2023 is just around the corner, ushering in the promise of new and endless possibilities. Make the first few months count for your business by planning properly and staying up-to-date with the changes in the industry. To help you get started, here are five small business trends to watch for in the new year!
5 Trends that Small Businesses Should Watch in 2023
Nothing stays the same for very long. Always keep your finger on the pulse!
1. Embrace Technology Purposefully
The COVID-19 pandemic forever changed how businesses operated. It made having a digital presence necessary, expedited the adoption of non-cash payment methods, and pushed brands to embrace emerging technologies like chatbots, automation, self-service solutions, artificial intelligence, AR, and VR. However, tech is not a one-size-fits-all deal.
Instead of jumping on every viral trend, be purposeful and choose solutions that will truly benefit your business. Don’t embrace emerging ideas simply because they are shiny and exciting. For example, investing in AR might be worthwhile for fashion brands and retailers, but it may not be necessary for convenience stores and restaurants.
Additionally, sometimes you have to follow the good ‘ole “If it ain’t broke, don’t fix it” rule. Many marketing and business solutions withstand the test of time for a reason. For instance, email marketing remains a powerful and cost-efficient tool, even in the age of social media.
2. Emphasis on the Triple Bottom Line
Sustainability has been a major buzzword for businesses in recent years, with many brands pivoting to environmentally-conscious practices. But keep in mind that making your business sustainable doesn’t just mean securing supply chains and future material resources. It also applies to people.
The rise in awareness of and importance placed on mental health has empowered the workforce, especially younger employees, to advocate for fair compensation, safe working conditions, healthy boundaries, and work-life balance. For example, new terms and practices have emerged, like “quiet quitting,” which pertains to doing only the absolute minimum in a role as mandated by their pay grade and work hours.
After improving your business practices to become more sustainable on all fronts, win the confidence and trust of your consumers by being transparent about these changes. Share how you’ve adopted ethical and ecological methods, which shows your values and principles as a business. This will entice customers to continue doing business with you, as they may feel it’s worthwhile giving their money to a company that is contributing to the greater good.
3. Authentic Content Creation
Based on the biggest social media networks and rising content formats — TikTok, Instagram Reels, and YouTube Shorts — it’s easy to see that video is king. When done right, video content is far more powerful than photo, audio, and text because it can be all these things combined. The possibilities with video are nearly endless. You can crunch a ton of information into a single video, weave different messages across a series to tell a cohesive brand story, or tailor your messaging to appeal to specific target markets.
But gone are the days of uber-polished TV commercials to impress potential customers. People are supporting brands that align with their values, relate to their experiences, or reflect their aspirations. You’ll find many TikToks from small businesses that share behind-the-scenes stories featuring their staff, or anecdotes about funny experiences with customers. These types of content don’t necessarily “sell” to customers, but help cultivate a certain image that makes them favorable in the eyes of the consumer.
So, in 2023, deep-dive into your brand’s identity and your target customers’ psyche to develop impactful video content that can effectively convert to sales. More than one-time customers, you might even win over some loyal patrons.
For more on this topic, check out our blog on how video content can help your business.
4. It Pays to Localize
Another key effect of the pandemic was the increase in support for local businesses. Customers were keen to give money to small businesses helmed by real neighbors instead of unknown corporate giants. It was also a way to help them keep their doors open, cultivate community relationships, and kickstart the local economy.
For fledgling businesses, consider starting with a hyper-local multimedia marketing strategy. Instead of trying to blast ads to everyone everywhere, focus on building awareness in your community. Many advertising platforms make it easy for you to narrow your targeting to a specific radius. But it may also be worth going back to basics. Set up posters in high-traffic areas, explore opportunities with direct mail, and partner with other local businesses.
5. Offer Personalized and Immersive Customer Experiences
Everyone loves to feel special, and that includes your customers! Many of the emerging technologies today, such as AR and VR, can be used to offer customers an engaging and personalized experience. For example, a furniture company may leverage AR to enable potential buyers to see how a piece might look in their space. AR is also currently being used by many fashion brands as a way for customers to “try” the clothes without physically going to the store.
On the other hand, for small businesses that may not have the budget for such ambitious offerings, there are many other ways to offer a personalized consumer journey. You might explore a bespoke selection, where customers can choose specific designs or add minor customizations to a product.
Ready to make 2023 the year your business breaks through to that next level? Contact True POS today to discuss how we can help you out, and get a free quote as a cherry on top!
