What better time than the beginning of a new year to embrace new concepts, ideas, and markets in order to propel your small business forward, or get the push you need to launch a new company? Here are the small business trends you should pay attention to in the coming year.
The first thing you should know is that demographics matter when it comes to marketing—and it’s not as cut and dry as it used to be. Today, people of the same age and gender have less in common than they used to, and people of different ages and genders share more in common than they previously did. So think about the similarities among the generations when marketing your products. Can you sell the same goods to women that you currently market to teens?Don’t forget the kids either. Gen Z (Americans born between 2001 and the present day) spend more than $44 billion of their own money, and they influence another $500 billion in sales. They are the most ethnically diverse generation ever in America, and prefer shopping online at sites that also have physical locations. According to Advertising Age, they’re “true digital natives—the first generation born in a digital world. Businesses should act digitally native too, creating a seamless and strong overarching brand experience in-store, digital, and mobile.” In fact Ad Age says it’s “shocking” how few retailers reach Gen Z, leaving lots of opportunity for entrepreneurs to be their marketers of choice.