The percentage of startups that fail doesn’t look very encouraging to aspiring entrepreneurs. But, that hasn’t stopped many young startup founders from launching the business of their dreams.
Inspired by the 10% who were able to share their success stories, entrepreneurs who are currently enjoying the fruits of their labor know how to quickly recover from mishaps and setbacks. By keeping track of the latest startup trends, they are able to ensure that their new venture stays afloat and they might even experience steady growth.
Here are a few startup trends that every entrepreneur and startup founder should keep an eye on:
Artificial intelligence has long been associated with sci-fi films. It has been around for quite some time now and many people aren’t aware that they’re already utilizing it. Also, it has taken the use of business tools to greater heights.
Integrating artificial intelligence into your business strategy will make operations more efficient and productive. Because of this, AI has essentially disrupted the digital marketing industry. More specifically, some of the latest marketing tools that are AI-powered are enabling brands to gather massive data, analyze target audiences’ online activities, and gain useful market insights.
Digital technology has given more options for startups and small businesses to perform tasks remotely and efficiently while saving on extra expenses such as rent, electric bills, full-time employee salaries, and so on.
For a new business with limited resources, building a competent team in a traditional office space can be expensive. Hiring remote workers not only gives startup founders the flexibility of choosing qualified employees from a diverse talent pool but also increases productivity and efficiency.
Internet of Things
Popularly referred to as the “Industry 4.0,” the IoT has revolutionized day-to-day business operations and disrupted the startup landscape in more ways than one. According to a Crunchbase data report, around 26,792 startups are utilizing IoT-based technologies to launch new products and services.
In addition, more and more investors are taking the leap in funding IoT startups. It is also estimated that the Internet of Things Technology will become a $581 billion industry by 2020.
Taking a cue from established businesses that have taken personalized marketing to the next level, startups are now incorporating hyper-personalization as a digital marketing strategy to provide real solutions to their target market.
This startup trend takes personalization in email marketing to greater heights. It involves doing thorough market research and gathering customer data while keeping track of their online behavior. This allows startups to give consumers exactly what they need, exactly when they need it.
One of the main characteristics of a successful startup is the ability to quickly adapt to current and emerging trends. Although the ever-changing market makes it hard to predict, and difficult for new businesses to stay afloat, updating your business strategies and keeping a goal-oriented, positive mindset when faced with a setback can do wonders for your startup.