Karin Kimbrough is the eyes and ears of LinkedIn’s vision to create economic opportunity for every member of the global workforce. As our organisation’s Chief Economist she combines LinkedIn data with other insights for a real-time picture of how the economy is changing, where opportunity can be found, and how people can respond.
In 2020, those eyes and ears have been working overtime. LinkedIn data has picked up the varied nature of the pandemic’s impact: shutting down some sectors while creating new kinds of demand in others. It’s also shown how businesses respond by pivoting how they market and distribute their products – and how people respond by reconsidering what mattes to them.
These types of insights don’t just show us what’s happened. For marketers drawing up plans for 2021, they help to show how markets are changing, where new needs are emerging, and what long-term trends they should pay heed to.
Earlier this month, Karin joined a virtual session of LinkedIn’s Big Minds Collective of marketing agency leaders, to share her analysis of the pandemic’s impact, and the prospects for a return to growth. Here are five of the most valuable insights to emerge from that conversation:
There is growth out there
Projections from the likes of Bloomberg and the Bank of England have anticipated economies regaining ground lost to the pandemic by the end of 2021. However, that doesn’t mean opportunities are on hold until then. Karin points to the significant recovery in the hiring rate of markets like the UK as evidence that growth is out there, even when economies as a whole remain depressed. Healthcare has seen strong growth in hiring but so too have retail and transport and logistics, as a broader range of businesses than ever before pivot towards eCommerce. For B2B marketers, this is an important time to investigate new sources of demand.
Where do economists expect growth to come from? Spending decisions that were delayed during the pandemic may be back on the agenda next year, accelerating the recovery once it begins. For sales and marketing teams, it’s important to assess the health of sectors and accounts beyond their activity in 2020. Focusing on support for existing customers, even when they’re not spending, could well be rewarded with a share of growing budgets next year.
Every type of business is transforming its GTM model
It’s not just retail businesses that have transformed their Go-To-Market strategies in response to Covid-19. Analysis of job postings on LinkedIn shows that the most in-demand jobs are also the most digitally intensive – and that recruiters are looking for more digital skills across a greater variety of jobs than before. This is a clear signal of how digital transformation is now a priority for every sector – and is being felt across every aspect of doing business. For tech marketers, it’s a signal of opportunity. And for others, it’s a reminder of the vital role that innovation will play in the return to growth.
People’s priorities are changing
It’s not just impacted sectors of the economy that LinkedIn data shows people are moving away from. There’s also been a pivot away from face-to-face roles as the impact of shutdowns has hit large sections of the economy, and people have focused on trying to find roles where they can work from home. That’s a relevant insight for recruiters – and also for marketers. It provides a sense of just how profound some of the changes to people’s behaviour might prove to be. From where they choose to live to what they want from life and how they instinctively interact with others, audiences have adjusted to a new reality and they won’t instantly adjust back. The most effective growth strategies will be those that take account of updated motivations and emotions, and find the opportunities in them.
Compassion is now a priority skill
This year hasn’t just been about digital transformation. LinkedIn data on the most in-demand skills shows businesses also prioritising compassion, including emotional intelligence and collaboration. The tumult of 2020 has highlighted the importance of fundamentally human capabilities, such as acting on empathy and anticipating how others will respond. These are essential components of leadership – and of being a productive team member. They are also essential components of marketing. Their rise in importance is a reminder that the most important elements of our profession can’t be automated.
Inclusive growth is the way to fuse purpose with profit
Economists like Karin are particularly concerned about the disproportionate impact of the pandemic on young people. A lack of opportunity at the start of a career can set people back for several years – and with increasing competition for entry level positions, it’s hard to find organisations willing to give school and university leavers a chance. The situation will require businesses to take a purposeful approach to how they return to growth – and aim to be consciously inclusive in the way they build teams back up. Hiring on the basis of potential rather than just experience can hold the key to building back better – and providing marketing teams and agencies alike with a more dynamic source of skills.
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