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Corporate Business Solutions Consultants Share Top Three Trends to Affect Small Businesses in 2018
As we enter a brand new year, small businesses should be prepared for new risks and new changes to the consumer landscape.
Rising Asset Prices Could have Consequences
As The Economist noted in a recent article, asset prices are at an all-time high. While that should be good news for financiers, the market is currently showing signs of a bubble. Asset prices across industries have risen to heights like the tech stocks did in the early nineties and the property prices did at the turn of the millennium. Experienced market watchers know what happens next: the bubble bursts. Some economists are predicting that the risks investors are taking in the current market might lead to another recession or a similarly dire financial situation.
Small businesses do not need to become paranoid about an asset bubble that may burst next year, says Corporate Business Solutions consultants. However, small businesses should take the necessary risk mitigation steps to protect overall wealth. If the company is heavily invested in assets, expert investors advise diversifying revenue stream to have all bases covered heading into 2018.
Millennial Consumers are Spending More than Ever
In 2017, millennial consumers spent more than $600 billion, a shocking amount for a generation stereotyped to be prudent and cautious. The millennial block of the consumer market is rising and more and more companies are targeting this group with advertising. The bad news for small businesses is that millennials are not swayed by the typical forms of advertising. Unlike their parents, millennials are less likely to splurge on material possessions and make purchase decisions based on values. Therefore, marketing campaigns targeting millennials will need to address these preferences.
Companies do successfully cater to millennials. Apple's "Shot on iPhone" marketing campaign deeply resonated with this age group. Small businesses can take a cue and target millennials with values-based, non-traditional forms of marketing. Use social media to drive engagement within this group and invest more in narrative content.
Smart Gadgets and Smart Algorithms are Changing Marketing
Expect the tech landscape of 2018 to be focused on three things: virtual or augmented reality (AR or VR), the Internet of Things (IoT), and artificial intelligence (AI). Each of these three Big Tech innovations would have significant effects on the consumer market and marketing landscape.
IoT refers to the increasing number of connected gadgets consumers use, such as voice-assisted smart speakers like Amazon Echo or Google Home. These gadgets keep consumers connected to the internet nearly all day. IoT is changing how consumers make purchasing decisions and research purchases. For example, instead of typing search queries into a browser on a desktop, more and more consumers are doing voice searches on devices like the Amazon Echo. That means small businesses will have to fundamentally adopt new practices to reach consumers in 2018 and beyond.
VR and AR tech offers consumers highly visual and immersive experiences. Products and marketing material based on VR will become more relevant this year as consumers flock towards the latest tech. Similarly, tech and products supported by AI are increasingly entering the consumer market. Small businesses can use AI-powered tech not only to improve day-to-day business but also to fine-tune marketing campaigns.
Small businesses can prepare for the market shifts mentioned above with CBS-CBS.com (http://www.cbs-
About Corporate Business Solutions:
Corporate Business Solutions is a business consultancy firm operating from Schaumburg, IL. We provide business consultancy and company review services for small to medium-size businesses. CBS business consultants are highly experienced and offer affordable rates. We maintain high bars for financial and technical expertise through various interactive external and internal client projects.
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