When some entrepreneurs start their business, they don’t fully grasp the idea that they have to do what other “businesses” do. Business start-up involves much more than having a passion to do what we love. It includes having a budget, income reporting, planning for growth or losses, preparing a marketing forecast to analyze where the business stands according to trends, and so much more.
A business marketing forecast is a core component of conducting business and guides our analysis in projecting the future numbers, characteristics, and trends in our target market.
Unrealistic ideals to how well your business will do may be a very costly shortfall in your business planning and goal setting strategies. Your business marketing forecast provides a knowledge base for you to manage almost every facet of your business to avoid these shortfalls.
It allows you to explore possibilities to increase revenue, net income, or evaluate whether those allow for expansion to your team. If you solely plan according to your goals and your past results, you may not be up to speed on what other companies are already in-the-know about. We would benefit from being forward-thinking in any business, and developing a business marketing forecast will help you do just that.
Forecasting takes a look back and ahead to give a healthy prediction of what may come. If you have a website (which you should) then take a look at your website analytical reports. I use Google Analytics for my website, but other sites can keep you in the know-how of trends and search term changes.
2018 Reflection and Analysis
In reviewing 2018 predictions for market trends, it was evident that artificial intelligence was expected to take off. However, since the technology has yet to be perfected, that may be backfiring.
Many predicted that people‘s trust in Facebook would decline. That may have been so, but 2018 did not bring about its demise as some had anticipated.
On the other hand, the 2018 projection for video content demand was right on the money. The demand for video content soared, resulting in a shift of overall content consumptions and the need for people to adjust their marketing strategies.
Check out these 2019 adjustments that may affect your business marketing forecast for the year.
- Markets will continue to see an increase in video content consumption. There are various online courses to help entrepreneurs learn about video content creation.
- There will be greater community growth around a specific brand. People may forget your name, but they will most likely associate your business with your brand.
- Consumers will need a strong trust factor when it comes to brands. Building trust isn’t easy in this and age so, make it a point to invest in your audience.
- It will be important to be unique; know your audience and understand their needs. How do they search? Where do they spend their time?
- As technology increases, the need for quality customer service and relationship will be more and more important.
- Content clustering will be an efficient way to approach your market; pillar content leads to post content and vice versa.
- Shorter ads will be extremely attractive to your audience. Assure they remain less than 10 seconds in length.
- Chatbots are expected to grow in popularity. Successfully designed chatbots will capture the community and the personalization aspect of your service.
- Smart speakers like Alexa and Google Home will be leading to smart content.
So, that’s it, right? NOT quite yet!
Now that you have a glimpse of the 2019 business marketing forecast in your knowledge base, you can take actions to adjust your marketing strategy for the year. Here’s how:
- Increase video creation; learn to repurpose your content and videos. You simply take what you have already created and build on that content strategically. Take a look at my article on repurposing your content. It is exciting to build upon all the hard work you have already done.
- Build a community with a strong trust factor. This will require you to be gut-wrenchingly honest with your audience and community. Let them know what you know, communicate with them, give them the hard truth, and never hesitate to help build them up. Try to look at community growth off of Facebook. I’d love to invite you to join the Premier Entrepreneur Network!
- Learn more about Search Engine Optimization (SEO) and develop a strong business content plan/strategy. These are extremely important; I CANNOT stress this enough.
If your goal is to grow your business and stay relevant in this ever-changing business community, then these actions are like GOLD for taking your business to the next level.
Remember that your past results do not prepare your business for the future. Developing a business marketing plan and marketing forecast is what will help you prepare for and preserve your business’ future by staying ahead of the curve.
In what ways have you learned to prepare for the unexpected in your business? What actions can you take to adjust your business marketing forecast for 2019?