The business world is evolving like never before. Spurred primarily by technology and the incessant demand for data, the adapt or perish mindset has never been more apropos than it is today. Which 2017 business trends most demand your attention?
The Crowdfunding Explosion
Investopedia defines crowdfunding as, “The use of small amounts of capital from a large number of individuals to finance a new business venture.” Although this concept is nothing new, it’s rising to a new level in 2017. A study from the Massolution Crowdfunding Industry Report 2015 found:
- The global crowdfunding industry was at $6.1 billion in 2013
- It grew immensely in 2014 and expanded by 167 percent to reach $16.2 billion
- The industry then doubled in 2015 and reached $34.4 billion
This trend is only going to continue into 2017 and beyond, and is one of the best ways to generate capital. As Entrepreneur points out, it accomplishes more than just financing startups. “Crowdfunding serves as a means of product validation and allows companies to engage and learn from a small, but vocal, user community early in the process.”
Crowdfunding lets you approach product launches and other business decisions with greater confidence because you can see what sticks and what doesn’t.
Delivering a Personalized Customer Experience
More and more consumers have become accustomed to companies catering to their specific needs. This has largely been brought on by the widespread use of data to predict which products they’re looking for and where their interests lie. A good example is when Amazon offers recommendations for products based on your shopping behavior.
The businesses most primed for success in 2017 are the ones who are scratching this itch. The company Stitch Fix, for example, sends customers apparel based on a “style profile” that includes information about the customer’s style, size and price preferences.
If you can implement some form of customer personalization into your strategy, things should bode well for you in 2017.
Being a Socially Conscious Company
According to CRM Trends, the younger generations of Millennials (born roughly between 1981 and 2001) and Generation Z (born post 2001) will account for over 50 percent of the U.S. population by 2020. That’s a lot.
What’s one overarching trait that these younger individuals value in brands? Social responsibility.
In particular, “going green” and providing eco-friendly products is extremely popular. In addition, companies that give a portion of revenue to charities goes over well. For instance, TOMS Shoes donates a pair of shoes for every pair that are purchased.
Businesses who back up a worthy cause and show that they care tend to thrive with a younger demographic. Some examples of notable socially conscious companies include:
- Columbia Sportswear
- Clif Bar
- Whole Foods
The business world is a dynamic one and is in a perpetual state of evolution. This can be exciting and presents bountiful opportunities for companies that are in touch with 2017 business rends.