CASHLESS PAYMENTS ON THE RISE
Mobile payment innovations are transforming how small businesses operate. By 2020, it’s projected that 56 percent of customers will use mobile payments. To keep up with this trend, adopt mobile wallets like Apple Pay, Samsung Pay or Google Pay. You can also offer in-app, in-browser and person-to-person (P2P) payment platforms.
MILLENNIALS DOMINATING THE MARKET
People born between 1981 and 1996, also known as Millennials, spend approximately $600 billion every year. By 2020, this buying power is estimated to grow to $1.4 trillion. To target these customers, you should use a more personalized approach through social media and email. Be honest and transparent rather than gimmicky or overly salesy. The goal is to create a connection between the audience and your product or service.
EXPERIENTIAL MARKETING GOES VIRAL
Customer-engagement experiences are a great way to get people talking about your business. And now, thanks to social media, experiential marketing is taking on a whole new dimension. Think of it as a free marketing tool. Use social media to invite customers and create buzz prior to your event. Post online during and after the event and encourage your audience to participate, further extending your reach. You can implement experiential marketing with limited resources and make a significant impact.
OUTSOURCING OPENS UP DOORS
As budgets get tighter and technology makes it easier to work with people remotely, more and more small businesses are outsourcing. This means less overhead, greater flexibility and the opportunity to work with experts you wouldn’t be able to hire full-time. Consider hiring freelance help in areas like finance, marketing and technology. This will free up your time to focus on what you do best — serving customers and growing your business.
CYBERSECURITY GROWS MORE COMPLEX
After the Equifax hacks in 2017, cybersecurity has become the focus of much attention, and rightly so. As more data is put online, it increases the incentive for hackers to find ways to gain access to it. Small businesses can be targeted because they are expected not to have strong security. To avoid the significant cost of an informational hack, you should invest in a security plan, a password system or a technology manager. You’ll also want to test your security system to make sure it is effective at protecting information.