Technology has even brought more uncertainties. Thus many have resorted to alibis; I could grow my company if only I knew what my clients needed. Though we have no step by step condition of business at every stage, the good news is that there is some insights into the evolution in marketing and how they shape the business in the long term. As a visionary entrepreneur, you want to familiarize yourself with all of them just so you aren’t oblivious when challenges come. Knowing market trends allows you to take advantage of them and gain an edge over your competitors. Here are some trends to take note of:
- Depersonalize your marketing
For more than decades now, businesses have been using personalized marketing. Nothing wrong with this. All am saying is that we can add other techniques to it so that we make it better, right? In fact a research by Evergage shows that more than 94% of marketers uses personal marketing techniques. This ranges from name tags, sending out emails or making product recommendations. Why is it important to have depersonalized marketing techniques? What do customers value most in the sellers? Now for every relationship, authenticity is very important. Can you buy from someone you don’t trust? Depersonalized marketing does just that. It reduces loading your customers with personalization this allows them to be more authentic while making decisions. One example of these technique is the use of a promo code. It’s very valuable to the customers as it allows him to get more by himself. But before getting a promo code, create awareness about your business; buy Facebook likes.
- Growth of entrepreneurial communities
Have you ever thought about connecting with like minded people, and building Business Empire? Do you think it’s even possible? You can, thanks to the ever evolving technology which has enabled everything possible even to those very distant from each other. Through technology, formation of entrepreneurial communities has permeated every sector. By bringing like minded people together, Entrepreneurial communities enable them to thrive as they not only share their challenges and how to counter them but also successes. What are other benefits of joining these communities though?
- Here, you meet those you are with at the same level; from starters to very established entrepreneurs
- It is a common saying that your network is your net worth. Entrepreneurial communities boost your net worth by helping you connect with more investors. Think of it this way; you have a startup which requires huge capital investment but know not where to turn. If you have not joined such communities, just like others your business idea is likely not to be acted upon. Therefore grab such opportunities and bring to life that idea you’ve been envisioning.
Ever wondered where to find them? Need not to, these communities can be found in Facebook groups, Reddit communities, LinkedIn groups and slack channels. “If only I were a business person, I would have joined the groups”, you could be saying. Now these groups aren’t for those who are already in entrepreneurship alone. They are for all walks of business people.
- Digital Nomadism.
Remote working has not only permeated business but also institutions. What is the impact of this on entrepreneurs? Now if you’ve been keen on hiring, you have realized that most applicants always come from the locality. This limits the quality of employees entrepreneurs can get. With remote working, entrepreneurs have now set themselves free from the prison of hiring from the locality. All they look at is the required skill sets. If still not convinced about online working, here are the stars; 52% of employees work better at home due to reduced distractions. Even better, having an IT architecture just for your business improves your connections around the globe. However, ensure that you plan accordingly before embracing it.
- Subscription Business model
This is a type of business model where customers pay for services for a specified period. This is the strategy used by Microsoft and Netflix. Why does it work better? Through such transactions, you build a relationship before transacting. This therefore makes the customers loyal to your products. With this comes just another leverage; you can truck the metrics over a long period. Moreover, once they register, there is no need in continuing promoting your services to customers.
To grow, entrepreneurs need to think about how customers are changing and bring services that meet the contours of their needs. This could mean embracing the trends above.