If you’re looking to start a business now, you need to know what’s happening in the startup world now. Historical information and last year’s news will only get you so far. Investing in the success of your startup means being informed about the latest startup trends. Let’s touch on this year’s top seven, and then you smarty-pants entrepreneurs can go make the most of them.
The Internet is making it easier for no-name competitors from around the world to break into your local marketplace and swipe your marketshare. If you’re local, make sure you don’t skimp on investment in local SEO, and always be on the lookout for partnerships with other businesses to grow marketshare on the ground.
Regardless of whether you’re local or not, you need to keep an eye on the technology that is really raising the bar when it comes to key areas of your business like:
- Digital marketing
- Customer relationship management
As a startup, invest in and learn the technologies that will allow you to not only compete in your industry–anyone and everyone is doing that–but that gives you a leg up on the crowd.
Investors Maximizing Returns
Many investors took a hit over the last 10 years. They’ve come out of the downturn smarter. They’re more reserved when it comes to investing in companies who don’t have a solid plan with an optimized strategy. They’re looking for business who know how to run lean in an optimized way and make smart decisions. And more often than not, they’re looking for proven demand and revenue.
This may be bad news for your competitors who’ll have trouble securing startup capital. But you can take advantage of this by having a plan, minimizing waste and demonstrating that you’re a wise investment through solid data and expertise. And hey, a world-class pitch deck doesn’t hurt.
Triple Ds: Disruption, Disruption, Disruption
We’re seeing incredible disruption across industries; in fact, “Disruptive” is table-stakes. New technologies mean a different and often better way of doing things. Companies who don’t adapt will quickly get left behind and those who do adapt will struggle as they learn new technologies.
As a startup, this could be your in: While your competitors are trying to retrofit their companies, you can build something strong from the ground up. Things are much more fun when you’re the disruptor, and not the disruptee. They’re much more lucrative too.
Augmented Reality/Virtual Reality (AR/VR)
Augmented Reality and Virtual Reality companies are popping up seemingly overnight to take advantage of the craze surrounding the technologies. They’re finding new ways to make us wonder how we ever lived without it, and constantly imagine the possibilities of always living alongside it.
Be sure to learn everything you can about these technologies, how you could complement them and about how you could incorporate these technologies into your business to better connect with customers and run operations.
AI & Machine Learning
Startups are streamlining these processes by turning to artificial intelligence and machine learning to augment their products and services, and assist and engage their customers. Through it, they’re improving relationships, increasing customer retention and optimizing their conversion rates with fewer resources.
As an entrepreneur, you’re often a 1 person show. But these technologies are becoming more affordable, so consider adopting the technology to cut corners the smart way–like hiring a virtual assistant who never takes bathroom breaks.
Predictive analytics is the use of analytical tools to analyze and aggregate data so that you can make more informed decisions when it comes to things like:
- What you sell
- How you sell it
- Who you sell it to
This can be combined with AI and machine learning technology to not only predict customer behavior but to respond at just the right time to make the sale. Never underestimate an intelligent interpretation of the data.
No Physical Workspace
Finally, among startup trends, we’re finding more and more companies who run their entire business online, without a fixed or classic “office”. Employees work where they want on mobile devices and team members collaborate through digital workspace technologies. To run lean, invest in remote technologies and remote workspaces.
Startup Trends That You Need to Know
Staying current isn’t easy in the fast paced startup environment. But by keeping track of startup trends you can not only effectively spearhead your next startup but you can stay ahead of the competition.
What would you add to our list of trends transforming the startup landscape? Comment below.