In order to stay ahead of the game, you need to know what’s happening in the game—we’re talking about business trends. So, what’s big in 2018 in the world of business?
2018 has seen more and more businesses move their computing infrastructure to the cloud. Forbes has noted about 77% of small to medium enterprises have at least one application that utilises cloud computing technology. Approximately 30% of most enterprises IT budgets this year have been dedicated to cloud computing (Aug, 2018).
AI, ML & IoT
Artificial Intelligence, Machine Learning and Internet of Things have fast become the buzzwords of 2018. As tech becomes more sophisticated it also means that these tools are becoming more accessible to small businesses. IoT has seen optimisation of local advertising, delivery and customer support; AI has transformed data into customer information and insights; while ML is finding your best possible customers online through various platforms and social media.
Blockchain and Cryptocurrencies
Increasingly companies are utilising the blockchain to create more secure processes, digital contracts and peer-to-peer business networks. As well as this more governments are legislating to acknowledge and support the growth of cryptocurrency. The Australian housing market has even seen bitcoin as a option for transactions – however we still await the first bitcoin house sale in Australia.
Love ‘em or hate ‘em, what we do know is that they’ve made an impact this year. The enormous growth of brands like Netflix and Uber has been driven by millennials – causing a complete change of business models for many products and services. While most things on the market have long been designed and branded for baby boomers, 2018 has shown businesses that they can no longer afford to neglect what the banks have deemed “the most powerful consumer” (Financial Times, 2018).
Mobile ad spend has surpassed predictions and reached 75% of all digital marketing spend in 2017 (Forbes, 2018). This number has almost doubled in the past five years and is only expected to keep growing. Focus will also turn to voice search, video marketing and big data, in accordance to mobile ad growth.
In 2018 more businesses and enterprises are turning to crowdfunding to get their ideas off the ground. Asking potential customers to help in financing an idea and then in turn ‘gifting’ them the first edition of the product, has been extremely successful this year, especially with socially conscious products, adventure gear and experimental tech. It also shows a change in the way businesses and customers relate to each other and a new openness to asking for help.
What a huge year 2018 has been – and at Hunt & Hawk we are expecting 2019 to be even bigger! To stay ahead of the trends and keep your business at the front of the pack, get in touch with an H&H growth specialist for a FREE consultation today. Let’s soar together!