The top 5 small business trends for 2017
2017 is shaping up as an exciting year for small business. With a recovering global economy, and new opportunities created by emerging forms of media, small businesses are finding it easier and more cost-effective to market their brands and find their niche.
To help you adapt to the changing business landscape this year, we’ve put together 5 small business trends you may want to keep an eye on to have an edge over your competition.
It’s All About the Millenials
Love them or hate ‘em, millennials will be your cash cow this year.
Millennials, besides being criticized for having a sense of entitlement and zero work ethic, are also known for their ability to quickly adapt to new technologies in business. And they’re probably going to be your main group of consumers this year. A lot of the criticism of Millenials is typical. Every generation is criticised by the previous one.
Our suggestion is not to criticise, but to learn and understand what appeals to this generation, what they want from their shopping experience and grow with them, not fight against them.
A small business owner can do two things with this shift in purchasing power. First, millennials are more than willing to answer surveys to provide data on their spending habits. In return, they expect companies to quickly deliver in terms of customer service. Remember those two things when doing business with them.
Online Presence Becomes More Necessary
If you’ve put off establishing a website for your company (really, it’s the 21st century, why do that?), this year is perhaps the best time to build a great site, ASAP.
The new generation depends more on online research and shopping now. In addition, the rise of mobile technology means that you’ll have to take care of two fronts of your online presence – desktop and mobile.
Customers Will Look for More Security in Transactions
Unfortunately, there’s also been a trend of cyber-theft in past years that have targeted small businesses successfully. This means that, by 2018, customers will be even more conscious about the security of their sensitive data and will make purchasing decisions with this in mind. You will have to look into securing your e-commerce website against data breaches, or else you will start losing credibility.
Online Lending Will Become More Prevalent
While looked at by traditional bankers as a high-risk business model, online lending is expected to make a forceful entry in 2017. Part of this expected rise is because of the model’s ability to quick provide for their clients’ financial needs. Due to the ease of securing loans for their business, more and more small businesses are expected to consider online lending as a means for raising capital for their business.
Social Media will Continue to Play a Big Role
Last but not the least, social media websites and social media analytic tools will become more useful than ever in 2017. Coupled with a great website and an agile marketing strategy, SMEs that are able to establish a good following in social media websites like Facebook and Twitter can expect to make it big in 2017.
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