The current pandemic has caused businesses to fight harder in order to stay relevant in their industries. You have most likely seen many companies close down, while many others are forced to lay off employees to stay afloat. In March, a survey indicated that 43% of businesses closed down temporarily with over 701,000 job losses, far above the 100,000 expected. What do these figures mean to businesses? Many uncertainties have so far characterized 2020, and it has become crucial for companies globally to adapt to the new normal. However, every challenge comes with an opportunity, and the pandemic has presented a vast set of business trends worth exploring. Here are a few of them to look out for.
- Referrals and reviews by word of mouth
Before purchasing an item or service, a potential customer will usually look out for what other people are saying about your product after using it. Consumers have become more skeptical due to numerous scams and “phony news” out there. This has made referrals through word of mouth and reviews more attractive than it was some time ago. As a result, it has become ideal to launch your product locally and offer it to an experimental group for reviews and testimonials.
- Mobile B2B communication
Yes, it is 2020, and targeting your customers using search engine optimization techniques and email marketing still works. But have you considered mobile communication with your clients and prospective customers? You can start by capturing plenty of customers using social media. Also, use ads and other promotional campaigns to get direct messages instead of just your Facebook page. While making sales calls and follow-ups, do not forget to text too. There are mediums that are tailor-made to suit your target audience. For example, howtoadvertiseonsiriusxm.com has a wide range of messaging and advertising services to reach business owners and C-suite.
- Artificial intelligence (AI)
The inclusion of AI is evident, as it is currently everywhere. From healthcare to cybersecurity, the impact of artificial intelligence is being felt in all industries, including digital markets. AI applications include chatbots, smart assistants, and self-driving cars, which has seen continuous demand with projections set to hit 4.2 million units by 2030. As an entrepreneur and business executive, it is essential to seek ways AI will change your operations or improve them. You should likewise consider how AI can be destructive if you are a business owner.
- 5G
5G is gradually gaining ground in the technological industry. It has been hailed as the most recent tech revolution, and activists advocate for the speed and new abilities it presents. The interesting trend is how major carriers and smartphone manufacturers are continually investing resources towards a successful rollout on their respective platforms. Additionally, it offers phone signals with similar or even better strength as Wi-Fi to engage your products and services. This should urge you to project news solutions and determine how to match up in the future.
What you do with this information depends on the status quo of your business. Putting even one of these suggestions into practice may well help your business weather the storm.