We’ve reached that time of year. I make my predictions for small business. I experienced a good run for about 5 years. But this changed the last few years. So this week, I called in an expert.
Rohit Bhargava founded the Non-Obvious Company. And for the last 10 years, he published quite accurately the trends for the next year. This week, on the Small Business Radio Show, Rohit looked at the decade’s megatrends in his final book of the series. These include:
Megatrend #2: Ungendering- We see traditional gender divisions replaced with a more fluid understanding of gender identity. As a result, this forces a reevaluation according to Rohit of how small business owners target and talk to customers.
Megatrend #3: Instant Knowledge – Today customers consume bite-sized knowledge on demand. They benefit from learning more quickly. Rohit suggests companies need to communicate with their prospects this way. And keep it up through the entire customer journey.
Megatrend #4: Revivalism- Rohit believes that customers are overwhelmed by technology and complexity, so they now seek out simpler experiences that offer nostalgia and remind them of a more trustworthy time.
Megatrend #7: Purposeful Profit – According to Rohit, consumers and employees are demanding more sustainable and ethical practices from the companies they do business with or work for. This is pushing companies to adapt their products and take public stands on issues that matter most to their customers and employees.
Megatrend #9: Protective Tech – People worry about how technology invades their privacy. Yet, we rely on predictive tech to keep us safe and convenient. Rohit emphasizes consumers must make the privacy trade-offs required to make this work.
Listen to the entire interview on the Small Business Radio Show where Rohit reveals more 2020 megatrends that will affect every small business plus his biggest successful and failed predictions this past decade.
I’ve read his annual book the past couple years and it’s always great stuff. He even includes a postmortem of the previous year’s trends to show if he was right or wrong.
Interesting. I guess there will be a move towards simplicity now that everything is becoming overly complicated.