To surpass your competitors, you need to stay abreast of the changing small business trends.
The competitors are constantly striving to discover new tactics for positioning their company in the market.
New year adds to the rise of challenges for small businesses.
Top Business Trends That Will Drive Success In 2020
Knowing what’s trending in the new year can be very helpful in building strategies that will take your company towards success.
Below are some of the top small business trends that you need to watch out in 2020:
1. Exponential growth in cloud solutions
In 2017, many organizations were seen steering the wheel of their business in the direction of the cloud for embracing growth.
Due to its versatility, low cost and excellent capabilities to address and resolve the major business pain points, it is expected to dominate in 2018 as well.
Besides, the expansion of SaaS has also contributed to the rise of cloud solutions.
Companies are leveraging the benefits of the cloud model.
Cloud technology gives them easy access to customer information, securing their data and addressing various business requirements.
The Cisco survey also forecasts that SaaS will account for 60% of all cloud-based workloads, a 12% increase over 2017 predictions.
2. Automation on the rise
Automation is a smart way to reduce work and increase efficiency.
Realizing this, many organizations have made automation a part of their business operations.
Setting workflows resulted in a better performance which ultimately had a positive impact on revenue growth.
Almost half of the companies (49%) have stated that they will require greater automation to handle the volume of the generated task.
By 2020, nearly 9 out of 10 companies are expected to hit the breaking point.
3. Increased use of technologies and apps
Technology is bolstering small businesses and helping them grow faster.
With the aid of intelligent business tools and apps, you can work better with limited resources.
- Zapier to build complex apps
- Basecamp to efficiently manage projects
- Salesmate CRM to manage all your sales-related tasks
- RingCentral to manage your calling related activities within your CRM
In 2017, many newly established businesses, as well as SMEs, leveraged the benefits of technologies.
CRM and cloud-enabled solutions helped businesses streamline their sales and foster relationships with the customers.
Due to the wide spectrum of benefits and features, the adaption of such technologies is expected to increase in 2020.
4. Remote working
Remote working is on the rise, and it is going to grow more in 2020 as it provides flexibility to work and increases productivity.
Employees are less stressed as they can customize their schedules and connect with their customers at any hour of the day.
Additionally, tools like mobile CRM boosts teleworking by giving remote workers instant access to their customer data.
According to a Gallup poll, more than 40% of Americans now do some part of their job from home.
While the future won’t be office-free, the number will only rise in 2020.
5. Surging mobility
With the fast-paced mobile background, enterprise mobility has become a trend in the market.
It will move upwards in the following years also.
Almost 71% of enterprises consider mobility as a top priority.
Nasscom estimates the global enterprise mobility market to be worth $140 billion a year by 2020.
Smartphones make connections easier and faster as well as give instant access to vital information.
More than 96 percent of customers use their smartphones to conduct research.
Startups and SMEs will be focusing on building a more powerful mobile platform to connect with their audiences.
6. Investment in digital marketing tools
Social media is a preferred marketing medium for businesses of all sizes.
However, to create an impact in the digital arena, it is necessary to invest in digital marketing tools.
These tools simplify
- social media management
- content marketing
- email marketing
- website data analytics.
Such investments will help in uplifting the brand image and contribute to your business growth.
“The vast majority of small business owners are indicating that they plan to invest their money in social media in 2018, I strongly recommend they invest in tools that enable them to’ monitor traffic and conversions to see what’s working and what isn’t’’ said Steve Strauss, USA Today senior columnist.
7. Manage leads efficiently
Capturing opportunities is of pivotal importance for small and medium-sized enterprises.
They tend to spend ample time, resources and money in generating maximum leads.
However, later managing these leads becomes a cumbersome job which can even result in a loss of opportunity.
As stated in the above point, a cost-effective solution like CRM software can not only help in maintaining customer relationships but also help in nurturing the leads.
Using a CRM can aid in effortlessly managing and tracking the leads as well as help in organizing the customer data.
Due to it’s easy to use and mobile-friendly attribute, CRM is becoming a rising business trend of the market.
8. Social media marketing
Social media has bridged the gap between the businesses and the customers.
It is the best way to reach a broader audience in minimum time and at a lower cost.
There are 3.03 billion active social media users.
Branding and marketing through this channel can give you high visibility.
Social platforms are used by 81% of all small and medium businesses.
In 2020, the use of social media platforms will increase as social media marketing trends are changing.
This will render businesses with new mediums to market like –
- Videos – 78% of people watch online videos every week, 55% watch every day
- Content marketing – More than 1 million LinkedIn users have published long-form content
- Facebook and Instagram stories – Instagram had 300 million daily active users worldwide
9. Emphasis on personalized customer service
Smart personalization engines will enable digital businesses to increase their profits by up to 15% by 2020 – Gartner
A customer = an individual.
Every customer is unique, so why shouldn’t their experience be unique too
Businesses will focus on providing customized customer experience in 2020.
Take Amazon for instance.
If you have made purchases from them, you will see similar product recommendations on their homepage.
(No doubt you have to be logged into your account first.)
If you bought books earlier, you get a similar book or author recommendation.
You cannot overburden your customers with whatever is present in your stockroom.
The modern customer doesn’t have that much time.
They need something relevant.
If you don’t pay heed to their requirements, you will lose them to your competitors.
Offering personalized services to customers will help them see you clearly through all the commotion.
Read more: Undersatanding sales management
New year comes with new expectations; we hope these small business trends will help you in meeting those expectations.
It is necessary to stay vigilant about smart business tools like Salesmate as it will aid you in fulfilling these trends.
Salesmate helps you in automating your sales process.
The tool also provides crucial sales analytical data and gives you the flexibility to work remotely.
Salesmate is the right path to streamline your business process in 2020.
Manage your sales pipeline seamlessly with Salesmate.
Accelerate your sales process and nurture relationship with your customers.
Feel the difference today.
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