Over the years, companies are being forced to keep up with technology. The choice is between adopting technology and remaining in contention for the market share or refusing to adopt and saying goodbye to the market. Most companies choose the former.
However, small businesses tend to work with limited budgets. If adoption of a technology requires a significant investment, it becomes a challenge for them. This article will look at the emerging trends that are likely to shape business in the next few years and how a small business can take advantage.
1. Customer Intelligence
Selling blind is a choice that you can now make at your own peril. This is because, with new technologies, you can scan the whole population and target your customer while seated somewhere in a desk. This is unimaginable power especially for anyone who was struggling to identify his or her customers.
The good thing with customer intelligence is that it is a low-capital investment. However, some companies try to install complex analytics that cost a fortune. Small businesses can use solutions from mid-range providers. This is because; end-user software from big brands can cost a fortune that small businesses cannot possibly afford without hurting their financial health.
Further, invest wisely in quality data collection and storage. Some companies are forced to break banks to streamline their information because, in its current state, it is unusable. Data driven decision-making is only possible if anyone can make sense of your data. So, make it usable.
2. Consolidation and globalization
The internet makes it possible for the world to move together. What is happening here could be happening in five other locations around the globe. The era where you operated as an island is long gone. The era of sharing and globalization is here with us. Human resource is the number one item that globalization streamlines.
The era or freelancers, digital nomads, ready to work from anywhere in the world. Small companies can offer contractual engagements globally. For example, small companies can outsource accounting, coding, and manufacturing services from Asia and monitor progress right here in America.
If small companies can engage in such partnerships, they might end up saving a fortune and competing well against big companies. Also, selling globally using the e-commerce function is now a reality. You don’t have to engage a big corporate into a dog fight for customers, you are likely to lose. Carve out your market using technology.
3. Social media and the internet
Back in the days, adverts were exclusively for mainstream media. Newspapers, TV, and radio made up over 95% of the advertisements. Today, digital advertising makes up almost 60% of the overall ad world. Small business could not afford airtime in TVs and radios or space in newspapers. They had to endure a slow and painful growth.
Today, a small business can harness social media and internet marketing to achieve tremendous growth. Given that small businesses have no prior history, creating a clean digital reputation is easy, unlike big companies that have a history that may not be so rosy.
Again, digital footprint does not require considerable investment; all it requires is a trustworthy brand and regular engagement. However, small businesses must ensure that quality is guaranteed. The competition for digital space is breakneck; hard work is a virtue. A customer is likely to google your name + reviews, for example, Grace Lever Reviews to see how other customers think of you. Make your customers happy.
In conclusion, any business, irrespective of size ought to keep up with technological progress. Innovations come to make business easier. If you don’t join the bandwagon, you’ll have to be content with average results at best.