Change may be the only constant but keeping up with change is the perennial business challenge. The last quarter of 2019 is the perfect time to incorporate emerging business trends into your battle plan for 2020. We anticipate that these five areas will underpin business growth in the coming year: focus on them to keep ahead of the curve and the competition.
Technology. Technology is a key driver of business success. Today, the advent of AI coupled with high-speed 5G data speeds make technology more versatile, more powerful and more pervasive than ever before. Fortunately, it is also becoming increasingly affordable. Tech can automate data entry, email marketing, and even customer service to minimize costs while maximizing efficiency and client satisfaction.
Customer Experience. The use of technology is a balancing act and more is not always better. Customer experience is the perfect example of how the nuanced application of tech across different elements will drive business. Tech is already virtually indispensable for creating personalized purchase journeys through tools like cookies and data analysis. Many SMEs also use automated real-time SMS or WhatsApp updates to keep customers apprised of orders and offers. However, it is important to fall back to the human touch when tact and understanding are crucial, for example, when a customer makes a complaint.
Generation Z. Succeeding millennials as the largest single consumer bloc, Gen Z is poised to make up 40 percent of this metric by 2020. Technology is at the heart of this generation – they are the first to have been born into and raised in a perpetually interconnected world. Engage them on social media and use social proofs to deliver your message. If that sounds complicated, hire other Gen Z-ers to do it for you!
Remote Workers. Rather counterintuitively, working from home increases productivity and can even boost the number of hours worked in a day. Look beyond your office and hire experts from around the corner or across the world. It makes good business sense because it slashes your operating costs without compromising on the quality of the work. Better still, without the daily commute, you are both helping to save the planet.
Voice is King. The ability to use voice is the first major advance in the search arena since the introduction of localized results. Smart home devices and vehicle navigation systems now have the ability to identify, locate and even recommend businesses that would otherwise go undiscovered. Because adoption is still in its infancy, businesses that embrace it now will find themselves with a distinct advantage come 2020.
Would you like more advice on how to plan a successful end to 2019? Please read my recent article Planning for a Strong Year End.
