In the new year of 2020, all business owners can make final sigh with a relief: now they enter the market with new energies and potentials to make their business grow and personal financial management even more successful.
But can we say that 2020 would be the year when all business owners can expect some positive changes? Or they still should search "I need 2000 dollars asap" on Google. Let’s figure out 6 most common predictions from professional financial experts that all entrepreneurs would have to keep in mind if they are into new market tendencies.
1. The Power Will Be After Nice Companies
One of the most surprising predictions made by Kyle Golding, chief strategic idealist at The Golding Group, relates to companies which target audience is very specific. “Apparently, such sector-specific businesses emphasize on the product’s or service’s direct purpose and use special messages and platforms to reach their specific audience. Not only is this tactic beneficial for niche companies, but also likely to be used as a successful marketing strategy for large enterprises focusing on average consumers.” – he says.
2. The rise of Cryptocurrency and Metals
The head of customer insight at Tiger Mobiles Brandon Ackroyd supposes that the era of stocks, bonds, and real estate is about to end and replaces with cryptocurrency and gold.
“More money will now be turning into bitcoins and also be invested in gold. The first ones are now too risky for purchasing because of their instability. Instead, the possible alternative is cryptocurrency that seems to be a more beneficial option.”
3. SMM Will Get More Expensive but Yet More Effective
Social Media Marketing (SMM) is nowadays one of the most powerful tools used by companies to keep their online presence and maintain their audience close enough to get their customers’ trust. No wonder, in the year of 2020, prices for digital advertising can be a huge issue for young companies and startups that have no substantial money and resources to spend on SMM.
The good thing, however, is that such companies can apply for business loans and get the necessary funding for their advertisement purposes that will surely be paid off later. Especially now, when social media is actively used as a sales platform. According to Joselin L. Estevez, digital marketing, and social media expert, Facebook or even Instagram is a great alternative to entrepreneurs who cannot afford e-commerce stores.
4. Much less Paper Work
Right now the workforce of the United Stated consists mostly of millennials and here is what Sofie Knowles, web developer and co-founder of PDF Pro, says: “Counting on the fact that millennials represent a new “computerized” generation, they would rather prefer paperless operations done with a help of new software tools over traditional print paperwork. Not only is this strategy less time-consuming, but also cost-effective.” These changes are likely to help new investors establish control over finances and earn more.
5. There Will be More Collaboration
From the one side, the collaboration between several companies specializing in different things is beneficial because everyone is focused on their own specific mission, which makes the service and products high quality. Coordinating with other industries is just easier for the consumer himself, besides, it’s a good marketing strategy as well. Nevertheless, this can be quite a risk, as you never know the customer’s reaction.
6. Attention to High-Tech Customer Support
Certainly, the era of digital technologies makes it possible for every company to connect with its audience through digital means. According to the president and co-founder of Toast Steven Fredette: “Even though, almost every entrepreneur should have taken care of this in 2019, the year of 2020 must become the one to make you adopt modern technologies to your business. Tech development does not stop and you should try and keep up with the latest technologies since the competition is high.”
At the meantime, Monica Kang, a CEO at InnovatorsBox, supposes more and more consumers now appreciate offline engagement more than the fast-developing digital one. “Perhaps, business owners should keep in mind the fact that quality offline experience might be more appealing to some customers than an online interaction. So if you ignore working on in-person experience, this could lead to the loss of some valuable customers”.