Entrepreneurs have insights far different from everyone else’s. They are ‘futurists,’ always searching for countless possibilities in the future, calculating risks at each step, forecasting things.
The way 2020 was majorly affected by the COVID Pandemic, its repercussions are being observed in 2021.
The factors that have changed the business landscape are:-
• The advent of new technologies
• Increasing customer demands
• Societal shifts
• The COVID-19 pandemic
Somehow, organizations have managed to stay afloat in this situation of crisis. It is very well seen that this has also altered the trajectory of how businesses and entrepreneurs will operate in 2021.
We will specifically talk about ‘entrepreneurship’ in the article to help aspiring and hopeful entrepreneurs who are constantly searching for ways to propel their business in these unprecedented times.
Ongoing Trends in Entrepreneurship
It’s impossible to predict the future, but if one got hold of what their clients need, changing business trends, then it becomes easier for anyone to plan out the rest of the journey. It’s necessary for anyone planning to start their own venture to be aware of the current market trends to stay ahead of their competitors.
A Brief of what’s Going on Now-
• Digital Marketing is witnessing significant growth and is on the rise. Marketers have shifted towards digital marketing to promote business.
• New technologies are developing and are making it easier for micro-businesses to generate their programs, innovate, and collaborate with specialized teams.
• In particularly targeted markets, Micro-influencers are playing their part by driving in sales.
Here, to help you out, we are listing 10 ongoing trends that you must inculcate in your business operation to make it a success.
1. Email is Back Once Again
Earlier with the hype of digital marketing through social media channels, marketers underestimated the potential of email and kept it aside, but the scenario has changed, and entrepreneurs are falling back in love with email marketing.
● With email marketing, marketers have access to the mailing list of subscribers who have permitted them, which is impossible with any other social media channel.
● Emails have been proven to have a positive impact on ROI. According to the ROI from email marketing can be 42x the investment, according to the Data and Marketing Association Reports which is very profitable.
● As per the survey conducted by HubSpot, 73% of people like to hear from businesses via mail.
● The plus point with email is that the subscribers have permitted you to send them your content as per their needs. In this way, you can provide them valuable content with a personalized touch and build trust.
● Due to the cost-effectiveness and reliability of email, marketers have realized that this is a more efficient way of marketing.
2. Micro-influencers are Coming Into the Spotlight
Influencer Marketing is a new concept that didn’t exist 5 years ago. Influencers are being paid a hefty amount of money to promote the products and services of companies via their social channels.
These are the people with a limited number of loyal followers (up to 25k) on Instagram, Youtube, Tiktok and are often referred to as nano influencers who work in specific niches.
● The smaller number of followers indicates that these personalities have more time and energy to invest while engaging with their audience.
● They charge less than big celebrities and have connections with a specific group of people, which provides more lead generation.
● As per the Influencer Marketing Hub, if any business spends $1 on influencer marketing then, the business can make $5.20 on every $1 invested.
● It’s been stated that 92 percent of customers like micro-influencer advertisements rather than celebrity ad campaigns.
● It has been observed that over 82% of people purchase the stuff being endorsed by influencers, which is pretty impressive.
3. Be a Part of the Entrepreneur Community
If you wish to be a boss of your own, you must connect with people who have the same thinking. Recent years have seen an upliftment in the number of people going towards entrepreneurial way. To take ideas, inspirations from already established entrepreneurs, it’s necessary to stay in touch with them.
The question is ‘HOW’?
And the answer to this question is entrepreneur communities. Their sole purpose is to bring together like-minded creative people who wish to start their own businesses.
You will find these communities on Fb, LinkedIn, Twitter, Instagram. Here you will witness people at different stages of their journey and learn from them which strategies worked out, which didn’t, how to lure in investors, etc.
These communities are a great source of learning and networking. So, what are you waiting for? Go search for entrepreneur communities in specific niches and take the most benefit out of them.
4. The Escalation of the Subscription-Based Model
Considering the recent trends, it can be rightly said that subscription-based models will lead the future, and soon every business will opt for this model. According to a recent report, the global subscription will be worth $11.1 billion by 2027.
With this model, consumers pay for your services for a specified period of time, say for a period of 1 month or 2 months, quarterly, yearly. This helps build relationships with customers over time, and the businesses can track the metrics for a long time. By opting for this type of model, marketers don’t have to sell or promote their businesses again once the user has been registered.
The music, film industry have taken up the subscription model, and now it has entered the fitness (gym) and food industry. Considering this, entrepreneurs should not hold themselves back to opt for a subscription-based model for their businesses.
5. Show Social Awareness
Nowadays, customers are more inclined towards businesses that deliver the same value that they want. They shop with brands that resonate with them.
Few statistics prove this-
● It has been surveyed that around 64% of buyers will refuse to buy from you if your social or political status is not stable.
● A trend has been seen that 77% of customers deliberately buy from brands that share their respective values.
Consumers nowadays have become more aware and prefer brands that are responsive towards the environment and society. Start your venture, keeping in mind that you are following all the norms and regulations. Go green, respect the environment, participate in charities, and never indulge in practices that may hamper society.
Whichever method you choose, make sure that you deliver a clear, consistent message through all media channels. How that you are socially responsible and build a strong ever-lasting consumer base.
6. Increase in Digital Nomadism
The concept of remote working was there earlier, but due to the sudden outbreak of COVID 19, it’s been mandatory for organizations to virtually hold their daily operations. Hence, remote work saw a significant escalation.
The concept of remote working is actually good for entrepreneurs because they can spend their time and energy searching for skilled professionals rather than looking for a physical location to set up the office.
● A survey conducted by Flexjobs states that 51% of employees work more effectively more home as they are less distracted.
● In a study, Gartner claimed that over 80 percent of company leaders plan on switching to a flexible workplace.
● It’s not mandatory for you to opt for a remote work type of business. If it suits you, then only go for this.
7. The Upshot of Globalism Empowered by Remote Work
Globalism refers to the concept of expanding one’s business across the world with the cooperation and support of international teams. This concept has existed for a while, but its importance and involvement have been empowered by remote work. It’s a misconception that only bigger companies can indulge in Globalism, but it’s not true.
On average, 29% of start-up employees are foreign. With remote work, it’s a great opportunity for entrepreneurs to take their business to the global level. This concept has been gaining momentum, particularly in professional and media services.
In the upcoming years, this concept will be taken up by a majority of people setting off to start their own business due to its immense benefits.
8. Creating Content in Multiple Formats for Multiple Channels
Content will always be the king. People have different preferences when it comes to content formats. Statistics indicate that a person spends an average of over seven hours a day on social media. Hence, it becomes necessary to mold the contents in how the users want them to see.
It’s a great way to engage your audience. Without creating new content, you can alter the existing one and still be able to attract traffic. Do a deep analysis of various channels through which you provide valuable content to your users.
Analyze what type of format is most preferred by the users- video, podcasts, blog posts, etc. and generate content accordingly. To increase your customer base, it’s necessary to keep the preferences of consumers first in mind.
9. Low-code Websites
For anyone who wants to start their own venture will have to invest in making an online presence. It might get expensive. Hence, low-code websites are a great way for entrepreneurs. Various development tools are present on the web to help build a well-designed, effective website under budget.
If you don’t have experience in IT, then don’t let this hold you back; utilize the point-and-click tools and build a website of your own in no time. In light of the trends observed by Hootsuite, around 4.2 billion people use social media apps. Mobile applications and e-commerce sites have become the hot topics of today.
To leverage the benefits of this, it’s necessary to have a presence of your own on the platforms favored by your targeted section of people.
10. The Rise in the Niche Markets
Consumers are now well aware of their wants; they have become specific in nature. Hence it’s a necessity to cater to the needs of consumers and target people who want the same thing you are offering.
The trend of customer-centricity is on the rise, and the niche markets are also rising.
Few niche markets that are gaining momentum are-
• People conscious of the environment.
• Remote workers
Consumers are very particular about and represent themselves with fashion, accessories, and food consumption.
Due to this specificity, niche markets are flourishing. Thus, entrepreneurs need to keep an eye on these niche markets; there may be opportunities as well as threats.
To make your venture successful, it’s necessary to go along with the constantly changing customer preferences. In these unusual times, you should know about what’s helping to keep the business running. Read the above techniques and decide which one you should inculcate in your business operation. After all, being an entrepreneur is pretty tough, but it’s worth the benefits.