LIFESTYLE: Business Trends in 2019
January 4, 2019 UDOU Team
We have garnered 5 business trends in 2019 that every business owners need to know. Read on and this might just help you out!
In our diverse and continuously evolving world, maintaining and improving your business can be tricky. Every businessman/woman has to adapt to the changes. That’s why to help you out, we listed down business trends in 2019 that you definitely need to know!
1. Evolution of Workplace Culture
The people who work in your company are key ingredients to the success of your business. As time passes by, these people transform. We are now in a world where tons of millennials are occupying most of the workforce. Of course, these generations are different from their predecessors which means they have their own perspective and should be approached uniquely.
The workplace culture should remain in accordance with the company’s identity but adaptable to its employees. Millennials made a stir in the workplace when they started joining. Some say they lack commitment and they are spoiled brats but this all came from their value of growth and balance. You see, millennials have a strong sense of whether they are growing in a company or not, once they feel that a company is not contributing for their development, it is easy to let go and move on to a new opportunity regardless if the paycheck pays the bills. That is why it is important for them to feel that they have a mentor, not a boss.
Another particular quality of millennials is their value of balance. Millennials’ way of evaluating their work is through the output and not on the amount of time spent. Many of this generation opt to have jobs that have flexible time schedules and work from home options because as much as they would be willing to render overtime to finish a job, once work is done they’d rather be doing something else with their time like for example go to the gym.
Bottom line, these new generations joining the workforce are great potentials considering they grew up in the modern world. They are visionaries and practical workers. Enable to keep them, your company must adjust to their culture. Remember that they do not want to just help with your company’s growth, they also want to grow with you. As what Richard Branson said, “Take care of your employees and they will take care of your business.”
2. Personalized Marketing
Generic marketing communication strategies are getting left behind nowadays. People tend to appreciate more those marketing campaigns that speak to them, better yet, those they feel were specifically made for them.
Personalized marketing is a strategy wherein marketing moves are custom-made to resonate with a target audience or person. An example is personalized newsletters and email personalization, where the name of the recipient appears on the email itself and contains information that fits the person’s interests. 90% of consumers said that if the marketing content is personalized it is more appealing to them. Companies that started practicing personalization had a substantial increase in revenue and satisfied customers.
3. Film it and Share it
When communicating your service or product, it is very much preferred to have a video about it. Why you may ask, well with the influx of information day-by-day and the easy access brought to us by the internet, it can be difficult for consumers to pick out which are genuine. According to Our Awesome Planet, videos are helpful because that way your target market gets to see your honesty through non-verbal cues. This way you will be able to build trust with your consumers. Also, vision is our dominant sense, when people watch videos it is more likely to trigger engagements.
Video creating isn’t as expensive as people perceive. You can easily film one with the use of your smartphone. What is important though is the content and the value your market is going to take home from it.
Lastly, we live in a digital world. You won’t be able to see many people without their eyes glued to their phones. Nowadays, time and effort are of the essence. Why read when you can watch? Don’t get left behind.
Video marketing when done right can make serious ROI, so go one ahead and jump in the bandwagon.
4. Digital Restaurant
Restaurants should start considering their “digital branch”. This trend has already started in the past couple of years but is still expected to continue in the years to come. Gone are the days when people rely on word of mouth and food critiques’ restaurant reviews on newspapers.
People can easily rate and view ratings on the internet. It is ideal for restaurants to start investing in their digital platform; create a striking identity online, respect and listen to consumer comments and improve on those that need improvement, create an online rewards system for loyal customers, and develop an on-demand service. This way you’ll be able to hit your patrons’ value for trust, quality, and convenience.
5. Rise of the Zs
Centennials or Gen Z is on the rise and for a generation who didn’t grow up without the internet, they will definitely revolutionize many things in the days to come. The Gen Zs are the potential market and the potential workforce. They value a sense of security and fulfillment. These digital natives are also practical workers and hungry for success. Watch out for them and learn their ways so you may be knowledgeable on how to work with them.