Small Business Trends…The BIG Picture
This year starts with a lot of “what ifs.” What about inflation? Will there be a recession? Will interest rates recede? How will weather patterns affect small business?
These are just some of the questions in the minds of business forecasters, and here’s some of what they have to say about what is in store…pun intended.
Tip: “The biggest small business trend for 2023 is hyper-local, cross-media marketing.”
“Terms like ‘quiet quitting’ [and] the ‘Great Resignation’ gained a lot of traction last year. They reflect a complex mix of post-pandemic attitudes toward work. The job market has been extremely strong, though that may change if we head into a recession. Many people are reporting fatigue and burnout and some employees are rethinking their attitude about work.” Source: Motley Fool
“There’s been a sharp increase in the number of customers adopting more sustainable lifestyles in the past year. That’s partly been driven by economic concerns, but also by environmental ones. People have been talking about sustainability for years, but it may now make a real difference to consumer choices.” Source: Deloitte
“Instagram continues to be popular and over 60% of Gen Z use TikTok once a month. Think about which channels your customer base is most likely to use and prioritize activity on those. Whatever form of social media, video content is becoming as, if not more, important than text.” Source: The Ascent
“Positive experiences add emotional value that fosters customer loyalty and helps small businesses stand out. Eight out of 10 customers feel the experience a business provides is as important as its products or services.” Source: Salesforce.com
“Small business owners…have fallen into the ‘how things are done’ mantra. Now, we are seeing a renaissance of authenticity and creativity like never before.
“The secret weapon—small business owners sharing their creative journeys, their personal flair and style, and their own obstacles…along the way. Creative visibility is taking small business by storm.” Source: CLARAfi
“Customer feedback… is going to take off like never before—that’s when we should really pay attention and try our best, not just for features or price anymore; what other people think about your product/service could either make you millions (if they love it) or lose everything!” Source: Loopex Digital
“The biggest small business trend for 2023 is hyper-local, cross-media marketing. Members of your community want to support local businesses because they know that when they shop locally, their dollars stay local. The best thing…is to develop a hyper-local, cross-media marketing approach to interact with and attract shoppers across multiple touchpoints.” Source: Minuteman Press International
What do you see and how are you adapting in 2023? Tell us about it and share in the conversation on Facebook here.
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