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3 Key Business Trends You Need to Know in 2024

2024 is going to be a crucial year for small business owners and entrepreneurs. Daniel Priestley breaks down 3 key business trends that you need to be aware of if you want to have a successful year. Free live workshop - https://bit.ly/key-business-trends (Become the go-to expert in your industry) The three big trends... 1. Baby Boomer Demographic Shift: Daniel discusses the significant impact of the Baby Boomer generation, particularly in Western countries like the UK, USA, Canada, and Australia. He explains that this demographic, born between 1946 and 1964, experienced a population boom following World War II. As these individuals are now retiring, they are leaving substantial gaps in leadership and business ownership. Daniel highlights the opportunity this presents for the next generations, specifically for Gen X and younger demographics, to step up into these leadership roles. He shares a striking example where a business owner significantly expanded their business by taking over from a retiring Baby Boomer. This trend, Daniel suggests, indicates a massive transfer of wealth and influence, with Baby Boomers controlling a significant portion of the economy. He urges businesses to consider targeting this demographic, which holds a considerable amount of the economic power and now has both time and money to spend. 2. The Rise of Artificial Intelligence: The second trend is the transformative role of artificial intelligence (AI) across industries. He describes AI as a 'general-purpose technology,' akin to past innovations like steam engines and the internet, which fundamentally reshaped society and industry. Daniel asserts that AI is revolutionising the way businesses operate, enhancing efficiency and expanding capabilities. He mentions how AI can automate content creation, draft legal documents, and optimise marketing strategies, effectively multiplying the productivity of skilled workers. Daniel warns that businesses not adopting AI risk falling behind, as AI is not just a tool but a revolutionary force. The year 2024, according to Daniel, is a critical time for businesses to fully integrate and leverage AI technologies. 3. US Elections as a Marketing Barometer: The third trend involves the influence of the US elections on marketing and technology innovation. Daniel draws an analogy between the US elections and Formula One racing, where high-end technologies are first tested and then become mainstream. He traces how different election campaigns historically have been benchmarks for new marketing mediums – from Roosevelt’s use of radio, JFK's televised debates, to Obama's social media strategies, and Trump's data analytics focus. For 2024, Daniel anticipates AI playing a significant role in the US elections, influencing not just American politics but global political marketing strategies. He suggests that businesses should observe these developments, not from a political perspective, but to understand and adopt cutting-edge marketing strategies. In summary, Daniel presents these trends as crucial for businesses to understand and adapt to in 2024. He concludes by inviting interested individuals to join his upcoming workshop for more in-depth exploration of these trends. Free live workshop - https://bit.ly/key-business-trends (Become the go-to expert in your industry)