Business trends come and go. In a world defined by a global pandemic, economic crisis, technological development, and change, these are three of the most important tendencies driving companies today.
A Collaborative Undertaking
Nobody knows more about the products and services your business provides than its customers. Needless to say, they are the ones using them and know how good or bad what you’re offering is. They also know how to improve it.
Yet, for reasons unknown, many companies often fail to understand that if they want to get better at what they do, not to mention increase sales, they need to listen to the voices of potential and existing clients. Instead, they focus more on bombarding people with countless ads, promotions, and other forms of marketing that many times don’t generate any viable results.
Luckily, things are beginning to change. Today, businesses in all industries are starting to realize the true value of their clientele. For instance, many healthcare enterprises, researchers, and advocacy groups are now working hand in hand with companies responsible for patient recruitment services. Through reliable methodologies and a quality-first approach, they are helping those in the industry communicate with the people that matter most, their patients.
Other examples include comprehensive marketing campaigns, live online events, and participation in the conception, design, and creation of new products.
Innovation Through Participation
Artificial intelligence and automation are two of the most widely-used terms today. And for good reason. If companies are to stay competitive in a global arena filled with specialists and geniuses, they need to embrace technological development and learn to leverage the tools available to them.
Still, amid never-ending change and the constant pushing of the envelope to make things better, faster, and more efficient, some things remain the same. One of them is the simple fact that for a business to flourish, it needs people.
The great Steve Jobs once said, “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people, so they can tell us what to do.”
It sounds pretty intelligent, doesn’t it? Why would you spend a lot of money recruiting a doctor from MIT or Stanford University if you’re unwilling to let him thrive within your organization? Why not hire a paper-pusher instead?
The people you select for your business are there for a reason. Naturally, some of them need to handle clerical tasks or work as assistants. As in any war, there have to be more soldiers than generals if you are to win.
But not all of them fall under this umbrella. The best ones usually excel when given the freedom to express themselves and nurture their minds.
An Abundance of Channels
If you are a business major, perhaps you remember your marketing basics class at the university. In it, you probably learned about traditional advertising campaigns using billboards, TV commercials, print media ads, and many others. Or you might have studied the proliferation of social media in the 21st century and its effects on consumer behavior. Whatever the case may be, we are currently living when the more, the merrier certainly applies.
Of course, it all depends on the number of financial resources that you have. In addition, if you choose to engage in an omnichannel strategy, its various components need to complement each other, not cannibalize or overpower one another. Otherwise, it is nothing but a waste of money.
But if you can sell online, at brick and mortar shops, and in vending machines inside airports and train stations, chances are you will have more revenue. You will also be granting your business stability as there is more than one profit stream. This is especially useful in times of economic downturn or something like the COVID-19 global pandemic we are now experiencing.
Nothing is written in stone. Whatever you think is best to market and sell the various products and services you have to offer, that is the route you should take.
There are three key business trends currently at the forefront. The first is a collaborative company-client approach that takes into account not only customer needs but also opinions and expectations. The second is allowing your workforce to innovate using their own ideas rather than dictating what they have to do. Lastly, it is about making good use of all the tools in your arsenal to maximize sales and reach as many people in your market segment as you possibly can.
As societies develop, so will the level of competition between businesses. As an entrepreneur, only you can make the most pertinent decisions to let your company reach for the heavens or be left behind.