep them coming back for more each time.
Okay, the final trend is one that has been drilled into me in my time in a big tech company, but one that I Think many businesses still have a long way to go on. And that is being customer focused. One of the things that drew me to the company where I work, and that helps me with developing my knowledge that I now share through artificially intelligent consulting was the focus on customers. Instead of looking at what your competitors are doing, what do your customers want from you? What do they need? How can you best serve them by really focusing on them. And I’ve seen this firsthand how powerful it is. By really focusing on your customers and doing things for them potentially differently to how your competitors have been doing it. You can build a really great flywheel that will just help your business to grow and grow and grow. Focus on your inputs and those things that will spin the firewall for you and use them to innovate and build a business that your customers are delighted to use and will always share with their friends. In this way, you can innovate, you can grow. And you can really carve out a niche for yourself within your area that makes your customers excited to use you every time they need your products. So, that’s it.
That concludes my five trends for 2020. To summarise the sustainability, not just in terms of environment, but also in terms of building a sustainable business.
The next one is connectivity as we’ve become increasingly connected and speeds of connection, increase, also, how can you build on this and create innovative customers new, innovative experiences so that will help your customer to connect to you in a more authentic way. Data education as Big Data is used across businesses and we get into a much more data driven society. How can you educate both your customers and your team members on using data and how their data is used to drive innovation and grow your business? Number four, trust and ethics. Trust is incredibly important when building your business and getting your customers to be excited about using you. In times of uncertainty like today, it becomes incredibly important, even more so than before to trust within your business. And finally, keep it customer focused. Don’t worry so much about what other companies are doing and how they’re seeing focus on your customers. look after them and your business will reap the rewards. So those are my top trends. What are your trends? If you if you can find me on Instagram and LinkedIn, I’ll leave the details in the show notes. Hello. And I would love to hear what trends you’re excited about or if you have any questions about the trends that I’ve shared so far. please get in touch. I love to start the conversation and I will be more than happy to do so with you today on this topic of 2020 trends. Tune in next Tuesday for your top of inspiring innovation stories and techniques. Next week we’ll be discussing 2020 goals Yes, it’s not too late to be setting your goals and how you can set them make sure you subscribe to your through your podcast provider so you don’t miss an episode. And if you have time please leave a review as it helps other people find the podcast and it helps me get great guests view. Thanks for tuning in to this the innovation and business podcast with me clab from artificially intelligent consulting and I’ll see you next time