Every year, more than 5.5 million small and medium-sized businesses are launched in the US. The majority of these businesses are based on a limited budget, high spirits, and innovative technology. However, regardless of the best technology, innovative ideas, and creative approach, less than half of these businesses survive their first five years.
Three years ago, when I thought of launching my startup, these numbers seemed scary. In fact, I reconsidered my decision multiple times. The process was not just daunting because of the daring idea, but it was challenging because of the limited budget as well.
So, how did it survive?
Well, it was the same time when the tech revolution was happening. Needless to say, I tried every tool under the sky just to keep my cost to a minimum. Moreover, I’m tech-smart, which gave me an edge and helped me stay afloat.
So, if you are also thinking of starting a business or you already have a business, this write-up will help you know about some of the common tech trends that you can benefit from. These trends are not just going to help you cut costs but will further help you make an impact.
Use of Artificial Intelligence
If there is one dominant trend in the last few years within the business industry, it would definitely be AI.
Artificial intelligence started off as a supporting technology to help small businesses with their work, but as time passes, AI is being used for boosting efficiency, reducing the chance of human error, and cutting operational costs.
Since small and medium businesses are now trying to reduce their staff, AI is helping them in the process.
For instance, companies are now using AI-based customer support that helps them reduce response time, offer multilingual support, and ensure a much better overall service. Thanks to AI, brands can offer decent customer support and use the omnichannel strategy of stable tech brands, such as Spectrum customer service.
Cloud-Based Software
Most small businesses are trying to make their operations more efficient, which is the reason they have switched to cloud-based tech tools and software. These tools help them maintain a data backup while offering access to updated information to all their employees.
Apart from this, small businesses with a remote work setup can benefit from cloud-based tools, as they help their team to collaborate seamlessly regardless of their location. Overall, cloud-based tools are a suitable and affordable way of tracking progress for the company and making sure every employee contributes to the productivity of the company.
Interactive Marketing
Everyone knows marketing is important. However, for the longest time, marketing was seen as expensive. Small businesses would actively look for alternative ways to sell their product while neglecting marketing. On the contrary, big brands would spend a lot of money on their marketing strategy. However, things have changed, and now every business knows the importance of marketing regardless of the scale of their operations.
Small businesses are especially focusing on an interactive AI-based marketing strategy.
This helps the brand to work on multiple channels based on the interests of its clients. This strategy helps them offer personalized content that brings better engagement and eventually helps them convert their leads to sales faster.
AI Prediction
Market predictions are a great way to maximize the business’s profit.
For a very long time, companies would hire experienced professionals just to help them make timely decisions and predict upcoming trends that they can capitalize on later. However, small businesses with a limited budget would often struggle here.
Now that AI is becoming common, affordable, and more accessible for all, small businesses are especially using AI to predict upcoming trends.
These predictions are more accurate, help the brands to make timely decisions, and help them scale their business without spending a lot of time and money on finding experienced resources. Now that AI is working as a great equalizer for everyone, startups can especially benefit from it.
Innovation Over Experience
When it comes to business, customer experience and brand loyalty have always been decent parameters for success. In fact, companies would go above and beyond to retain their customers. Some businesses even had a dedicated department for customer retention.
However, in this fast-paced, innovation-led business world, things have changed.
Customers no longer want to stick to a brand just because of its name or reputation in the market. Instead, more customers are willing to switch to a new brand when they see an innovative technology or a good overall experience.
Simply put, technology is changing the way businesses are run. While this has helped in offering a level playing field to the small business, it has also convinced big brands to do better and engage their customers.
