If you own a business, you would be well aware of the competitive nature of the business world. Anyone can outsmart you at any time. In order to reach the top and to keep your position intact, you have to be in sync with modern technology and latest innovations. Driving business growth is something every entrepreneur aims at, the idea is to take small steps in time to the bigger goal.
Here Are The Top 10 Trends That Can Drive Your Business Growth In 2020:
Focusing On The Youth Demographic
The world belongs to a younger generation! The elderly people might use internet for some things, but for the youth, internet is a significant part of their daily lives. The informed youth of today increases in age, they constitute a large part of the consumer market; therefore it is important for every company to do their best when it comes to leveraging the digital platform. You are in the eyes of the youth only if you are digitally out there!
For instance, TikTok which is a mobile platform has seen tremendous growth in the recent years. This app has users worldwide and is doing extremely well for staying in the competition. A company that plans to impress people has to be adapt with the new trends of social media websites like Facebook, Twitter, Instagram, YouTube etc. These are the best platforms to reach out to a wide range of people online.
A Flawless Website
Today, everyone is well aware of the fact that it is mandatory to have a website, but there’s difference between just having a website and having a flawless website. A flawless website would comprise of the aspects like:
- An impressive design that can be easily navigated
- Clearly defined categories
- Precise content
- Fast website speed
- Website security
Taking the fact into consideration that the modern generation browsing the internet today is impatient, the significance of having a fast website needs to be taken into consideration. If you support your website with a web hosting platform that is based on SSD servers, your website will function better during the high traffic times as well. Similarly, your website should be secured with an SSL certificate. This is an important factor for your browsers and for Google as well. In place of having large chucks of content on your web pages, have precise content that provides the necessary information to the people. Analyze your website carefully and check what aspects can be improvised for providing a supreme user experience.
Importance Of Offline Conversations
Although social media and various other online platforms are on a rising trend, people still recommend brands through word of mouth on a prominent basis. Approximately 40% of referrals happen in this way. This is the reason why every business must harp on the importance of offline brand conversations.
This trend is especially strong in the fashion and beauty industry. In such industries brands are discussed on a regular basis among friends and family. Referrals are encouraged through a compliment or asking where did you buy that from? These are important opportunities for every brand. Companies should take referral marketing seriously where they provide incentives to customers for recommending their favorite brand to the people around them.
Personalized Content Will Rule
The requirement for personalized content is evident. In all the communication that you receive from the brands, you would feel that there is absence of personalization in it. One must take the fact into consideration that good and personalized content is a strong driven force behind business growth. Consumers look forward to relevant experiences form the brands they communicate with. Consumers today expect the brands to know their likes and dislikes and preferences and suggest intelligent product/service recommendations that are worth their time and money.
Factors like user attributes, social listening, website behavioral attributes and past purchase history are important for the marketers to create an excellent opportunity for formulating the perfect customer profiles. By having a deeper understanding of user preferences and buying habits, companies will be able to look beyond segmentation and they will be able to provide predictive product/service recommendations.
Chatbots Will Become Smarter
In the coming years, chatbots will play a significant role in customer service and engagement. Chatbots will become smarter and they will be able to provide behavioral recommendations. Chatbots will work in collaboration with the third-party software. If you have a smart chatbot in place, people will prefer engaging with a brand through chatbot instead of an app. There is a huge potential of user engagement here, provided that the chatbots work brilliantly and are able to hold an engaging conversation.
Online messaging platforms like Facebook have had great success with chatbots since they opened up integration for brands. Approximately 60% of users who got a chatbot ping on Facebook Messenger, conversed with the message. Chatbots are largely coming out as a convincing solution for the business brands and marketers and one must make the smart move of taping into the potential of chatbots for driving business growth.
Automated Social Media Marketing
Time spent on social media has significantly increased in the past years. Every brand is eying a larger part of people’s media time in 2020. Automaton of social media marketing should be on your agenda, this will help the brands to reach out to a wider range of people and to send their messages and updates at the right time to the people around the world. Social media and ad targeting should constitute a major part of your marketing budget as you are making a worthwhile investment.
‘Generation Z’ as they say to the generation after the millennia’s is growing and so is their purchasing power. This generation will constitute a time when they will compete with the millennial spending power. This is the reason why brands must concentrate on creating a targeted social strategy especially for them as they spend most of the time online.
Related : Tools To Manage Social Media Channels
The Mobile World
Having a mobile first approach will be a major driving factor for the businesses in 2020 and in the coming years as well. A mobile has become the user’s primary device for communicating with the online world.
Marketers should strive to create a deep-rooted mobile engagement strategy for businesses by leveraging on the tools like:
- Push notifications
- Web notifications
- Mobile Wallet
- In-app notifications
According to the facts, mobile ad expenditure overtook desktop in the year 2018 and this is expected to rise in the coming years. Your business marketing strategy should comprise of a lot of mobile-based ads and mobile marketing campaigns. Google’s mobile first index that was released in 2020 has made it mandatory for many brands to optimize their websites for mobile. It is a coherent reality today that if you are not on the mobile screen, you are losing out on a very large fleet of potential customers.
Live Video Streaming On The Rise
Video streaming is a completely different spectrum altogether! Everything out there is in video form and therefore creating videos has become an extremely lucrative form of communication that must be integrated in every marketing campaigns. The new generation is going nuts over live video screaming! If you own an ecommerce website, live streaming videos is a great opportunity for communicating with your customers in the way they like. Figure out strategies for integrating live video streaming in your operations. For instance, you can go live while launching new products, or you can run live Q&A sessions and drive your business growth through videos.
User Reviews For Personalization
Customer reviews were crucial earlier and they will remain crucial in the year 2020. Information from the current clients will provide social proof along with important information about the competitors and keywords used. Affordable technologies will help small business owners to get more data from reviews that will help with:
- Articulating new products
- Gearing up customer support
- Formulating better content
There will be many ways to use user reviews many avenues will be open to boost SEO and web traffic. As a result of this, most of the businesses will encourage user reviews across multiple channels and then they will use this information for creating data-driven strategies.
Increased Integration Of AI
We have witnessed that the technologies that were once seen as cutting-edge technologies are now embedded into the core of many software products and apps. This goes on to say that tools like machine learning and AI (Artificial Intelligence) are for many people rather than just a few in the past. Businesses are talking about ways to automate their functions and processes to make them faster and more responsive.
AI and Machine Learning will be increasingly incorporated in the platforms that help the businesses of all sizes to function and grow. In the year 2020, most of the small businesses will be able to utilize this technology to identify problem areas like defaulting payers or projects that are running over budget.
The last word…
Every business is now functioning in a highly competitive world and in order to sustain, it is important to grow! Along with the business growth trends outlined in this article, there will be several other strategies that will help your business to grow. The key lies in figuring out what works for your business!
All the growth trends of 2020 and for the close coming years have three things in common, they are : People, Processes and Technology! Your business growth will revolve around these factors. You need to be a step ahead for your competitors and your customers as well.