Are you the one who always misses the business trends or catches upon them when it is too late? We are almost at the end of 2019, which means it is the best time to start gearing up for 2020. In this competitive world, the only way to lead the market is to stay ahead of your competitors.
Investing in future trends ensures that your business reaps the benefits tomorrow.
But before we move towards the latest trends that can be followed in the upcoming year, let’s understand the challenges that SME face.
Small Business Challenges in 2020
In this upcoming year, there would be different challenges for SMEs and that is very important to understand before talking about the latest trends that can be followed.
So, here are some of the biggest challenges that SMEs may face in 2020
How to Increase Sales Without Spending Too Much?
Most of the businesses think that increasing sales is their primary objective. To be in the market they try to do everything like spending a lot of money on marketing, recruiting more sales reps, etc. But the real challenge businesses will face in 2020 will be to increase sales while staying lean.
How to Make People Believe in Your Idea?
One of the biggest challenges is to convince the customers and make them believe in your philosophies. You will find it difficult to get support from the people because currently there is a lack of trust in the market. You will have to build trust and establish a stronger connection with the customers and investors to get them on board for a positive cause.
Delegating Work to Others
Instead of managing your employees and giving them a message that you don’t believe in their capabilities, it is better to delegate work to others. When you will provide freedom to your employees, they will showcase their talent and deliver with full potential.
Top 10 Small Business Trends in Upcoming Year
More Emphasis on Retention Marketing
Customers are very important for every business. Understanding their buying pattern and providing them personalized and customized choices will be a game player, and will keep your sales high. In this quest, you can also customize your homepage as per your customer’s buying pattern.
There are many smart search engines that you can use to recognize customer intent that will enable a digital business to increase profit. Those days are gone when you use to showcase every product to your customers. By using this technique you can engage your customers and offer them precisely what they want.
User Reviews Will be Very Important
User reviews play a significant role in influencing customers to buy a product. It makes the customer feel more comfortable if people have already used any product and reviewed it. Reviews have become an essential factor that supports the buying decision of any product online.
Since the small business has smaller marketing budgets, it becomes more important for them to focus on user reviews. If a product has been reviewed by real people online, it makes it more trustworthy and results in increased sales.
Stories Take Over the Newsfeed
Stories have now become a default social media feature owing to its huge success. These are short video content that disappears after 24 hours, they are more in moment content which makes them look authentic, leads more connection to the audience and increases a sense of urgency.
Increase in Remote Workers
For any small business, infrastructure and space is a big constraint. But, with the option of remote working, this problem is solved instantly. This is a fast emerging small business trend and you can already see so many companies allowing employees to work remotely several times a week. This allows small businesses to hire the best talent from across the globe.
Businesses Prioritizing Employee Happiness
A happy employee is not about providing him a fat paycheck, but to make him feel valued. Employee happiness is paramount and has a direct correlation with productivity. The modern workplace is very different from the past, a healthy work environment is required for the employees to be more productive and happy.
If you treat your employees well, they will take care of the company. When there is no longer a bigger pay gap between companies, workers look at other factors like the work environment.
Big Data for Small Business
Initially, Big data was used only by the enterprises to improve the way they do business, but now, it has become a requisite for the small businesses to harness the power of data. It is very important to have a big data strategy, which will give them a clear competitive edge. Data that is just big does not give any competitive advantage, the data has to offer clear actionable insights in order to be effective.
One must be very careful with data, many restrictions are being imposed on how and what kind of data can be collected. This will only increase in the future, businesses will have to find a way to work with these restrictions.
If you are a small business, it is most likely that you cannot afford the assistance of celebrities or high profile influencers to grow your potential market. But you can choose micro-influencers or influencers with fewer followers. They often have a more loyal fan base and a higher level of engagement. With the help of influencers and proper market research, you can reach the audience interested in checking your brand.
These are some of the top trends that small businesses are more likely to follow in 2020. If you are someone who owns a small business or wants to grow your business in the coming year, these trends will definitely help you to lead in the market.