Being aware of modern business trends is always something that is important. We all have to adapt and we need to know what is happening so that we do not miss trends that could help us achieve business growth. John Robert Powers, highly experienced business owner discusses the trends that every single company owner has to understand.
Millennials As The Focus Of Attention
For years now, businesses were focused on Baby Boomers. This is because of buying power and size of the market. The problem is that now these Boomers are seniors. Right now, the important focus is put on Millennials. In the near future the number of businesses that focus on millennials will keep growing. Most of the services and products you launch have to be marketed to this group. By the year 2020, millennials are going to have a spending power of around $1.4 trillion.
The Evolution Of Technology
Modern businesses need to focus on IoT (Internet of Things), AI (Artificial Intelligence) and ML (Machine Learning). While AI and IoT quickly grew and are now often understood, the same thing cannot be said about ML, which is just staring out.
Machine learning practically means that computers end up learning how to do some things without actually being programmed to do them. This is what is now giving us self-driving cars, speech recognition programs, web search tools and so many other interesting platforms. Technology is evolving and such elements are going to play a very important part in business and life.
Some businesses have a preference to have the team onsite but this is now changing. Some work functions can be outsourced and handled by people from other geographical locations. Nowadays, estimates show that over 40% of US citizens do some sort of remote work right now. This is an important trend since it creates demand for proper remote employee training. Such a thing is normally done through video conferencing, a choice that is especially common for programming positions and social media. You only need internet and a computer.
Branding is much more complex today than it used to be. People basically drown in information and data. This is why you need to capture attention as soon as possible. Excellent branding is mandatory for business success. Customers basically end up looking for the business, which is exactly what you want as an owner. At the same time, there is a much higher possibility that you are going to attract really good talent.
There is an increase in the number of businesses that are available for sale because Baby Boomers retire. It is the Millennials that are buying these out in order to reinvent companies and take advantage of the potential profit. Buying the existing competitor is something that you might actually want to consider. This is wonderful since it also means that you can buy the client base of the business that already exists. Purchasing a part of the competition is one thing that you may want.