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Canadian economy is driven by small and medium enterprises, and whether you are a business owner or a consumer, you need to be aware of the latest trends so that you can figure out the best ways to benefit. Staying ahead means adapting and evolving with 2016 trends that impact Small Business
In 2016, here is what you need to look out for…
1. Experiential Marketing
Small businesses have limited budgets and finance, and they are unable to effectively compete with large organizations when it comes to mainstream advertising. For this reason, the trend is for these businesses to get creative and explore cheaper and more effective ways to reach their customers. Experiential marketing involves a grassroots movement geared towards using avenues such as social media and community networks to reach customers. It is creative, out of the box, and proven to be highly successful.
2. The Declining Dollar
Expenses are becoming higher while incomes remain stagnant and for that reason, businesses and their customers are becoming careful about how they spend. Canadians simply do not have the money they used to. Small businesses are gearing towards catering to frugal customers. Currently, 66% of Canadians consider a low price to be a key factor influencing their purchase decisions.
3. Event Shopping
At least 50% of consumers will conduct an online search before they make a purchase. This is because their priority is looking for discounted prices or a great deal. Small businesses can capitalize on this mentality by taking advantage of event shopping and coupon discounts. These are the days customers are actively seeking deals in large numbers. It is also worth noting that 48% of consumers are willing to spend more so that they can get to the free shipping minimums.
4. The Power of Health
Canadians are looking to improve their overall health. The top two goals are exercising regularly (64 percent) and eating more fruits and vegetables (59 percent) according to Mintel a leading marketing intelligence agency. Small businesses can capitalize on this trend, turning a quick profit, as 33% of Canadian customers are willing to pay a premium for health-enhancing products.
5. Upsurge in Technology
The typical customer is always connected to a device online, whether they are on their PC’s or mobile phones. In fact, smart phone shoppers are taking centre stage and changing the shopping culture as they use the internet to compare prices on online deals as well as research on in-store promotions. A smart small business will take advantage of this trend by ensuring they have a responsive website and social media profiles that are up to date. Within those, ensure that there are honest customer reviews for reference. At least 75% of consumers claim that online ratings and reviews influence their buying decisions.
In 2016, small businesses that are keen to achieve profitability will pay attention to these trends, as will customers who are intent on securing the best possible deals and getting more value for their money.
What trend do you think will impact your business in 2016?