Although 2018 is more than halfway over, there is still time to make sure your business ends the year successfully. Throughout this year, we have seen trends rise and fall. Admittedly, some have been more effective for businesses than others. As we review the successful trends from this past year, take note that you can still implement these strategies. No matter where your business stands, there is always more you can do to guarantee success for your business.
Best Business Practices of 2018
Looking back at the year in review is always an ideal time for businesses to figure out what worked and what didn’t. As we head towards the end of 2018, it’s not too late to implement some of 2018’s best trends. Read on for the year’s best practices for businesses.
Crowdfunding for New Products
While many people consider crowdfunding to be for creative products and the like, 2018 is showing us just how many businesses are backing this incredible trend. Believe it or not, crowdfunding is quickly taking its place as the best way for companies to raise capital and a new way for businesses to validate products in the marketplace. For many companies and businesses, crowdfunding has surpassed venture capitalism when it comes to finding investors.
Integrating Content and Sales Marketing
Buyers and customers have taken to the Internet to research products and services before making a purchase. In 2018, companies have focused on integrating content and sales marketing, allowing customers to search for content related to your products or services. Customers will find your marketing provides the answers to their questions. Companies need to have their sales team pinpoint topics that consumers are researching, looking for related content. Then, the sales team should work with the content marketing team to strategize what is the best way to use content during the sales process.
Using Video is Big
As the focus on social media gets bigger and bigger, companies are realizing the power of posting videos. Many industry executives and employees regularly watch, post, and search for business related videos online. Additionally, video has an undeniable ability to draw users in to visit vendor’s website. Videos are easier to watch, whether actively or passively, and are the most popular format people choose for consuming information.
Using Collaborative Communication is Better than Email
Automating your company’s methods of communication is a really big trend that has exploded in 2018. Gone are the days of email only communication—with automated communication, employees can easily communicate within the workplace, as well as with other businesses and consumers. Throughout the working world itself, people have already put email on the backburner. Using a communication tool like Slack helps companies target customers through social media tools.
Goodbye to Brick and Mortar Retailers
Online stores are the way of life in 2018. As more customers turn to the web to make their purchases, brick and mortar stores that do not specialize in anything will continue to die a slow death. The future is bleak for the stores that leave customers to search and shop on their own, as this market is being taken over by the likes of Amazon, Jet, and more.
Narrowing Segments to Capture Attention
Marketers of today are understanding that consumers want content, products, and services tailored specifically to them. With the help of automation, companies have focused their marketing efforts to embrace one to one messaging with customers. By defining narrower segments, companies stand to see a significant increase in rates, revenue, and business. There is no room in today’s marketplace for businesses that try to meet everyone’s needs. Finding out how to cater to your audience will benefit your brand and your consumers the most.
Recurring Revenue
Companies are opting to eliminate long-term contracts to focus on building a relationship with consumers based on recurring revenue. When businesses remove contracts and let consumers decide whether to leave or renew each month, they have a strong understanding of what they value in your company. Many companies are taking things a step further by automating the payment process, using advanced software to handle all the ins and outs of invoicing and payment processing.
Grooming Millennials to Lead
According to studies from Pew Research, millennials are now the largest majority of the population in the United States. As millennials make their way through the working world, it is important that they are being groomed for leadership roles. Companies that fail to train and invest in millennials are only dooming themselves and the future of their businesses. These 2018 business trends are just a few of the highlights from the year. If you want to see your company succeed, consider implementing one, or all, in your own business.
COMMENTS