Top Trends That Will Lead Your Business to Success in 2016
For decades, business trends have been changing and now, after a couple of years, we can clearly see the top trends that lead companies to success. In some cases, some trends are just starting to take shape and in other cases there are established trends that have not yet found their way towards becoming mainstream. Businesses will experiment with flex time and flattened hierarchies, and employees will be less focused on climbing the corporate ladder and more focused on acquiring a diverse set of skills. So, let’s look at the top trends that will lead your business to success in the year 2016. Smart Businesses Will Embrace Millennials Currently the largest group of individuals are people in their twenties, approximately 80 million of them. This group is categorized as Millennials, and it represents the largest employee and customer segment, and as the time passes by, they will become the largest business owner segment. From the year 1947 to 2010, Baby Boomers represented the largest segment of the population. Millennials want to work for companies that will make them proud and buy from companies that they feel an emotional connection to. The reason smart companies will start embracing Millennials instead of ejecting them is simple; Boomers will soon be forced to retire, and will leave a gap that has never been seen before. And because the Generation X is significantly smaller than the Millennials, the dominant force will be the Millennials.
If your company is looking to hire Millennials, you might need to change your approach. You need to make sure that they will have a clear vision of their future role in your organization. They will then have aspirations to go beyond their current skills. If you show them how to develop their skills to advance their careers, you will attract some of the best talents, and they will help you to attract other similar individuals. Organizations Will Invest In Engagement and Mentoring Remote Employees As more and more businesses use telecommuting strategies, they often overlook employee training and development. This year, successful companies will make a commitment to online tools for teaching, monitoring and even mentoring their team members, no matter what their location is. These tools will provide their team members information on their own schedule and on-demand support, whether that is technical issues, sales tactics or strategies. This kind of career development will lead to employees that are more engaged and it will improve the recruitment of Millennials who value the development of skills. This will not only be about learning, but it will also serve as a tool for verifying concepts, tying additional clarification and tracking, and reporting progress to see if the investment was worth it. Companies Will Focus on Connecting With Customers
The famous industry leaders have stated that we are currently in Connection Economy, which rewards value created by making connections and building relationships, rather than building assets. This means that valuable companies will connect the buyer to the seller, or consumer to the content. If you experience a hard time believing this, you can look at these facts:
1. AirBnb is the biggest provider of accommodations, but they do not own any real estate. 2. Uber is the biggest “taxi� company, but they do not own any vehicles. 3. Crowdfunding business like IndiGoGo and Kickstarter will surpass ventures for funding this year, yet they do not have any funds to invest. 4. Facebook is the biggest media company, but they have not created any content. Customers are now seeking to connect with other similar individuals in order to get the most value in the long run, based on the rankings of best companies and on client reviews. For example, the most successful conferences have built communities that have survived much longer than the event itself. So, if you want to build something that will stand the test of time, you will have to connect with your customers and to valuable resources that will extend beyond making a sale. This kind of connection is something that will grow your business. Businesses Will Focus on Strength Based Leadership For many years, when employees were reviewed, it was discussed how they can overcome their deficiencies and weaknesses. But in the year 2016, there will be an increase in Strength Based Leadership. Employees are more productive and engaged when they are doing things that they like and this is where they demonstrate proficiency. Productivity can be increased by 21% when employees are engaged at work, so you need to give them a chance to show their strengths at work on a daily basis. You, as a leader, need to invest in their natural talents, because when you do, your business will get a productivity boost and your employees will feel more energized. With strength based leadership, you can guide your employees to achieve results depending on their unique strengths. Commodity Products and Services Will Extend Value
If you are able to deliver a product or a service, you will be playing the commodity game. When online retailers needed more than a week to deliver products to their customers, you offered your customers a better alternative. When the delivery needed two days, this became a little challenging, but a free overnight delivery made it even tougher. Companies are now differentiated based on skills and expertise, even when they offer commodities. Amazon and other online retailers are killing small businesses with their overnight free delivery, and if you used to make money because of this commodity, your business might be in trouble. But, the good part is that Amazon has trained customers to buy from faceless vendors, so this is a new opportunity where you can charge for your expertise to online customers who, thanks to Amazon, are comfortable making a purchase from sources that are remote. You may suffer in providing commodities to the local market, but your business opportunities will grow beyond your neighborhood, and with almost no financial investment, you will be able to sell your talents anywhere in the world. Make sure to expand your business online, because specialization will attract ideal customers from around the world, but you need to have a product or service that can easily be purchased and that can build trust, so that they return and do business with you again. Companies Will Measure and Deliver Results Customers are tired and sick of investing in something that does not deliver good results. Companies will now invest in an approach that will ensure success for every project and every customer. This will lead to a high customer satisfaction. The price only matters when the seller believes that the price matters the most, focusing on results. Both the buyer and the seller will share a sense of appreciation for the value that will be delivered.
When your clients see that your approach will deliver better and measurable results when compared to your competition, you will see beyond the price. Since more companies are focusing on measurable results, this can mean trouble for vendors who compete as low-cost service providers. Creative Companies Will Use Fun and Games to Engage both Customers and Employees The average attention span of a human is eight seconds, according to a study conducted by Microsoft. In the year 2000, the attention span was twelve seconds, and in comparison, scientists have measured the attention span of a goldfish, and it was nine seconds. Smartphones and other mobile devices have contributed to this phenomenon, and if Millennials are the largest segment of both the consumers and employees, then it is better to figure out how to capture and retain their attention. One way to achieve better engagement is through gamification, whether it is in a form of electronic or traditional games, the overall idea is to make activities more fun and engaging. Let’s be honest, employees would rather do something fun than something boring. So, introduce a game that will allow your team to practice real world dialogues with customers, they will laugh and have a good time, and achieve better results. These are the top trends that will lead your business to success in the year 2016. Make sure to study them well and implement them in your business, to get more engaged employees and customers. Many benefits can arise, so start working on this now and watch your business grow in every possible aspect.