Whether you’re a small business owner or are considering starting one, there are several trends that will impact your company. Learn about the top small business trends that are impacting businesses today and what you can do to stay ahead of them.
Despite the countless challenges that small business owners face, they continue to adapt and thrive in our increasingly complex global economy. Read on to learn about the most important small business trends that are affecting America’s entrepreneurial landscape in 2019.
1. Social media
Regardless of your industry, small businesses can use social media to reach customers. It’s a free advertising tool that can help you promote new products or services and keep customers up to date on your latest deals.
The most important part of a social media marketing strategy is to make sure it’s authentically your brand. The goal is to establish a connection with your audience and build a relationship.
A growing trend in social media is the emergence of micro-communities, where smaller groups of users can share and curate content more easily. These groups are mainly made up of people with similar interests who can interact and engage with each other. These communities are often used by younger demographics, as a way to express their ideas and opinions.
Automation is an emerging technology that empowers business leaders to reallocate resources to impactful, specialised tasks. Businesses that have embraced process automation report significant cost and time savings, and the high return on investment enables employees to focus on the important stuff.
Traditionally, business automation has been developed and maintained by IT departments and tech leaders, but increasingly employees within other business ops (marketing, sales, HR, customer service) are building these processes themselves.
Using automation tools and services to handle repetitive tasks like data entry, email and search can reduce administrative costs by up to 60%. Automating tasks also frees up time for employees to do their jobs more effectively, helping boost employee satisfaction.
Co-creation is an opportunity for businesses to create new products that reflect the thoughts and opinions of real consumers. It also provides a means to disrupt business models that have become outdated by technological advances and economic shifts.
In co-creation, companies include their employees, suppliers, distributors and other stakeholders in the development of their products. These efforts can have significant benefits, including higher employee morale, higher product innovation and reduced costs.
However, this type of initiative requires more time than most business-as-usual projects. Therefore, more and more companies are turning to accelerators to support these programs.
One of the biggest trends in small business is mobile. Consumers are using their smartphones more than ever before to research and buy products online.
Smartphones are also becoming a critical tool for in-store shopping. According to a survey, half of consumers use their phones while in-store, so brands must be prepared to engage them.
Many small businesses are turning to mobile apps to grow sales and build brand awareness. UK clothing retailer ASOS, for example, has a mobile app to increase product sales.
5. Market research
Market research is a vital part of any business. It empowers companies to make data-driven decisions and avoid making costly mistakes.
Market research helps small businesses learn about target prospects, clients, market size, competitors and more. It also gives businesses the information they need to develop products, set prices, boost sales and improve customer satisfaction.
There are two types of market research a small business can conduct: primary and secondary. Both methods take time to locate, analyze and compile insights.