The business world is quickly changing and embracing the latest trends and solutions arising from evolving customer needs and of course, advancing technology. Knowing that nothing ever stands still, no business can afford to stay in the dark and away from the key industry data shaping its future. That is especially true for startups. This highly competitive, innovation-driven business model depends on being at the forefront. As such, any startup with the goal to grow and beat its competition needs to keep learning.
Then again, the desire to learn and stay in the know is fueled by such a wide array of outlets, news platforms, not to mention industry experts, that it can often be hard to discern whom we can trust. At the same time, keeping up with trends in the startup world and discovering how you can grow a successful startup calls for ongoing research and data analysis.
To help you narrow down your resources and make this process more streamlined, we’ve suggested a few of the most effective ways to keep up with startup trends in 2022 and beyond.
Look for relevant startup events
The current health crisis has disrupted the regular flow of event organization and group gatherings. For startups, that means that you most likely don’t have access to as many live networking events such as conferences, workshops, and seminars as you do in normal situations. Fortunately, the online world is brimming with opportunities to set up virtual gatherings with no limitations.
While you’re not able to travel, especially internationally, you can organize and attend virtual startup conferences. You can expect invitations to become a keynote speaker if your business has enough traction, but even without that kind of exposure, listening to other experts and their research is invaluable for understanding where your industry is going.
Subscribe to reputable newsletters
The most notable experts are typically found at events, that’s for sure. However, some global industry leaders and those less popular but equally insightful experts have their own digital outlets to share their views with the world. The easiest way to obtain that knowledge is to subscribe to their email newsletter campaigns and regularly read their blog posts as well as research material.
Look for the most informative magazines and blog pages, as well as startup companies with a dedicated blog page. Join mailing lists of reputable experts, but be sure to select a handful of magazines that you really intend to read, otherwise you’ll just flood your inbox with emails that you have no intention to read.
Follow relevant news resources
In addition to magazines, the online world has become a truly diverse space for trend tracking and educating yourself on specific fluctuations related to your business. For many startups, keeping an eye on potential funding opportunities or setbacks can make or break an entire venture. When you’re about to launch a new product, you need to stay in the loop of what’s happening with the economy.
With that in mind, you can follow finance news via reputable, relevant portals providing real-time insights. You’ll learn how taxation is changing in your region, when it’s wise to invest in certain projects, and how some of the most recent trends are changing the economy. What’s more, these portals let you see their financial forecasts so that you can brace yourself for any upcoming changes.
Keep track of customer data online
Surviving that first year as a startup involves so many puzzle pieces that it might be easy to lose track of what’s shaping your company at any given moment. The challenge of managing your capital, looking for investors, all the way to handling your reputation can be overwhelming. To reduce that chaos and understand what trends matter most for your business – listen to your customers.
That means keeping an eye on all your digital metrics and analytics, to understand their online behavior and choices. If you have an offline store, too, be sure to send our surveys that will unveil emerging trends both in the online and offline segment of your company.
Make smart hiring decisions
Startups often face unique hiring challenges, because this competitive sphere makes employee retention difficult, and with the funding needed to run a startup, you might not always provide the most appealing financial incentives. However, when you do invest in hiring experts, their industry insights can become crucial in keeping your startup in the role of the industry leader.
Your employees who come from other experienced businesses have a wealth of knowledge and expertise that can completely reshape how your business operates. Even more so, having them by your side at events means they can share unique perspectives on the subject matter that is covered.
Keep up with local law changes and regulations
Yes, we’ve learned our lesson and we know that global changes outside the scope of a single industry, let alone a geographical region can have dire effects on entire business sectors. However, for startups operating in one location, or at the very least within the legal parameters of that location, being informed of imminent changes is crucial.
For instance, you might discover that your local government is incentivizing sustainable business transformation, so that you can leverage the new regulations in your favor. You can discover new funding resources from the government, and make sure that you’re compliant no matter your niche.
The pandemic alone has shown us just how disruptive a health crisis can be in the business world. We’ve seen companies close down, new open pop up with innovative ideas, and many still struggling to make ends meet. The difference between the most and the least successful ones in times of crisis often boils down to keeping up with trends and news in the industry and the world.