2020 Year in Review: What Insights Can Businesses Carry Into 2021?
Posted November 30, 2020 in Articles
As 2020 comes to a close, we look ahead to 2021 without a clear picture of what the year has in store. However, the lessons we learned during this unprecedented year are likely to serve businesses well into the future; and, with this in mind, it is worth taking a look back at some of our top Insights from 2020.
1. Talent Recruitment, Development and Retention
Companies of all sizes were forced to conduct layoffs as a result of the COVID-19 pandemic, and this means that the demand side of the job market is extremely active. It also means that companies will be seeking to rebuild their workforces in 2021—and companies will need to make a conscious effort to retain their top talent. In addition to publishing an article on recruiting tips and trends, we also shared some strategies for retaining high-performing employees early in the year.
2. Doing Business During the COVID-19 Pandemic
Of course, much of our focus in 2020 was on helping our clients adapt to the COVID-19 crisis. In our Insights, we touched on several coronavirus-related topics that will remain relevant in 2021:
- 5 Technology Trends Shaping 2020 in the Wake of the Coronavirus Pandemic
- 5 Considerations for Restoring Your Company’s Workforce During the Novel Coronavirus Pandemic
- 3 Key Considerations for Maintaining a Remote Workforce During (or After) the COVID-19 Crisis
3. Pricing Your Company’s Products and Services Competitively
As more businesses reopen in 2021, competition will hit a fever pitch. Clients and customers will be anxious to get back to the way things were, and they will be prepared to spend when the economy recovers. In order to win new business (and retain existing business), companies will need to price their products and services competitively, as we discussed in: How Do You Establish Price Points in a Competitive Market?
4. Measuring Success By Client or Customer Satisfaction
You are probably familiar with KPIs, but what about CPIs? Customer performance indicators (CPI) are analytical tools that allow companies to measure their success based on client or customer satisfaction. With clients and customers increasingly demanding personalized experiences, focusing on metrics such as CPIs will likely take on increased importance in 2021. Learn more: What are Your Company’s Customer Performance Indicators (CPI)?
5. Evolving to Meet New Customer Expectations and Demands
Many experts expect many of the changes adopted in response to the COVID-19 pandemic to become permanent. In particular, the demand for remote services and in-home delivery of just about everything is likely to remain well after stores and offices are able to reopen fully. In Considerations for Managing Customer Demand for Atypical Services During and After the COVID-19 Crisis, we shared our thoughts on what this means for businesses heading into 2021.
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