Another year is done and dusted. It’s time to reflect on the wins and losses for this year, and at the same time, plan for the next year.
As we all know, the business world is really dynamic and new trends emerge every year.
Whether it’s technology, human resources, sales, marketing, or finance - a business owner needs to be aware of the future of the business landscape.
So without further ado, let’s get down to the nitty gritty, shall we?
Drum roll, please…
Here are the top 3 global business trends for 2019.
1. User Reviews Will Shape Business Growth
Ratings and reviews are expected to affect business growth in 2019.
Fact is, we live in the age of social media now. You need to have a social media page to connect with your audience. But most importantly, you need to have good ratings on your social media.
Research says that 86% of the customers read reviews for local businesses. Sometimes, you as a business owner don’t even know that people are leaving reviews on your Google profile (as shown in the picture above).
Check them out and respond to any queries or complaints, because research also says that 57% of customers only do business with the companies that have more than 4-star ratings. That’s more than half of the market.
Remember that confused customer you hung up on because you were super busy? Well, they left a huge angry online review. Please, get in touch and resolve this.
Although this research was conducted in the United States, the customers in the land down under also rely massively on reviews - according to the Australian government. Whether it’s the Yankees, Aussies or Kiwis - customers from all around the world have started to take user-reviews seriously now.
This trend has been growing for the past few years and is expected to continue in 2019 as well. Now the question is - can you generate more sales through good ratings? Read more in our blog article on how to generate sales through outstanding customer service.
2. The Use of Artificial Intelligence in Business
We all witnessed a rise in Artificial Intelligence platforms and applications in 2018. Well, this trend is expected to grow in 2019 as well. Big companies like Facebook, Microsoft, IBM and Apple are investing a lot of in research and development of AI.
"In the long run, we're evolving in computing from a 'mobile-first' to an 'AI-first' world”
Chip manufacturers like Intel and AMD are expected to ship chips that will speed up the execution of AI enabled apps. These chips will also contribute to a speedy query processing and predictive analysis.
Businesses will use AI for their employees’ efficiency and productivity, streamlining processes, and making future business decisions. Not only this, but AI is also expected to create personalised sales pitches.
But wait, please don’t get paranoid - we still have a few more decades left before we have robot bosses who will try to rule the human race. So until then, we might as well have some fun while we’re still in power.
AI might have a significant impact on jobs in the future, but for now, AI will only amend existing roles instead of replacing the employees with robots. AI is just one form of technology, and there are a few other forms that will impact your business; read more in our blog article on Top 5 sales technologies you need to know about.
3. Companies will focus on their employees’ job satisfaction
One of the emerging global business trends is employee engagement and happiness. Businesses are starting to realise that keeping their employees happy will boost their productivity.
It won’t be long before the word “boss” will become obsolete. People tend to use the words “employer” or “mentor” these days.
Also, having happy employees enhance a company’s reputation too, doesn’t it?
Some of the employee satisfaction methods include gym memberships, advice on nutrition by an expert, flexible hours, recreational activities, and walking or standing meetings. Another way to do it is to harness the power of purpose - that is, to make your employees believe that they’re working for a bigger purpose and not just a paycheck.
A great example of this is Xero, a New Zealand based software company that has gaming consoles and bean bags for their employees.
Millennials will dominate the New Zealand workforce by 2020. According to research, although millennials are happy to work with the older generations, they thought that the senior management didn’t relate to them. Younger generations tend to look for mentors - not bosses.
If you’re involved in managing a team, you might want to read 5 ways managers can be more inclusive.
"Employers have to understand it is a vastly changing landscape. You must take risks on young people, but you can't do the same training and development you've done in the past.”
- Professor Edwina Pio, Auckland University of Technology
Are you on top of the trends and ready to grow your business in 2019?
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