It is 2017! The holiday dawns a sparkling, new world for business. The end of the year and start of the next year sparks an interest and need to plan. With about a week under our belts, where do we stand? While business and innovation has progressed in patterns and waves over the past several hundred years, it has never before sped at the rate of exponential growth we are seeing now. We have an ability to reach heights our parents only heard of through science fiction.
The business cycle is entering its eighth year, making the current period of economic expansion the fourth-longest in US history.
Historically, no period of growth has ever exceeded 10 years before yielding to the next recession, and the current recovery’s advancing age has sparked worries that the business cycle could peak any day.
In reality, however, the calendar tells us very little about recession risks. The business cycle’s timing is determined by the amount of slack in the economy, not the number of years since the previous downturn.
The current, growing demand for labor is a sure sign that the economy is on an upward trajectory, and there's considerable potential for above-trend growth to continue through the coming year.
So what does all of this mean to you? It means that you have the opportunity to tap into tremendous growth potential in 2017 with your businesses, whether complex or simple, large or small, and no matter which industry.
You’re savvy in business and you want to be proactive in your competitive industries. We get it, so we’ve done the research for you and compiled the hottest trends for growth in 2017.
Live Streaming Video
With the advancement of technology and mobile wifi, the growth of video consumption is keeping pace. We now have over 46% of video consumed on mobile technology. This is predicted to grow in the next twelve months as advertisers get creative with their consumer hooks. The online world gives a plethora of video uses.
While most news agencies, bloggers and big business already use video in their communication, live streaming takes the basic video concept a step further. It gets consumers from observing the benefits of your product or service to actually engaging with you in real time.
The good news is that with limited low cost technology and decent lighting, anyone from solo entrepreneurs to small and large businesses can incorporate great live video experiences into their marketing.
It doesn’t matter what type of business you are in or whether you sell products or services. Live video streaming captures and creates new audiences that want to consume information, entertainment and solutions.
The prime rule with live streaming is that in order to grow an audience, you have to be consistent. If you plan to do live video on a Friday morning, you need to do it every Friday morning.
Predictions are that as different generations feel more comfortable with purchasing online and move away from purchasing via a laptop or desktop, the mobile marketing trend will continue to increase.
We can already order taxis, search for flights, buy tickets, find hotels, or get a restaurant reservation all from our phones while on the move.
For businesses who create a mobile marketing system to capture the user at search as well as an easy buying experience, customers will be more inclined to “push the button” from the convenience of their phones, driving sales up and increasing the trend.
An additional convenience is being able to phone your business straight from your website/app, to receive directions or get a product shipped right away, all with a convenient confirmation email or text.
Remote Employees and Work Environments
We see this massive trend taking place in direct conjunction with the rise of millennials in the work force. Young professionals are consistently preferring flexibility to compensation.
Mobile technology allows businesses to connect with, employ and retain top talent anywhere in the world. More and more commonly employees are preferring the ability to work from home or the beach versus society’s standard 9-5 office environment.
Businesses benefit from having the ability to hire talented employees in any time zone. As businesses’ digital transformations continue to support telecommute capabilities, we can be certain that new developments and exciting possibilities for this trend are just within our reach.
Big Data and Analytics
The topic of big data in the business world can’t possibly be discussed more than it is currently, and there’s a big reason for that. Although there’s an overwhelming amount of valuable data in the world, few companies know how to maximize its potential.
Perhaps the most interesting use of big data is to create new products and services for customers. Online companies have done this for a decade or so, but now predominantly offline firms are doing it too. GE, for example, has made a major investment in new service models for its industrial products using big data analytics.
Verizon Wireless is pursuing an interesting set of new offerings based on its extensive mobile device data. In a business unit called Precision Market Insights, Verizon is selling information about how often mobile phone users are in certain locations, their activities and backgrounds. Customers thus far have included malls, stadium owners and billboard firms.
Analytics drive business by showing how your customers think and what they want. In this age of Digital Transformation, almost everything can be measured. In the coming year this will be a cornerstone of how businesses operate. Every important decision can and eventually will be supported by the application of data and analytics.
Proactive innovation is without doubt one of the best ways to stay competitive in this quickly-shifting marketplace. New technology needs to be assessed, tested, analyzed, and judged more quickly than ever. Businesses can’t afford to waste time and resources implementing new tools that offer no real value.
To succeed, businesses need to employ a head-down, fail fast, succeed faster mentality. Some projects will work straight away, others will have significant learning curves.
The faster your organization can go from idea to implementation the more it can embrace opportunities to transform and disrupt markets. Business success will very shortly be defined by the company who can adapt and integrate new technology the quickest. Today’s competitive market is best understood as the early bird gets the worm.
In this upcoming business year, it’s the hare, not the tortoise, that’s winning the race. That being said, you need to be smart. We have started, grown, closed and sold a number of businesses over the years. We have learned from our successes and failures and share that knowledge with our clients. Lets grow together in 2017. Call us today to discuss your specific business needs.