What companies spent their budgets on

In 2020, technological adoption occurred at lightning speed. To this end we have seen digital strategies becoming a norm and being incorporated into corporate strategies. As a result companies have spent differently in 2020! We asked LIV Consulting clients what they spent their budget on & reviewed market flow. As a result we were able to come up with the following list of items.

1. Online purchasing options

Companies have focused a large portion of their budget on improving the online purchasing experience. Specifically on improving customer and or user experience digitally. Companies moved from maximising on turnover from brick and mortar businesses to refocusing on e-commerce.

Another area that received even more attention and where companies have spent on in 2020 was sales and the way in which businesses sell. Customers have high expectations and want an efficient purchasing process that is why improving self-service for clients avoiding delays and improving efficiencies in the buying experience was imperative in 2020 and will continue to improve in the new year.

2. Cyber security

Data protection is high on the priority list of many companies. Thus, should a breach of information occur, it will cause great repetitional damage and may result in loss of highly valuable assets to a company. As digital relationships between clients and companies are based on trusting a company with personal information – a loss of trust from customers in a business may be irreparable. This is why it is imperative to have the correct cyber security in place.

A number of companies were still using ‘on premises’ back-up options as opposed to cloud based back-up. Remote working options has sped up the process of moving to cloud based back-up options.

3. Technology will drive business decisions

Companies have realised that in order to get ahead in todays market they must use their customer data effectively. This means that the data they have gathered needs to be analysed. To this end data must be used to advise companies on their customer personas and how best to service these clients. As a result, companies use advanced technology to review data and inform business decisions, to ensure this is done correctly.

4. Online customer interaction & digital engagement

Companies improved their technological infrastructure. In addition, they identified and implemented functional customer relationship management systems (CRM). These systems helped them integrate the full customer experience and advised the business strategy. Finally, they improved how they communicate with their customers online using a number of digital tools.