4 Current Market Trends You should Know
Market trends are always changing and evolving, new innovations and social developments are making it easier to connect with each other, conduct business and be heard. However, with the increasing accessibility to information there is also an overload of information and half of the battle is separating the gems from the rubbish.
Luckily for you, we’ve gone ahead and found some of those gems in order to save your precious time.
1. Everyone is on Social Media Where Are YOU?
If you have somehow been living under a rock the last 15 years, you may be surprised, but social media/networking and the companies that are involved are now massive institutions with a whole lot of power. Businesses who fail to engage in social media on sites such as Facebook, LinkedIn and Instagram are immediately at a disadvantage. In the fast paced networks of life online, you’d be a fool not to cash in on the promotional and communication avenues that these websites provide. If you’re already engaged you can also purchase Facebook ads for your business and run a campaign that is integrated through a few platforms. Big businesses are doing this on a daily basis!
2. iPhones and Smartphones
Roughly 80% of mobile phone users in Australia have a smartphone at the moment. This is an insanely high amount that has increased rapidly over the last few years. What does this mean for you? If you have a website that looks amazing on a laptop, but is not integrated or suited for mobile, then you are doing yourself a disservice! Google will rank mobile-friendly sites higher than desktop-only sites. Integrate it! And become instantly more accessible.
3. Innovation Is Key!
There are apps, online tools and websites for literally everything, there are so many new idea’s, start-ups, and new business developments every day that are changing the way we live. Not only online, technology and innovation is changing everything from the way we wake up, travel to work, locate a new bar in the city, rate our experiences, travel overseas and so much more. Technology is also bringing us a lot closer together - people can connect with you with a click of a button and access has never been easy. The same systems and processes used at work today will not be the same in 5 years time. Experts are always seeking to make everything better in terms of production efficiency, quality of design and operational excellence. Read constantly and seek to stay informed on these trends so that you don’t become outdated in your approach.
4. Be Distinct or Become Extinct
There is so much to choose from in terms of product categories and the variety that is now available. So much has changed in the past few years as businesses are realising that the more products and services you offer the more consumers you can target. Olive oil is an example of this. Walking through the supermarket five or ten years ago there was only one or two main brands of olive oil, now there are ginger, lime, or chilli infused olive oils entering the market from a variety of brands - taking up much more shelf space than usual.
This is happening in a range of product categories but is not something we should cause concern. With product differentiation and specialisation we are reminded of a simple fact - that consumer taste varies. With room for development and specification consumers are being prompted to try new things, experiment and diversify their experience. Being aware of this fact means you have a distinct advantage. Try to think of ways you can branch out into different categories or put a different spin on an old product. Small changes can make a big difference. So get creative!