It’s not over until the fat lady sings. While this year is coming to an end in a few months, that doesn’t mean it’s time to hang the towel. Trends and business opportunities lie at every corner and they don’t wait for anyone. Staying on top of things is a must in the ever-changing business world. New trends are constantly popping out and, we understand that it can be tough to keep up.
And with each one that is currently hot, or with those that are on the horizon, there is endless opportunity for profit. Filling in a niche is one thing but embracing new technologies and establishing yourself early is always lucrative. Vigilant entrepreneurs are the ones that recognize a good opportunity and get their seat before the rush, which in turn leads to positions of business leaders.
1. Virtual reality is becoming a reality
Seeing the same old billboard on your way to work is a thing of the past. We are so used to these forms of advertisement that our brains automatically filter them out. Imagine seeing a billboard for a car, for example, and you see the image drive off from the billboard and next to you for example. Airplane photos that take off to the sky. Virtual and augmented reality are pushing into our traditional forms of marketing and squeezing out the old way we used to do things. The multimedia approach to this is much more memorable and, entrepreneurs should seek the first chance they get to implement such methods.
2. Digital marketing 2.0
The traditional way we used to look at digital marketing was in form of banners/emails/targeted ads etc. which is slowly becoming a thing of the past. World events have introduced the concept of everything becoming remote. From food delivery, shopping, work even medical appointments, customers can do and live their lives from the comfort of their homes.
With that, businesses must adapt their strategies and messages so that they become more appealing. Bombarding anyone with relentless ads from multiple sources is certainly an archaic method of doing things. With information becoming readily available, the importance of review scores and positive word of mouth cannot be measured in money. With a bit of investment, you get an immeasurable benefit.
3. Continuous services for necessities
Having a high customer turnover rate is not desirable for any company, even for those who have a large number of customers. Uncertainty is something that should be avoided or minimized at all costs, as these times have proven. Having a reliable customer base that you can count on and expand upon is the new way to lay the foundation for running a business.
For example, businesses that provide solutions, (goods and services) for everyday stuff that customers need are as safe as it gets. We cannot imagine our everyday life without a mobile phone. Having a quick and cheap phone repairs shop nearby, coupled with good customer service is a modern way of thinking. People respond to affection and, any company that can provide it becomes a permanent spot on their map. And with a rising customer base, every other part of your business can follow as well.
4. AI, automation and personalization
More than just fancy buzz words thrown around, these now represent the cornerstones of future decision making and, subsequently, marketing campaigns. As customers have more data than ever on companies, so do companies on them. Feeding that data into modern AI decision making programs can yield invaluable algorithms and trends for modern decision making. This can lead to astounding campaigns tailor-made for each individual or several niches. There is no longer a need to cast a video net, as now you use precision and data-guided specialized nets. This makes costs go down with fruitful targeted marketing. On the other side, the revenue goes up from customers that get the goods and services they need.
5. Multiple sources of revenue
As the global situation doesn’t show any signs of changing, many bank accounts for business owners are under a lot of pressure. They are still under a lot of strain and, getting inventive with finding ways to keep afloat is becoming an art form itself. As the saying goes, putting all of your eggs in a single basket is not a good idea. With that, any business shouldn’t rely on a single source of income but should branch out. Discovering that your service can expand with additional products or other services, requires out of the box thinking but is achievable. Crowdfunding, peer to peer funding and angel investors are also just a few ways to secure the future of your business.
While the future may remain uncertain, innovation is a constant. Embracing future tech and opportunities is the fundamental factor in securing a safe future for your (or any) business endeavour. While it may sound frightening, good things don’t come to those who wait but to those who venture into the unknown and grab the spoils for themselves. The race is on and, we wish you to be the first to grab that prize!