Tips to avoid Small Business failure in 2012

BANGALORE, INDIA:

Future forecasts of 2012 looks to be pretty cutthroat for small businesses.Here are six key trends the report highlights, and what they mean for your business.

1. “Happiness inequality” on the rise : Customers look for fairness before they trust your business. To win their loyalty, behave ethically and demonstrate fairness consistently.

2. No more “average” family : Make sure the images in your advertising and marketing are diverse enough to fit today’s reality.

3. Evolving roles of men : Make sure your marketing and advertising language is inclusive and doesn’t use stereotypes.

Also read: Govt to infuse Rs. 300 cr in NSIC to help SMEs

4. Need for a treat : Whatever business you’re in, ask if there is a way to sell customers smaller, “bite-sized” luxuries or treats. Think about how to provide a satisfying experience that’s affordable.

5. Demand for daily deals : To make up for the profits businesses lose to deals, deal technology to become more sophisticated. It will sort out heavy users and offer more personalized deals to them.

6. Mobile tech gets practical : Find out what problems your customers face and provide mobile, social solutions. If what you offer isn’t practical, customers won’t bite.

For more visit: www.openforum.com