Sales and Marketing - Jen Jordan
|Jen Jordan brings a wealth of life and leadership experiences to her writing. After 10 years creating a variety of content for a nonprofit, Jen decided to establish her own writing business. She specializes in creating high quality blog and website content for small businesses. When she's not writing, Jen is a competitive triathlete with a goal of completing a triathlon in all 50 states.|
4 Trends Small Businesses Should Prepare for in 2023
2023 is just around the corner, and many small business owners are already absorbed in the end-of-year tasks, from bookkeeping to inventory.
As we look to 2023, most of us are hoping for some semblance of normal. But, the ongoing aftereffects of the global pandemic, Russia’s invasion of Ukraine, and other economic challenges seem to point to another unpredictable year.
Now is the ideal time to pause and consider some trends experts believe will significantly impact small businesses in 2023. A little preparation can go a long way to help small businesses take advantage of positive trends and mitigate any negative impacts.
1. Continued Digital Transformation
Experts predict that transformative technologies like artificial intelligence, the internet of things (IoT), virtual and augmented reality, cloud computing, and super-speed network protocols (like 5G) will continue to change how we live and work.
It’s increasingly valuable for small business owners to understand how these technologies will impact their industry. Since many of these technologies are now available in "as-a-service" models via the cloud, most small business owners have greater access to these technologies.
Take time to understand how technology is transforming your industry.
Many businesses use these technologies to develop more effective sales and marketing, better customer service, improve supply chains, and create better products and services. Are there specific steps you can take in 2023 to ensure you embrace the right technologies in your business?
2. Data-Driven Content Is King
Content is king in marketing, but not all content is equal. A Hubspot study revealed that 54% of most audiences would rather have videos than written content.
Thanks to Google and social media, business owners no longer need to guess what kind of content to create. Small businesses can access valuable information about their target audience to create data-driven content.
Maximize your marketing budget in 2023 by studying the data, understanding your customers, and identifying the type of content that will get the best results.
3. Sustainability Is Taking Center Stage
Increasingly, investors and consumers are showing a preference for businesses with the proper environmental and social credentials. Many consumers make conscious decisions to buy from "green" businesses that prioritize sustainability.
Small businesses can take advantage of this trend by putting their environmental, social, and governance processes (ESG) at the center of their marketing strategies.
4. The Return of Layaway
Layaway is back with a 21st-century facelift. The option to buy now and pay later is getting easier with apps like Sezzle, Affirm, and Afterpay. These apps offer microloans to customers, allowing people to buy almost anything and pay in installments.
Younger consumers are the most likely to take advantage of these options, especially when purchasing luxury or big-ticket items.
Working with a layaway provider will likely cost small businesses more than a traditional point-of-sale system. Most card purchases cost the merchant up to 3% of the sale, but "buy-now-pay-later" services can cost the merchant up to 7% in fees. However, offering the "buy-now-pay-later" option can bring in more business overall.
While "buy-now-pay-later" is typically associated with retail, the benefit of installment buying is that any industry can embrace it. Contractors, mechanics, and other small businesses can partner with many providers to offer an installment feature.
There are many other trends that marketing and small business experts predict will be at the forefront in 2023. Now is the ideal time to study these trends to adjust your marketing and business plans accordingly.