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Many local businesses struggled through 2020 and are ready to take on 2021 with a fresh start. A new year brings on new opportunities — and new business trends. While some trends feel like they come and go in a heartbeat, it's important to pay attention. Emerging trends can help you identify new and effective business strategies to help your company thrive in 2021. Read on for six emerging trends that will be important for small businesses.
1. Mobile marketing
Nearly everyone has a smartphone these days — 3.8 billion worldwide — so it's only logical that you should attempt to reach your customers through their mobile devices. Rather than only communicating through email, send text messages to your clients to offer a discount, or simply remind them to come to your shop.
When designing your digital ads, be sure to utilize geo-targeting so that anyone using a mobile device in your area can be directed to your store. Geo-targeting can help you rank higher on search engines and ensure that you spend your marketing dollars reaching people who might actually visit your business.
If your business doesn't yet have an app, it might be worth the time and effort to create one. With your own app, loyal customers can book appointments, shop for products, and receive regular notifications about your business. If you don't have an app, be sure that your website is mobile-friendly. Visit your site and be sure that users aren't frustrated by small buttons or tiny font.
2. Online courses
Online courses have been surging in popularity, especially since people have been spending more time at home during the pandemic. In fact, the e-learning industry is expected to be worth $325 billion by 2025. Many are looking to expand their skills in different areas of their life, from home organization to cooking to bookkeeping. Establish yourself as an expert in your field (and create some passive income) by creating an online course. Ensure that you provide value to those you are teaching and keep your course engaging.
3. Data transparency
With data breaches on the rise, 79% of Americans reported being concerned about how companies use their data. Be transparent about your data practices and ensure that you aren’t careless with your customers' data. For more information on how to keep your data safe, read our BBB Business Tip: The top 5 cybersecurity practices every small business needs to do now.
4. Marketing to Generation Z
Over the next few years, Generation Z will probably start to make up more and more of your consumer base. Generation Z is born between 1997 - 2015, so individuals between 6-24 in 2021. Along with Millennials, Generation Z will continue to dominate the consumer marketplace for the next few decades.
As a small business, you should understand how to sell to this particular consumer segment. Generation Z has a $143 billion purchasing power, and 70% of them believe they influence their friends and family's purchasing decisions.
Some important marketing considerations that matter to Generation Z are:
- Strong loyalty programs
- Product quality
- Product design
- Diversity in advertising
- Socially responsible products
Consider taking the time to research this new customer base that will be dominating for many decades to come. Understand their priorities and ensure that your business model aligns with what this new consumer wants. A successful business anticipates customer needs and preferences and delivers on them — and the new customer is Generation Z.
5. Social media for customer support
In today's fast-paced world, your consumers often want answers quickly. A trend growing more robust in 2021 is consumers using social media to connect with companies. When a young customer has a question or complaint, they can't be bothered to write an email. Instead, they connect with companies on their social media accounts. According to Hootsuite, approximately 64% of people would rather contact a company on Facebook than call or email them.
The new assumption is that a business is on social media and frequently checks its accounts. As a result, local businesses should have a strategy to check their social accounts and respond to inquiries continuously.
6. Gig economy
As your business expands, you may find that your employee base starts to look a little different. The gig economy continues to grow — over one-third of American workers participate in the gig economy.
As a small business owner, the gig economy offers many opportunities. It's much easier today to hire highly skilled people at reasonable rates for short contracts. If you need graphic design work, marketing assistance, or accounting help, you can simply contract the work out. Hiring contractors allows you to hire experienced people for a shorter time, learn from their expertise, and extend or cut the contract as you need.
Don't be scared to use the gig economy to your advantage; professional help is accessible to you and can help you grow your business.
Moving forward
Some trends come and go, but some become patterned behavior that sticks around for years. For example, mobile-friendly websites may have been a trend a few years ago but are now considered a must-have for any e-commerce business. It's essential to keep an eye out for these new behaviors, so you can make sure your business adapts to the changing marketplace.
One trend that will never go out of style is the value of consumer trust. Visit BBB.org/get-accredited to learn more about BBB Accreditation and how it can help your business.
BBB of Southern Piedmont and Western N.C. contributed this article.