Consumer habits are constantly changing, with new trends and preferences emerging year after year. Even if the shifts aren’t always significant, businesses still need to be on their toes to stay modern and relevant in today’s fast-changing world if they want to retain their customers and continue growing.
With more and more people buying online and the ability to make a purchase anywhere and anytime -- roughly 96% of Americans regularly make online purchases, according to a BigCommerce survey -- brands will need to take a different approach to their customer engagement strategies by focusing mostly on the experience they offer their target audience.
Below, 10 members of Young Entrepreneur Council discuss several ways in which today’s business executives can stay modern and appealing to an ever-shifting consumer base. Here’s what they have to say:
1. Don’t Be Afraid To Think Big
Today, technology is ubiquitous in all industries, and innovation moves at a rapid speed. Much of the low-hanging fruit has been captured, thus today's entrepreneurs need to have grander, revolutionary visions in order to garner support. It is not just about providing a solution for a need anymore, but rather about creating a desire for technologies and services that no one ever thought they needed. - Nora Zetsche, Veta Health, LLC
2. Stay Up To Date With Latest Trends
Using social media to pick up on trends to get ahead of the curve. Seeing how people react to new technology and product positioning to evaluate strategies. This would be trendspotting for startups, which will be able to pivot and shift their strategies to react to the latest waves. The best way to compete with established giants in your space is through social media and strategy pivots. - Artem Mashkov, Devtribe
3. Develop A Strong Company Culture
Put time and effort into company culture since day one. When you're hiring people, you want to make sure they share the same values and principles. Not only will it help you scale and prevent problems, but also help you stand out, as customers are now paying more attention to what a company stands for when considering where to eat, shop, or use a service. - Adelaida Diaz-Roa, Nomo FOMO, Inc.
4. Build Communities
Entrepreneurs today should leverage the power of communities from day one. Building communities is an authentic and cost-effective strategy that will positively impact all areas of your business. From your own mentors to product beta programs and ambassador communities, it's the most effective way to achieve sustainable growth. - Sharon Savariego, Mobilize
5. Invest Relentlessly
Understand your metrics and optimize for success. Invest relentlessly, both effort and money, into your product or service offering, until you have a market that loves it... and then go nuts pumping cash into marketing and advertising to find winning campaigns, cut the losers and scale the winners as you go. - Zeal Caiden, AMV (Creators of Publicity.ai)
6. Look Modern, Act Modern
The business world is changing at a rapid pace, and we can lose a potential client for something small like not having a modern-looking website. Social media and online marketing are no longer an experiment, but an essential part of a company's presence and branding. - Paul Cooney, Shamrock Consulting Group, LLC
7. Don’t Be Discouraged
It's easy to get caught up in, and discouraged by, all the hype surrounding billion-dollar startups and their very young, brilliant founders. You are not failing if you have not yet graced the cover of [insert hot title here] and you are not a failure if you never do. You had the courage to go out and start something important to you. That is success right there, so be proud, own it and thrive. - Jennifer Cadmus, The Dialog Lab
8. Build Meaningful Relationships
No matter what new tactics, technology, or Kool-Aid of the month is introduced into the modern business world, always understand that people are the ones that run the world and create the rules, so focus on being very good at connecting, building, and cultivating relationships. Always add "value" to every person as to what they see as valuable at the time, and focus on their needs. - Benson Sung, SungDigital Strategy
9. Find And Remove Growth Process Bottlenecks
Identify bottlenecks in the business process that inhibit "leveling up" your growth. I'm amazed when we integrate with companies that are mammoth in size compared to ours (in terms of organizational structures and employees), yet way behind in technology and staying ahead of the curve. - Vince Wingerter, 4LegalLeads.com
10. Always Be Proactive
Entrepreneurs need to be proactive in their approach and execution. They have to be the chief evangelist for their respective business, generating valuable content, and if they can't be, they should give the reigns to someone who they think fits the bill. To support their companies’ growth, entrepreneurs should always be on their toes, understanding user feedback and iterating their products with the help of data. - Yash Patel, Pay'N'Park Inc.
