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Every business has its fair share of ups and downs. It is never too late to reflect on the past and plan for the future with the learnings in mind. It is important to keep in mind that business trends and opportunities are always changing. Whether you are already a business owner or are looking for the best business trends for 2019, it is always advisable to keep abreast of all the developments happening. Be it changes in finance, technology, AI, or public policies, entrepreneurs need to be aware of all these things.
1. Artificial Intelligence Will Continue To Help Businesses Grow
Artificial intelligence (AI) has really started to enter the market and will only continue to grow. With virtual assistants like Amazon Alexa and Google Home all the rage now, AI will make their presence felt in a wide range of industries. Artificial Intelligence will be used to improve customer experience and streamline business operations amongst a myriad of other applications.
As more and more people are getting acquainted and comfortable with AI, it is safe to say that Artificial Intelligence will be a game-changer if you use it to upgrade your business operations. For instance, virtual assistants are able to handle customer service tasks that help better facilitate the customer journey.
Speaking in the same vein above, it is important to note that no matter how much technology improves, it will never replace the human touch when it comes to delivering customer service. While there are some great opportunities to use AI, it needs to be used hand-in-hand with the human, as Artificial Intelligence can only augment us, providing people with better information, thereby aiding them to perform their roles in a better manner.
Technology runs our lives nowadays, but it is relationships that drive people and businesses both. Exercise caution while using automation, yet don’t shy away from it. Algorithms can tell you so much about your customers; find a way to combine and balance AI and personal touch and you have got a winner. Do not underestimate the power of personal touch. Find the balance. That is the key.
2. Consumers Will Be More Protective About Their Data
Data protection is a serious business. There has been a steep rise in consumer interest in businesses better protecting their personal data. There are regulations governing how businesses can use and sell user data. It will be best to avoid purchasing user data, or in short, obtaining user data without consumers’ consent. Reports have it that over 70 percent of purchased data is inaccurate.
So, what are the ways to build a user database? You can make use of online polls, quizzes and even conduct ATL and BTL events to market your product as well as gather database. You can approach a marketing strategy consultant and get market research done. This is a sure-shot way to know what customers want on a need basis and get their database with their informed consent. Gamifying your online content is another way to obtain customer data with their informed consent—Interactive content is all the rage nowadays.
3. Personalized Marketing will Continue to Grow
A marketing strategy consultant can help you come up with personalized ways to project your business to your consumers. Marketing is becoming increasingly personal; in the wake of the startup business trends and opportunities, this will only grow exponentially. Generic campaigns will no longer convince customers. This trend will keep growing this year. If you want to succeed, you’ll have to provide a high-value and personalized customer experience every step of the way.
Continued in a similar vein as above, user reviews will trump everything. Think about it. If you want to buy a baby product, what do you do? Buy the first product that comes on the search page? No. You will most probably read lots of user reviews before making a buying decision. You will also be more inclined to stay away from the product which has no reviews—good or bad. That’s why a customer can make or break your business. A satisfied customer means more business. They will be the vocal advocate for your business by way of leaving positive reviews on social media sites.
You can solicit reviews as well as feedback from customers buying your product/service. This will help fine-tune your product too. In a way, this is market research. You see what satisfies your customer; what your customer wants and needs. This will help draw innovative and personalized marketing campaigns targeted at their audience. The user review will rule. Customer reviews influence the larger part of online customers before they decide to make a purchase. In the coming years, these customer reviews will have a huge impact on businesses.
4. There Will Be An Upsurge In Diverse Payment Options
There have been countless headlines after the implementation of Digital India back in 2015. Improved online infrastructure has made customers look for flexible banking models and payment methods. Needless to say, speed and security play a huge role. Tap to Pay credit cards will become an important trend in brick and mortar transactions. This falls perfectly in line with the standard of digital transactions.
Also, a big business trend in India is the changes happening in the way in the banking sector. From the time Digital India was announced, the banking industry underwent significant changes. There will be a massive disruption in how you can make payments.
5. Businesses Will Prioritize Employee Wellness
A happy employer is a productive employer. Behind every successful business growth trends, there are happy employees. In the past couple of years, the focus has radically shifted to employee happiness and wellbeing. This will only continue to rise. Keeping employees engaged and happy is important—it helps in lowering the attrition rate and retaining good people. Keeping your employees happy boosts their productivity.
In keeping with the above point, the shift toward remote work will increase this year. Employees who spend less time commuting but more time working remotely will contribute to business growth and success. This means you will need to rethink communication strategies and workplace collaborations ahead of time. A business development consultant can guide you in the right direction for your company.
Ourbusinessladder is a 360-degree Entrepreneur Support and Business development Consultant Company specialized in market research and business advisory. We, being a Marketing Strategy Consultant, are a one-stop solution for existing businesses and enterprising entrepreneurs.
How are you going to implement the new trends for your business?