Popular Business Trends
What is a trend? According to Webster’s Dictionary, a trend is defined as, “a general direction in which something is developing or changing.” Today, a trend is more commonly associated with Social Media. It is a topic, normally grouped into one hashtag, that is being talked about across all social media and other digital platforms. Trends are not limited to social media alone. They influence the themes in fashion, how people act, their thoughts, and so much more. The same goes for business, it moves and adapts to the times. How has the business world changed and what influences it today?
Below are 4 popular business trends that companies should focus on and prioritize in the modern world:
- Company Culture
Employees nowadays want to fit in: to be in an environment where they can feel like they belong. Company culture is all about the environment, policies, and employees that the company has. Staff members want a company that recognizes them, where their values and needs go well with the workplace. This is very important because a good company culture will lead to delighted and contented employees, thus retaining said employees, making this a competitive advantage for the business. On top of the list, Hubspot is hailed for the best practices in its company culture. They focus on looking for 5 attributes in their employees: one must be humble, empathetic, adaptable, remarkable and transparent. Businesses today aim to achieve a more inclusive and transparent environment, result-driven company.
- Genuine Relationships
Another factor that drives success is relationships. Yes, you may have great products and services, but having little to no connection with customers can almost guarantee a loss. Interacting with customers allows the business to build trust and strengthen their connection with clients. Costco is an example of a company that has one of the best customer services. Not only have they won several service awards, but they are also known for their excellent service and return policies. Employees are always happy to assist and provide a delightful experience.
- Personalized Marketing
Personalized marketing is an approach where data is analyzed to distribute products or services in a more specific way. Consumers enjoy advertising that speaks to them and addresses their needs. Imagine having something shown that is so interesting and is customized to one’s needs. Doesn’t it make one want to learn more about it? A good example is Spotify, for all Spotify-users out there, we all know how Spotify creates a personalized playlist based on the songs a user listens to. At the same time, Spotify sends an email based on each member’s listening habits. They use large data at their disposal to their advantage.
- Mobile Banking
With the move to a more digitalized world, one of the easiest things to do now is online shopping. With just a click of a finger, an individual can already purchase items and have it delivered to one’s home. Consumers nowadays want something fast, easy, accessible and do not require too much work. People veer away from using physical cash and prefer to avail of eWallets instead. Though it has its risks, many prefer this new mode of transaction. A recent addition to the market is Apple Pay, whose goal is to turn iPhones and Apple watches into debit and credit cards. They can be used anywhere as long as the contactless payment symbol or Apple Pay symbol is present.
In business today, organizations must be quick. Entrepreneurs must keep up with the changes in the corporate world or may risk getting left behind. It is important to keep abreast with the popular business trends of today and recognize that these modern models should be applied in order to stay in the game.
Photo Source: @gstudioimagen