Reilly Newman | As it is with all industries, there are trends. Your business may be subject to the trends of your industry, but that doesn’t mean it should go along with them.
The majority of small businesses make their decisions based on what their competitors are doing. They feel the pressure from their industry to “keep up” with whatever the newest trend is. Whether that be a marketing tactic that is trending or new bells and whistles to add to their offering. The irony we have discussed in length is that by doing this, your business is deciding to blend-in more. And by going along with whatever the newest trend is, you are putting your business at risk.
Industry trends are like any other trend. The ebb and flow is almost predictable as hot new technologies or systems push the collective businesses to change or adopt. Yes, there are some technologies that should be implemented in your business because they make strategic sense. They are not a tactical decision pressuring you to decide, but rather a strategic decision that aligns with your goals and brand.
From basic trends like accepting credit cards – I’m always amazed when a business still doesn’t accept credit cards because they are “saving” the transaction fee — to more in-depth trends such as being more accessible for online orders or mobile pickups, there are good trends that make sense to pursue, while there are frivolous trends that simply feel forced.
Some of these forced trends may be a small business trying to sell doing TikTok dances or whatever the most recent hot social trend is. It just doesn’t fit the business or the brand. It feels awkward and spoils the reputation. We’ve even seen large brands botch a marketing campaign by leaning too hard into a current event or topic. It is forced and doesn’t fit.
I’m sure you have an app or software that has tried to implement Ai (Artificial Intelligence) in one way or another. Similar to QR codes, the Blockchain, and NFTs, Ai is now this thing that all businesses need to implement somehow. A silly trend that definitely does have value in the right context for the right business. The failure here is when the hot trend becomes a checkbox for someone to check off.
In a fast-moving technological world, these trends are expedited. They come and go faster than ever. Meta’s Threads was a hyped trend that many businesses and individuals hopped on – literally – overnight. It gained 1 million users within an hour of its launch in July. It then reached 100 million users in just 4 days. Now, it has lost over 80% of its users whose activity went from 21 minutes per day to now less than 3 minutes.
My encouragement to small businesses everywhere is that before jumping on bandwagons consider the strategy. Strategy is the art of planning your movements — or stillness. No matter what the trend is, you must decide what is best for your business and brand. The decision to participate in a trend is just as vital of a decision as not to participate. It’s not always about what we choose to do, but about what we choose not to do.
The foundation of strategy is decision-making. The Latin root of decision is derived from “decidere” which means “cut” and “off” — when we decide we are literally cutting off other options. Whether we decide for or against something, we sever other opportunities or options.
When it comes to your business, don’t let industry trends direct your business. This direction should be determined by the decisions you make. These decisions should be rooted in your strategy because your strategy will empower you to know what to “cut off” – not the trends.
