Every year new businesses have to learn, adapt, and change their strategies based on growing trends. Naturally, this means that entrepreneurs must be even more willing to fight to stay ahead of the curve.
Advancements in technology, changing demands, environmental and socioeconomic events all have impacts on the business world. A savvy entrepreneur knows how to interpret these changes and plan accordingly.
Internet of Things (IoT)
One large growing trend is the hype surrounding the Internet of Things (IoT). Entrepreneurs are still making heavy use of this technology, now more than ever. Originally it was larger companies investing, but now that this technology has been out for a few years, smaller companies are picking it up as well.
IoT is a form of data collection and connection. The name refers to the real objects that make up the infrastructure, such as software and hardware. The end goal is an exchange of information (and products) online.
According to Fortune Business Insights, by 2027, the LoT space will grow to around 1.4 trillion dollars. That’s a lot of potential revenue for interested businesses to jump on board with. Even smaller companies can hope to see a net gain.
2020 and a global pandemic proved that working from home is feasible for many companies around the world. Many people and businesses are going to treat what was originally a temporary change as the new normal.
Working from home helps employees save time on commuting while providing other forms of mobility. Likewise, entrepreneurs have a lot to gain by switching to a remote workforce. They can save money on office locations and costs and worry more about finding the right employees – regardless of where they live.
The concept of remote work is further supported by the advancing of technology. It is easier than ever to host virtual meetings and contact customers through the internet or other virtual means.
Email Marketing on the Rise
While email marketing never really went away, it is currently facing a new boom from digital marketing strategies. Email marketing is a highly cost-effective way of marketing, with an average return of $42 for every $1 spent.
The email marketing trend is getting stronger, at least in part, thanks to newer generations. Millennials prefer email as a form of communication, including getting sales and business offers. Thus, smart entrepreneurs are listening and making use of virtual marketing campaigns that include emails.