Many industries are evolving rapidly and new ones are fast emerging. It’s tempting to say we’re on the cusp of change but in reality, technology and consumer behaviours are constantly evolving and our businesses have always followed suit. It’s always been that way. But we can at least take stock on the current trends, however long they may last, and remain relevant. Here’s a few that’ve already been shaping up and look set to take off in 2017.
New products to be kick-started by crowdfunding
Newly formed companies are using crowdfunding for two reasons: to raise capital for the product they’re trying to develop and to validate the product or service before laying down a mountain of cash to get the business off the ground.
Crowdfunding platforms are arguably the best and most accessible type of focus group you can find. Not only do they give you the chance to raise capital, but new entrepreneurs and investors can use them as a means to gain feedback and engage the market before embarking on the costly development part of the game.
The power of content will be embraced
Businesses and brands are becoming increasingly aware of the importance of customer engagement. They recognise their customers are consuming more content than ever before and will do their research before investing their money. Businesses are striving for a reputation as the “trusted advisor” in their field so what's the best way to do it? Produce the answers that customers are looking for and target the market.
On-demand services will continue to take off
It all started with Uber and Airbnb.These businesses set an example which opened the floodgates for a raft of on-demand marketplaces in various sectors that have turned this business model to their advantage. But we’re not done yet. There are still entrepreneurs out there dedicating their time to thinking up new ways to bring services to consumers in a cheaper and more cost effective way. But what we haven’t seen so much of yet is the implementation of this in the B2B space. There’s still plenty of untapped opportunity there.
The rise of business intelligence
Gathering customer data will become a real focus for 2017 as businesses try to better understand their customers on an individual level and tailor their customer relationship management to suit. Data analysis technology will be used to understand patterns in behaviour which can in turn inform product enhancement and new opportunities to drive growth.
Video will play a bigger role than ever before
Data is the cheapest it’s ever been and internet services are performing faster than ever. And it will only continue that way through 2017. Businesses and their brands can now easily integrate video content into their marketing strategy in the knowledge that it'll reach their customers who’ll find it both more engaging and easier to consume.