6 Feb 2019
Top Small Business Trends to Watch Out for in 2019
Do you want to stay on top of the game in 2019? If so, as a small business owner, this year, you must exceed the expectations of the so-called “modern” customers whilst do your best to attract and retain quality employees.
Technology will further streamline business processes.
Adopting the latest technological advancements to your business will not only make your life easier but also your customers’. Customers, nowadays, have come to expect fast, efficient and personalised services and if user experience is not your top priority this year, you’ll risk lagging behind. At the same time, it’s important to understand that although technology is always advancing, customer service will not solely depend on Artificial Intelligence and the likes of it. At least not yet.
It’s true, AI will streamline business processes, facilitate repetitive tasks and augment productivity, but the power of human touch will stick around for a longer while.
Personalised marketing will become the norm.
If you’d like your brand to stand out in 2019, forget about undefined target audiences, stock photos and impersonal call-to-actions. Rather, it’s quality and targeted content that will bring you the most success.
Personalisation in marketing can take many forms. It can range from personalised email marketing campaigns to personalised ads to personalised offers and discounts, amongst others. As long as these efforts are always in line with where your customers’ needs, wants and interests truly lie, you won’t go wrong.
When it comes to digital advertising, take advantage of all the targeting features available on social media platforms and Google Ads to truly reach the right audience, at the right place and at the right moment. Target by demographic criteria, location, interests, device and much more.
Reviews will be more effective than ever.
Have you ever changed your mind about a product or a service after reading a bad review online? Chances are the answer’s yes. In fact, it was found that nearly 95% of shoppers read online reviews before making a purchase, a percentage which clearly demonstrates the influential impact of reviews on consumer behaviour. Use positive reviews to your utmost advantage by including them in your marketing campaigns. They work wonders when featured on your landing pages, your social channels or even in your search ads.
Apart from user reviews, customers’ buying decisions are often influenced by influencers (their title says it all!). More precisely, 49% of consumers depend on influencer recommendations. Although influencer marketing has been around for a while now, in 2019 it is expected to grow bigger but go smaller, in the sense that micro influencers will take on the spotlight. Such influencers may have fewer followers than bigger ones, but they have better-defined audiences, strong connections to specific locations as well as receive valuable engagement.
Remote work will increase.
As technology becomes more mobile, in 2019, more and more employees will continue to enjoy the freedom of working wherever and whenever they wish, if the nature of their business permits. As a result, the traditional 9-5 Monday-Friday office “must-follow” approach will slowly lose its popularity in the years to come. Instead, flexible working hours and conditions will take centre stage in a variety of industries.
This trend toward remote work will certainly provide employees with lots of unprecedented benefits. For starters, it’s time-saving, money-saving and environmentally-friendly as they won’t be commuting every day. What’s more, the dullness of routine will be avoided, resulting in an increase in productivity and a decrease in stress. Above all, it was found that remote workers feel happier and more valued by the company when compared to office workers.
Businesses will prioritise employees’ well-being.
With Malta’s unemployment rate currently one of the lowest in Europe, in 2019, small businesses will inevitably continue to compete with other employers to attract the best workers out there. Retaining employees will also continue to be a challenge when considering the various opportunities currently on offer.
Consequently, this year, small businesses must prioritise employees’ well-being and happiness above anything else. One way of achieving this is by offering attractive compensation packages that outshine other employers in the industry. The focus must not solely be on competitive salaries but also on other lifestyle-oriented benefits like Health and Life Insurance, Personal Pension Plan, Voluntary Occupational Pension Scheme contributions, gym memberships, childcare services and more.
Keeping employees happy and energised is also important when it comes to productivity. Consider that when a small business has an employee who is sick, unproductive or demotivated, the effect felt is often greater than at a larger corporation. That explains why it’s crucial for small business owners not to overwhelm or exhaust their workforce.
Follow these trends for a successful year ahead and secure the success you reap with Business Insurance from Laferla.
Did you know that we, at Laferla Insurance, are also leading experts in employee benefits packages? Such packages may include a combination of products such as group health insurance, group life insurance, group personal accident insurance and voluntary occupational pension schemes. Get in touch with us today to learn more!