Top 10 Business Trends for 2019
Top 10 Business Trends for 2019
Some business trends fade as fast as they appear. However, other business trends continue for several years. It is always a good idea to pay close attention to the recent business trends in the Coral Springs and Parkland area to determine how they impact your business plan. Below are 10 of the business trends that are shaping company strategies now and are expected to continue shaping the business landscape in 2019.
- Telecommuting Continues to Increase in 2019
Telecommuting will continue to increase as more employees want to have greater control over their schedules and reduce commuting costs. More employers will recognize the benefits of remote workers as they reduce overhead costs and see an increase in productivity. However, to accommodate remote workers, businesses must adjust their strategies for communication within the company. Companies may need to invest in software that promotes collaboration online.
- Employee Satisfaction is a Priority
Companies will continue to foster employee satisfaction to retain key employees. Many businesses have already realized that retaining employees who play a crucial role in the company increases productivity and profits. In addition, many companies recognize that happy employees are productive employees. The trend to increase employee satisfaction is expected to continue in 2019 as employers seek to hire and retain the top employees in their fields.
- More Employers Search for STEM Talent
Employers are beginning to realize the benefit of hiring employees with a variety of backgrounds, especially tech companies. Companies will search for employees with experience in science, technology, engineering, and mathematics.
- Personalized Marketing Becomes More Important
Companies that utilize bland content that does not reach individual consumers may see a decrease in business. Consumers are searching for content that provides a high level of information and that is tailored to their desires. Instead of stock images and evergreen content, companies will begin to customize online content to attract a specific consumer who is searching for a particular service or product. Keyword stuffing and SEO concerns will continue to give way to relevant content that answers a need or question.
- Customer Service Must Be a Priority
A company cannot just promise outstanding customer service; the company must deliver on its promise. Consumers have more choices now than ever before; therefore, companies with outstanding customer service will win over companies who have average customer service reviews. In 2019, customer service will continue to be a high priority for companies who want to grow and expand their customer base.
One way to enhance customer service is to focus on the human factor. While AI helps companies reduce overhead costs and process calls quickly, it can also reduce customer satisfaction. Companies must find a balance between using AI and humans to ensure that the needs of their customers are met. Consumers who feel as if their concerns or complaints are ignored by an endless AI system will search for another provider.
- Customer Reviews Continue to Shape Creditability and Sales
Google, Yelp, Facebook, Trip Advisor, and other sites that allow customer reviews will continue to grow in 2019 and beyond. Many consumers rely on reviews to decide whether to purchase a product or service. Negative reviews can have a severe impact on a company’s business. Companies must take reviews very seriously and respond to negative reviews promptly. Reviews are an extension of exceptional customer service. When a company responds to a customer’s concern in a review, it can help decrease the negative impact of the review.
- Voice Searches Change Focus for Search Engine Optimization
More people use voice search now than ever before, especially when driving. Because voices searches are more conversational, the use of long-tail or conversational keywords may become more important for search engine optimization. Companies may need to invest in strategies to change their online content and update their websites to factor in the use of voice recognition for internet searches.
- Companies Must Protect Customer Data
The need for increased privacy protections will continue in 2019 and beyond. Cybersecurity will continue to be a top priority for companies as hackers and thieves continue to steal personal data collected and stored by companies. Companies will need to research and implement the various federal and state laws related to privacy concerns. In some cases, international laws may apply. For example, a company that sells products or services within the EU must implement the requirements of the GDPR (General Data Protection Regulation) to protect customer data.
Because of the need for cybersecurity, we may see an increase in companies offering data security services, including experts who develop compliance strategies and privacy guidelines.
- Online Financial Transactions Increase in Popularity
Consumers want to conduct financial transactions at any time of day from wherever they may be at the moment. Therefore, consumers will want to use online options for banking, paying bills, shopping, and managing investments. As more consumers use their cell phone to “pay” for goods and services, companies may need to add these payment options to keep up with their competitors. Ease of payment is expected to continue to be a trend in 2019 and beyond.
Of course, as consumers use their cell phones and other electronic devices to conduct financial transactions, the need for cybersecurity will also increase. It is important for businesses to update their security to protect a consumer’s personaldata as they update their payment options.
- Tariffs May Shape Business in 2019
For some businesses, the continued threat of a tariff war in 2019 will shape business decisions. A company must consider the potential increase in overhead that might result because of tariffs. The market insecurity may increase interest rates, which could also impact business decisions in the future.
Business Trends for Your Industry
The above business trends are not specific to any industry. However, there could be business trends that are specific to your industry. It is also a good idea to research business trends related to your industry, so you can take steps to meet and exceed expectations for 2019.
Broward County Business Law Attorney
Matthew Fornaro represents individuals, companies, and businesses in Coral Springs, Parkland, and throughout Broward County in all matters related to business law. Call 954-324-3651 or contact us online to schedule a consultation with a Broward County business law attorney.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. The information on this site should not be construed as legal advice or the formation of a lawyer/client relationship.