Another year has ended and the businesses are all geared up for 2018. Thinking about the future can help entrepreneurs come up with better planning, strategies and stay in the competition. There are certain key trends that are swirling and will be significant in shaping the business models next year.
A look back into 2017
This year has experienced a whole set of transformation as ever. Millennials or Generation Y took over the baby boomers. Digitalization and technology have bought a whole customer service experience.
Here are the top 5 trends the entrepreneurs should look forward in 2018.
Amongst the most important trends to watch out next year is Technology, in the next 5 years it is expected to grow at a much faster pace than it used to in 1900 and 2000, hence the #1 skill people would need in these disruptive times is to be able to learn faster. Those who learn fast will win.
The years ahead will result in an incredible increase in the use of artificial intelligence. This would simplify the marketing efforts and lead to automation of a lot of processes. Technology will become more disruptive. Many of the startups would follow this trend.
Predictions by the great leaders
American author and futurist Raymond Kurzweil have become well known for his predictions about artificial intelligence and the human species. His first book, The Age of Intelligent Machines, published in 1990, put forth his theories on the results of the increasing use of technology and predicted the explosive growth in the internet, among other predictions. Later works, 1999’s The Age of Spiritual Machines and 2005’s The Singularity is Near outlined other theories including the rise of clouds of nano-robots (nanobots) called foglets.
In 2025, in accordance with Moore’s Law, we will see an acceleration in the rate of change as we move closer to a world of true abundance. Technology like Cloud computing, Infinite computing, Sensor and networks, 3D printing, Artificial intelligence, Nanomaterials, Digital medicine and Synthetic Biology will be at its best.“We need to think how technology can be used to serve humanity, creating abundance, creating a life of possibility. A life from scarcity to abundance”- Peter Diamandis
2. Social Media Evolution
Every entrepreneur knows social media is one of the most effective ways to reach out the customers and grow your business. With the increasing competition and investment on the social media platforms.
How should we plan our marketing strategies in 2018?
Future of both marketing and customer service is going to be about the real-time experience rather than just static content. The evolution of the Facebook Messenger App is predicted to evolve and include payment capabilities as well.
As per a recent blog post, WhatsApp will be testing new features to make it easier for people to communicate with businesses they want to reach on WhatsApp. This is going to be a great leap for the businesses.
With the emerging of Generation Z, “Goldman Sachs says that Gen Z is more valuable to marketers than millennials in 2018 and we need to shift social media strategies accordingly.”
Done just be a trend follower but be a trendsetter – “Successful people innovate those who merely imitate will always be one step behind”!!
3. Marketing revolution
Marketing in the past was about better-communicating messages and ensure it reaches the right person but the coming times would take into account personalization. The customer would look for more personalized products and the marketers would have to frame their strategies accordingly. Marketing would emerge more as a “Service”
Millennials have had their moment, but it’s over. By 2020, Generation Z will account for 40% of consumers. Marketers have realized that reaching Generation Z will bring them more bang for their buck.
That’s why it’s going to be so important to stay up to date on what this generation needs from their marketing content.
Here are 5 key marketing trends that you will need to leverage in 2018
- Data-driven marketing is a powerful tool, but how that data translates to the customer journey will be paramount in digital marketing success in 2018. Strive first to use data to know where your consumers will be on every step of their purchasing path. Learn what appeals to them, and design your marketing to touch them all along their journey
- Video marketing continues to grow from strength to strength. In 2017 this produced the best ROI for me personally. Video is becoming the most popular and influential form of digital content for businesses today and if done right, it can have a very positive impact on your business. It positively impacts SEO ranking, increases engagement on social media channels and boosts website traffic.
- Digital Integrated Into Offline Experiences I believe that in 2018, digital will no longer stand alone as a separate discipline. We will see it become more integrated into real-life experiences and the two will become seamless. I have seen how online conversations have continued offline in various live events.
- Personalization Along All Stages Of The Sales Funnel Impersonalized email blasts and ads are going the way of the fax machine. Becoming hyper-targeted and focusing on personalizing every interaction is becoming increasingly important.Personalized landing pages should be connected to every one of your advertising campaigns. Attention is a currency, and building a personalized connection with prospects will be critical for digital marketing in 2018. – Twila Grissom, Acorn Digital Strategy
- Professional Live Video Video will continue to be a trend in 2018 but not just video, professional live video. Every social media platform is jumping into live video and adding new features monthly to their platforms. Live video is a great way to connect with your audience, and the shaky, holding-a-phone-in-your-hand live video won’t be acceptable anymore. – Thomas Brodbeck, Site Strategics
4. Artificial Intelligence
The use of AI continues to grow in 2018. 57% of the marketers are already using this, this is expected to grow by another 53% in the coming years.
A number of tech companies and vendors are now offering APIs and frameworks that allow businesses to create their own intelligence services. For example, Uber uses these capabilities to better predict your traveling habits within its core mobile application.
Undoubtedly, 2017 has been a great year for finance. The current business generation tends to do everything on their phone – including online bill paying and applying for small business loans. The behavior of borrowers is unlikely to change. Thus, banks are increasingly investing in technology that allows the processing of digital loan applications.
Banks have two choices, either to invest in their own websites or partnering with a FinTech firm that has already developed advanced technology and can seamlessly integrate it into bank platforms. There would be more of such partnerships in 2018.
Is Cryptocurrency going to be the future money? They have become a global phenomenon known to most people. This new payment mechanism and will change the ways in which people can sell.
Which new strategy will you try out in 2018 to grow your business? Comment below.
Do you have your goals and strategies ready for 2018? Let’s get ready for the best year ever! You can refer to the “Ultimate Guide” if you need any help in goal setting.
“The past cannot be changed. The future is yet in your power”
Wishing you a very Happy New Year!