As Biden prepares for inauguration in a couple weeks, we are preparing for business changes. Right now, the marketing industry is still holding out on the next move until inauguration day. As marketing experts, we offer an educated prediction on Biden and 2021’s marketing moves.
First, there are many marketing factors. One is the stock market, another is e-commerce, and so forth. Also, the pandemic still affects marketing tactics. Stimulus checks have indeed been stimulating the economy and stock market. Now, if Biden raises minimum wage, e-commerce will boom as people spend their increased paychecks. Additionally, if he raises sales tax and other commerce taxes, it’ll be good for smaller businesses. Due to his plan to offer a tax break to small businesses, some stores may up their prices to regain tax losses. Additionally, prices may adjust according to increased minimum wage.
Under Biden, minorities will feel more free to promote their businesses. This means the PR industry will be more inclusive and expand as POC and women make their way into the business world. The Biden administration also plans on closing the wage gap. This will allow marketing to be more accessible to everyone.
Social media and word-of-mouth will still be the best business practices for getting your word out there. Or, using influencer outreach. We will keep a close watch on trends throughout the year. But, COVID-19 forever changed marketing to be more accessible for everyone. One common way to promote business is Twitter.
As we continue into 2021, we will still see many practices from the year before. Such as, e-commerce still being important to those who still wish to social distance. Thankfully, the vaccine will open up the world and brick-and-mortar shops will become as popular as they were pre-prandemic. In fact, some are even predicting that we will have a roaring 20’s this century- afterall, the Roaring 20’s followed a pandemic. Here’s to hopes for a booming economy this year! Read more about how each outcome will affect the marketing industry here.