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5 Important Business Lessons That 2017 Taught Us

Tuesday, January 23, 2018 | Comments (0)

And just like that, 2017 is over. For business owners, the arrival of a new year is the perfect opportunity to look back and see what lessons the previous year taught us, using these insights to grow and expand over the next 12 months.

As make our way into another new year, let us look back at five important lessons that business owners (that includes us) should have learned from 2017.

Social Media Marketing is No Longer Free

There was a time that we could use Facebook as a royalty-free platform to launch a viral marketing campaign. Twitter used to be that way too. Times have changed, however, and today, it’s no longer enough to rely on organic engagement to take advantage of social media. 

Facebook’s incredible user base is also its biggest problem, at least for marketers. To make sure your brand is found on the social network, you need to clearly identify your audience and pay for sponsored posts/content to make sure people actually see your posts.

Twitter is the same too. So, it’s time to think about investing in sponsored posts when it comes to growing your social media presence in 2018.

Everything is in the Cloud...and that has Consequences

Cloud technology has been a game changer for both ordinary people and business owners. With cloud technology, you can access your files from any device, so long as its connected to the Internet. For businesses, this means it’s easier to store and access their database from anywhere in the world, making their operations more agile and efficient. This is especially true when using cloud-based customer relationship management solutions like Salesforce.

Of course, this also comes with a caveat—your files are at risk of cyber-theft and hacker attacks. While investing in cloud technology is great, always be wary of safety and information privacy. 

Any Electronic Device Can Be Useful for Business

it used to be that computers for business had to be powerful and expensive machines. But if there’s one thing 2017 taught us, it’s that computing power isn’t limited to desktop computers, what with smartphones and other mobile devices getting more powerful with each year.

And with the advent of cloud computing, you don’t even have to maintain a physical server in your offices—everything, as they say, is in the cloud. 

Artificial Intelligence is Making Its Presence Known.

Artificial intelligence is no longer just a fixture of science fiction. Things like machine learning and deep learning are fast changing many business processes, including: 

·       IT security

·       Production management

·       Marketing

·       Reputation management

·       Customer support

The science is hard to explain, but suffice to say that AI will only continue to mature in 2018, which is both a good and bad thing for your organisation—good because it can make many things efficient and bad because it could displace certain jobs in your company. 

Watch Out Generation Z

Much has been said about the workplace reputation of Millennials, or those born in the 80s and 90s. They’re supposedly entitled, lazy, and obsessed with technology.  But the thing is, millennials are now taking on management positions across many companies, so it’s safe to say your organisation has already adjusted to them. 

Instead, your business should watch out for Generation Z or those who were born in 1998 and after. These are the people who are entering the workforce for the first time and are quickly gaining purchasing power. If your business wants to stay competitive, be sure you’re also looking out for this audience.

Take these lessons to heart and your business should be heading in the right direction in 2018. For more business insights and guides, be sure to subscribe to this blog. If your company needs sustainable packaging solutions, talk to the Smartbag team to learn more about our product line. 

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