2018-08-08 20:40:21HR and Management: Trends and InsightsEnglishSmall Business Trends in 2018: 2018 is an exciting year for small, up-and-coming businesses in India as there are many new strategies to...https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/08/Business-professionals-research-small-business-trends-of-2018.jpghttps://quickbooks.intuit.com/in/resources/hr-and-management-trends-and-insights/x-small-business-trends-in-2018/X Small Business Trends in 2018

X Small Business Trends in 2018

2 min read

Following the latest small business trends is the key to staying relevant and competitive. 2018 is an exciting year for small, up-and-coming businesses in India as there are many new strategies to help both online and brick-and-mortar companies to grow.

1) Increased Millennial Spending

One of the biggest business trends in 2018 is the rise of millennial customers. Millennials have significant spending power and tend to purchase more digital goods than previous generations. With that in mind, you may want to consider expanding your online presence. If you don’t sell your goods or services online already, now is an excellent time to enter the ecommerce arena. You may want to focus heavily on online marketing in order to reach millennial consumers more effectively.

2) Expansion Into Tier-II and Tier-III Cities

While it’s tempting to try to reach the largest market with the most spending power, selling and marketing to tier-II and tier-III cities can open up exciting new avenues to reach a broader audience. While tier-I cities such as Mumbai and Delhi are always solid choices, expanding your reach to lesser-known cities such as Lucknow or Jaipur can be a smart strategy to help your business to stand out. While it may not be possible to open a physical location, simply expanding your digital marketing strategies to include tier-II and tier-III cities is a simple and economical way to broaden your horizons and target relatively untapped markets.

3) Personalized Marketing

As long as you don’t use invasive techniques, gathering customer data can be a powerful tool. Harvesting customer data makes it possible for you to provide targeted ads to the people who are most likely to be interested, which naturally leads to more conversions. Once you discover ads that convert effectively, you can continue scaling them up to increase your reach. If you play your cards right, you should be able to grow your customer base simply by learning what types of ads excite and engage your typical customer, and then continually seeking out consumers who fit that customer profile.

4) Online Invoicing

Invoicing your online makes everything easier for both you and your customers. It’s especially helpful if your company offers financing programs that require regular, ongoing payments, rather than one lump sum. QuickBooks Online makes it easy to create custom invoices, sales receipts, and estimates with the click of a button. You can even setup the software to perform these types of functions automatically during the checkout process.

5) Web-Based Customer Service

While the days of telephone customer support lines are certainly not over, many of today’s consumers prefer the convenience and immediacy of chat assistance. Offering chat support on your website is a great way to inspire confidence, and improve customer satisfaction and loyalty. You can also interact with social media followers to resolve issues through comments or direct messages. When you make your company’s customer service easily accessible, people are more likely to trust your brand and give you repeat business.

Small business trends are always evolving and you can be sure that there’s something new right around the corner. Pay attention to what your competitors are doing, but don’t feel limited to watching just the companies in your immediate arena. You may be able to learn quite a bit from forward-thinking companies that are unrelated to your field. Stay aware of the latest small business insights, and you should be able to find new strategies that work for your company.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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