Business techniques gaining popularity globally
March 21, 2020
World is moving faster day by day, purchasing power of consumers is rising, e-commerce will continue to gain momentum, competition is on the rise and new unique businesses are coming into the market every single day.
With keeping in mind, the fierce competition businesses are facing, it is crucial to stand out amongst the lot. New technologies and techniques are being introduced and to move your business forward, be it in the beginner’s stage or already a full established company, if they don’t go along with the trends, they may face some serious consequences.
Here are some of business techniques gaining popularity globally that will help you to grow your business in 2020:
1. Artificial Intelligence
Artificial intelligence is gaining popularity and companies are beginning to understand its use and convenience for the customers and for themselves.
With AI technologies, the internal process of the company is running smoothly, mundane work of employees is done by such small AI driven technologies and a huge shift has been seen in marketing and applications.
Alexa is an example of AI, Spotify and its search algorithm according to the individual’s music taste is another example of AI and automating management or data driven roles in companies is another huge example of AI.
People are in need of immediate answers to their questions when they land on a site.
Consumers are impatient when it comes to getting replies from companies and even if we are late by mere seconds, they can leave our site and we may lose a potential client.
Chatbot is a software where a customer can have a one to one conversation through texts except the answers will be automated till actual customer service executive comes along.
Chatbots are great to convert a lead to potential customer/client depending on how you have saved automated answers and questions. A really capable AI driven chatbot software will answer questions in a humanly possible way that a company doesn’t have to pile up answers and questions.
3. Peer to Peer Marketing
People are becoming diligent faster as they are noticing the fake messages and promotional marketing by brands.
We can see around that face to face marketing is gaining popularity as businesses have started focusing on more customer service centres to solve a query of customers immediately.
Customers want to feel an understanding between them and the business.
- How exactly can a business solve a customer’s problem?
- What are the benefits?
- is it different?
These are the type of questions marketers’ and businesses need to solve.
4. Ecommerce will not stop
Online purchasing has increased in last few years, in which, retail e-commerce sales worldwide gained around $3 trillion dollars in 2019 and in the coming years, ecommerce is said to reach around $6 trillion dollars, according to Statista.
Due to recognising the online shopping activities by consumers, ecommerce giants and new ecommerce stores are picking up on bringing in more user-oriented interface, software and variety of stocks online.
Small businesses are coming online and using social media to promote and build awareness of their brands. If your business in not on Internet in today’s era, your business does not exist for customers.
5. Mobile Advertising
80% of people are mobile users, out of those 40% of online transactions are done through mobile and every 3 out of 4 teens are regular online shoppers according to the Quoracreative.
Now businesses are picking up on this and are investing in millions of dollars in mobile advertising.
Especially the youth demographic on mobile phones are in huge numbers and their potential to buy products is huge that’s why online businesses are making it their best to have marketing in place and making sure it to be mobile centric.
6. Emotional Branding
Nike, Adidas and Apple are prime examples of emotional branding.
Each platform has a different messaging method and has their own unique fans.
Their branding message divides fans and become a long-term potential customer.
Nike and Adidas both sell shoes but their customers are incredibly loyal and won’t betray their love for each of the brands. Why? Because of the marketing and then the product quality even when both the brands have exceptional product quality.
Upcoming businesses or existing businesses on the rise have understood the importance of emotional branding.
Like these big giants you don’t have to invest millions and billions of dollars, you have to put out content which relates to customers and engage them.
Use of emotional branding is powerful and once a customer gets hooked to your product due to your market message, word of mouth happens automatically, except your product or service should also be of top-notch quality.
Before going through any of the trends or techniques always think on which one suits your business or damages it. It depends on the type of product you sell and how your internal process of business is.
Now as this is a start of new decade, it is a bright new chance to think of the future of businesses, to make decisions for the upcoming years, seize the opportunities, implement such business techniques and trends, and influence and impact the business growth to next level.