The 10 Greatest Traits in Entrepreneurship in 2021
Do you ever wish you could predict the future? Me too.
If you could just predict what will shape business trends or what your customers will need, you could be planning and growing your business, right?
Well there is good news. While we don't have a crystal ball, it is entirely possible to get a glimpse of how the market is evolving and the impact of the changes on your long-term business planning.
The more you know about market trends, the better you can use them to your advantage and gain an edge over your competition.
Remember, entrepreneurship is about investing in your long-term success.
Sure, it makes sense to study short-term data for day-to-day business planning, but don't neglect your trend forecast. Here are the top ten trends influencing entrepreneurs this year and beyond.
Current 2021 trends in entrepreneurship
Entrepreneurship is constantly changing gears, and technology is central to much of this accelerated growth.
In short, here's what's going on right now.
- We're spending more than ever on social media and digital marketing.
- The growth of new technologies means it is easier than ever for small businesses to create their own programs, innovate, and collaborate with specialized teams.
- Micro-influencers help drive sales, especially in niche markets.
There's a return of some old, popular strategies like email marketing, but we're also breaking exciting new ground, especially when it comes to remote working and app development.
Let's take a look at what's in store for us.
1. Low code websites
Mobile apps and ecommerce stores are big business. Over 4.2 billion people use social media apps, according to Hootsuite, and 77 percent of Internet users ages 16 to 64 buy something online every month. How can you capitalize on this trend if you have no experience in web development or design?
The answer lies in the low-code website technology.
Any entrepreneur can now create an app, social media platform, or e-commerce website. You just select a development tool and use the point-and-click tools to build your program.
Whether you dream of designing an ecommerce business like eBay or a collaboration tool like Trello, low-coding technology makes it possible.
- You can quickly scale and change your apps based on metric tracking and customer feedback.
- It's easy to integrate popular payment platforms like Stripe.
- Even professional developers can use these design tools to quickly test new ideas or reduce development time.
The result? Don't let a lack of IT know-how deter you from innovating in 2021.
2. Email is back in fashion
OK, so email marketing was going nowhere, but there has been a lot of focus on other digital marketing strategies in recent years. However, email marketing is a reliable and inexpensive way to increase your reach.
Why is email marketing making a comeback right now?
Well, a lot of that has to do with the evolution of search engine results pages (SERPs) and the blurring line between paid and organic search results.
First, there is more storage space in Google search results for paid ads. So it's harder than ever to drive traffic from organic results.
For example, Google's "price comparison sites" and the four paid ads take up most of your screen space:
It's also harder to distinguish paid ads from organic ads, which creates the risk of confusing and frustrating customers. For example, look at the picture above. Aside from the little "Ad" sign, how can we tell them apart from organic results?
Next up, social media is another problem. Why? Again, since you often have to pay to improve or promote your posts, it is more difficult to reach an organic audience this way (at least inexpensively).
Email marketing isn't a new trend, but it's not going anywhere. Instead of relying so much on social media or SERPs, you should build a solid list of subscribers. Here are some strategies for expanding your list.
- Add engaging, valuable CTAs to your landing pages.
- Talk about your newsletter or email content on social media.
- Set up scrolling boxes that prompt users to download guides and e-books.
3. Micro influencers
Micro-influencers typically have fewer than 25,000 followers and operate in super-specific niches. Why is that a good thing?
For one, they are very engaged with their audience. Fewer followers mean they have more time and energy to reply to messages and discuss products. This is good news for marketers offering new merchandise.
Before your competitors use micro-influencers, research how they fit into your marketing strategy.
- Take a look at the micro-influencers operating in your niche, either by using analytics tools or by doing your own research.
- Connect with the influencers who best fit your brand personality.
- Set a marketing budget and plan a campaign, e.g. B. only on Instagram or across multiple channels. How long does the campaign last?
- Select relevant hashtags for influencers.
Overall, there is definitely a trend towards hiring influencers who embody a particular brand and engage with audiences on a more personal level. So don't miss out.
4. Create content in multiple formats and for multiple channels
Did you know that the typical consumer is on average more than seven hours a day with media?
This doesn't just mean reading blogs. Most of us consume content in different formats (like videos and podcasts) on multiple platforms.
What does this mean for entrepreneurs? There is a great opportunity to recycle or reuse your existing content so that it can reach as many people as possible. For example, here's what you can do with a single podcast.
- Film a video alongside the podcast.
- Broadcast the show on a blog or article.
- Quickly post snippets on social media.
You can also convert old blogs into tips newsletters or webinars into video tutorials.
Think of it this way: you don't spend time brainstorming or creating new content. Instead, they simply give a new spin on existing successful content.
How's that for efficient marketing?
5. Growth of business communities
Do you ever wish you could connect with like-minded people, share insights, and build your network? You can thanks to the growing popularity of business communities.
Entrepreneurial communities bring creative, innovative people together so they can thrive. Whether you are successful or struggling, there is someone ready to party (or feel sorry for) with you.
- You will find people at all levels within the same community, from beginners to highly successful entrepreneurs.
- Communities attract investors who want to connect with promising companies and their founders.
- They are a great opportunity to network and learn from the best.
Where do you find these communities? Here are some examples.
- Facebook groups
- Reddit communities
- LinkedIn groups
- Sagging canals
Do some research and find your perfect fit.
6. Depersonalize your marketing
Personalized marketing is great. The problem? It is exaggerated.
Evergage says over 94 percent of marketers are using personalized marketing techniques, whether they're using name tags, emailing abandoned carts, or making product recommendations.
What is less common?
Authenticity.
According to Edelman, 81 percent of customers only buy from a brand if they trust them. Authenticity is the key to building that trust.
For entrepreneurs, this could mean depersonalizing your marketing. Focus on a few techniques that will increase your ROI. Don't overwhelm your audience with personalization.
Here is an example of valuable depersonalized marketing. We only have one coupon code, but it is valuable for the customer and encourages a click:
7. Hire people with special skills
Technology is evolving faster and faster. So you need people who can help you take advantage of the opportunity without affecting your business.
- With cloud computing growing in popularity, you need cybersecurity skills to protect critical business data.
- By hiring virtual assistants or deploying automated assistants, you can focus on growing your business without burdening the administrator.
- Working with niche tech experts can help you develop new products and stand out from your competitors.
- With teams of specialists, you can focus your energy on what you do best, run your company and be innovative.
Before you hire anyone, however, think about your goals. What do you hope to achieve? Where could you run your business more efficiently? The better you understand where your business is going, the easier it is to hire the right people for your goals.
The final result? Rent quality, not quantity.
8. Digital nomadism
Remote working is very popular right now and the trend is not slowing down. This is great news for business owners as it allows you to focus on simply hiring the best people based on skills rather than physical location.
However, if you are not into digital nomadism, this is why this is a big deal.
- According to FlexJobs, 51 percent of employees work better from home because they are less distracted.
- Gartner announced that over 80 percent of business executives surveyed plan to create a flexible workplace that people can work from locally or from home.
- Even if you're on a business trip, building a remote IT architecture for your business means you're connected around the world.
If it fits your business plan, embrace the remote working trend and introduce flexible teleworking in your workplace.
9. Display social awareness
For today's consumers, it's not just about choosing a product. It's about shopping with brands that match their values. Not convinced this is a thing? Well, these stats could make you feel different.
The growth of social media, influencer culture, and increasing social awareness among millennials are all responsible for this trend, and it's not dying out anytime soon. Here's how you can capitalize on it.
- Choose charities to support and highlight your efforts.
- Go green and engage consumers on environmental issues.
- Connect with your target audience and show them how passionate you are for your shared values.
Whichever strategy you choose, promote a clear and consistent message across all channels. Here is an example of clear news from Patagonia. You can immediately see what this brand stands for and who its target group is:
Carve out your niche and build a solid, sustainable consumer base.
10. Subscription-based business models
With a subscription-based model, customers pay to use your services for a period of time, e.g. B. for paying for a monthly subscription to Netflix or Microsoft 365.
Why is it popular with businesses?
- You can build relationships with customers over time and track metrics over time.
- There is no need to resell or promote your services to customers after registering.
How to get started:
- Choose some pricing tiers.
- Set up a multi-channel service, e.g. Phones and laptops.
- Choose a payment gateway.
- Continuous monitoring of key figures, in particular key figures such as retention rate and profit margins.
Conclusion
To achieve your goals, you need to think about how customers are changing and how you can move with them. This can mean changing direction or simply growing your business in creative, innovative ways.
Sure, you should make some decisions based on short-term data, but you should always keep an eye on the future.
If you need additional guidance, check out my consulting services or check out my free digital marketing training guides.
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