As the year comes to a close, it is helpful to review this year’s business trends and see what you should take with you in the year ahead. Being mindful of these trends can greatly put you at an advantage over your competitors.
Applying the latest business practices makes it easier for you to experience revenue growth, improve customer service, and achieve greater efficiency.
Here are the business trends that we started seeing in 2023 that we’re sure will continue to put you ahead of the competition in 2024.
1. Pay attention to customer reviews.
Customer purchase behavior is a complex thing. Multiple studies have been conducted to try and find out what really leads to a person buying your product.
Based on this year’s trends, the number one factor to pay attention to right now is customer reviews.
More than a product’s features or price, consumers care about other people’s comments about or experiences with your product. Customer reviews make people feel safe knowing that other people have tried what they’re about to buy.
Make sure that you provide a way to present your product’s customer reviews to potential buyers. People will hesitate if there are no reviews available to them for consideration.
Having a 4 or 5-star rating on your product will attract more customers than an attractive marketing campaign.
2. Shift communication to mobile devices.
Most of the millennials are finally at an age to enter the workforce. This means that both your employees and your potential customers are more at home with technology.
If you want to communicate effectively to your employees and your customers, shift your communication effort to their preferred platform — mobile devices.
Don’t be surprised if your emails, phone calls, and meetings fail to engage people. Using communication apps on mobile devices is the best way to get your message across.
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3. Consider remote work options.
One of the biggest costs for businesses is infrastructure.
Buying a property or even renting out office space easily eats up whatever money you have. This is why remote work options have really grown over the past few years.
Immersive technology has made it easier than ever to create virtual workspaces. With the help of a few apps and computer programs, members of an organization can do video conferences, create and send group messages, and fill out forms, and even manage contracts through spreadsheets from the comfort of their homes.
4. Go green.
Numerous studies now show that customers respond better to products that contain environmental sustainability claims. More and more people are now becoming aware of the impact of business products on the environment.
People want to patronize businesses that share their personal values.
Make a positive impact on your sales and on the environment by going green. A shift towards using organic ingredients, sustainable production processes, or recycled materials for packaging.
5. Focus on benefits and perks to keep employees happy.
Another organizational practice that has only grown over the years is the focus on employee happiness.
An employee’s productivity is crucial to the growth of the business. And it turns out that there is more to keeping employees happy than just paying them enough money. Employees want to feel engaged in their responsibilities.
Employees feel happier when they know that what they do contributes to the organization as a whole.
In addition to employee engagement, benefits, and perks will also keep your employees happy and motivated. This can include flexible work hours, maternity and paternity leave, and travel opportunities.
Make sure that employee happiness and employee engagement are an important part of your company culture. Ultimately, every business is about people. Your business will grow as you continue to consider each employee’s human needs.
6. Build a store — an online store.
This trend provides another solution to the expensive concern of business infrastructure. Instead of spending money on an actual brick-and-mortar store, invest instead of a quality online store.
Recent developments in storage, shipping, and digital technology can help you provide your customers with an enjoyable e-commerce experience.
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7. Connect with people using Stories.
Facebook and Instagram, the biggest names in social media, now provide the Stories feature. With Stories, people can share short videos or photos that expire or disappear after 24 hours.
This ephemeral quality forms a stronger connection with the audience. It makes people feel like they are a special part of a fleeting moment.
Businesses have been quick to capitalize on the use of Stories. Potential customers now pay more attention to your Stories than your regular posts.
For example, if you are a business that offers watch parts for sale, record a quick video about it on your Stories. This is currently the best way to spread your message to a large audience.
8. Add a personal touch to your customer service.
The thing that gives luxury brands their advantage is that they provide made-to-measure products and services. People will pay money to have a personalized experience.
Fortunately, you don’t need to be a multi-billion dollar business to offer your customers tailored services.
An easy and affordable way to add a personal touch to your customer service is to provide recommendations. People will appreciate how you remove irrelevant content and provide them with things that really interest them.
Conclusion
As you say goodbye to another year, think about the business trends that will help you have a more prosperous new year.
There is no better time to consider making some necessary changes. You don’t have to follow all these trends, and you definitely should not implement all these changes at once. Consider the needs of your business. Don’t be afraid to start small.
A single step will do wonders for the growth of your organization if it’s a step in the right direction.
