The global landscape today has changed significantly over the last few years. Comparing today to 20 years ago, the difference could not be starker. People all over the world are globalized even without leaving their country. Media and trends gain traction not just on a national level but on an international one. Society is ever more connected as we can communicate with each other instantaneously anywhere in the world.
These developments are all thanks to the continued prevalence of the Internet and digital media. In simple terms, digital media is anything consumed through electronic devices. Videos, articles, photos, games, software- all of these fall under digital media. What’s interesting is that while this idea has existed for a while now, its influence and prominence have grown considerably far from its origins.
For individuals, this means they have more convenient tools to accomplish everyday tasks like talking to loved ones, doing office work, or even recreational activities like watching videos. But for businesses, this means something more than that: the ability to have a bigger reach and an entirely new platform for their business. It empowers small business owners and new entrepreneurs to continue their projects and business plans, providing access to a set of tools otherwise inaccessible. Below are some ways it has changed the business landscape.
Provides an Even Playing Field
Financial technology has played a large part in making a business accessible, not just to large corporations but even to individuals. This has enabled many of those with an entrepreneurial mindset to take advantage of the opportunity to provide services and opportunities. In a sense, the proliferation of the internet, digital media, and accessibility to affordable computer hardware have allowed small-scale businesses to function. Online shopping has almost driven out physical stores, becoming the go-to purchasing platform for many consumers. This ability to manage your own business has become so prominent that many smaller businesses actually end up becoming famous business outfits.
Allows Do It Yourself Marketing
Years ago, only the biggest companies with disposable resources can pull off marketing drives with great magnitude. Their marketing campaigns are well-planned and well-executed, employing behavioral advertising to reach their target segment better. They utilize multiple platforms like billboards, print ads, even TV commercials to get their message across. Nowadays, these kinds of marketing campaigns have taken a backseat to something far more accessible yet all-reaching: online marketing. Companies big and small now focus most of their effort and resources on online marketing. After all, it’s where most of the consumers are. And thankfully, with the nature of the Internet, all it takes is clever marketing techniques to gain as much attention as possible, making it something even new entrepreneurs can pull off.
Everyone is Online
As mentioned in the last point, many companies are putting more of their marketing efforts into online marketing. This is because most of the traffic has moved online- the average individual spends more and more time online, considerably more than participating in traditional media. Studies show that at any given time, there are around 5 billion internet users active, more than half the population of the world. This makes moving a business into an online platform a lot more sensible, removing the need for expensive capital and making it accessible to many. This seems to be the case for the future, as the number of internet users increases rapidly. With everyone being online, businesses will put more of their efforts online, perhaps even defaulting to an online format versus a physical one.
Connects to Other Businesses and Service
One benefit of creating your base of operations in the virtual space is access to other similar services. Smaller-scale businesses plying their trade-in online ecosystems make for a great business to business partners, as there is a mediator that makes communication and transaction more convenient. Delivery and delivery tracking apps are popular, providing cheap and secure options for smaller businesses wanting to have their goods delivered. Video streaming software allows service providers such as language schools to provide their business remotely. The popularity of apps such as this opens up the market for more business opportunities, and as long as the platform is accessible, this trend will continue.
The Future of Entrepreneurs and Digital Media
Starting a business will always be difficult, but with the developments and innovation in technology, it has never been easier. As society relies more on technology, businesses need to adapt to the changing times. And as it stands today, society will rely more on the internet and technology, giving smaller businesses starting on a virtual platform looks a better chance at success.