Small businesses should not ignore the trends that seem to be affecting larger corporations. In fact, keeping tabs on what works and what doesn’t can make a big difference in the success of your business this year and beyond. Whether you have a stand-alone storefront or are the owner of a franchise, these top 10 business trends are more accessible than you may believe.
- Millennial Consumers Dominating the Market
The millennial generation is currently about a quarter of the total US population, making them the largest segment, surpassing the baby boomers. At 75 million in the United States alone, these consumers are no longer the unemployed, fresh-out-of-college generation. Yes, they are a force to be reckoned with - a consumer with power that should not be ignored.
- The Necessity for Experiential Marketing
In the age of social media, consumers want instant gratification. The best way to intrigue and entice is through experiential marketing - giving the consumer the ability to explore your products before making the commitment.
- The Regularity of Crowdfunding
Small business loans are not easy to come by. This has led to the rise of crowdfunding which is the method of having consumers become a part of your growth. By definition, crowdfunding is raising money for a project or venture in small increments from a large number of people. The rise of the Internet has connected us; therefore, the consumer can feel like an investor in your brand.
- The Importance of an Online and Offline Presence
Do not feel overwhelmed by businesses that launch online and have only a virtual presence. Even if you launched your business before the Internet or social media, your offline presence can be amplified by your online one. With social media accounts, a website, and blog posts, you can drive traffic to your stores.
- The Beauty of Data-driven Personalization
Data has opened a myriad of doors. By analyzing the right data, you can determine who your exact consumers are. This way, all marketing strategies can be personalized to what works best to attract their attention.
- The Increase of Freelancers
Small businesses often come with small budgets. This can cause a hiring freeze. Thankfully, the job market is currently flooded with freelancers. Hired on a project by project basis, there is much less overhead, greater flexibility, and you can work with experts in the exact area you need at any moment.
- The Advances of Cloud Technology
Examples of cloud technology include Google Drive and Dropbox. Because of their accessibility and affordability, small businesses have been taking advantage of them. Relying on cloud storage decreases the need for physical devices or even paperwork.
- Micro-influencer Campaigns
Recent studies have shown that working with micro-influencers (those who have between 2,000 and 50,000 followers) have greater success. Beyond being more affordable, they have proven to have greater engagement and consumers find their opinions and brand suggestions to be more authentic.
- The Increased Use of Augmented Reality Experiences
Like artificial intelligence, there is a rise in augmented reality (AR) experiences. AR provides small businesses with the opportunity to showcase their products before launches. These experiences engage audiences and provide useful data.
- The Marriage of Cross-channel Marketing
Much like it sounds, cross-channel marketing means using multiple platforms at once. In essence, this means a marketing campaign spread throughout print advertisements, social media posts, email newsletters, and commercials on the radio, for example. Experts predict that integrated marketing will be the key to success for many small businesses in 2019.
Whether you are thinking of or simply want to boost sales, these top 10 trends can be useful when developing your next marketing campaign. If you are unsure of where to begin, your Transworld Business Advisors Houston and work with one of our !