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RedAlkemi Blog

Best Business Development trends to Look out for in 2020

2020 has rolled out a new decade that will be marked in the history of mankind for its technology-adoption. Yes! business trends in next 10 years will be marked by smart technology. You can no longer be confined to web spaces bounded by a single platform but will have to adopt a multi-prong strategy that will get you that much-needed visibility. Buyers will continue to dictate the business policy and this time with more impact.

It makes a lot of sense to understand how the entire business landscape is going to look-like stepping into the new year. One thing that remains grounded is that businesses will have to come up with newer and engaging ways to attract buyers. Your buyers along with the technology are smarter and this information access has given their confidence new wings. Let us have a look at some of the most promising business trends that will be making rounds this year:

  • Product Innovation: This is not what we have been talking about ever since. Now, just having a good product will not fetch you conversions. You have to make sure that your product is better than the rest. It has to have that added edge and is not replaceable. This takes time to think. The catch is that when you innovate you have to make sure that your product not only looks good but is also adding value. It has to somehow make your buyer comfortable. So the underlying idea is to innovate in the right direction.
  • Stick to one Industry: Unlike the old saying, not to keep your eggs in one basket, going forward will become more streamlined and productive if you actually do so. Yes! we mean to say that stick to one industry and work is inside-out. Brad Keywell, the 2019 Entrepreneur of the Year has said that the coming decade will belong to businesses that are able to focus on their niches. Business diversification will not bring in the desired results as suggested by the  emerging future trends in business.
  • Invest in Culture: Your business culture, your teams and their level of motivation and drive will make a huge difference to your business. This might not sound fresh but if you look ahead it will plug in many gaps. Understand the fact that you are constantly moving towards a world where technology will take the spotlight. Chances are that you might need to have a workforce that is not only good but can also handle multiple tasks. The culture of most successful organizations shows that work-culture has a great impact on productivity. The idea is to ensure the stress levels are at bay and your employees are able to bring their best to the table. This can happen if they are given enough space to grow, unwind and upskill. Think Netflix for instance- a business that has given a new meaning to what work-culture can look like.
  • Work on Development: The role of the business development managers will no longer be limited to thinking how to hit the target but to actually work inwards and see to it that their teams are constantly trained on new technologies, communication skills, new sales techniques, product knowledge, etc. Market research and analysis will form a major part of their profile. Business development trends point out that it will no longer mean getting new clients but also potentially investing their thoughts in developing their business processes and product. Remember a good product is the best pitch.
  • Resonate with Emotion: Storytelling had emerged as the most trending word in the marketing circles in 2019. It will continue to rule the space in times to come. Why?  Stories sell fast because they are able to connect to the most basic domain of humans- the emotion! A story that has successfully connected the dots and has been able to touch the right notes, is already sold. Then, nothing can hold your product. So, try to catch the pulse of your audience. Do not push them to buy but make yourself valuable enough, so they want to come to you.

The business world is continuously evolving. You have to brace up for future business trends and see which is the best fit for your business. There is a lot of activity and buzz around. We suggest do not get lost in the noise. Make your own music and be heard. However, stay relevant. Competition is tough and is bound to stay so. You have to create your own mark. Sense the pulse of your market, and read the buyer trends. Work on your culture to make it all flow smoothly.

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