These global trends could impact your business in 2023 - Part One

Critical decisions could depend on these factors:

?According to the World Trade Organization (WTO), the global economy is expected to slow in 2023 due to higher energy prices, broad inflation, and the ongoing war in Ukraine. Although the WTO examines global factors, if they are correct, economic impacts will be felt at the local level. At the same time, companies who adapt and innovate during a downturn can use current data about consumer preferences to drive future success. That’s why in this blog post, Apis Creative is examining how small business owners can learn from the latest data— and thrive.

2023 represents an historic opportunity to build customer relationships:

According to a recent LinkedIn survey, one factor stands out against all others when it comes to building relationships with new customers: Sustainability. More than one third of those surveyed say that a company’s commitment to sustainability influences purchase decisions.

The numbers are even more compelling when it comes to building digital relationships. Companies who emphasize sustainability see eight times as many new followers as their competitors. Of course, the world’s largest companies staff entire departments dedicated to sustainability initiatives (and marketing), but small businesses can do plenty.

According to Yale University, “Every facet of modern society will have to make significant contributions to emission reduction – and soon – if the most serious and consequential effects of climate change are to be avoided.”

This includes small businesses, their employees, and customers. To improve sustainability for small businesses, Yale recommends first working with employees to get their buy-in. For example, employees could be rewarded for finding new ways to do their job effectively, while also reducing environmental impacts.

According to LinkedIn, the sustainability themes that benefit from the highest levels of customer engagement are initiatives to eliminate carbon emissions and recycle materials, with related topics like renewable energy and decarbonization also gaining traction.

For some small businesses, this suggests that switching from gasoline and diesel-powered vehicles to electric vehicles can have a significant impact on customer engagement and loyalty. However, Yale University cautions that this is only true when the electricity used by such vehicles comes from non-fossil fuel sources.

In West Virginia and Pennsylvania, for example, where most electricity is generated by fossil fuels, this switch would not be as impactful as it could be for other locations. Given how savvy consumers are about such issues, small businesses should look to make measurable impacts before making bold claims about carbon emission reductions due to electric vehicle usage.

However, other initiatives that reduce overall energy consumption, such as installing a more efficient manufacturing process, encouraging shared commutes, or adding a solar panel array to your business are likely to be positive difference makers that customers will appreciate.

One of the most obvious changes a business can make is switching to recyclable or biodegradable packaging. For example, a common complaint consumers had during the pandemic was that too many restaurants use Styrofoam and single-use plastic bags, utensils, etc. in their delivery and take-out meals.

LinkedIn’s survey says that consumers prefer eco-friendly materials like those made from mushrooms and recycled materials. This practice is by no means limited to restaurants. Manufacturers and retailers can also switch packaging or start a recycling initiative, while brick-and-mortar stores can reward customers who bring their own bags for shopping.

Engaging consumers in 2023:

In 2022, consumers backed off a bit from the online shopping surge of 2020-21, but not in their levels of social media engagement. This suggests that small businesses would do well to use social media to drive traffic to brick-and-mortar locations. You don’t need a giant budget to use hashtags and search engine optimization (SEO) to drive interest about your products on TikTok, Twitter, Instagram, Google, and other online channels, but you will need to develop a message that is on-brand.

Speaking of social media, Tik Tok, Pinterest, and Shopify also published trend reports for 2023. We’ll look at those reports in our next blog.

?Help is an email away:

Whatever your business plans for 2023, one thing is for sure. The traditional outlets for marketing small businesses (such as local TV and newspaper ads) are on the decline, while venues that deliver your message straight to a consumer’s phone are on the upswing.

If you find this transition daunting, you are not alone. Many business owners with great ideas are finding it more difficult to use the new channels available to them. That’s why Apis Creative offers a complimentary SWOT analysis to organizations that seek to improve their internal or external communication.

Our SWOT analysis evaluates the strength and weaknesses of your organization's current initiatives and illustrates what external opportunities and threats may have an impact on an its efforts, both positively and negatively. The outcomes will offer crucial data that will help you strategize a plan to effectively accomplish your goals, including a more profitable online presence.

To take advantage of this offer and improve your organization's communications, please reach out to Bethany Hornbeck, APIS CEO and President, at [email protected].

Don’t hesitate to contact us, because this offer expires on December 31, 2023.

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