Today’s nimble small business owner has a special advantage. Thanks to the internet, entrepreneurs have a unique ability to learn new ideas and immediately apply them to their companies. Here are four internet trends that small businesses can leverage to their advantage.
E-Commerce Is Booming
A survey by The Pew Research Center in December 2010 shows that 77% of American adults use the internet (http://www.pewinternet.org/Static-Pages/Trend-Data/Whos-Online.aspx). ComScore Data Mine found that in 2010 the average American spent 32 hours per month on the internet (http://www.comscoredatamine.com/2011/01/average-time-spent-online-per-u-s-visitor-in-2010/). This means if you have a project or idea to sell, the Internet is a prime marketplace for distribution.
E-Marketing Trumps Traditional Marketing
Many savvy small business owners are moving marketing online and realizing extraordinary success. Small business advertising is the backbone of Google. The medium to small business owners only pay for qualified leads or clicks. This means E-marketing tools can quickly connect and help build relationships while saving precious marketing dollars. According to the Direct Marketing Association, for every dollar spent, commercial email has a $48 return on investment.
The New Consumer Face
Today’s 85 million Baby Boomers and 50 million Gen Xers are giving way to the Gen Y group—the Boomer’s 76 million kids who are sophisticated, computer savvy, and independently minded. The Pew Research Center survey cited above also found 90% of Americans 18-30 are internet users.
According to a story in the Washington Post in 2010 that referenced a Census Bureau Report, Hispanics accounted for about half the growth in the U.S. population since 2000. Half of this market is comprised of young Hispanics under the age of 27, making this another internet savvy group. It is estimated that number of Hispanic Internet users will surpass 29 million users by 2012.
Social Media Makes Everything Personal
Facebook and Twitter provide personal paths for businesses to engage directly with their customers and make a brand more approachable. A business can create buzz through online events, videos, tweets or blog entries that attracts attention on a one-on-one basis. When engaged effectively, social media can drive brand awareness, grow a customer base and increase website traffic. Over time, these supporters can become advocates for your business.
Now is the time to incorporate new marketing strategies, tactics, and ideas. New online tools, when paired with the courage to try something new, provide limitless opportunities to grow your business.
