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Has 2023 been a bumpy ride for your new business plans? Like you’re swimming upstream with one arm tied behind your back and a crocodile snapping behind you? In the face of an anticipated economic downturn in 2024 (bummer), target clients may exercise caution in their financial decisions. Particularly in adopting groundbreaking innovations. Yet, deals are made and partnerships are forged in all economic circumstances — even now.
As 2024 moves forward, these trends show that businesses are becoming more flexible, creative, and responsible. Keep reading for Winmo’s take on four trends that will dominate new business strategies. From agencies, advertisers, tech brands, and sponsors.
1. Generative AI will boost productivity
First, by 2025, generative AI will hold about 30% of the entire AI market and value at roughly $60 billion. AI specialists predict that these models will have the capability to create their training data for self-enhancement, gather information from outside sources, and function more effectively.
Only 37% of all sales organizations currently use AI in sales processes and more than half of high-performing sales organizations leverage AI. AI can help with fast adaptation to customer needs, personalization., real-time data access, and collecting data across platforms. As sales efforts cover various channels today, AI aids in tracking all your potential customers, regardless of where they are.
2. The demand for talent will heat up
In the coming year, research indicates that AI will spur a greater focus on enhancing critical thinking abilities and promoting a culture of ongoing learning. Sales recruitment strategies are likely to undergo a shift, favoring candidates who exhibit strong critical thinking skills and a commitment to continual learning.
The necessity for individuals who possess advanced critical thinking and problem-solving abilities, coupled with the capacity to maintain empathy during customer interactions, even in stressful situations, has been emerging for some time. This trend has been further accelerated by the introduction of generative AI. These developments, both in technology and the growing demand for skilled talent, raise an important question: are we witnessing the beginning of a significant transformation like contact centers as we know them?
3. The metaverse will continue to grow
Metaverse sales refer to transactions that take place within an online virtual world. As the metaverse is a new area for sales, there’s no definite way to predict what will or won’t sell there. Sales in the metaverse differ from traditional sales methods. For instance, instead of dealing with large corporations or selling software as a service, sales in the metaverse are typically aimed at individual consumers and involve items like NFTs or unique merchandise.
A notable example of metaverse sales is seen with Spotify’s launch of Spotify Island in the Roblox metaverse. Here, artists and fans engage in interactive games and quests, and purchase exclusive merchandise from their favorite artists, illustrating the concept of a metaverse sale.
4. Success will require continued investment in people and culture
Finally, a recent survey conducted with 40 agency leaders revealed a widespread issue of burnout across various sectors and job roles within the industry. Findings show that 70% of the respondents are experiencing burnout, with nearly half (46%) working over 40 hours a week. Alarmingly, about 85% of agency owners fear that burnout will intensify due to the current economic situation.
The emphasis on cultivating a positive workplace culture is crucial for the success of every company across industries. However, “culture” goes beyond quirky office decorations, extra personal time off for birthdays, or Pizza Fridays. It will require a more comprehensive approach that focuses on long-term investment and development of talent.