When it comes to business, they say that you change or you become irrelevant. This means that businesses that are unable to keep up with or unwilling to adapt to the changing times eventually lose their value and die out. Even big companies that have been around for decades go out of business or lose customers when they are unable to innovate according to new market trends and satisfy customer requirements.
What makes the new business landscape more challenging is that radical transformations are always taking place. Your company needs to have a certain degree of agility and an innovative mindset in order to stay on top of such changes.
For 2020, more trends will likely reveal themselves but the ones below are certain to make the list of the top trends to keep an eye on:
1. The power of word-of-mouth referrals and reviews
The proliferation of fake news and the sometimes not-so-subtle market manipulations that have been exposed in recent times have made consumers more skeptical about what products and services are being pushed at them.
Take a cue from the resurgence of word-of-mouth and referral marketing and make sure you provide the quality products or services you have promised to deliver to your audience. Otherwise, you will need to invest in reputation management services to fix bad reviews.
2. The impact of the gig economy
The gig economy has helped prop up startups in the past few years and will continue to fuel growth among small companies that do not have the available resources to hire full-time professionals. So if your small business can’t afford full-time staff right now, take advantage of the benefits the gig economy offers.
3. The continuing growth of remote work
Much like the gig economy, remote work continues to become increasingly widespread. While remote work poses challenges in terms of communication, many companies are already benefiting from access to a wider pool of talent, their ability to hire people from across the world, and savings on rent and utilities. Even typical office-based workplaces have already begun allowing remote work.
Remote workers, on the other hand, report having a sense of autonomy, doing away with the need to commute and a better work-life balance as some of the benefits of remote work. So if you’re a business looking to attract and retain top talent, offering remote work options can significantly help.
4. The importance of understanding Generation Z
Generation Z-ers are digital natives, even more so than millennials. They are usually quick to go online to show their support for, or protest, against certain brands. They advocate for the environment and for social change, and usually demand quick attention and response from businesses when they air their grievances or comment on products or services. Customers from Gen Z can make or break brands, and it would work to your advantage if you take note of their preferences and plan your offerings and campaigns around these preferences.
Moreover, you may also end up hiring Gen Z-ers to work for you. So knowing what makes them tick can help a lot in how you manage them. This way, you can harness their potential so they can efficiently support you in running your business.
5. The drive toward sustainability
The state the planet is in has had several celebrities and high-profile individuals rallying for changes in business practices. This is a worldwide challenge and, in economic terms, if your target market includes Millennials and Generation Z, you need to ensure you uphold eco-friendly business practices, products and services to resonate with these customers.
6. Growing automation and AI innovation
While this may impact bigger businesses more, SMEs can benefit from automation technology too, even if it only means investing in chatbots to support their marketing and sales efforts.
7. Getting on the influencer bandwagon
Brands now recognize the importance of tapping into the reach of social influencers who are active in various social media platforms. Of course, you can always partner with celebrities with a huge and active following to promote your product, service or brand. However, do not discount the appeal of micro influencers who regularly post on their social media pages, and actively engage with their audience.
8. Prioritizing employee satisfaction
Countless studies on the importance of keeping employees happy and satisfied as a key to business success and growth are continuing to push companies into making concessions to ensure they attract and retain top talent. And it’s not just about fair pay, but also about providing a flexible work environment, career growth opportunities, and other benefits.
9. Addressing the needs of an aging population
The economic and social impact of an aging population cannot be denied. Therefore, companies need to be able to keep their market even as it grows older by providing products and services aligned with the needs and requirements of this demographic.
10. Tighter cybersecurity
All businesses need to practice stricter cybersecurity measures as hackers and other cyber criminals have ramped up their attacks on businesses. Many are reducing their IT risks by using managed service providers (MSPs). Data is more valuable than ever before, so don’t let yours fall into the wrong hands.
Keep up with the trends
To ensure your company evolves with the times, be sure to stay on top of relevant business trends that can significantly impact company operations, productivity and growth. This way, you’ll be able to fulfill your business objectives and, more importantly, continue to scale operations as you grow and adapt.
