It can be hard to decide on a profitable venture to launch in 2020. There are a lot of businesses, but not all are profitable and in-line with trends.
Markets are not what they used to be because consumer patterns have continuously shifted. More people are online and they expect to find products and services there.
The COVID-19 pandemic is a catalyst for social change and consumers have had to rely on the internet more. 4.33 billion people which makes 57% of the world’s population use the internet. They are spread among several social media platforms, running a search on several search engines, consuming online content, and shopping.
Thus, to talk of a highly profitable business, one would be looking at where to connect in the digital economy. Below are 5 highly profitable and purposeful businesses to start in 2020
Affiliate MarketingThis is a profitable online business where you can make money by directing your traffic to your affiliate offers. Once the needed action is completed, you get a commission.
As an affiliate marketer, the more quality traffic you send, the higher your potential for making money. Thus, it is needed that the traffic is drawn from those interested after consuming highly helpful and insightful content you created.
According to Adobe Analytics Digital Economy Index, there has been a 20% increase in digital purchasing power since the COVID-19 pandemic crippled markets.
Don't expect this to go down.
People go online to read blogs and reviews about products. They run searches online to learn new things, and they come across new products in the process. That’s how the affiliate marketer makes money.
People like your content, they follow through, develop trust in your recommendation, and go through with it. You may not (mostly won't) make money while you sleep at the inception, but you are setting up yourself for passive income. When you are established in your niche, you can then print money while you sleep. Though you don't want to sleep too much because of the competition.
Find a niche that you are interested in and create content. You don't necessarily need to own a blog, but it is advised that you do. Some affiliate marketers run campaigns and convert on social media platforms. Grow an email list as you increase your traffic and invest in traffic sources. Constantly optimize for SEO as organic traffic can be bliss.
Social Media ManagementTwitter announced a meaningful increase in traffic since the pandemic broke out. On all other platforms, the traffic rate is increasing as people connect with friends and loved ones while maintaining social distancing.
At the moment, Statista pegs the number of people using social media at 3.08 billion. This is even expected to rise to 3.43 billion by 2023. These figures have turned the attention of many businesses to social media. Their customers are there and they need to constantly be in touch.
This is where a social media manager comes in.
As a social media manager, you are managing social media campaigns and day-to-day activities. You develop relevant content topics to reach your client’s target audience. You also create, curate, and manage all published content. You must know how to navigate through several social media platforms, be up-to-date with trends and statistics, and know what draws attention more.
Many businesses rely on social media managers to help them run ads and target their customers. You must be ready for these.
Video Production and MarketingIn 2022, 82% of internet traffic will come from video streaming and downloads. This is a projection from Cisco. Brands are not ignorant of this, and for Google to say that video is indispensable in a digital marketing campaign, you should know it is big.
Video is the future and the future is NOW.
Brands are already looking for ways to create interesting and engaging video content. However, not everyone can get into the technical details of video production.
This is where a video producer comes in.
The fact that you can cut and compress large video materials into 6 - 30 seconds of online content makes you highly sought after.
Video consumption is on the increase and those who can edit and produce videos are going to make a lot of money.
88% of video marketers have expressed their satisfaction with the ROI from video marketing. People consume it and it generates more leads. Thus, it is expected.
Influencer MarketingNew and established brands look for influencers to endorse their products to their followers. This is why companies will pay celebrities to tweet and share pictures on social media with their products.
This marketing strategy works because people have confidence in the opinions of certain influencers.
People that have a considerably large following due to expertise in a particular line are fitting for this role.
Though mostly, this following may be between 2000 to 50,000. In digital marketing, they are known as micro-influencers.
Micro-influencers bring more in when it comes to ROI because of their expertise in that line. Their followers respect their opinions and they go for it.
Brands have seen this trend and spending on influencer marketing is set to increase to $10 billion in 2020.
Being an influencer marketer doesn't necessarily mean that you need to have a large following on social media. Your role is to get influencers to promote a product.
You can always connect with them and pitch some marketing. You can also work with blogs that are well-known in your client’s niche to recommend the product.
Whatever business you want to launch, you must focus on digitization.
Businesses want to interact and connect more with new and existing customers and they are willing to shell out billions of dollars for this.
If your skills are intermediate, skill up, or partner with someone very good. Brand and put yourself out there.
As long as you follow trends and you are up to tap into the digital economy, you are in sustainable business. And you will make a lot of money.
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