10 Small Business Trends to Watch Out for in 2022
You already know what a new year means – a fresh start and the latest business trends. However, some business trends stay while others come and go. So, what kind of trends should you keep on your radar for this new year?
This article looks at ten small business trends to watch out for in 2022.
1. Customer experience will be more important than ever
Customers go to another business when they can’t find what they want at one business. Forrester predicts that in 2022, customer experience will be a significant differentiator for businesses. Their survey found that many businesses that improved their customer experience during the pandemic also enhanced brand loyalty. Customers contact businesses, and your business needs to stand out by providing an excellent customer experience.
2. Alternative sources of capital will keep businesses solvent
Loans might not be a viable option for several business owners, especially if the pandemic brought significant financial setbacks for the business. In this case, alternative sources of capital, such as alternative lenders or investors, will likely fill their unmet funding needs. Many affected businesses cannot meet the requirements of traditional funding sources, so these sources are a glimmer of hope. Alternative sources of capital can include grants, fintech, venture capital, angel investors, peer-to-peer lending, and crowdfunding.
3. Social media spending will increase
It is no surprise that social media has been a growing target for marketers’ spending as the platforms have billions of users engaging with them. This spending will rise in 2022. According to Statistica, social media ad spending has witnessed an annual increase of 9.77%, bringing the total amount spent on social media ads to over $173 million in the US. That’s nearly double the overall social media ad spend of $54.4 billion in 2017. So it’s important for small businesses to key into this marketing trend.
4. Paid placement will increase in traditional media
From 2012 through 2019, spending on paid placement advertisements in the U.S. grew from $4.75 billion to $11.44 billion, and that trend is only going to continue in 2022. It is challenging to get earned media. Hence, paid placements will be immersive and video-centric as people prefer authenticity to an advertisement. So, it will be hard to tell the difference between sponsored content and non-sponsored content.
5. Multimedia spending will generate better ROI than conventional press releases
Press releases are becoming less effective and brands are likely to embrace multimedia alternatives by producing video announcements of company developments rather than writing text releases to media outlets to publish. Today, press releases will be most effective when interactive or video-based and will generate better ROI than conventional text releases.
6. Augmented reality and virtual reality come into their own
Augmented reality (AR) and virtual reality (VR) have been in the zeitgeist for a while now, and they might break new ground in terms of business adoption in 2022. AR and VR allow us to experience the world in a way that is more immersive. You can attend networking and business events, trade exhibitions, and more in an affordable manner. This is one of the current business trends small businesses should watch out for and stand out from the competition.
7. AI and big data will drive personalization
AI does more than collect and contextualize big data for businesses. AI uses machine learning to interpret data and the insights gained helps companies to create better target marketing campaigns or find new efficiencies in work processes. You can have a high level of personalization today because of big data. In 2022, small businesses will leverage AI, machine learning, and data analytics in a very affordable way to accomplish business goals.
8. Small businesses will drive new tech adoption
New tech adoption is not the realm of big businesses alone. Big companies invest so much in their setup that they are mostly slow to change it again and adopt new technologies. However, small businesses can be agile and adapt to developing technology advancements, such as the phone system industry. The business phone system industry has undergone major advances over the past few years. However, with ULTATEL’s deep understanding of small-scale communication needs, small businesses can enjoy these significant advancements.
9. E-commerce businesses will thrive
E-commerce businesses will continue to be strong in 2022. This is because they allow customers to quickly and safely shop from home. And, the business owners can steer clear of the overhead costs of having a physical location. If you’re thinking about starting a business, an e-commerce business may be the perfect new trend to follow instead of opening a storefront.
10. Remote work will continue to be widespread
The unpredictability of the 2021 Covid variants has made many employees prefer to work remotely. They have grown to appreciate the flexibility that remote work provides. Chances are, remote work isn’t going anywhere anytime soon. It has taught us work-from-home can boost productivity, improve work-life balance, and attract top talents anywhere in the world.
The Bottom Line
Want to know what business trend to start from?
Customer experience is where small businesses can focus on because it’s a personal touchpoint and makes every customer feel seen.
Here at ULTATEL, our small business phone system makes it easy for customers to contact you whether they are trying to reach you by phone, email, text messaging, or social media channels.
Simplify how you handle your customer experience with our contact center software and never miss a single message.