Although the pandemic has been front and center for over two years now, there are still trends for entrepreneurs to be watching. Here are predicted financial, marketing, tech, and HR trends small businesses should expect this year.

FINANCE

Alternative Sources of Capital will Fill Unmet Funding Needs

For many business owners, loans might not be an option, especially if they incurred significant financial loss during the pandemic. Alternative sources, such a different lenders or investors, may be critical to attaining funding. Alternative sources can include grants, crowdfunding, venture capital, or peer-to-peer lending.

MARKETING

Spending on SocialĀ Media will Increase

Social media platforms have billions of users, so it isn’t a surprise that social media has been a target for marketers. As social media marketing continues to grow, more and more small businesses are starting to invest money in marketing agencies, paid/promoted ads, and social media planning.

While social media advertising is important, it is competitive. Small businesses should focus on multi-platform approach to build an audience and brand awareness. Small businesses should avoid getting into social media arms races with competitors when approaches like content marketing could have a better return on investment.

Paid Advertising will Increase on Traditional Media Outlets

From 2017 through 2019, spending on paid advertising increased from $4.75 billion to $11.44 billion. This trend will only continue to increase.

Multimedia Spend will Generate Better ROI than ConventionalĀ Press

Press releases are becoming less effective in part due to the difficulty of securing earned media. Brands are more likely to produce video or interactive announcements.

TECH

AR and VR Come Into Their Own

Augmented reality (AR) and virtual reality (VR) have been big for a couple years now, but they will continue to break ground in terms of business. Both allow us to experience our world in a different way, which has ben especially powerful while living in a pandemic. Small business should consider using AR and VR to stand out from the competition.

AI and Big Data will Drive Personalization

Other technologies small businesses can’t get away from are artificial intelligence (AI) and data analytics. These two allow businesses to not only collect data, but use machine learning to make sense of said data. Whether small businesses want to use machine learning and data analytics for marketing or finding efficiencies, it’s affordable to get started.

Small Businesses will Drive New Tech Adoption

When it comes to developing tech, typically small businesses feel like it is the realm of big businesses. However, the opposite is true. The ability to adapt to developing tech gives small businesses an edge, which is why so many will drive the mass adoption of AR/VR and machine learning.

Human Resources

Small Businesses will Continue to Need COVID-19 Policies

Due to the pandemic, many small businesses had to put in place policies for the protection for their employees. From sanitizing procedures to masks to vaccines, policies have constantly changed throughout the past two years. This will likely continue as we continue through the pandemic. While most mask mandates are no longer required by states, small businesses are still able to set their own policies.

 

2022 trends seem to be hopeful in that this year will be more focused on recovery from the pandemic, than facing the issues small businesses did in the midst of it. The Momentum Team looks forward to continuing to support our clients and help them reach their biggest small business goals!