The 3rd quarter of 2018 just started and waves after waves of market trends have emerged. Of course, no business is too small to keep up with the Entrepreneurship trends. Who knows, these business know-hows will spark a new opportunity for you and your business:
Top Entrepreneurship Trends
Communication Automation and Personalization
Early 2018 when you have probably noticed that sending a message or just mere opening a Facebook business page will send you a reply in just a few seconds. A lot of companies have incorporated the use of chatbots in gathering customer data such as emails and a tool for customer service. These bots were also programmed to send out promotion and sale announcements to the people in their network.
Email marketing has also evolved and can now be programmed to address you in your first name, making it more personal. Email segments also send you promotional materials based on your previous engagements and buying behavior.
Remote Teams and Freelance Workforce
Start-up companies are the ones which started hiring freelance workers who usually work from home. This saves the company from overhead expenses in office space, utilities, transportation allowances, etc. It also gives the company and the freelancers the opportunity to assess carefully whether the job and the person will fit the company’s need and make adjustments if not.
This also gives the freelancer the ability to work on multiple roles with multiple companies. It can enhance productivity and promote work-life balance. With the use of project management tools, the employer and the freelancer can work together, remotely. They can smoothly implement various tasks simultaneously.
Use of video marketing material captures even your laziest audience. According to studies, 53% of the consumers believe that a company which uses videos to promote their product is more reliable. The inclusion of “stories” on Facebook and Instagram, the ads on YouTube and Facebook videos, and the autoplay videos on Facebook and Instagram are proofs that people enjoy videos.
And with mobile phones playing a huge role in our daily lives and with 90% of mobile users watching videos on their mobile, capturing your consumer through video marketing might be the next best step for your business.
You have probably seen promos and exclusive sales tagged as “Members only”. Did it make you want to explore the privileges and perks of a member? For sure! One classic example is Costco, why do you think the business thrives despite giving huge discounts and having crazy sales?
It is because members pay a premium to get access to those privileges. If you are thinking of a similar strategy, start by building your network. Setting up a “members only” sale for those who signed up for your e-newsletter or running a raffle for your new members might just make your patrons love you more. The sense of exclusivity it gives establishes your brand’s value. It also encourages customer loyalty and a potential word of mouth.
After Multiply, there has not been any other social media platform that enables social networking while shopping as well, until Facebook launched Marketplace this 2018. When Facebook incorporated search, some of us may have predicted that this is where it is heading.
Facebook techs might have probably discovered how rampant selling and swapping on niche groups and pages are and instead of disallowing it, they have created a platform for it. This move can work well for your business too. If you already have a “Shop Now” button on your page, why not let your potential customers stay where they are and reach them where they are?
When you post on Marketplace, your products show in your local area. It will also be shown to those who have previously searched for a similar product. It allows your customers to order from you directly. Your business page is like your website within Facebook, if potential buyers check you out and they like what they see on your page, you instantly gain their trust and influence them to proceed with the purchase. More selling platforms, mean more business for you.
Revisit Your Unique Selling Proposition
Every business needs to evolve. Your unique selling proposition 5 years may no longer be relevant to this generation. Know where you can make adjustments, simplify your processes or totally overhaul your business.
You can get ideas from the unique business models of Uber, dubbed as “the largest taxi company that owns no vehicles” or Airbnb, “the largest accommodation provider that owns no real estate”. It does not have to be grand but it has to be relevant. It could be as simple as making your traditional restaurant into a calorie-counting restaurant.
Gadgets change every quarter, your favorite drama has a new character every season. Fashion follows a new color palette every year, and your business definitely needs refreshing once in a while. If you keep up with the trend and it works for you with your own personal touch, then your business might just be the next trend.