Every few years we see changes in the way the world works. From prices of goods, to the level of demand, to consumer preferences. As successful business owners, we have to pay attention to those trends and move with them. Those who are able to do so most successfully see the biggest levels of growth, and therefore the highest profit margins.
It’s also important to pay attention to business trends in order to stay ahead of the curve. Catching up means scrambling, mistakes made, and money already lost.
For years, we have seen things sway in the way of big business. It seemed as though all of the biggest names had a leg up on the world. With more resources, bigger marketing budgets, and the control to sway things in their favor, big business was the way to go. However, we’ve seen that shift change. And the change has been back toward smaller businesses, mom and pop owned shops, local stops, etc.
For small business owners everywhere – and aspiring small business owners – that’s great news all-around. It means earning the support of consumers, including local shoppers. It means less fight against bigger brands. And it means the ability to draw more profit going forward.
Why the Business Market Changed
There are many reasons a business market might change, and how each could affect small business owners. In this case, it’s been a range of events that all played into the rise of small businesses taking over the market.
First, people lost trust in big companies. Sure, they still exist and are still making plenty of money. But overall, the general public has lost faith in what big brands are all about. They are having to spend more and more in marketing and have changed their focus to face consumers and meet them on a personal level.
Overall, customers want a brand they can trust. They want a personable feel, and they want to have recommendations, usually from those they know, before shopping with a new company. Small businesses have a leg up in this area due to things like word-of-mouth marketing, review responses, and facetime with the owner or management members. These are things that are provided by small businesses wherein bigger brands just can’t compete.
Another change has been focus on things that are handmade, organically sourced, local, etc. Things things can’t be mass-produced. Therefore, small businesses can engage customers on these key issues that have grown in importance in the last few years.
Consumers have also been more focused in shopping closer to home. With social changes about traveling, even the inability to do so at times, more local resources have come to light. Customers want to support those close by for a sense of helping the community. But there is also a sense of need – when you can’t leave and can only shop local, you become bonded together.
These changes and more have all played into how shopping changes have been adjusted in the last several years. Particularly those that help small business owners and put them at the forefront of local markets.
Succeeding as a Small Business
As a business owner (or potential owner), you can take these trends to heart. Use them in your favor and allow them to help you capture your audience. Interact with customers, share their posts on social media, and let them feel connected to your brand. This loyalty aspect will bring in far more value to your company than any amount of marketing or budget spend. Now is your time to cash in on getting to know your customer base and giving them what they want.
Keep track of this trend, along with any others as they shift the way that small business owners approach the sales process. Doing so can keep you ahead of the curve and allow you to increase profit margins. All while connecting with your key audience and fulfilling their needs.
