Just like New Year resolutions come up and few of these are fulfilled and most of them fail, new businesses also come up each year and few entrepreneurs succeed and most of them fail. in such a situation, entrepreneurs may wonder the ways in which they can stick to their business. The best way is to know and follow the different business trends that will stay in 2019 and beyond.
In order to be successful in your business you will need to have both of your hands full, well not in the literal sense but symbolically speaking.
- On one hand you will need to make sure that you make improvements in your business year after year and
- On the otheryou will need to know and manage all those factors that determine whether your business revenue increases or not.
This will make your company not only look great but will also make it successful. However, considering the business scenario of 2019, simply these efforts of a company or an entrepreneur will not be enough according to the industry trends. You will need to know the broader picture of the overall economy.
As of now, however, the economic condition may make you feel that those old and beaten efforts are okay but if you really want to look beyond 2019 you will need to follow the latest forecast of the US Federal Reserve that says:
- The national Gross Domestic Product or GDP will grow by 2.5% in 2019
- The rate of inflation will decrease by a tenth of a point to 2%.
In addition to that, the report also says that the dropping rate of unemployment may pose a significant challenge to the growing firms. This is because this rate may hit 3.5% in 2019, which by itself is a record.
This means that you will need to be more focused with your business strategies and objective and stick to the trends that will stay in 2019 and beyond. Take help from experts such as blastup.com or any other of your choice to ensure that you stay on the right path to achieve business success.
Control over data
The most significant trend of 2019 is to have more data that is relevant to the business. This is important because your consumers will want to have more control over it and according to the law they have all the right to demand for it.
Taking cue from the General Data Privacy Regulation of the European Union that came into effect last May, most of the US states passed lawsreflecting protection of the broad consumer interest in businesses. This ensures protecting their data.
- That means you will need to know about the tightened breach notification statutes and regulations laid down by the government on how businesses can use and sell data.
- You must also avoid purchasing data or acquire otherwise without the consent of the consumers from now onwards.
This not only creates a regulatory pressure on the businesses but also results in most of the companies, in fact 71% of them according to the recent statistics, in purchasing inaccurate data.
This means you must know first from where you should collect consumer data. The best way is to ask the consumers themselves. Experts recommend that leveraging the season sales is the best possible way to acquire such data. You can do this by:
- Providing a holiday gift
- Organizing a themed poll and even a
- Holiday travel quiz.
However, the most effective way happens to be an interactive content that will be liked by your consumers that will promote a one-to-one personalization that is data tied with the specific customers.
Growth of alternative lending
There is no doubt that alternative or non-bank lending to businesses will increase in 2019 which in fact was found to be booming in 2018. This is because:
- More than 80% of loan applications made by small businesses are rejected
- The startup founders find it very hard to get a traditional loan and
- The strict lending policy of the traditional financial institutions for the small businesses and startups especially.
All these have resulted in the startups and small business owners to look for nontraditional alternative financiers and sources to raise their business capital.
However, alternative lenders will also need to follow the lending rules and regulations but with a much simpler lending process to increase their rate of acceptance. This they have been doing since long and now have more clients as compared to the traditional lending sources.
One of the most popular and fast growing alternative source of money for business owner is peer to peer lending or P2P lending as it is commonly called. This platform hasskyrocketed to 110% and there are lots of options available to choose from with a few P2P lenders offering APRs as low as 9% without any annual revenue requirements.
Therefore, if you are a startup or a small business and struggling to meet the financial needs of your business, this is the best source to find financing and therefore stick to it.
Offer personalized experiences
Lastly and most importantly, in 2019 expect everything that can be personalized to be personalized.Therefore, ensure that you provide more personalized experience to your customers as that is exactly what they want from any brand.
Personalization can be in several different forms and according to Epsilon survey it was found that the most popular variety amongst all is to provide them with coupons. These coupons can be offered according to different factors such as:
- The location of the customer
- Communications on the channel preferred by the customer
- The buying behavior and history of the customer as well as
- The recommendations based on their past purchasehistory.
Therefore, this year and the next focus on offering redemption ratesin a mobile coupon campaign. This is a significant trend that is aimed specifically at the customers of the competitor.
Sticking to these trends will result in your business success and quick pay offs in return to your smart investment.