So here we are again about to enter the fourth quarter of the current business year; a time when many of us are preparing our Annual Operating Plan (AOP) for the coming year. As I was researching what is going on in the global business world, and how current events and trends are likely to impact my business in the coming year, I came across an interesting video by Australian marketing expert Kane Minkus of IndustryRockstar.com. In his video, recorded in early 2013, Minkus described ten global business trends that he predicted would change the face of small business in 2013 and beyond.
Looking back over the past year, I would have to say that
Minkus was "spot on" in his predictions and that everything he described
has either occurred or is in the process of occurring as the entire global
economy continues to undergo the massive transformation caused by digital
technology, shifting demographics and economic restructuring. And looking
forward towards 2014, I see no indication that any of these trends are
diminishing in importance or impact so smart business owners will be the ones
that consider each of these ten trends in their 2014 AOPs and long term
strategies.
So with that as backdrop, I'll save you the time of watching
the 20 minute video, and taking your own notes, by summarizing the ten trends
here.
Trend #1: Small and
Micro Businesses will be a growing market segment to be served.
There will be more and more people leaving their big company
jobs and starting their own small business or practice providing growth
opportunities for established small business that serve these new startups.
Trend #2: Results
Based Marketing will win and cut through the marketplace clutter and noise
People want results; not more information. Figure out what
to measure to prove your value and then show your numbers. Get testimonial from
those who have experienced your results.
Trend #3: Markets and
Buyers are becoming more sophisticated so you must cater to an advanced mindset
This is especially true in the training/coaching/seminar
market where potential clients are going to say "I've heard this all
before."
Note:
In the words of Rich Shefrin, "you need to reframe their problem, make
them see it in a different light" or as Glen Dietzel says, "you need
to ask your client a better question."
Trend #4: Production
values will be raised for media and product presentations
This means the sales process will require a more
sophisticated, creative, and innovative approach to be successful. You can't be
plain vanilla. You'll need to stand out in the market place and your brand marketing
will need to rise to the level of your competition-or even better, you need to
set the bar for your competition.
Trend #5: There will be more opportunities for exposure
by speaking publicly than ever before in history.
More people will be sharing their knowledge than you've ever
seen before so if you want to stand out and build your personal/business brand
you will need to be very good a speaking and presenting on videos, speaking at
business conferences, at networking groups, seminars, workshops, etc. etc.
You'll have to have skills as a speaker; so if you don’t, start working on them
now.
Trend #6: There will
be more higher priced, personalized, products and services that will actually
sell easier.
More people will be interested in personalized, high value,
customer experiences.
Trend #7: Several
geographic regions will expand very rapidly
Asia and South East Asia
will be no surprise to anyone. Russia,
Brazil and India will also
be high growth emerging markets for personalized expert services. The big
surprise will be the growth rate of the personalized expert services market in Canada. Look
north all my US
compatriots!
Trend #8: Online
business will expand massively
More people will be doing business on Skype than ever
before. For example, have you seen all the Youtube videos showing people how to
do job interviews on Skype? People will become so comfortable doing business
online it will become the norm. Think Webinars, group training, tele-seminars,
video conferences; you'll need to be good at doing all of these. Also, new
emerging markets will be going online, new age groups (older) will be going
online more.
Trend #9: A greater
move towards experiential businesses
Businesses that create a positive experience for their
customers will move way ahead of the pack. People will pay more for things that
give them a good experience. Creative experiences will be a key differentiator
and smaller micro-businesses will begin to put more emphasis on creating
awesome customer experiences for a focused set of clients. Customers will begin
to buy more from individuals and businesses that create the best experiences
for them and the myth that you'll have to spend a lot of money, or that you
have to be a large business, to create a great customer experience will begin
to go away. Make sure your business plans consider the customer experience
throughout the entire value chain including the buying experience, the
fulfillment/delivery experience, the lifecycle support experience, etc., etc.
Trend #10: Entrepreneurs
and professionals will focus more on their passions
The competition from people who are passionate about what
they do will get fiercer and fiercer every year and they will soar past the
people who are just doing a job. If you don't love your business, find someone
else who can run it for you, or find something else to do.
Conclusion
So there you have it. If you want to be really successful
you have to figure out where the world is headed and get there first. And if
you want to outpace your competitors and become a market leading thought
leader, pay attention to these ten trends and make sure you exploit them in
your 2014 AOP and long-term strategic plans.
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