With the global economy taking a hammering in 2020, and likely to continue to struggle until effective vaccines are rolled out, bad debts are expected to creep higher.
The Economist expects several sovereign debt crises in the Middle East.
The GCC issued a record $100 billion in public and corporate debt in the first ten months of the year. By next year public-debt ratios in many of these countries will be at their highest in two decades.
Moving from a gloomy macro to a hopeful micro, same old same old just won’t work anymore when everything else has changed in business.
COVID-19 may have killed many businesses but not the ingenuity of some business leaders who saw opportunity amid crisis. Those who took themes like contactless, remote, digital, data, safety, crypto, and others, rode their way to glory when traditional businesses were closing shop or slow to react.
2021is a New Year with new promises and it’s a way to make amends for business leaders looking for a way out or to cash in for new entrepreneurs hoping for a way in.
1. Watch trends and tailor marketing
Keeping an eye on the latest trends in the marketing world is essential for staying afloat and succeeding as a business.
By tailoring your marketing strategy to fit current trends, you will be able to reach new audiences and capture their attention. See which things can be improved and employ new marketing tactics while retaining tactics that served you well in 2020.
2. Develop new skillsets
Add to your skillsets and those of your staff. Focusing on improving yourself as well as your employees is only going to aid you on your path to growing your business, ultimately improving your customer service and helping retain and attract clients.
3. Identify what works
Not every product is successful, just like every strategy isn’t always going to work perfectly. Similarly, not all the suppliers and employees are going to deliver on expectations, and this is when you want to consider making tough decisions.
Maybe it’s time to cut your losses, and simply move on.
4. Know where to advertise
An advertising spending recovery is on the way and you could be in a position to reap benefits from certain events.
Advertising spending is forecast to recover 6% on 2020 levels to reach $573bn, propelled by delayed sports events such as the Tokyo Olympics, which will generate $800 million in advertising.
Many major events have been delayed, including next October’s Expo 2020. There will be a bonanza of activity during which time COVID-19 vaccines would have likely been globally distributed and fears have subsided. Your ad dirhams could go a long way for you.
Could the movies be your advertising medium? Global cinema revenues are forecast to jump by 78%, after a dire year for operators that delayed the launch of major films in 2020.
5. Be original
The best business strategy is not a rob-and-duplicate model but rather a custom approach that considers vision, values, and impact. Entrepreneurship is a one-of-a-kind enterprise. Custom strategies are the way of the future.
Be original. Don’t copycat unsolicited sales pitches without the consent or intended targets. Cold calling won’t work anymore. Consumers want to be seen, heard, and understood.
It’s common practice to send the same message to every customer, but it is impossible to see, hear, and understand them with this approach.
It takes time to listen, but it creates scalable results. Embracing this approach in 2021 will lead you to deeper relationships, increased brand loyalty, a higher instance of referrals, and more return customers.
2021 is the beginning of a new wave of business that involves personal touch, stronger connections, and a pivot away from the spam pitches and cold calling of the past.