2019 is sure to be a great year for budding entrepreneurs and small business owners.
Business News Daily compiled a list of business trends and predictions to help businesses start 2019 successfully. Here are 5 of them that every small business owner should understand:
Businesses will further adapt to the modern customer. “Customers today have more choices than ever, and they have shown they will gravitate toward those who prioritize the delivery of fast, seamless and personalized service. This is true whether they are ordering lunch, getting their car repaired or making a financial transaction. In my industry of financial services, we’ve already seen large legacy companies start to fall behind smaller startups who offer better user experiences.” –Bernardo Martinez, U.S. managing director at Funding Circle
Genuine relationships trump technology. “Technology runs our lives more than ever, but it is relationships that drive business and commerce, so people will find more ways to connect in person to build trust and strengthen connections. Make sure you offer several ways to talk with [customers] and get to know them. Algorithms can only tell you so much about a customer, [but] transactions are driven by relationships. Use automation where you can, but do not ignore the power of the personal touch.” – Paige Arnof-Fenn, founder and CEO of Mavens & Moguls
Marketing will continue to grow more personalized. “Marketing is becoming increasingly personal, and this trend will keep going as we move into the new year. No longer will stock images, generic nurturing campaigns or impersonal calls to action convince consumers. In order to succeed, you’ll have to provide high-value and personalized content every step of the way.” – Harrison Doan, director of analytics at Saatva
The user review will be king. “Today, customer reviews influence more than 95 percent of online customers before they decide to purchase. Moreover, more than 90 percent of people step back from buying the things online which do not have any reviews, good or bad. In the coming years, these customer reviews will be the greatest influencer of any business. Most businesses will open their review forums to publish their customers’ opinions. Most importantly, brands will drive innovative marketing campaigns through these review forums to influence their target audience.” – Andrei Vasilescu, CEO and digital marketing expert at DontPayFull
The political conditions favor entrepreneurs. “I [am optimistic] in terms of public policy, regulation and government intervention in general … The Trump administration will continue with its policy of deregulation, because that is very helpful for the economy. Second, the victory in the House of Representatives by the Democratic Party will help strengthen gridlock in Washington, D.C., and gridlock is good for business.” – Mark Thornton, author of The Skyscraper Curse
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