You know how tough the Business Trends can be if you’re an entrepreneur. You must keep your finger on the pulse of new technology and keep up with the latest developments to remain on top. With that in mind, here are distinct patterns that will propel business growth in the coming year and beyond
When was the last time you did anything solely to expand your professional knowledge? Staying on top of industry news and trends will help you gain insight, recognize development opportunities, and give you a competitive advantage, regardless of your position or field of work.
Keeping up with the Business Trends, on the other hand, does not have to be challenging. Here are a few basic methods you can implement right now.
- Your news feed should be updated
It’s important to use social media daily. Make sure your company’s Twitter, Facebook, and Instagram feeds are customized so you can quickly check the day’s important and trending topics. If you don’t have time to click through and read articles that looks promising right then, use a “save for later” app like Pocket to save it for later.
- Make the most of your team
Your team’s eyes and ears should be on the ground as well. Create an email alias for the whole organization to use to exchange insightful discoveries or posts. It’s also useful to have a Slack channel for sharing this type of stuff.
- Make use of SEO
It’s probably famous if a lot of people are searching for it on Google. To recognize emerging trends in people’s searching behavior, try using a relatively inexpensive SEO tool like Moz to enter keywords in your industry. One approach is to target words that are specific to a particular niche. Those topics may not have a lot of search volume right now, but if they’re gaining traction, they’ll most definitely do so soon. Finding these hidden gems is a great way to see where your company could fill a market void.
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- Subscribing to trade newsletters
While it may seem dated, trade journals are still one of the most effective ways to keep informed about specific issues in your industry. Find out which ones you can subscribe to and join their mailing lists by doing some analysis. Then, whether in print or online, read those papers. Make a note in your weekly calendar to read through these articles regularly.
- Magazine subscriptions
Business magazines, whether industry-specific or just for fun, are in the same boat. Frequently, you’ll come across something that is either important to your line of work or may inspire an idea or insight.
- Keep in mind to network
Conferences, local networking activities, training, and Facebook groups are all designed to put you in front of peers and experts. Whether it’s a monthly salon-owners happy hour or a large trade show like CES (if you’re in the tech industry), the face time you get from networking is always beneficial to your company.
- Get to know your clients.
Soliciting reviews by surveys or simply responding to customer posts on your social media accounts are both effective ways to see what are business trends for your business through the eyes of your audience. Never undervalue the value of consumer insight.
- Getting a Glimpse of the Youth Demographic
Older readers may recall a period before the internet, but younger generations consider it to be an integral part of their daily lives. Companies must do their utmost to appeal to them as they mature and become a larger part of the customer market by shifting their marketing to a digital channel.
Take, for example, TikTok, a mobile-centric video platform that has seen explosive growth in recent years. It ranks ninth in that group of social-networking sites, ahead of LinkedIn, Twitter, Pinterest, and Snapchat, with 500 million active users worldwide. Digital marketing has also become more available to this audience thanks to YouTube.
- E-Commerce Will Prevail in the Future
Global e-commerce is projected to hit $5 trillion in the next four years, prompting several retailers to shift their investments from brick-and-mortar to online stores. Fashion Nova has used the power of online shopping to produce hundreds of millions of dollars in revenue while having just a few physical locations. They also built a cutting-edge warehouse to expedite the shipping of orders. There seems to be no limit to what can be sold online as more specialized retailers enter the market.
- Keep track of publications and business influencers.
Being pressed for time as a busy entrepreneur is far from uncommon! How can we keep track of business trends when we don’t always have the time or mental space to read through every fascinating thought leadership article in our respective industries? Keep track of business influencers, their points of view, and make sure you are part of the discussion with social media.
- Soak up the most recent market analysis and trend analyses.
You should be reading up on the abundance of business reports readily available to you to get a true image of your industry environment and assess the direction it is going in. We have more than £5 million in online industry reports from top publishers including Mintel, Frost & Sullivan, Euromonitor, and others, as well as up-to-date sector and company data for over 144 million the UK and global companies at the British Library’s Business & IP Centre.
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- To analyze business behavior, take advantage of digital resources and analytics.
If you’re a numbers geek, you’ll appreciate the vast array of analytical tools and programs at your disposal. It’s fantastic because you can delegate all of the legwork to these tools, allowing you to grasp the broader picture of your business far more quickly.
Consumers are constantly searching for patterns online, which digital analytics will help you discover. Google Trends, for example, provides a long-term analysis of niche trends, while Google’s Keyword Planner enables you to check for the most common keywords used online by your target audience, as well as the potential scale for using and bidding on them for the company as part of a digital advertisement campaign.
- Pay attention to your clients.
It is beneficial to speak with your clients. They are, after all, the ones who assist in putting food on the table! Don’t be afraid to speak with them and hear more about their concerns and see what else the company can do to assist them.
Regular quantitative surveys of your current customer base or – if you’re a brand-new start-up – your target market may give you useful insight into potential changes in their behavior and needs.
- Competitor scrutiny
To stand out from the crowd, the most popular companies do not suit the crowd; instead, they innovate and break new ground. Observing your rivals, on the other hand, will also give you a clear idea of their market positioning and whether they are responding to an emerging trend. Competitor research does not have to be prohibitively expensive. It is easy to consider how you relate to your rivals by simply analyzing their website, customer feedback, and social media platforms.
- Create a network
Attend conferences, business meetings, and training sessions that will enable you to learn new things while also allowing you to network. To gain a better understanding of your business, you could also contact manufacturers, clients, and experts in related fields. Networking and attending events will also help you stay informed of what your rivals are thinking.
- Read, listen, and observe
There is plenty of media to immerse yourself in in the modern world, in whatever medium suits you best. Many independent websites are just as popular and insightful as conventional media. If you like to learn from books, go to your nearest bookstore regularly to see what’s new. Podcasts will help you make the most of your commute. There’s bound to be a subject worth listening to among a large number of titles available today, which cover fields as diverse as plumbing, software engineering, medicine, leadership, and architecture.
- Working from home has become the new standard.
Remote working is undoubtedly one of the biggest market trends, with social distancing standards in place and businesses asking workers to work from home.
Remote working has other business advantages as well. Infrastructure and space can be a significant restriction for small businesses; real estate is not inexpensive, but development is critical, and small businesses cannot afford to be left behind. With remote working, this issue is solved immediately.
Tech has made remote work simpler than ever before, with tablets and smartphones, video conferencing, and team messaging — the typical worker working 9-5 every day in a cubicle is no longer the norm. Small companies can now recruit the best talent from all over the world.