Values-based consumers, recessionary fears, and global socio-political uncertainty will make 2020 year of adaptability
Forrester’s 2020 predictions identify key market dynamics that will impact companies’ growth in the coming year. 2020 will be the year that moves leaders’ attention to adaptability: the ability to understand and anticipate market dynamics — and rapidly exploit opportunities, both big and small.
Factors including heightened values-based consumer activism; the lack of clarity around Brexit; automation, Artificial Intelligence (AI) and robotics moving deeper into the organisation; and recessionary fears due to socio-political uncertainty will make 2020 a raucous year, forcing leaders to embrace adaptability.
Frank Gillett, VP & principal analyst says that in 2020 Forrester predicts that:
- Consumers will search for deeper meaning. Companies will pay careful attention to authenticity, both in the values they choose to express and how they express them.
- CMOs will rally around customer value. To establish a successful ecosystem, chief marketing officers will thread the needle between employee experience, customer experience, brand purpose, creative, and technology, imbuing all these crucial areas with customer obsession.
- CIOs will focus on people. Smart chief information officers will become a trusted advisor and partner to employee experience and HR teams to help with changing workforce dynamics, including working with new emerging technologies or interacting with robots.
- Immersive, adaptive IT will take hold. IT will follow the broader organisational future of matrixed, shape-shifting organisations that form and morph to changing priorities.
- CX will continue to bifurcate. Firms that have made the least headway will cut their programs in frustration. Meanwhile, companies that have started realising the benefits of customer experience (CX) will double-down, simultaneously shoring up their fundamentals and innovating.
- Advanced firms will double their data strategy budget. 2020 will be a wake-up year for many, as the total cost of getting data wrong will become apparent.
- Data and artificial intelligence (AI) will get weaponised. In 2020, ransomware incidents will grow as attackers learn that holding data hostage is a quick path to monetisation.
- Group-targeted experiences will supplant personalisation. Marketers will move away from laborious and often-unwanted personalisation efforts. Instead, they’ll seek to authentically connect with customers through group-targeted experiences.
- Automation will reshape the workforce. Automation will change the composition of the job market and raise global economic issues of income distribution and wage stagnation.
- Regulation will make and break markets. Regulatory bodies will gain steam — impacting and shaping markets, in a very real way, in 2020.
- For VCs, profitability will become the new unicorn. In 2020, venture capitalists will increase their scrutiny of start-ups.