- In 2023, 5.5 million Americans took the leap to start their own businesses.
- Small business owners face the challenge of spreading their time, energy, and funds across numerous demands.
- Focus on these strategies for success in 2024, including strengthening personal connections and creating short-form content.
The small business sector is highly competitive, with 5.5 million Americans having filed applications to launch a small business in 2023, as reported by the US Census Bureau. This underscores the need for your business to distinguish itself from the competition and cut through the online noise. But how can you achieve this?
As a small business owner, your time, energy, and monetary resources are being pulled into a million different areas at the same time. When you're considering where to concentrate your efforts, these 2024 business and marketing trends for entrepreneurs can be a starting point.
Here are some insights on staying nimble in addressing emerging fads and customer desires.
Leverage personal connections
In a digital world, personal stories resonate. Highlighting your team's unique stories and talents on your website or social media helps with brand advocacy. By peeling back the curtain on your business, your brand can grow by simply showing off authenticity — something customers always want more of. It's also a nice way of demonstrating employee appreciation and recognizing their hard work.
Keep sustainability top of mind
Sustainability is a priority area to invest in for business leaders. It's become a crucial component among Gen Z consumers, who prioritize environmental responsibility in the brands they support. One survey found that 78% of consumers across generations consider sustainability important, with over half of those surveyed willing to pay a premium for "eco-friendly brands."
Businesses should explore strategies to document their sustainable journey, collaborate with eco-conscious suppliers, and transparently communicate their environmental strides to customers, thereby aligning with the values of a conscientious market.
Develop a strategy for user-generated content
User-generated content (UGC) isn't just a trend; it's a testament to your product's impact on real people. Encouraging your customers to share their positive experiences through testimonials and social media features enriches your content and also boosts engagement and trust. This strategy will tap into the authentic experiences of your users, providing potential customers with relatable and genuine endorsements.
Create short-form video content
With people's attention spans online shrinking to less than nine seconds, businesses have to keep things short and sweet to get their message across. That's one reason short-form videos are so popular — they deliver a quick burst of entertainment that viewers can enjoy before moving on to the next thing competing for their attention. To stay competitive in 2024, brands should incorporate this storytelling medium into their content strategy. Think about new ways to tell engaging stories in 60 seconds or less on platforms like TikTok, YouTube Shorts, Instagram Reels, and Instagram.
Insure your small business
Every business journey comes with risks and uncertainties. State Farm provides the coverage you need to feel supported, how you want it, for your small business. Choosing State Farm to insure your small business not only simplifies managing your insurance needs by consolidating it with a single carrier but grants you the backing of a local small business owner. After all, it takes one to know one.
Earmark "influencer marketing" in the budget
Your budget should have a line item for social media as it's become a fundamental component of modern marketing. According to a 2024 Influencer Marketing Hub report, 85% of their survey respondents believe influencer marketing to be effective.
To make the most of this tool, you should begin by identifying the influencers who would be the best fit for your brand to collaborate with. It's best to first focus on engaging with influencers with nano, micro, and mid-tier level followings, as their audiences tend to be more engaged. You can also analyze the influencer partnerships your competitors have established to find similar personalities who align with your brand ethos. By enlisting influencers to create authentic, user-generated content, you can attract new audiences and gain more followers for your brand.
Learn how State Farm can support your small business in 2024.
This post was created by Insider Studios with State Farm.
