Australian business trends and how to master them: Post 16/17 Fin Yr Edition
The business world never stands still – it switches speeds and changes its direction constantly. This creates the need for agility and adaptability; to rest on your laurels is to forego opportunity.
If you know the how and why of change, you can adapt sooner and turn impacts into opportunities.
According to Canstar, there are more than 2.1 million businesses trading in Australia. Add to this reports that new businesses (particularly start-ups) have the capacity to contribute a further $100 Billion to the economy and generate more than half a million jobs by 2033, and you can see how much competition there is for consumers, share of voice and talent.
In other words, those in the know have opportunities galore for you to own. So, what about those business trends?
New Trends in Business
The Rise of Subject Matter Experts
As it turns out, the long held practice of relying on subject matter experts in the B2B (business to business) space is picking up steam in the B2C space as well. Whether it is experts in marketing, your products or general customer relations, experts help guarantee all elements exude authority and professionalism.
What this then means for you is that you can potentially a) focus on recruiting staff with a higher degree of specialist knowledge, or b) actively seek out training opportunities that will allow your existing staff to become experts in their own right.
Video is Essential
This trend has been growing, and growing, for the past few years. YouTube has reached a point where it has a subscription service and Facebook prizes video over all else. This format is one all businesses need to use in one way or another to communicate with customers and even staff in today’s business environment.
This again equates to either evaluating the need to recruit video capable marketing/digital staff or upskilling existing employees.
The Millennial Status Quo
Inc tells us that the needs of this growing cohort of young professionals will change the what and how of businesses of all sizes. On the one hand, processes will need to adjust to accommodate their expectations around flexibility and corporate responsibility. On the other, they open the way up for new ways of thinking in terms of marketing, strategy and problem solving.
The Exciting World of Retailment
Retailment is the next era of real world shopping – stores are going out of their way to create unique shopping experiences that play off their brand’s strengths and into the waiting hands of eager consumers. This is an extension of the broader experiential logic that has come into marketing over the past decade, and has even influenced the design of some offices (e.g. Google, Apple and Flight Centre).
Small Is In
Everyone from IKEA through to Lincraft and Target are eying this concept as a way forward. This, alongside retailment, creates opportunities for those with a solid understanding of consumer trends and visual merchandising.
Go Forth And Conquer
As the old saying goes “Knowledge is having the right answer, intelligence is asking the right question.” Ask questions, seek out business trends, master them, make them.
If you are eager for a head start in being a trend rider and setter, TAFE Queensland can help. We provide a diverse range of mentoring, workshops and contextualised training solutions that can aid you in adapting to the ever-changing business world.