Every year new business trends take over the business world and 2017 will not be an exception. The important question on everyone’s mind is how do these trends affect new startups? Startups do not have the liberty of huge budgets and large teams, which their bigger counterparts enjoy but that should not deter them from making an impact in the market.
How can a new startup compete with the big names in the market? Foreseeing the future is one way to do it. Startups will have to predict the future and stay one step ahead to survive in today’s dynamic business world. In this article, we will take a closer look at some of the trends that every startup should adopt to be successful in 2017.
1. More Millennials in Workforce
According to Census Bureau statistics, Millennial is now the largest living group. The biggest transformation in the business world would be the change in their attitude towards millennial. Come 2017, businesses will welcome millennial with open arms instead of rejecting them. Do not be surprised to see more millennials joining the workforce.
Startups should now learn the art of using their energy to drive their business growth. On the flip side, millennials want career growth but if they think your startup does not offer that, then they will leave your company sooner rather than later. Entrepreneurs need to be very careful when managing millennials.
2. Selling Takes A Back Seat
Another astonishing development that will transform the business process in 2017 would be the huge emphasis on connecting with your customers instead of selling to them. Yes, you read that right, selling will take a back seat and give way to building relationships with customers.
Business will focus more on connecting with their customers through the creation of great word of mouth through their friends, family, employees suppliers and vendors on the social media, review sites and in the communities in which the businesses operate. Also to support the aforementioned they’ll need remarkable original and innovated products and services to support the positive word of mouth they’ve generated. This concept is known as “connection economy”.
Connection economy will reward those businesses who manage to connect customers with sellers itself. Take the example of Uber, the largest cab company. Uber does not own a single vehicle and only connects ride-seekers with drivers. AirBnB, the largest accommodation provider in the world, does not own any real estate. Amazing is not it. Connection economy is the future of business. You can also make your startup succeed by jumping on the communication economy bandwagon.
3. Mobile Centricity
It is time to say goodbye to mobile-friendly mantra. Welcome to the world of mobile centricity. If you want to make new customers and retain the old ones, then you will have to look beyond mobile friendliness. First, prepare a mobile-centric strategy that covers all bases. Target customers via mobile search, offer them mobile payment options along with buy buttons and take advantage of mobile-only social apps to maximize your reach.
Did you know that more than 70% percent Americans check their mobile devices every hour? This means they spend a huge percentage of their time on mobile apps. To target these potential customers, you must have a dedicated mobile app for your business. The rise of social only apps has also opened a new avenue for startups to explore.
4. Data Is The New King
With big data gaining popularity, businesses will harness the power of big data in 2017. Collecting and analyzing a huge amount of data to extract meaningful information from it will be the biggest challenge for both startups and multinational corporations. This is where digital tools such as business intelligence tools, data management software and project management software come into play.
According to the global review of data-driven marketing and advertising, more than 80 percent of marketers consider data as a vital component of their marketing efforts. For small businesses, it is a great way to gain a competitive advantage over their competitors and understand their customers in a much better way. Additionally, it also opens new avenues of opportunity and helps you improve your product offerings.
5. Rise of Eco-Friendly Products
Although, green products have been around for quite a while now but it seems that the time has come when businesses will focus all their attention towards eco-friendly products. With more than $500 million saved by green technology, this trend will surely continue in years to come. It is time to embrace green technology and cut down on energy costs while conserving the planet’s environment.
6. Advent of Crowd-Sourcing Revolution
Acquiring funds and generating ideas for a new business is not as difficult as it used to be few years back. Crowdfunding, a type of crowdsourcing, will evolve into something bigger and better in 2017 as compared to the conventional venture capitalists.
This is great news for startups seeking funds to raise capital.
Crowdfunding platforms, such as Kickstarter, have already distributed billions of dollars to help thousands of budding startups raise the required capital. Even the Security and Exchange Commission has devised new rules for equity crowdfunding to facilitate startups in securing funds. Many new startups will grow out from these crowdfunding platforms and we will surely see new products and services through this social innovation. The future of crowdfunding looks brighter than ever.
From the mindset to workforce, everything will change in 2017. The percentage of millennials in workspace will grow and the focus will shift from selling to building long-lasting relationships with customers. Startups following a mobile-centric and data-driven approach will flourish in 2017.
Terms like green technology, eco-friendly products and crowd-sourcing will eventually see application in business. If you want to see your ideas come to fruition and your business gain the competitive advantage over other players in your industry then base your business strategy on the trends that I believe will shape 2017’s ever-changing business landscape.