The market is constantly shifting, so businesses need to stay on top of the current trends. Let's look at five trending terms that every small business owner should know.
[Read more: Small Business Trends That Will Impact Your Sales in 2024]
Blitzscaling
Blitzscaling is a term popularized by Reid Hoffman, the co-founder of LinkedIn. It refers to companies that scale so quickly that it's hard for competitors to keep up. Companies blitzscale to capture market share and build a global customer base.
Amazon is an excellent example of blitzscaling. Jeff Bezos founded the company in 1994, and by 1996, it had over 150 employees and had generated over $5 million in revenue. Amazon went public in 1997. By 1999, the company had 7,600 employees and had generated $1.64 billion in revenue.
However, most companies don't experience this kind of success with blitzscaling. One study showed that startups that attempt to scale within the first year of being founded are up to 40% more likely to fail.
Hyperpersonalization
Hyperpersonalization uses artificial intelligence and machine learning to create a unique experience for each customer. It helps businesses anticipate, meet, and exceed the expectations of their customers.
For example, many e-commerce platforms offer product recommendations that are tailored to each customer. The algorithm makes recommendations based on that customer's search history, previous purchases, and other items they've shown interest in.
The company then sends emails to each customer with recommendations and offers based on their interactions with the site. These interactions can then lead to more engaged and loyal customers. The process is almost entirely automated, making it a scalable solution for companies.
[Read more: 4 Trend-Driven Ways Brands Are Tapping Personalization for Growth]
Micromoments present small businesses with a unique opportunity.
Niche marketing
Niche marketing involves selling your products or services to a small, well-defined audience. A company using this strategy has a clear message for its target audience that also entails how it stands out from its competitors.
To implement a niche marketing strategy, start by conducting market research to understand the needs and values of your target audience. You also need to confirm that your business will remain profitable by serving a narrower audience.
Niche marketing can help businesses connect with the right customers and improve their marketing spend. When done correctly, it can help you build a small and engaged audience of loyal customers. However, it can make it harder to grow your business and maximize profits.
[Read more: How to Use Marketing Automation to Grow Your Small Business]
Circular economy
According to the U.S. Environmental Protection Agency, a circular economy keeps materials in production for as long as possible. It is accomplished by reusing, refurbishing, and remanufacturing as many items as possible.
Many businesses implement these principles in their supply chains to reduce their environmental footprint and minimize operational waste. You can contribute to circularity by implementing the following three principles:
- Create a manufacturing system that doesn't produce waste.
- Use durable materials that can be reused.
- Use renewable materials and power sources.
Micromoments
Micromoments are instances when consumers turn to their smartphones for information or to make a decision. For example, let's say someone is on their lunch break and remembers they haven't bought a birthday gift for a friend. That person will likely grab their phone and Google something like "last-minute birthday gift ideas."
Micromoments present small businesses with a unique opportunity. If you're a local store that offers same-day delivery, you can optimize your website to ensure you show up in local search results. You can also improve your Google My Business listing to ensure you're attracting these customers.
Micromoment marketing allows you to capture the attention of a target audience at the right time. It's also a great way to build brand awareness and stand out from your competitors.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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