6 Tips for Staying on Top of Business Trends
As a small business owner, you need to keep yourself informed in order to identify and take advantage of new opportunities. Staying on top of trends that affect your industry, your customers, and your business is vital to keeping your company competitive.
The following 6 tips will help your business capitalize on industry trends, attract the attention of consumers, and help your company grow.
Practice Corporate Gifting
Corporate gifting is one of the best ways to promote your business. Research has shown that corporate gifting significantly improves impressions of a brand in over 50% of people, and about 80% of them would do business with a company that practices corporate gifting again.
If you have trouble coming up with corporate gift ideas for your clients, don’t fret. You can choose from a wide variety of items such as stress balls, lanyards, sticky notes, ballpoint pens, mousepads, electronics, drinkware, apparel, etc. Not only do gifts with your company’s logo enhance brand awareness but they also help you build stronger relationships with your customers.
Coach Your Employees
If you’re looking to boost your employees’ performance, consider establishing an employee coaching program. According to research, even though 41% of employees consider training and coaching to be very important, nearly 75% of them feel they aren't reaching their full potential at work because of a lack of development opportunities.
Employee coaching programs will give your employees the opportunity to develop or polish specific skills and become more efficient when performing the required tasks. The benefits of establishing such a program include improved individual performance, increased employee engagement, improved communication, increased employee retention, etc.
Embrace Remote Work
The abrupt closure of many workplaces and offices as a result of the global pandemic ushered in a new era of remote work for millions of employees. Statistics reveal that over 4.7 million employees work remotely at least half the time in the US, whereas on a global level, 16% of organizations are fully remote.
If you are a small business that depends on remote employees, there are a few ways to keep the work environment professional while making your workers feel supported and fostering a strong sense of motivation without sharing a physical space.
Using communication platforms like Zoom and Slack to check in on your staffers regularly can be of great help. Make sure to take the time to socialize virtually with your remote team members in order to make them feel like they’re part of the team, and show your appreciation for their hard work with perks or meaningful gestures.
Automate Your Business Processes
By automating your business functions and using tech systems like CRM and ERP you can significantly increase productivity and reduce costs. More than 40% of business leaders believe that workflow automation speeds up the completion of repetitive tasks and minimizes human error. In addition, about 30% of them agree that automation software leads to reduced labor costs.
Process mapping can provide you with insights into which of your processes should be automated first and help you determine what technology solutions provide the most value for your organization. Do some research to see what is available on the market and find the systems that are best suited to your company.
Use Mobile Marketing
One of the biggest small business trends is mobile marketing. In 2019, mobile advertising spending in the US totaled $189 billion, and this year, it’s expected to surpass $240 billion, accounting for more than 50% of ad spending and overtake desktop advertising.
The best way to take advantage of this trend is by creating an app for your business. This will not only allow you to manage your business but also connect with your customers and cater to them on the go. For instance, you can use your app to send text messages and keep your customers up-to-date with your latest promotions. In addition, you can use geo-targeting to reach out to potential customers in your area using Google ads.
Rely on Data
Thanks to the Internet and mobile communications, businesses of all sizes now have the ability to gather and analyze large amounts of data in order to get valuable business insights.
Small businesses can use social media listening software, data analytics programs, and online surveys to understand their customers and take advantage of sales opportunities. In addition, CRM systems can help them personalize their products or services according to their customers’ tastes and needs. Finally, by measuring your business performance in key areas, you can assess how you’re doing in comparison to your competitors and make the necessary adjustments in order to become more successful.
Tapping into emerging business trends is a great way to help your company stay ahead of the curve. From coaching your employees and automating your business processes to relying on data and using mobile marketing, there is no shortage of ways to give your organization a competitive edge in 2022.