On today’s Black Entrepreneur Blueprint podcast episode # 372, I’m going to look into the future and discuss several personal observations I see as an entrepreneur, and what smart entrepreneurs need to focus on to stay in business in the future – in this rapidly changing marketplace.
BEB SHOW NOTES – EPISODE # 372
Today I’m going to reveal several things that are happening in business now – or will happen in the future and give you my game plan to hopefully futureproof my businesses.
The marketplace is continuing to change, and the world is different as we move closer to the end of covid. People’s habits have changed (shopping online, working from home, being more judicious with limited resources), ideologies have been tested, and we’re going to come out of this different from when we went in. The question is, is your business going to be able to prosper?
looking into the future- what successful businesses need to do to stay successful
Here are my thoughts on – what’s on the horizon – and what we need to focus on (in no particular order)
- People will continue to consume video content at a higher rate and that will continue to increase (YouTube), BUT the average viewing time spent per video will decrease (we already know most people only watch a few minutes of a YouTube video. SOLUTION: create quality video content in bite size pieces (like Vladtv 6 – 12 minute clips with links to the next episode)
- Your customers’ attention span will continue to get shorter. SOLUTION: Meet your customers where they are and take them on a customized journey designed just for them. (Example: pop-ups on websites that offer a free pdf or lead magnet that is of no interest to that person vs creating a customized journey through your website by asking questions and directing them to the content they want and need). https://rightmessage.com/ Example is my new BEB website.
- Your prospects and customers will demand more quality content. SOLUTION: Smart entrepreneurs will look to create and/or curate quality content and education, and less BS. The use of actionable content will become more important as advertising response rates continue to decline. (Example: YouTube influencers views are down close to 20%, FB ads and IG ads are down while producing quality content is improving response rates and increasing sales).
- Many entrepreneurs will go out of business because they can’t scale. Let’s begin with the most common distinction between growth and scaling In general, we think of growth in linear terms: a company adds new resources (capital, people, or technology), and its revenue increases as a result. By contrast, scaling is when revenue increases without a substantial increase in resources. SOLUTION: learning how to scale your business is imperative if you want to stay in business. (Example: I’m in the process of scaling my business now by utilizing technology to increase my sales and retention in all phases of my business).
- Having a platform and database will be paramount in building a sustainable business in the future. As peoples’ attention span continues to decrease and they are inundated with so much noise and stimuli every day they tend to ignore unwanted interaction more and more. SOLUTION: Being able to build a platform that people want to interact with and enjoy going on is a game-changer and positions you for success. As opposed to being bombarded with unwanted ads, emails, alerts, or text messages. Do you want to be a welcome guest or an unwanted pest? Your platform and database are something you can control like your email list, your newsletter, your podcast, your website (not social media accounts).
- Think like a media company, not just a business. Most people don’t like to be sold; they like to buy – there’s a difference. Look to create multiple media properties and monetize them. SOLUTION: When you position your business or a part of your business as a media company, you’re able to sell by educating. Your education can come in many forms such as a podcast, a blog, a newsletter, a course or training, etc. (Example: why do you pay to advertise on certain platforms like IG or FB or do a paid post? Because they are media properties. If you had your own media property you wouldn’t have to pay someone else to advertise). Example: Phillysportsroundup, ATL, NY, LA, etc.