Top 5 Business Trends to Drive Success In 2017
Are you looking to drive success and grow your business in 2017 without breaking the bank? Here are 5 things you need to do:
- Groom Millennials for Leadership Roles – Millennials now represent the largest segment of the U.S. population. Just like past generations, millennials are emerging as the next set of business leaders and executives. A problem that has surfaced is that many millennials have not been properly groomed or do not possess the skill sets they require to successfully fulfill their new roles and responsibilities. As more and more Baby Boomers leave the workforce, it is critical that you invest time with your millennial workforce to magnify their strengths and build systems to compensate their perceived deficiencies. Don’t put someone in a leadership role assuming they have the competencies and skills to lead; take time to develop their leadership skills and let them prove to you that they are ready to manage people and your business before throwing them to the wolves.
- Develop Subject Matter Experts (SMEs) – A Subject Matter Expert is a person who specializes in a particular area or topic. Having a SME who understands your product or service will help guide the sales process and increase your revenue. Traditional order takers and salespeople simply provide a price, take an order, and give a delivery schedule. Many of your prospects will decline a meeting from a salesperson, but will entertain a SME to gain insight. SMEs also won’t tolerate wasting time pursuing bad opportunities.
- Move to a Recurring Revenue Model – Many companies go back and forth on how to bill their clients. Do you take larger up-front payments and build your liquid assets, or should you go to a recurring revenue model that enables your clients to pay you smaller increments throughout the year? Recurring revenue models will serve both you and your clients well. Moving to a recurring revenue model will allow your clients to have more balanced and predictable expenses, and will help you better plan and budget as you have guaranteed monthly revenue.
- Make Video Essential for Marketing – A recent Forbes study showed that executives are watching 80% more online videos today than they were a year ago, with over 65% stating that they visited a vendor’s website after watching the video. There are plenty of tools and applications to create quality videos on a small budget using smart phones and tablets to record.
- Narrow Your Segments and Capture Attention – When you go to a doctor, you don’t want a diagnosis that most people get – you want a report of what is going on with you. The same can be said when dining at a restaurant; you don’t want the server to bring you what others enjoy, you want exactly what you ordered and feel like eating. Why wouldn’t you apply this concept to your business? Your prospects can tell when they get a mass-generated email or see generic marketing content. Tailor your content to your specific prospect. Tailoring content goes well beyond inserting the recipient’s name at the top of the message – ask them questions that pertain to their specific interests and requirements.