Business Trends in 2014
It is no secret that in the past few years, the business world has changed extremely quickly. With social media and the internet in general dominating the marketing scene and conventional businesses like Blockbuster and Borders falling by the way side, the past two decades have forever altered the way business is done.
The year 2014 looks to be no exception to this, with new business trends shaping the world we live in. So what are the business trends we need to be watching in 2014? What can we do to get ready to do business in 2014? Let’s find out.
There is no denying that by far the biggest business trend of the past half decade will continue to be a major factor in the business world in 2014. Social media, love it or hate it, is here to stay. Facebook and Twitter will continue to dominate the space and be the primary place businesses will need to reach their users. With as many users as both platforms have, it is unlikely any new social networking site will be able to overtake them. It will be increasingly important for businesses to engage with their customers on these primary social networks in as many unique and powerful ways as possible.
However, both companies have been under increased pressure to advertise and make money. In the case of Facebook, their recent IPO has caused a huge amount of changes that mean users view plenty of paid content and less organic content. That is worth keeping in mind. Twitter also has an upcoming IPO and has made some similar changes already, with more expected in 2014.
While Twitter and Facebook continue to dominate as the “primary” social networks, there are others that shouldn’t be discounted. LinkedIn continues to dominate on the professional front, and is now a very powerful tool for Business to Business marketing. Vine and Instagrm video are hugely popular and a fantastic way to reach customers with a unique message. And any network based on visual content (like Pinterest) are becoming increasingly important.
The internet (and business as a whole) are trending towards social. I only expect this to continue in ways we don’t yet know. If you want to learn more about using social media in business (which I highly recommend you do) check out this set of courses.
Content Is Peaking
There is no denying that right now, content is king. Quality written content is being rewarded in the search engines more and more, and people share the best articles on social media like never before. Pictures, infographics, and other static visual content is also of critical importance as it stands out in a world of written text. And video is heralded as the king of kings in the content world.
I expect this to hold true for this year, and maybe a little bit longer. The person with the highest quantity and quality of content is going to win. In 2014, that is the trend we will see.
However, what is also starting to happen, and what I think will continue to happen for a long time, is that context will replace content as the most important element of a marketing strategy. Here is a great video of Gary Vaynerchuk talking about this:
Traditional Media is Dying
It’s no secret that traditional media (print newspapers, radio, even television to an extent) have been slowly dying for quite some time now. In 2014, I only expect this to continue. There simply is no reason to get a print subscription to ten different magazines when you could get all of that content for free online, anytime, from many different websites. The reality is that the internet allows content to be produced by anyone at a massive scale, and traditional media simply can’t compete because it costs exponentially more to produce a similar amount of content. I think that the trend in 2014 will be the continual decline of traditional media.
Mobile Will Get (Even) Bigger
The web has gone mobile. With more and more users primarily accessing the internet through a mobile device, and an increasing amount being spent on mobile ads and through mobile shopping, online business is finally making the transition to going fully mobile. While it’s always been important to have a mobile presence in some capacity since Apple debuted the iPhone, it is now literally a requirement. If a businesses website isn’t mobile compatible, they are simply losing half of their customer base.
So those are some of the business trends we’ll see in 2014. If you like to read about the state of the business world for this coming year, check out some of my other articles, like how to start a business in 2014 and business ideas for 2014. Thanks for stopping by!