Businesses need to evolve periodically. Whether you like it or not, you have to look at the trends going on around us and make decisions accordingly. These decisions may involve reaching out to a new demographic, offering new services or products, or changing the way you do things like tailoring your marketing writing to Google’s ever-changing rules.
If it’s been a while since you’ve innovated in your business, now might be the time to consider a facelift.
Many business owners embrace tradition and refuse to yield. That worked for Blockbuster, too. But seriously, no one stopped watching movies. They just changed the way they did it. The same may be true of your business. To keep from closing your doors, you need to watch for trends. Here are a few that may influence how you think about your business.
When you talk innovation, very few people have the intestinal fortitude to be on the bleeding edge of adopting completely new approaches. That’s why this article features trends that aren’t so new that they haven’t been tested but are still new enough that they may give you some exciting ideas.
If you sell products, you may have been watching this trend. Today, you can get hobbies, pet toys, clothing, beauty products, razors, books, teas, coffee, wine, fitness equipment, snacks, dinner, and so much more sent to you weekly or monthly. They have sample and full-sized boxes. Some companies allow you to control your selections, delivery frequency, preferences, and many other customizable options.
But for most of the boxes, you don’t know what’s coming in them until they arrive (or you see an early opener on YouTube). The boxes always boast a value of more than you pay for the subscription service.
Why it works: it surprises and delights recipients. Often it streamlines something they need or want and offers an attractive entry price. Many box services use word of mouth and offer discount codes to influencers in their target market like mommy bloggers or YouTube beauty experts.
It used to be when you started a company, you needed to invest in resources and other start-up expenses. These days, a new type of business is putting that onus on contractors. Airbnb, Uber, Lyft, and others aren’t ponying up the necessities for their business operation, contractors are. From homes to cars, boats to crafts, there are businesses that are building their entire empire on things they don’t own or need to worry about maintaining.
They pay their contractors a portion or charge them a fee to be listed on their site. Some of them cover the contractors under an insurance policy to ensure the property is protected but the contractor is in charge of their own maintenance, production, and other critical components.
Another idea that’s similar is how direct marketing companies work. They make the product and then have an army of contractors sell it for them. Each contractor runs their operation as a mini business adhering to the manufacturer’s rules for selling and they receive a commission when they move product.
Why it works: fewer start-up costs to hamper growth.
The final trend that more companies are embracing is telling their “why,” and in doing so, embracing a culture of giving back. Many businesses find a cause to support now and give a portion of proceeds (either of the whole business or a particular product line) to that group or cause.
Why this works: a study has found that young people (especially) are willing to pay more for a product that supports a good cause.
If it’s been a while since you rethought your business strategy, it might be time to open yourself up to some of the newer trends out there. These ideas won’t work for every business so consider your offerings and your target market before making any big decisions. However, you might just find that these ideas get you thinking about one that’s an even better fit for your operation.