However, if we follow the latest market trends and project these into the future we can, at least, speculate what the world of business will look like. One trend in recent years has been the decline of the High Street, and the announcement last week that HMV and Blockbuster are going into administration tells us a number of things.
Firstly, it tells us that consumer habits are changing, with more and more people buying music and videos online. This shift from offline to online means that the only businesses able to compete on the High Street are those which offer something tangible (like clothing), unique (like speciality cheeses), or an experience (a teashop or beauty parlour).
Consequently, this tells us that if an organisation is to survive, it needs to adapt to consumer shopping habits and demands. HMV, like Borders in 2009, was too slow to adapt to the growth of the online market, and although it offered tangible goods, these weren’t unique: a CD you buy from a shop is the same as one you buy from the internet. They perhaps relied too heavily on people wanting to come in and browse the music selection.
One positive message which can be drawn from this is that a company can be successful if it is quick to adapt to its consumer’s interests. A recent example of companies tapping into 'cultural semiotics' is the spread of the ‘Keep Calm and Carry On’ slogan. Harnessing its popular appeal, businesses have used the catchphrase for its marketing potential, and merchandisers have branded tote bags and mugs with witty adaptations. To succeed in 2015, companies will need to be culturally savvy, buying into the latest cultural phenomenon, riding the wave of the craze, and readapting when necessary.
Another trend over the past few years has been the shift from offline media (newspapers and magazines) to online media (online newsfeeds, Twitter, Facebook, and every company with a website). This shift means that the press is, fundamentally, no longer so influential in forming public opinion; individual organisations with an online presence have the potential to reach and influence much wider audiences than ever before. The most successful organisations of 2015 are therefore likely to be those which use social media and their online presence to connect with, influence, and expand their target market.
To give an example, Twinings has to be one of the great winners of 2012, successfully following trends and developing its online presence. Following a slight packaging makeover which kept all the traditional elements but lost the most outdated ones, the company released TV adverts which showed a typical stylish-looking woman in her mid-30s ‘finding herself’ through Twinings tea. The adverts also featured music by an up-and-coming artist, Lissie. All three of these offline marketing strategies clearly tapped into the latest trends and appealed to the target market.
But the TV adverts were also followed up with a successful social media campaign. Twitter was used as a space for PR and to build personal links with potential customers. On Facebook they ran competitions to win new blends of tea and merchandise, which not only made people aware of the whole product range, but spread the message to people’s friends and friends of friends. They now have over 110000 followers on Facebook and nearly 11000 on Twitter.
Of course, statistics like these are just drops in the ocean - and Facebook and Twitter could, themselves, be replaced by new and innovative platforms. But our prediction remains fundamentally the same: the organisations with the most potential in 2015 will be those which successfully adapt to customers’ habits, adopt their interests, and communicate with them on their own level via whichever channels they like to use.
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