5 Trends Your Small Business Can't Afford to Ignore

More and more people are becoming digitally dependent when it comes to spending money, and many are influenced by the experience of watching their parents shop during the recession of the early 2000s. How can small business owners like you ensure you're reaching your target market? We've got some ideas to help.

Get Active on Social Media

This one may be the most obvious, but the power of social media can't be emphasized enough. People use social media—a lot. Fortunately, creating a social media presence may be one of your business's most accessible and cost-effective marketing tools. If you're a retailer, Facebook and Instagram are probably the easiest platforms to start with. If you're in the B2B category, consider swapping Instagram for LinkedIn.

How should you use your profiles? Think of social media channels as an additional avenue for conversing with your customers. As one helpful article by consulting and research agency Accenture explains: “The goal [of your business's social media] should be to create positive buzz, to be talked about…Simply having a presence on social media isn't enough—the aspiration should be to become the topic of conversation for all the right reasons.”

Some practical uses for your business? Post about an upcoming product launch, sale, customer testimonies, in-store event, or sponsor a giveaway.

Remember to monitor and respond! Whether online or in-person, people are used to a quick turnaround. They don't necessarily need a resolution to their question or issue right away, but they want to know you're listening and looking into it.

Create Connection Through Personalization

People want to feel seen, heard, and understood. Personalization can go a long way to helping your customers feel like they're important to you. This can look like recommending products based on past purchases, segmenting your audience with relatable messages based on where they are in the buying process, and using quizzes or surveys to create customized offers. Your customers are more likely to buy from you if their experience is highly personalized. Think through your customer journey and find ways to make those touchpoints as personal as possible.

Automate with AI

While AI can't do everything, it can do a lot. What repetitive tasks can you automate with AI? Things like scheduling social posts, getting ideas for content and engagement, transcribing meeting notes, sorting and drafting emails, anything that takes precious time out of your day are all tasks that are great to get done (or start with) AI. Passing on these tedious tasks can give you back precious time in your day. Think about using it to help you improve your business as well, like asking what common objections or concerns for someone buying your product or service would be. You can then use that information to improve your marketing and sales efforts. Use AI to help you focus on what matters most, your customers and the core mission of your business.

Embrace Local

Unlike older generations, younger people are less likely to be swept in by the flashy lights and size of big-box retailers or the traditional American shopping mall, which can be great news for small business owners.

Embrace your business's local roots by putting a face and personality to your brand's name. Invite customers to drinks and a Q&A or feedback session with the owner (be sure to advertise on social media), have a "meet the staff" board, and rotate which staff member's background and personal details are featured. Starbucks does a great job simply by having a blackboard featured next to the cash register and updating the content with baristas' favorite books, music, or movies and how long they've worked there.

Implement Frictionless Purchasing

The desire and importance of frictionless purchasing and transactions are likely a result of the smartphone. If you need help understanding the appeal of easy, online, or app-based transactions, try purchasing a few things from companies that do frictionless purchasing well.

Buy something off of Amazon, sign up for Starbuck's loyalty program (allows users to manage, track stars/points, and pay for drinks without ever leaving the app), send money to someone using person-to-person payments such as Zelle, or hail a ride using Lyft or Uber.

Not only will you appreciate the ease, but you'll also get some ideas to update your business's transaction processes. Consider upgrading your card payment processing system to include accepting digital wallet payments, like Apple or Android Pay, or implementing a digital loyalty program so customers don't need to use traditional paper punch cards.

WaFd Bank is Here to Help

With business services like payment processing and inventory systems, customer loyalty programs, and tools to optimize your cash flow, WaFd Bank is in the business of bringing simplicity to yours. If you're looking for straightforward solutions to help you grow your business, give us a call at 800-324-9375, stop by your neighborhood branch or open a business bank account online.

Content is provided for general informational purposes only and does not constitute legal, tax, financial, or business advice. Consult a qualified legal professional or specialist regarding your specific needs and circumstances.