If you own a startup or are thinking about getting one off the ground, your first concerns are most likely survival and growth.
In today’s busy, digital world, you might wonder what you can do to set your brand apart from the competition so you can survive and grow.
For your long-term success, you’ll find it’s beneficial to know about the latest trends, so you can adapt to changing market conditions.
To help you in 2018, we look at startup trends to watch for this year.
Artificial Intelligence is Here
AI (artificial intelligence) is real and tangible. It’s not longer a pie in the sky idea.
It’s made its way into the business world, and it’s here to stay. Using AI, you can offer your customers solutions that are a step above the competition.
AI helps you work smarter, predict the needs of your customers and in turn, meet them. It’s also more accessible than it has ever been before, and you’ll capture a larger portion of your target audience if you innovate in the AI realm.
You might find applications such as apps, virtual assistants, smart advisors, alert tools, reminder, contextual suggestions, cyber-security, big data, and more to help your customers get the most out of your startup.
AI can also help you analyze trends and patterns for explosive growth.
Concentration on Generation Z
Yes, Millennials are still around, and it still pays to know how to reach their market, but Generation Z is coming into the marketplace. These individuals are those born between 1995-2010, and they are now becoming equipped with their own buying power.
Generation Z will influence trends in 2018 as they’ll account for nearly 40% of all consumers by 2020.
You want to start watching this audience and understand their importance in your marketing efforts. Make your buyer personas so you can strategize how to best meet their needs.
This generation is digital and experience-focused, but they do like face-to-face contact. Like their Millennial counterparts, they want flexibility, but they are more concerned with financial security and money, having grown up in the Great Recession.
This group wants to make a difference, and they want a secure, real life outside of work.
Study this group as they are trending this year.
Analysts expect this year to be the rise of blockchain which is the underlying technology behind coins like Bitcoin and Ethereum.
Blockchain networks are expected to rise and transform business by reducing or eliminating friction in marketplaces.
This means that more companies and individuals will have access to banking, lending and investing than ever before.
Chatbots Take Over
Whether your startup is brick-and-mortar, ecommerce, or a combination of both, it’s impossible for you to be always available.
This is where the trendy chatbot comes in. These are automated “creatures” that interact digitally with your customers when you can’t.
Chatbots have been rising in prominence for several years, and you can expect them to be a powerful trend in 2018.
They help you reduce your customer service dollars. For example, you’ll find them less expensive than a room full of customer service reps.
Finally, there’s one more startup trend to watch for this year, and that’s the experience economy.
Your customers want an experience when they interact with you.
Whether online or in-store, provide your customers with interactive displays and engaging offerings. The competition is stiff, and you’ll find that if you go above and beyond, you’ll have a better chance at capturing the market and successfully growing your company.
Are you a new startup ready to succeed? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your HR duties, finances, payroll and more to us. Contact Escalon today to get started.