Business trends shift on an annual basis, looking forward, and every organization no matter how big or small needs to include them in their map. Here are the top three current trends every business growth map needs to consider.
Corporate Social Responsibility
The business world is in an era of social responsibility. Businesses, when mapping out their market strategies and goals and objectives now must ask two crucial questions: ‘what gap does my product/service fill in society, and how does my business help society at large?’ Corporate social responsibility cannot simply be a marketing strategy. Customers from around the world want to see actual change and they want to see promises kept.
In the last month, we’ve seen major corporations globally take further steps in ensuring that they’re compliant with the needs of the planet and its people by implementing action that contributes to their social responsibility as a corporation. Beacon recently released their first-ever report on social responsibility that states that the company has made promises to reduce environmental degradation by 2030.
Recent studies have shown that customers are more likely to buy products that are environmentally friendly, with statistics showing that 78% of customers would buy according to this trend. If your company is deciding what to focus on and emphasize in the coming years, environmental sustainability and responsibility to society will not only improve the world but could also potentially improve profits.
The past two years have indicated a shift in the way many businesses run their day-to-day operations. More and more companies are making the move to eCommerce and digital marketing, with in-person businesses suffering if they refuse to make the jump. The implementation of an interactive and easy-to-use online site for your company should be included in its mapping, as it has proven to be highly beneficial for many companies over the past few years.
This also highlights the need for business owners to familiarize themselves with basic accounting terminology, as the move to digital may well involve utilizing accounting software or managing online payments. A successful eCommerce business will have its financials and payment processes in order, and it’s up to business owners to ensure they keep up to date with the jargon.
The Rise of Influencer Marketing
In the era of social media, influencers and online stars are hugely dictating markets - sometimes single-handedly saving businesses and making products popular around the world. An influencer can release/advertise for a product they like, and that same product can experience a huge boom in sales and popularity in just a few months. Take Logan Paul and KSI’s new energy drink PRIME for example, which was released at the start of 2022 and has already raked in the profits.
If your company is a start-up and you’re looking for ways to map out an increase in your customer base and get your product/service out into the world, working with influencers with substantial user bases could be the way to go.
The map of a business should evolve and change to meet the current demands and market trends. Making use of the trends above could lead to exponential growth for businesses.
Authored by guest contributor Jennifer Hole