As you'll be aware, business is changing rapidly. With the introduction of social media and sophisticated technology, the face of business has completely changed.
With this in mind, we've compiled the most intriguing facts about modern-day businesses, so that you can consider when making your next marketing strategy.
Use these statistics to make the necessary changes, and be inspired.
1. How important is small business?
One of the most surprising facts that we came across was just how important small businesses are.
Small businesses have always played a significant role in economic growth. They create jobs, help the local community, and have the potential to grow into something much bigger.
During the recession, small businesses were crucial in allowing the nation to recover. Their importance for the country hasn't diminished since.
As consumer spending keeps rising, it's still profitable and desirable to start a small business. In fact, in the first quarter of 2019, consumer spending increased by 0.9%. It's this strong consumer spending that is the main reason for the GPD growth rate.
Since the recession, it's been at about 3%, which is exceptionally healthy.
However, consumer trending spends do show a definite move towards online shopping, in comparison to shopping in brick and mortar stores. This could be something to consider with your own business.
What is the best age to start a business?
While in the past, the best age to start a business was when you were much older. However, with the introduction of the internet and social media, that's changed a little bit.
Of course, you'll more than likely picture Mark Zuckerberg in his University dorm when you think of a young entrepreneur. Of course, it doesn't have to be to that extreme - but it is proof of how young entrepreneurs are becoming more prevalent.
That being said, the best age to start a business isn't in your 20s. You may hear the odd exception and success story, but the best age is over 35. This is mainly due to the extra experience and worldly knowledge.
If these statistics should tell you anything, let it be that age is just a number. If you have the passion and knowledge, you will get far.
Why do businesses fail?
Interestingly, 82% of businesses fail because of cash flow problems. While this could mean the income and expenditure, this could also be due to timing.
For instance, if you don't keep invoices and payments up to date, you could result in cash flow problems.
How do internet users interact with businesses?
The internet is a substantial area to cover. In 2019 and onward, it will continue to grow and diversify.
There are currently 4,208,571,287 internet users worldwide. With Asia having the highest percentage of internet users.
As we mentioned earlier, it's vital that businesses do start to utilize the internet. It's one of the best ways to bring in new customers and generate leads.
If you're not on the internet, you missing out on a fantastic opportunity.
How many businesses aren't on the internet?
It may surprise you that only 64% of small businesses have a website. While companies must have a website of some form - whether it's to advertise their services or sell their products, many companies don't believe that they are big enough.
Among the small businesses that don't have a website, 58% of people plan to build one. This shows that many understand the importance of sites and the internet.
Again, this only shows how much the internet is taking over the business industry. Companies should use it to their advantage, rather than succumbing to imposter syndrome.
If you are a business without a website, it may be time to consider investing in creating one.
What challenges to business face today?
You may believe that with the rise in social media and the internet, businesses face a unique set of challenges. However, for the most part, the internet only makes running a business easier.
However, the main difficulties mainly revolve around health insurance, economic uncertainty, and a decline in customer spending.
It's important to note that while challenges will always exist, 2019 is an excellent year for business.
75% of business owners say that they are confident in their own company, which is an increase from last year.
How has Instagram changed enterprise?
Social media plays a big part in business; from advertising to engaging with customers. Instagram specifically is increasingly becoming the go-to platform for businesses.
Instagram has 1 billion active monthly users, with more than 500 million using the platform daily. It also boasts 58 times more engagement per follower than Facebook. With this in mind, it could be wise for you to set up a profile.
Remember, posts with a location tag have 79% higher engagement. Don't forget to utilize hashtags - posts with at least one hashtag get 12.6% more engagement than those without.
In terms of business, 200 million users visit a business profile every day. 75% of users also reportedly made a purchasing after seeing an Instagram advert.
Is customer service still important?
Customer service is still of the utmost importance for businesses. A whopping 80% of people claim they'll end a relationship with a business if they experience poor customer service.
With help from email, chatbots, and social media - companies now can improve customer service by tenfold.
How have online shoppers changed business?
It goes without saying that online hopping has been one of the most significant changes for businesses.
By 2020, it's expected that there will be more than 2 billion online shoppers. This makes e-commerce stores all the more critical for companies.
It's also worth noting that 50% of people who conduct a local search on their phone, visit the physical store within a day. This again makes the importance of a website and online information so valuable.
The rise in content marketing
Content marketing is now one of the top methods for lead generation for businesses.
As traditional forms of advertising start to lose their power, content marketing is becoming a central part of doing business online. In fact, content marketing gets 3x the leads per dollar spent when compared to paid search efforts.
One of the best ways to implement content marketing to your business is through blogging. Websites that have blog content have 434% more search engine-indexed webpages than those without. This focus on blog content has created the need for large writing services like Wow Grade or Supreme Dissertations, to which you can outsource content creation, without hiring an in-house team.
It's estimated that publishing about 16 blog posts a month will gain you about 3.5 times more business.
A combination of social media, email newsletters, and blogging is the most effective way to market your business in 2019.
Here are the most interesting facts about business, that may help you as you navigate your way through the industry.
Whether you're a start-up or are trying to adapt your business to the ever-changing world.
Perhaps these statistics come as a surprise to you, and others you may expect. Regardless, 2019 has been an eventful year for marketing and small business trends - which is only likely to continue for the foreseeable future.
The takeaway: It's time to set up a website, create some blogs, and maybe post a few Instagram posts.
Nicole D.Garrison is a content strategist, writer, and contributor at TrustMyPaper and a number of platforms for marketing specialists. She is a dedicated and experienced author who pays particular attention to quality research. At her free time, Nicole is a passionate runner and a curious beekeeper. Moreover, she runs her own blog.