WJR Business Beat: Recent Episodes
StartupNation
WJR Business Beat as heard on WJR 760 AM, hosted by Paul W. Smith and StartupNation's founder and CEO, Jeff Sloan.
If you're a small business in particular, you need to be aware of the increasingly challenging playing field when it comes to managing your cash. You need to be prepared to be paid late in a meaningful number of cases, and to do that, you need to make sure you have a sufficient cash-on-hand position to hedge against these increasingly late payments due in from customers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
According to a 2026 Patient Choice report from healthcare reputation management firm Rater Eight, and as reported by MediaPost, reliance on AI to choose a healthcare provider has more than doubled in the past year from 17% a year ago to 36% this year, completely upending traditional methods like search engine marketing and referrals from other doctors. The report found that 47% of respondents have used AI tools like ChatGPT, Claude, Perplexity, or Google's AI Overviews to research providers, up from 31% in Rater Eight's prior research done nine months earlier. And one surprising finding, more 45 to 60 year-olds, reported actively using AI to find their providers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
If you're looking to add an effective marketing tactic to your campaigns, try influencer or creator campaigns, and set aside budget to add in order to boost these campaigns once they're proving effective. It's a tactic that's seeing more and more of the marketing departments' budgets these days, and again, that's for good reason. They're working. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Kaylin Lohmaster, Director Analyst in Gartner's HR practice, said in a statement with the release of the study's results, "AI is ultimately going to reverse the course and result in more jobs gained than those lost by twenty twenty-eight." This does depend, however, on the need for organizations to rethink how employees gain expertise and grow within the organization, or companies will find themselves without ready talent for the jobs AI will help to create in the future. As companies continue to harness the capabilities of AI in the workplace, it will become increasingly important for HR leaders to take a more skill-centric approach. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
New data shows that there is a growing number of older adults that are actually staying in the workforce or reentering it, or even opting to start a business of their own in retirement in order to simply make ends meet. Roughly one in five Americans age 65 plus are employed or looking for work. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
In an era when trust seems to be more in doubt than ever before with the proliferation of AI and media sources which take positions rather than adhering to basic editorial standards and practices, who can we trust? Well, a new survey from TD Bank sheds some light on what sources Americans find to be most trustworthy for information we can count on, and here are some highlights from that survey. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Paul Krucke, president and CEO of Ann Arbor SPARK, had this to say about their big day. "The event is an opportunity to reflect on the partnerships, innovation, and leadership that continue to move our region forward," he said. "This year's honorees represent the very best of what makes the Ann Arbor region unique: visionary leadership, entrepreneurial success, industry innovation, and a deep commitment to building opportunity for others." Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Athletic apparel is a near-universal category in which Nike leads by a wide margin. They own a 22% mental market share, the broadest occasion footprint, in a new study conducted by Morning Consult. For reference, mental market share means a brand's mental availability, how often it comes to mind compared to competitors when consumers think of buying in a given category. The athletic apparel category is showing strong retail results for brands and retailers alike. One that aspiring entrepreneurs should take a close look at if they're thinking of starting or growing a business of their own. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Google has edged Apple out as the number one spot on this list now. Apple had occupied the number one spot for the last four years. This year, it's Google. The tech giant's brand value grew 57% over last year according to the data and analytics giant, which now values it at $1.48 trillion. The most powerful brands in the world according to Kantar Brands Report. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Mother's Day shoppers spent an average of $284.25 per person for a total spend of around $38 billion. Who did all that spending? While both men and women spent more this year, it's men who continue to be most likely to splurge. This year, men budgeted an average of $346 per person, compared to women's $225 per person. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What are you worth? Well, that can be answered of course, in a lot of different ways, but in the context of business specifically, when it comes to your value, the average value of a US citizen in the advertising world. You're worth this, according to a recent report that analyzes and estimates the annual advertising value that people generate for Google's ad platform, the average US consumer generates about $1,605 per year in advertising value. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As consumers, we need to have our guards up more than ever to protect against fraudulent activity. And now new data from the Federal Trade Commission shows that social media has become the leading channel for consumer fraud, with reported losses reaching 2.1 billion in 2025. The figure marks an eightfold increase since 2020, highlighting the growing role of digital platforms in large-scale scam operations. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
David Cohen, CEO at the International Advertising Bureau says this, the revenue growth reflects a market that has reoriented around performance channel. As expectations for measurable outcomes rise, investment is concentrating in areas that can directly correlate to spend when it comes to advertising and marketing. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
New data from a survey just released by True Caller, entitled The 2026 Phone Fraud and AI Threat Survey puts into perspective just how bothersome these calls are. First of the individuals polled, 75% say they've been targeted by a spam call or a text in the past 12 months. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Trying to find an angle in your marketing strategy, one that reaches your audience at an attractive cost per acquisition? One that will help you break out from the noise and get noticed. One that will stand out from the same old, same old approach to creating awareness and driving sales. While a creator marketing campaign is designed to do just that. E-marketer newsletter just featured a great story on how creator marketing is helping a brand break into public awareness. By using creators to make it happen last month, formula E, the Motor Sports Championship for electric vehicles, invited creators to test its cars and compete in a live knockout style race. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
LegalZoom Inc. America's number one online legal services company, has just released data from a new survey of business owners, which reveals that 33% of small business owners say compliance requirements have prevented them from pursuing new business opportunities.The most often missed opportunities according to business owners, include expanding into new areas, securing new partnerships or investment hiring, and launching new products or services. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The comprehensive program blends practical education, experiential learning, and personalized mentorship, providing a powerful foundation for veterans to launch and scale their own ventures. The program runs from June 10th through June 12th in Salt Lake City. You can go to patriotbootcamp.org to learn more and to register. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Roughly 65% of Americans have used an artificial intelligence search in the past six months. But only 15% trust it, according to a recent study conducted by Yelp. What's the issue? It's trust. Americans simply aren't trusting of AI yet to conduct the study. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Women owned businesses, those of which are owned, operated in control by one or more women with at least 51% ownership now represent 40.6% of all US businesses. In 2025, there were 15.7 million women owned businesses. Women owned businesses employed 12.6 million employees in 2025. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Data shows that moms rely far more on recommendations from other moms. Reviews and real life experiences than traditional advertising key friction points to address in order to win them. 69% of moms struggle with home organization these days. 56% struggle to find time for themselves, and 52% struggle with meal planning. Word of mouth is the single most powerful driver of purchase behavior among moms. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
This year's ranking shows six Michigan companies that made it on this list of recognition. The ranking evaluates companies largely on confidential employee surveys, measuring trust, job satisfaction, and workplace culture, and it is the feedback provided by these participating employees that determines the ultimate ranked order. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
New data from the rental car company, Hertz, shows that Americans are traveling differently this spring break. With more flexible timing and longer getaway windows as top priorities in 2026. The data shows that more travelers are taking to the roads this year to avoid congestion in America's busiest airports. Following the partial government shutdown, according to Hertz, travelers are skipping the single peak traveled period and instead taking vacations across both March and April, opening more opportunities for families and groups to travel and save. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
One of the most powerful assets an e-commerce platform can have these days is positive customer reviews to offer those who are considering a purchase on your site. The confidence it takes to close 'em is so powerful, in fact, that you simply can't compete as an e-commerce platform favorably today without offering third-party reviews as a guidepost and as a driver that moves potential purchases to sales. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Most Easter chocolates were produced when cocoa was extremely expensive. He goes on to say, so shoppers should expect prices similar to or slightly above Valentine's Day levels. Despite this, the National Retail Federation says, expect consumers to spend $3.5 billion on Easter candy alone this year. With shoppers dropping an expected total of $25 billion on the holiday overall surpassing previous spending records. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Where are all these boomers going, and what are they spending on? 50% of boomers head to beach vacations as their top destination. They also love the mountains, lakes, or countryside more than traveling to city destinations. They're slightly more inclined toward cruises, 24% compared to 17% of non boomers, and 12% of boomers prefer escorted or group tours compared to 8% of non boomers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
For small businesses, being able to generate organic traffic to one's business website is simply gold. The primary way this is achieved, of course, is through search traffic, but like everything else in business today. AI is changing the playing field significantly, and now 26% of companies received more than half their traffic from AI search in 2025, and 49% expect to reach that mark by late 2026, according to findings from a just-released study from Branch Metrics. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Business owners are simply forced to optimize for both traditional SEO and AI search, and this presents significant challenges to many of the businesses having to face this reality today. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
AI is helping us in business and in life these days in so many different ways. This is clearly only just the beginning, but at the same time, there is now data showing clearly how AI is displacing more and more skilled jobs. And now data shows that more than half of US residents believe advances in artificial intelligence will result in even further job loss, according to a survey released by Redfin.And of course, this reality will no doubt create seismic economic consequences. Including an impact on the housing market, given that fewer and fewer Americans are going to be able to afford a home, especially if they're out of work. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The power of podcasts just keeps rolling and growing. And now this medium is accessible online everywhere. It seems that many big tech platforms like YouTube, TikTok, Apple, even Netflix and Hulu are now spending to assemble original podcast content and to develop technology that can optimize and monetize their shows. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The NRF provided the following statement in association with their outlook for 2026. They say, while we continue to expect consumer strength at the macro level, we also anticipate that this will not be uniform across all income groups. As was the case in 2025, the consumer is likely to remain bifurcated. Higher income households, accounting for more of the growth and lower and middle income households. Nonetheless, it averages out to be better than expected news. So just when you think we're headed for another rough year economically, maybe not so fast, at least not according to the National Retail Federation. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Reddit is the most undervalued channel in the social media marketing mix these days. While there are a variety of emerging platforms like Reddit that you need to pay attention to, Meta remains the leader in new customer conversions. Phospho said that Meta's unmatched scale underpinned by consistent proven performance, sees Meta to maintain the top spot in most social media plans, a full funnel engine for acquiring new customers. Meta's reach across Facebook and Instagram enables brands to generate and capture demand within one platform. The report noted, so the bottom line, to stay contemporary with your social media marketing, give Reddit a shot. In the meantime, a must is to have effective presence on Facebook and Instagram. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Go to Michigan sbc.org to learn more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The way consumers want to be messaged by brands and retailers is changing. It used to be that email ruled all methods of communication, but now as technology changes the playing field and more consumers are on their mobile platforms primarily methods of engagement, our changing as well, that according to new data from the ninth Mobile Consumer Insights report from vibes.Which vibe surveyed over 1,144 US consumers with smartphones in November of 2025. Now, while it used to be that a vast majority of consumers wanted communication to be primarily by email, 41% say they're more likely to redeem digital wallet offers, for example, sent to them via text message rather than sent to them via email. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Harris Poll shows that 79% of Gen Z TikTok users miss the early days of the 6-year-old app prior to the influx of brand partnerships and the launch of the TikTok shop, the company's e-commerce initiative. 41% of these users feel nostalgic for a time when TikTok had fewer ads and brands, while 34% miss seeing relatable content and raw, unfiltered content in their feeds. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As consumers plan to increase spending in 2026, that according to December 2025, data from Civic Science. Retailers are putting a lot of focus into attending to all that increased consumer spending outlook. They're making investments in wellness driven products, brands, services, and in-store experiences. As reported by E-marketer, mass retailers are already the top destination for personal care and beauty purchases with 82% of US buyers having purchased these items there in the past 12 months. 47% of US adults say they prefer to shop in store for beauty and personal care products that according to research data. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Technology has long shaped how people order meals, but in 2026, loyalty programs are becoming a primary factor driving engagement. As customer discretionary spending tightens, competition is tense and loyalty is increasingly fragile in this industry. Findings from the Payments Intelligence report January 2026: How Restaurants Are Adapting to Digital Expectations. The Report documents an industry recalibration driven by leaner household budgets. Less frequent dining out and a customer base that now expects speed, personalization, and consistency as baseline requirements. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Digital overload is plaguing us all these days. Way too much is coming at us, and that is driving more people into a mode of simply wanting to unsubscribe. And when it comes to unsubscribing these days, it's email that is the type of subscription people want most to escape from jam packed email inboxes and a growing number of unread emails is plaguing us all. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
There's no questioning the value of AI when it comes to increasing efficiency and productivity in a variety of ways for your business. But there are also cautionary notes. One needs to take notice of, in particular, that some of that increased efficiency could cost you in consumer loyalty.That according to a new report just released from Deloitte. 44% of retail executives worldwide expect Gen AI to weaken brand loyalty by shifting consumer choice toward value and fit over brand recognition. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
For brands, culture is the strategy, language is the tactic. Those who lead with cultural intelligence, not just translation, earn more than attention they earn long-term loyalty and trust. iHeart Media Insights President Laney Vertex said, there is a significant opportunity for brands to deepen their connection with this audience, but only if they move beyond assumed shortcuts and transactional messages. For marketers, audio and collaboration with Latino influencers across broadcast radio and podcasts can serve as a key entry point of connection. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What can you do if you're preparing to bring a new product to market and want your sales and marketing teams to perform optimally? Here are a couple of tips offered by small businesses participating in this study that say that their teams are aligned. 54% said make sure you improve communication and collaboration frequency. 46% say standardizing tools and platforms across teams so that there's consistency and continuity. 39% say unifying data analytics and reporting systems is critical, and 32% say defining, ensuring goals and KPIs are simply critical so that your teams are aiming for the same targets. Startups simply can't afford to stumble outta the gate with a new product offering, so make sure you get that critically important alignment between sales and marketing when bringing a new product to market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Michael Goodman, director of Entertainment Research at Parks Associates said this in association with a release of the survey, consumers are no longer choosing between services, they're choosing between price points. Platforms that treat affordability as a retention strategy, not a discount tactic, are far better positioned to manage churn in this mature market. As competition increases, the market matures and consumers are now making choices primarily on best pricing options. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What leads to happiness with employment experiences? Well, the number one factor, according to the Howdy survey, 95% say that having work that matches the original job description makes them happy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As entrepreneurs, we all want success, of course, but success can be defined in a variety of ways that go beyond just financial success. Recognition and validation are always welcome along the way, and so being honored as a high-achieving startup is something we welcome to be sure. And when it comes to recognition, the Inc 5,000 list is one of those honors that not only feels good, more importantly, it's a point of validation that you are indeed on the right track with your startup. Ready to take your shot? Go to inc.com today. Applications close April 24th. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
New data cited in the Wall Street Journal shows the importance of being discovered specifically by AI search engines these days. That's right. Consumers are considered more valuable in the long term when they search and discover a brand through an AI engine. Why? Because the results are more personalized and, as a result, have been shown to boost the average order value by guiding shoppers toward higher value items that better match their requirements. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
This year's Valentine's Day spending will reach a record breaking $29.1 billion according to a January survey from the National Retail Federation. Shoppers are budgeting an average of $199.78 cents for gifts this year. That's up from $188.81 cents in 2025. Why? One reason is the expanded perspective on love in today's culture and how the holiday now celebrates a broader set of loved ones as compared to in the past when the focus was more limited. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The list highlights, purpose-driven startups and tech companies that create consistently positive employee experiences through strong leadership, thoughtful policies, and genuine care for people. The companies on the list provide workplaces where values show up in day-to-day decisions. Employees feel supported and included. And flexibility, wellbeing and growth are treated as essentials, not extras. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
A new study from Tabula makes it clear AI generated ads during the Super Bowl broadcast performed at the same level as those created by humans. AI generated ads in some cases were deemed even more effective than ads created by actual human designers according to the study which was done by researchers from Columbia and Harvard universities. How did AI compete so effectively? One key factor was that they did it by appearing more human, by including certain trust signals. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Brands are a lot like people nowadays, they all have personalities. We talk about them, and there's a variety of different factors that make brands appealing to different generations of consumers, and that level of appeal can change quickly. When it comes to brand momentum the more established your brand is and the more trusted that is, the more brand equity your brand has the less difficult it is to achieve positive brand momentum while the less likely it is to experience random negative momentum. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Threads is part of the Meta family of platforms, the app benefits from being constantly promoted across Facebook and Instagram, along with a strong focus on creators and a steady rollout of new features such as communities, direct messages, long form posts, and experimental tools like games. It's time to add threads to the list of social media platforms you simply must establish a presence on. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The biggest challenge in video production isn't in the production process itself it's in the creative process, the ideation. 63% site coming up with ideas as their top obstacle, and that's an area where AI tools are proving especially useful. AI is also helping marketers save time in editing and in finding relevant content. It's also being used heavily when it comes to writing scripts. Now, despite widespread adoption, marketers overwhelmingly agree on one thing. AI should assist, not replace, human creativity and nearly all emphasize the importance of maintaining creative control and brand integrity 90% say it's essential. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As tracking and retargeting become more complex, the opt-in stands out as one of the few moments when a brand can earn a direct relationship with permission. Signups are the first signal that someone is willing to engage, and what a brand does in that moment sets expectations for everything that comes next. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Consumers indicated that in most cases, influencer content serves as a trigger that sends shoppers into the research mode to do a deeper investigation. That leads to them getting on that purchase journey. Within that consumers check reviews, compare prices, and look for confirmation elsewhere before opening their wallets. It all starts with the influence made by an influencer. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What are we buying for Valentine's Day? Chocolate and candles are the most popular gifts, 59% of people say that's what they're buying. Followed by 36% focusing their spend on restaurants and bar experiences. 33% are buying gift cards. 31% are purchasing clothing and accessories. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The MCSB is launching Michigan's next big idea pitch competition, and they're looking for innovative, high-potential companies to take the stage at the MCSB summit for a shot at a $10,000 prize and statewide visibility. To apply, go to Michigancelebrates.org. You'll need to complete an application online and provide certain key business documents as the application process takes about 30 minutes to complete. Applications close February 27, 2026 Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What's the biggest driver of sales TikTok? It's price. Price is more important than influencer culture when it comes to driving sales in the TikTok shop, the data shows that over half of TikTok shoppers are primarily motivated by discounts. Now of those making purchases from the shop, two in five spent less than $50 and just 2% reported spending more than 500. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Local broadcasting supports approximately 2.46 million jobs nationwide about 909,000 jobs in radio alone. The study identified some $1.19 trillion in gross domestic product from local broadcasting, including approximately $437 billion from radio. In total, radio and TV stations directly employ approximately 310,000 Americans and generate around $54 billion in GDP through journalism, programming, engineering, and advertising, advertising on local TV and radio stations. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Email newsletters is just so effective, simple, and relatively low cost to execute, so the process is basically plug and play and email marketing and newsletter tools are also abundant. And the most powerful aspect of it is that customers opt in, they enter into a value exchange in which they are giving you permission to contact them. So you can do just that. They wanna hear from you because they are interested in what it is that you sell. One tip that enhances email usage across all types of usage.Well, that's personalization. Personalization is key. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
E-commerce purchases across all channels in the United States increased significantly in 2025, rising by 147% year over year. The top 5% of brands generated 54% of that total growth. Gains were concentrated among a relatively small group of higher-performing businesses rather than the increase being uniform across a broader set of brands, in which everyone in the space saw some meaningful level of increase. Why?Shoppers engaged with marketing less often, but bought more when they did. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As podcasts rapidly gain traction with global audiences, brands and platforms that embrace the medium's immersive shareable format stand to benefit from deeper engagement, stronger communities, and expanded monetization opportunities. The biggest change to the podcasting sector is the move from pure audio content to podcasts using the video format. Deloitte forecasts that an increasing share of popular podcasts will offer video, and consumers will gravitate toward platforms that support robust video experiences. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The Annual Freelancer Economic Impact Report was recently released by Fiverr International Limited, the company behind the popular Freelance Finder app, known as Fiverr. The report was based on data from millions of tax returns and non employer statistics compiled by the US Census Bureau. The report, estimates the size, growth and earnings of the independent professional workforce in various top markets in the US, which has an estimated 6.9 million independent professionals and nearly 4 million freelancers concentrated in the top 30 US cities, and that's an annual increase of 4.3%. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
National Federation of Independent Business Bureau reports that in December, a seasonally adjusted net 31% of small businesses reports raising compensation. That's up five points from November and a seasonally adjusted net 24% plan to raise compensation in the next three months even further, and that's unchanged from November. Moreover, the latest report from the NFIB also finds that US small companies continue to report more job openings. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
70% saying loyalty programs help manage their costs and the power of a good loyalty program goes even further as loyalty perks can inspire a shift in dining choices by consumers with 25% saying that they would switch to a less preferred restaurant for better loyalty perks with 50% comparing loyalty offers before deciding where to eat. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
85% say they saw clear speed improvements from AI in customer service. According to the survey, nearly one third said benefits from AI include 24 7 support availability, and 20% said AI support was faster than waiting for a human. Now while most of the feedback was positive, consumers also made clear though that they do not desire AI to replace human interactions such as support services. 54% of respondents say humans provided better customer service compared to just 11% who say AI provided better support. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
A UGC gaming report, examining brand presence on popular sandbox platform, Roblox, and other user generated content gaming platforms like Fortnite. The report highlights how 2025 was a banner year for brand engagement on Roblox. With now more than 210 brands present on the platform, according to Game FAMs Report, gen Z and Gen Alpha audiences spend more time on Roblox and Fortnite than they do on social media, including 39% more time on TikTok and YouTube. Toys, media and entertainment brands were particularly active on Fortnite and Roblox, comprising around half of brand activations in 2025, according to the report. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
November 2nd to December 12th, that according to data just released by Adobe and in the critical seven days following Cyber week, returns fell by a 10th of a percent. It's not clear exactly why returns are down. Some believe that consumer use of AI to guide much of their shopping this year has helped streamline the process and the purchase selections as well. Which means, of course, that items are kept more likely rather than returned. Other studies have shown that consumers are simply spending more carefully this year because they're concerned about the economy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
AAA is projecting that just over 8 million people will fly, while 110 million people will be driving. This year. Close to 5 million people will take other forms of travel, like buses or trains, during the holiday period. And of course, we know one traveler will be taking to the skies in his own unique form of travel. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
While Gen Z loves shopping at brick and mortar stores, they still demand shopping experiences that reflect their digital-first mindset, evenwhen shopping in a store that provides them with an effortless and convenient experience. And retailers that align with these expectations, we'll define the next era of commerce. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Brands need to understand their consumers and their different segments that exist within their diverse target audiences and ensurethat they are meeting them where they are with regard to their own individual economic conditions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The options for gift cards can be limitless, but most shoppers say they'll pick up a restaurant or bank issued, or even department store gift card as a primary choice. So look, if you haven't purchased a gift for that, hard to shop for someone on your list this season, go with a gift card. And if you're a retailer who wants to not miss any opportunity to make a sale. Make sure you offer gift cards in order to get a piece of one of the hottest selling gifts this season. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Marketers and media agencies continue to significantly overestimate audience shares to Pandora and Spotify, while massively underestimating AM/FMs. Audience Advertiser Perceptions August, 2025 study of more than 300 agencies and marketers found that AM/FMs perceived audience daily share was just 26% versus the actual 64%. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The power of influencers and creators today is now proven to be traditional advertising, messaging, and calls to action in driving sales. Particularly those from Gen Z shoppers. It's no surprise these days that social media platform shops are selling so effectively. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What's the key to increased sales in spite of all the challenges? It's AI, having a huge impact on consumer shopping. As reported by Reuters, the data shows that AI powered shopping tools help drive a surge in US online spending on Black Friday, in particular as shoppers bypass, crowded stores, and turn to chatbots to compare prices and secure discounts amid concerns about tariff driven price hikes. AI driven traffic to US retail sites soared 805% compared to last year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Demographics continue to shape platform preferences. Women are more likely than men to use Instagram, Facebook, and TikTok while men report higher usage of Reddit and X. Age differences are significant as well when it comes to defining platform preferences. Nearly half of adults ages 18 to 29 use TikTok daily compared with 5% of those 65 and older daily. YouTube use is also highest among youngest adults. While Facebook sees its strongest daily engagement across those ages 30 to 64. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
National Retail Federation reports that a record 202.9 million people shopped between Thanksgiving and Cyber Monday this year, easily topping last year's 197 million, and beating the national retail federation's forecast by about 16 million people. This keeps sales growth projections on track for a 3.7. To 4.2% increase over the 2024 numbers totaling overall spend at over $1 trillion for the first time ever. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What are the hottest sectors based on wage growth for young workers as we head into 2026? Healthcare jobs are the most in demand roles with rising pay for young workers. Glassdoor lead researcher Chris Martin, told CNBC make it another hot sector. Private education jobs. Overall healthcare, along with those private education jobs have propped up the economy for some time. They make up about 17% of the jobs nationally, but accounted for 56% of job growth between July, 2023. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Consumer Predictions for 2025 Holiday Shopping Season Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
While the actual overall savings on the Thanksgiving dinner might amount to just a few dollars, the reality is that the psychology behind knowing that you are buying this year's dinner for less is something that just really feels good, especially amidst all the other rising prices we're experiencing. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Chief Marketing Officer at Constant Contact noted that small businesses are under pressure to deliver positive marketing results, but feel they are doing more without getting more in return. They're working harder than ever, but without the time, expertise, or data to guide them, many are still guessing about what will resonate with their customers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Influencer marketing is a form of social media marketing involving endorsements and product placement from influencers, individuals, and organizations who have expert level of knowledge or social influence in their field. Influencers are those that can affect the buying habits of potential buyers by uploading some form of original content to social media platforms like Instagram, YouTube, or TikTok, for example. The use of influencers to drive important marketing outcomes will continue to grow in 2026 as 67% of marketers indicate that they're planning to boost their influencer budgets with brand awareness being the primary benefit and measure of success from those campaigns. Now, one of the most impactful factors underlying the success of influencer marketing is that consumers say that relatable content drives their purchasing behaviors. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
In order to be competitive in courting businesses to locate in the state of Michigan as opposed to other states, something critical to our state's economy. Of course, one of the major factors is how Michigan ranks versus the others with respect to how taxation impacts both residents personally as well as at the business level. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
One of the biggest industry sectors in the advertising business is the auto industry and new data provides insight into just what the auto industry is up to with their advertising spend these days. Where are they spending their ad dollars? What can we learn from the data? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Want to keep from getting replaced at your job by AI? Well, to do that, remember that AI can't replace creativity, and that may be the biggest differentiator when it comes to whether or not your job's really in jeopardy. No one knows that more acutely today than chief marketing officers CMOs, who are hoping to keep their jobs rather than lose them to AI. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Morning Consult is out with their annual report on the fastest growing brands 2025. DoorDash topped the list of fastest growing brands with a 6.39 percentage point increase in purchasing consideration from Q1 to Q3 of this year. In part by growing its consumer base among Gen X, baby boomers and middle income households. The delivery service ranked number one with men and consumers from households with annual incomes between $50,000 and $100,000, and while first overall, it was the second fastest growing brand with boomers and came in six with Gen X. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As consumers across the economy segments of the population are increasingly dealing with tighter financial conditions, and while that's certainly true for federal workers, for example, and people dependent on food assistance from the federal government, the reality is that it's also now likely increasingly true for middle income Americans as well, and that is certainly impacting how we feel as consumers these days. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Mascots are proving to have high value at little cost when it comes to establishing brand traction. How about all the insurance brands clearly benefiting from having a brand mascot like Liberty Mutual's, limu, imu, and Doug, which dominated in ad breakthrough messaging and branding in a market cast study. While All State, Mayhem, ranked first in likability and memorability, Progressives, Flo, excelled in message recall. While Geico's Gecko has maintained a 94% recognition rate and is a driving force in Geico becoming a leading US insurer. Research from Ipso shows that ads with brand characters perform six times better on brand recall than ads without double the attention of celebrity ambassadors. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Elizabeth Renter, senior Economist at Consumer Finance site, NerdWallet, has this to say about the survey's results and about how Americans are feeling these days. As consumers across the economy segments of the population are increasingly dealing with tighter financial conditions, and while that's certainly true for federal workers, for example, and people dependent on food assistance from the federal government, the reality is that it's also now likely increasingly true. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What is amazingly working for many brands these days? Getting a mascot. That's right, a mascot. Duolingo's Unhinged Owl has 16.8 million TikTok followers and turns language into a social phenomenon without spending a dollar on traditional advertising and it's not an unusual one-off outcome. Mascots are proving to have high value at little cost when it comes to establishing brand traction. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
If you're a retailer, make sure you're optimizing for discovery, not only for traditional search, and for AI search optimization as well. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Millennials and Gen Z shoppers are leading the way in using AI to support their shopping this holiday season with 44% of millennials and 42% of Gen Z respondents saying they are likely to use chatbots and other AI tools for holiday purchase inspiration That compared to 23% of the overall population. How are they using AI? 72% said they plan to use AI for gift discovery ideas, followed by price comparison, then receiving product recommendations, meal ideas, and even clothing suggestions for holiday events. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Marketers often idealize loyalty as a form of emotional devotion, but research shows it's driven by far more practical factors, like providing that level of convenience, product performance, and situational needs. Says Nick Chidiac, chief Strategy Officer at Razorfish. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Gen Xers appreciate product and services that enhance convenience. For example, 80% use self-checkout kiosks regularly, and two thirds rely on mobile apps and social platforms to discover and purchase products. Now we tend to view apps and social media as platforms, as those utilized by younger demographics, but as a result, this very powerful purchasing demo can easily be overlooked and beyond running ads on social media to push product discovery. 92% of Gen Xers use social media daily. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
A holy grail in business is to secure repeat business from loyal customers. And while nearly two thirds of marketers still believe that brand love motivates these repeat purchases, the reality is that more pragmatic considerations, like convenience for example, has a bigger impact on driving those repeat purchases. Marketers often idealize loyalty as a form of emotional devotion, but research shows it's driven by far more practical factors, like providing that level of convenience, product performance, and situational needs. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Consumers born between 1965 - 1980 generate the highest revenue per shopper across almost every category at just 19% of the US population. They drive 31% of all in-store and online spending. Gen Xers appreciate product and services that enhance convenience for example, 80% use self-checkout kiosks regularly, and 2/3 rely on mobile apps and social platforms to discover and purchase products. 92% of Gen Xers use social media daily. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The small business holiday Outlook study says this, 77% of small business owners are confident that they will meet their targets this year and that certainly welcome news given all the economic challenges both consumers and retailers are facing these days. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Report from Constant Contact: The small business holiday Outlook study says this, 77% of small business owners are confident that they will meet their targets this year and certainly welcome news given all the economic challenges both consumers and retailers are facing these days. The report cites that 60% of small business owners attribute half of their annual sales to this period, and a third of retailers feel the highest revenue pressure of the year during Q4. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Shoppers won't just be chasing discounts this year. They're making strategic financial decisions with respect to their purchases.Even though many Americans are facing higher living costs, credit card debt, and tighter budgets, they're choosing to lean into sales this year, in particular, black Friday and Cyber Monday, as the best time to make their money go further. What's driving the spend this year? Predictably, 68% say it's discounts as their main priority. Free shipping also influences 52% of shoppers. What will we be shopping for? 53% of us will be looking for clothing and accessories. 47% for tech and electronics, 33% for toys and games, 28% beauty and self-care, and 24% home decor. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Shoppers are expected to spend more during Black Friday and Cyber Monday this year, but based on the data, we'll be doing so in a more strategic way than last year. It's anticipated that the average person will spend around $340 on Black Friday, that's an increase of $90 year over year, and expected to spend $300 on Cyber Monday, approximately a $60 hike over the 2024 numbers. Overall, 40% of shoppers are expected to spend more this year than they did on Black Friday last year, and 32% expect to do the same on Cyber Monday. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Recently on the Business Beat, I offered commentary relating to the decay and confidence of the media and how that reality is such a negative for society in broad in various ways. Now, this week at the National Association of Broadcasters Annual Conference in New York, NAB CEO, Curtis Ligate said this, on the subject of AI and its potential impact to further decay, confidence in media in particular as it relates to local news programming. He said, "this data reflects a real and growing concern among Americans that AI could erode the integrity of journalism and undermine the trusted connection between broadcasters and the communities they serve". Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The next wave of retail disruption will be driven by the ever evolving habits of the mobile shopper. Today, mobile shoppers aren't just buying on the mobile platform. They're actually using the mobile platform more and more as a point of discovery, as window shoppers, if you will, virtual window shoppers at that. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
On-Message Inc, reveals widespread consumer anxiety about how AI is affecting news content. 76% are concerned AI stealing or reproducing journalism and local news stories. 51% say they are very concerned about this. 77% support and 59% strongly support Congress passing a law that would make it illegal for AI to steal or reproduce journalism and local news stories that are published online without permission or compensation. Only 26% trust information produced by AI. While 68% say it's not trustworthy at all, and 72% believe the federal government should place guardrails on AI to protect consumers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Half of consumers worldwide today used a smartphone in their most recent retail purchase. 48% of consumers use mobile smartphones as part of their most recent purchase journey, that whether to compare prices, check inventory, or make purchases. And given all this action that continues to mount on the mobile platform ranging across the purchase journey, your e-commerce initiatives are mobile optimized in order to be out in front of those mobile shopping consumers. Beyond that, you need to execute loyalty initiatives and promotional campaigns that are tailored to the growing demographic of those browsing and buying via mobile today. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
How to Support Small Business Saturday Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The Main Street America Organization is a proud supporter of Small Business Saturday. And they're teaming up with American Express to help you support small businesses on your main street. As a neighborhood champion, all Main Street America members are pre-qualified to serve as neighborhood champions on a first-come first serve basis. Applications will remain open through mid-November or until spots are filled. So be sure to apply@www.americanexpress.com Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
What is it? As explained by Performance Marketing Insider, Agentic Commerce uses artificial intelligence and conversations to predict, plan, and learn what customers want. It turns ChatGPT into a personalized shopping assistant that no doubt is the future President and CEO of Walmart. Doug McMillan views the shift to Agentic Commerce as a move that will eventually end the use of search bars for product discovery in its marketplace. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Gallup reports trust in media has sunk to an all time low. Only 28% of Americans in a recent Gallup poll say that they now have confidence in media, and that's forcing them to choose other sources than quality journalistic media sources.The trust rating is down from 31% last year and 40%, 5 years ago. 34% say they have no trust at all in the media these days, Gallup began measuring confidence in the media in the 1970s when the numbers vary between 68 and 72% confidence in media, the decline has been significant. Now Americans get their views from biased sources, sources, they choose. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
33% of men indicated increase of their online shopping activity this year, versus only 26% of women. Most of us would've guessed at the demographic driving the acceleration is women, especially because women do most of the household purchasing. However, the new insights from the Wonder Kind study make clear, at least when it comes to online shopping, not only are more men than women expanding their online shopping this year, a larger share of women actually are reducing their e-commerce spending this year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Forbes Research polled 1,075 C-suite executives at large global companies in August and September, uncovered new challenges that are less about figuring out the basics of AI and more about using it more strategically. Just over half of executives indicated that they're using AI across the enterprise to try to figure out where it fits best. While the remainder are using it for specific initiatives, the survey found, and this may indicate that companies are figuring out what AI can do best for them and concentrating its use in those certain specific areas as opposed to that broader enterprise approach. 56% are reporting an ROI of under 5% for their AI initiatives to date. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
As reported in Forbes, international travel to the US is significantly down in the first half of 2025. 1 million fewer people traveled to the US compared to the same period in 2024 a drop of about 3% year over year according to the International Trade Administration. By the end of this year, the US is on track to see 13 million fewer annual international visitors, and in 2025, the US share of global international travel will drop to around 4.2%, which is about half of where it was roughly 20 years ago. With respect to domestic US air travel, we're seeing a more positive trend as domestic travel is up 2% year over year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
A new study just released by the Motley Fool. A private financial and investing advice company indicates that Michigan is now the 10th ranked state for the highest legal gross sports betting revenues from both in-person and online gambling. The revenues total 1.9 billion here in the Great Lake State since online gambling was legalized in 2020. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Adobe predicts that US online shoppers will spend 9 billion over the two day period this year with discounts peaking at 17% off list prices. Adobe also is predicting a major role for Buy Now Pay Later during the event with these services driving a total of $723 million in sales, that's an 8.1% year over year increase mobile shopping, also kicking in to make the action go and go big. Mobile shopping is expected to account for 50.5% of the overall spend compared to desktop shopping, representing 4.55 billion, a 12.7% increase year over year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Desire to do more by big business with small businesses shows that companies currently only allocate an average of just 7% of total spend to small suppliers today. According to supplier.io, what prevents the giving are factors that encumber the intent. Such as internal hurdles and information gaps specifically noted as follows: Most organizations admit they lack the systems and intelligence to scale these partnerships leaving significant untapped value on the table. 96% of executives say they would source more from small suppliers if it were easier to find, vet and onboard them. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
BNPL has become more mainstream, Klarna Affirm and other top providers are now integrated into the checkout of some of the main e-commerce platforms, with recent surveys indicating 14 to 30% of US consumers have used the method to make purchases in 2023 through 2025. Number expected to grow substantially yet even more as we head into this holiday season. Highest usage is among millennials and Gen Z, though also popular with financially vulnerable individuals across all demographics. Popular product categories in which BNPL is utilized to make purchases, electronics, apparel, and furniture with a significant 25% of users now using BNPL for groceries. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Data shows almost three quarters, 72% to be exact claim to have used social media regularly in the past month.Video content in the form of streaming gets 69% of US consuming it while live TV gets about 63% of us. Listening to music from a streaming service such as Spotify is as common these days as listening to the radio. Each get around 58% of the audience consuming media in those categories. And last, reading digital newspapers gets 23% of us consuming that type of media and print magazines now just gets 15% of us. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
New MIT study reveals 95% of corporate led AI pilots are failing these days, potentially wasting billions in AI investments made by those companies. While only a rare 5% are said to be succeeding in the market. As reported in Forbes, the companies innovating new AI models and those using those innovations are largely failing to make it all work. Here are some insights and tips for entrepreneurs looking to make a move into the space. Number one, young founders are winning the startup race with companies based on AI technologies. Some of the biggest business success stories today are startups led by entrepreneurs just 19 or 20 years old. It seems this is because they are able to think in ways not impacted by legacy laden thinking traditional in the corporate environment. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Report presented by Quad as reported by e-marketer, underscores the case within the in-person shopping experience lies the opportunity for brands to lean into tactile, immersive experiences that drive better recall and deeper loyalty, ultimately higher ROI. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Data shows 13% of local ad buyers under the age of 35 say they plan to steer more ad dollars into radio this year that compares to ad buyers between 35 and 44 years old, among which 11% say they are looking to increase their radio spending as well. And ad buyers 45 and older are the least likely to be planning radio budget increases. With 7% of marketers in that age bracket expecting larger radio budgets. The younger the buyer, the more likely they are to spend more money on radio advertising. Now you'd think younger marketing people might be more inclined to favor nothing but social media, and while they do favor social media, indeed, data now shows that they're more interested in older counterparts as well, including broadcast tv, radio, cable, and direct mail. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
BrightEdge, CEO. Jim Yu makes an important distinction that AI search functions as a research channel, not a conversion channel. Growth and business impact are different. He points out, while AI search captures headlines with its explosive growth rates, BrightEdge data reveals that organic search remains the primary driver and deliver significantly stronger conversions. So what to do? Well, you suggest marketers should not abandon proven SEO strategies for any shiny new AI tools in the short term, and instead suggest taking a dual approach by optimizing for AI discovery and continuing to support fundamentals of organic search. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Deloitte expects holiday sales to grow 2.9% to 3.4% overall from November through early January, well below last year's 4.2%. Pace E-commerce sales, however, are seeing climbing 7 to 9% roughly in line with last year's 8% gain. Now Bain forecasts a 4% increase in the final two months of the year during holiday shopping season with non-store sales, which includes e-commerce and mail orders slowing to 7%after two years of 9 to 10% average growth, and PWC projects a 5% drop in average seasonal spending. The first meaningful decline since 2020. So what will it be? Time will tell, but one thing is for sure if you're in business and need to plan for the upcoming holiday season, it's anybody's guess how things are going to play out. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
7 in 10, 69% to be exact of all US consumers already live paycheck to paycheck. As of last month, the current economic clouds have prompted those struggling consumers to either begin taking on side work or increasing their frequency of already doing so. Higher earners have jumped on board as well. Surprisingly, three and four hustlers hold a full-time or part-time job that allows them to live comfortably, as they say, meeting the ability to pay all their bills. More than one in four consumers making more than a hundred thousand dollars a year started side work due to general economic conditions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Media Ocean report based on surveying 464 marketing professionals on key trends for the second half of this year found that 72% of those surveys cite generative AI as the most important consumer trend that they're focused on. Up from 63% in the previous edition of the report, and 55% in the prior report. The next most cited was connected TV, CTV and streaming, which was noted by around half of respondents as an important consumer trend to watch in the second half of this year. The report also notes that TikTok and social video was mentioned by only about one in three respondents in this edition of the survey making a significant drop from roughly half of respondents in the previous three editions. More marketers now view e-commerce everywhere as a more important consumer trend than social video. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Simply Business LLC, the leading digital insurance marketplace for small businesses just released the Power of One 2025 Solopreneur Report offering insights into America's one person business owners and their sentiments. Flexibility and autonomy remain key motivators, yet personal sacrifices are common. 42% say they've given up time with family and friends, and over one third, 34% have considered giving up on their business due to financial stress or emotional burnout. Nearly half have expressed a month or more without income, and the majority 69% have less than six months of savings or no safety net at all. 58% feel financially secure about their businesses and optimism runs high with the majority. 76% are confident their businesses will grow in the next year, and nearly 80% are optimistic about the future of their businesses. In fact, 72% list growing revenue or sales as their top goal. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
If you're someone who is passionate about helping small businesses thrive in your community, or if you're a business owner and you make a meaningful contribution to your local community, we've got an award opportunity that you need to check out. The Credibly Small Business Awards celebrates entrepreneurs who are making such an impact. Prestige of winning, of course, is always gratifying, but this award pays out $30,000 to the first place winner, $20,000 to second place, and $10,000 to third. Winners are selected from a random drawing on October 16th. This is in effect, a sweepstakes type contest. The odds of winning, of course, are based on how many entries credibly receives. Entries close on September 30th, 2025, and winners will be announced in October following the October 16 drawing Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
How the world does digital study researched 67,000 consumers across 11 countries were polled to find out if and specifically how consumers were engaging digitally. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
If you wanna reach and target the Gen Z demographic, focus on podcasting, especially at this time of year. New data shows that podcast consumption amongst Gen Zs during the back to school season increases significantly. Spotify has just released a report on how back to school routines impact the Gen Z users of its app. Showing that mornings become high attention listening windows for podcast and streaming music alike, its data shows that in the US Podcast streams jump 19% in the 7:00 AM hour and 18% in the 8:00 AM hour versus those time slots during the summer months. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
NRF data makes clear that online is the top shopping destination for K through 12 and college students as well. According to a recent report from Yahoo DSP, 40% of Back to School shoppers plan to shop more with online retailers in 2025. Now, online search is the top inspiration source for back to college shopping with over 50% of adults using it to guide their purchases. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
A new industry is growing as a result of consumer cutbacks and spending the sector that of secondhand retail platforms, in particular, apparel and fashion retail platforms like Poshmark, Depop, and others. They're growing today at a time when many businesses are being hit hard by various macroeconomic challenges. 58% of US consumers shopped for pre-owned items last year, and that number is growing. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
With respect to the cost of travel these days, while it seems all other costs are trending upward, travel costs are actually generally trending down. The August, 2025 travel inflation report from NerdWallet shows that for the fifth straight month in a row, travel costs in the United States have trended downward. All in all, according to the report average US travel costs are down 1% from where they were last year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Elizabeth Parks, President and Chief Marketing Officer of Parks Associates, says this about her findings: "As the streaming market matures, consolidation and aggregation are reshaping the competitive landscape as platforms are building creator-led studio and niche content into unified experiences to keep viewers engaged across all formats". Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The 2025 Global 500 report from brand finance, a brand valuation consultancy, happy to report that the world's top 500 most valuable brands are growing in value collectively across the board with values rising by 10% year over year. Interestingly, the world's foremost valuable brands are technology companies and American brands comprise more than half of the top 500 most valuable list. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Big city small businesses express confidence generally, while those in small towns, suburban or rural areas showed increasing concern about their future. These worries stem from factors like workers returning to offices, economic uncertainties, and challenges in securing finances.A bit of a mixed bag here. Small businesses holding their own for now and generally feeling good about current performance, certainly worried about the future, particularly those in rural areas. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Reported by Axios fast casual restaurants as they're known are establishments that are not full-blown dine-in experiences, but more of a hybrid between traditional fast food and sit down restaurants. Those like Chipotle and Wingstop, for example, are facing a significant slowdown in business as consumers, especially cash strapp Gen Zers grow weary of the economy and become even more price sensitive as a result. What's significant about this? Well, fast casual restaurants typically have more insulation from a downturn because they target higher income customers than traditional fast food. Rising unemployment and lower discretionary spending is forcing consumers into even more scrutiny over their spending these days. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
Midwest startups has come out with its ranking of the top cities in the Midwest. If you've got a startup, and we've got some highlights for you. Before we get to the rankings though, first, the criteria by which the cities were ranked 43 point half percent of the weight in this ranking was determined by a measure of each city's startup, community, activity and vibrancy, including factors such as the number of active startups. Growth in startup formation over the past few years and other related factors. Access to resources was about 39% of the weight. A measure of how supportive each city's ecosystem is, including the availability of resources that helped startups grow, and again, other related factors. Business climate, 17.5% was the weight of this factor. A measure of how conducive each city's economic environment is to attracting and scaling businesses. So how did they rank? Well, Detroit came in seventh in the Midwest. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The latest data from Payments, sheds more light on just how they are shopping and what they're shopping for, as well as highlighting what's most important to them when it comes to making their online buying decisions. First, as expected from the digital first-generation Genzer shop and buy on mobile more than any other generation, and what they're shopping for isinfluenced by influencers. More than any other source. Clicking is faster than going to a store. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.comfor information about our collection and use of personal data foradvertising.
The US toy industry has returned to growth in the first half of 2025, after a flat 2024. Even with a sales decline in 2023, sales are up 6% year over year in 25, and after three years of stagnation, the average selling price also climbed 3% year over year. Who's driving the growth? Well, believe it or not, it's adults.
New data from a study from Wonder Kind highlights the following: 53% of those surveyed said, US consumers are paying the financial costs for imported goods. This share was even higher for older people expressed by 67% of boomers and 61% of Gen X as well as women at 55% believe that consumers are the ones bearing most, if not all of the cost increases. Only 10% think retailers take on the cost, and 13% pointed to brands or manufacturers that bear this cost.
Detroit came in 7th in the Midwest based on the current rankings, Columbus, Ohio at 6th, Ann Arbor moves up from 7th to number 5 in this month's rating displacing both Detroit and Columbus, moving them down each a notch. Pittsburgh at number 4, Indianapolis at 3, Minneapolis at 2, and the number one city in the Midwest for startups as they've been ranked in 2025, Chicago.
As expected from the digital first generation Gen Z shop and buy on mobile more than any other generation, and what they're shopping for is influenced by influencers more than any other source. Gen Z is health conscious. Nearly 15% of Gen Z's monthly digital transactions are focused on their wellbeing.
While most small businesses reported increasing revenues in the past year, alongside fewer instances of contracting margins or staffing difficulties. This positive sentiment is countered by many [00:01:00] small business owners. In particular, those in those rural areas that worry about their longtime survival, threatened most of all by what they qualify as concerns over general macro poor economic conditions, which emerged as the overwhelming primary reasons cited by 46% of those rural, small businesses.
Fast casual restaurants typically have more insulation from a downturn because they target higher-income customers than traditional fast food. Rising unemployment and lower discretionary spending are forcing consumers into even more scrutiny over their spending these days and one area hit particularly hard is this category.
Most consumers believe that it's the consumers who are bearing most, if not all, of the increased costs created by tariffs. So what's the impact? Perception, whether real or not, can impact consumer sentiment, and we're seeing that in the marketplace today. This represents another challenge for retailers. One key recommendation is to focus on transparency when it comes to pricing today. Show how the cost of tariffs is being shared by both your business and consumers alike, as opposed to your customers having to foot all of the increased costs.
While marketing makes a good short term sacrificial lamb, targeting marketing might just cause more damage in the long term as marketing cuts can result in risks to product and brand visibility, as well as market share and customer loyalty. These are tough times for many small business to operate in today, try to find ways to make cuts more broadly across your business as opposed to what seems to be a focus on cutting from the marketing budget only.
Consumers will be prioritizing in the following categories: 45% will plan to spend on gifts for family, 35% specifically will spend on gifts for children, 31% plan to spend on holiday meals. Factors to influence purchasers during the upcoming season? 55% plan to utilize discounts and coupons or promotions, 43% will be focused on convenience, 35% say it's product reviews and ratings that's most important. To engage holiday shoppers this coming season, you need to be thinking about omnichannel shopping.
Inside Radio publication reports, despite economic headwinds and an evolving ad market radio remains a steadfast medium, continuing to reach more Americans daily than any other audio platform, emphasizing local market resilience and the growing importance of digital and off air revenue streams to the future of the radio business.
2025 was initially forecast to be a record breaking period for travel with the International Air Transport Association projecting 5.2 billion people would fly globally this year. That bullish prediction is likely to fall way short. The bottom line, the trouble brewing for the travel sector is consistent with other indicators that consumers are more economizing with a focus on value and purchases that are viewed as necessities, as opposed to luxuries.
Remote work is still a major trend when it comes to how we work here in the state of Michigan. In 2025, 48% of organizations report offering formal remote work options for all or part of their workforce. While this marks a decline from 66% reported in a similar 2023 survey on flexible work practices, it remains the most common long-term approach.
The battle between Tractor Supply Company and Amazon as Amazon expands its ambitions into the heartland w/ the announcement of its plans to upgrade delivery service into more rural communities. Amazon plans to invest more than $4 billion by 2026 to expand its delivery network into rural America. This is just another clear sign that the power of convenience and favorable pricing when it comes to winning consumer spending trumps all, tough day for any business competing when Amazon shows up in town.
One product category that is experiencing more demand than ever, but is suffering due to the impact of rising prices is wellness. Demand is high, but for many, making purchases for wants or needs is out of reach due to the higher and higher pricing they're having to face these days. Brands that democratize access without compromising quality and trust will unlock mainstream adoption and a lasting competitive advantage that comes from winning that customer as a result.
Where do Americans get their news these days? On social media platforms. We've been trending in that direction, but now it's official. Research outlined in the digital news report, 2025, conducted by the Reuters Institute, found that social media and video networks have become the main source of news in the US.
The days of trying things and experimenting and simply seeing what works best are at least temporarily on hold, as we must be, as sure as we can be with our marketing and sales campaigns and spend these days as we go after that highly coveted share of consumer spend.
What's driving this: price hikes and potential product shortages they may face later in the season. Some major retailers have already announced their plans to pass cost increases onto consumers, and that makes consumers get their shopping done now before prices increase even further. So if you're a retailer who depends, at least in part, on a successful back to school shopping season. It's not too early, as counterintuitive as it may seem to begin, thinking about displaying inventory, pushing promotions, and catering to the early back to school shopping cohort, already active in getting their back to school shopping done early this year.
While we know that AI technology can be transformative when deployed effectively, one major barrier to getting AI implemented is the pushback companies are getting from a meaningful percentage of their employee ranks getting buy-in through proper onboarding and training is a key facilitator.
Marketplaces and social commerce are providing consumers with convenience, variety, and competitive pricing, and as a result, they're trending up in terms of increased engagement over two thirds of global digital shoppers bought from a marketplace like Amazon or Walmart, for example, and at the front end of the purchase journey, 20% of global shoppers say they typically begin their search for a new product to buy on an online marketplace.
Father's Day Spend in 2025 Expected to Set Record: National Retail Federation reports 76% of Americans will spend during the holiday, focusing on bespoke and unique gifts.
Importance of Brand Purpose Today: Companies leading with purpose win and are preforming better today.
Tech Town Announces Launch of New Program - Live, Innovate, Play program. Workshops kick off this summer through Wayne State University.
A report from Deloitte, about 12% of Americans said they changed their vacation plans already for this summer because of concern over tariffs and what that's gonna do to further their financial challenges. According to a survey of more than 2000 travelers by market research firm, Future Partners, conducted in mid-April. Some of us are canceling vacation plans for this summer altogether. The share of Americans planning to take a vacation in the next six months slip below 40% for the first time since the pandemic, that according to the conference board the bottom line, travel destinations are bracing for changes in consumers spending patterns this summer
Surprising data point in GoDaddy's summary of the data: Only 9% of the 2100 business owners surveyed forecasted a sales decline for their business. Now to be sure entrepreneurs are a resilient and resourceful bunch with the ability to turn on a dime and adapt to the changing circumstances in which they're operating. For example, the report sites that entrepreneurs are changing their long-term goals to adapt to the current climate.
What's driving these trends? Largely, it's uncertainty. Uncertainty, driving concern over where we are headed and what the future holds for the average consumer, is having a real-world impact on the economy and won't resolve favorably until consumer sentiment improves.
The contest is intended to pick the most promising new brick and mortar business concept. The businesses competing in this competition are doing so to win a hundred thousand dollars from Comerica Bank to take their concept to reality and actually open a physical store in either Detroit, Hamtramck, or Highland Park. 10 small businesses are competing as semi-finalists and the public will vote on their favorite until May 23rd. Go to hatchdetroit.com to have your voice be a factor in this.
The total digital ad spend is estimated to grow 3.9% and about 4% annually through 2028. Digital media is expected to gain share at the expense of print, broadcast and cable media. Search display banner streaming and connected TV dominated the local digital budgets last year with BLL Associates estimating that combined sectors will hold 78% of digital and 57% of total local advertising within three years.
top import categories in which states will be most effective by the dynamic changes going on today in those industry sectors. So first, the second biggest category of imports to the US relate to computers and electronics. Those imports are the top related import in nine states.The top import in the country, cars [00:01:00] and auto equipment. That industry sector has the highest value import in 14 states.And this category includes fully finished cars as well as those partly assembled auto parts and even airline parts. And of course, Michigan leads the country and dollar value of auto-related imports at $108 billion. Given this reality, one, can't help but wonder and ask what will the significance of the Trump tariffs ultimately be here on the state of Michigan, since we depend so heavily on imports related to our top industry, time will tell, of course, new tariffs going into effect here in the month of May, and others threaten some being pulled back.
2025 rankings reveal a shift taking place across corporate America in which corporations are increasingly untethered from traditional urban economic hubs. Companies are migrating towards states offering a powerful trifecta that is a business-friendly environment, a skilled workforce, in a more affordable, higher quality of life.
If there's ever been a time to buy generic, it's now many consumers are turning to private label products, including Kirkland Signature to save money. Creating demand for items, better purchase now, rather than waiting when prices will be higher. And in other cases where consumers are already pulling back on certain purchases, one thing is for sure, consumers today are a lot more conservative with their spending moving away from significant purchases and non-essential purchases as well.
Where will small business advertisers turn should TikTok be banned? Well, it looks like Instagram reels followed by YouTube shorts are the two most popular alternatives to advertising on TikTok.
Spending on this year's Mother's Day hit $34.1 billion, total spending amount is up from last year's $33.5 billion. A deeper look into the spending reveals that, consistent with previous years, 84% of adults celebrated the holiday, and on average, it's estimated that those who did celebrate spent $259 on average on Mother's Day gifts and other things relating to celebrations. That's about $5 more than they spent in 2024. Where did all the spending take place? Online, where 36% of all shoppers did their buying.
The good news when it comes to AI, more than three in five consumers are comfortable or very comfortable with chatbots or AI support when contacting brands. Julie Geller, principal Research Director at Infotech Research Group, says "the key with AI and customer service applications is to design for customer outcomes rather than company convenience".
According to a new user testing survey released last month, more than 2/3 of consumers in the US, Australia, and the UK are willing to pay an average of 25% more for their purchases made from their favorite brands. The average person remains loyal to as many as six brands with the most loyalty being associated with grocery, food, clothing, footwear, phone, and electronics brands.
Addressing cash flow through instant collections can be one of the most transformative things a small business can do to operate more efficiently, as well as to be able to utilize and deploy cash on hand for growth. Digital wallets like Apple Pay and Google Pay online payment platforms like PayPal and Stripe, and platforms like Square and Shopify payments offer instant payment, and that means funds become available immediately or within at least a much shorter timeframe.
New data from the Brookings Institute of Washington DC based policy and governance research organization provides analysis by occupation specific exposure data supplied by OpenAI and compared it to each occupation share of local employment to calculate exposure statistics. Now, in general, the researchers found that the greater the education level or pay for an occupation, the greater its exposure to being at risk from generative AI tools.
Report by Voice Solutions Platform offers insight into how AI is impacting the production of advertising content, specifically audio content, in which it is becoming harder to know if it's human or if it's AI. The Voices Report known as the Ad Agency Trends report makes clear that while AI is having a significantly greater impact on the production of voice in advertising, 56% of respondents from ad agencies report indicating that they've used AI voice at some point in the creative process, it's the human voice that remains irreplaceable for final productions with a level of authenticity that provides stronger emotional resonance and relatability.
Many of us find purchase inspiration by going to our favorite social media platforms and one getting a huge boost is the travel industry. As social media has become a major driver of travel inspiration, especially when trying to reach Gen Z audiences. Proof that the seemingly authentic and personal nature of content published on social media is transforming how business is done and how our lives are forever changed as a result.
Influencer marketing continues to play a more powerful role in marketing as a way to promote and drive sales. But did you know this? A small study recently published in the Journal of Advertising Research indicates the most trusted influencers aren't the two-legged kind. Rather, consumers indicated in the study that the most influential influencers are pets.
Spring 2025 Outlook report: Fear is keeping American consumers focused on situations of concern. 42% of the database cited healthcare costs, erratic government leadership in the US government, and a recession, 37% rising fuel prices, 35%, cost of living, some 42.5% Even believe the US economy will never return to its normal consumer trends.
Study from Express Legal Funding conducted by SurveyMonkey called How People Use and Trust Chat GPT in 2025. The significance of this is the elevated trust and confidence that users are seeking from ChatGPT in the form of advice that users can be guided by and action taken on as opposed to just being informed of the individuals polled. 60% say they've already sought and followed advice provided on chat GPT and 70% feel the advice was helpful. 12% seek legal advice, 15% relationship advice, 20%. Career advice, 22%. Medical advice, 30%. Product recommendations, 33% financial advice and 50% are seeking educational advice and guidance.
Grant Thornton recently conducted a poll of CFOs in this country to find out what big businesses plan to spend on in 2025. Data is from the 226 US Finance Chiefs polled recently.
The banking industry interface between customer and bank continues to move more onto the mobile platform as new data shows a majority of US adults under 35 do their mobile banking, mainly by way of a mobile app associated with their bank. According to September, 2024, data from FICO, 60% of adults aged 18 to 24 and 62% of adults aged 25 to 34.
Sales data released from the American Pet Products Association, Americans are putting their pets first and not cutting back much at all. Big pet supply and pet food giants like Chewy and others had huge years in sales growth in 2024, and the new forecast suggests that the industry should expect continued growth with a 3.2% increase in spending w/ sales expected to rise to $157 billion in total sales in 2025, up from 152 billion in 2024. In spite of economic and financial concerns that are curtailing consumer spending 77% of respondents in the survey say the economy has not and will not affect their commitment to owning and caring for their pets.
2025 Digital media trends study just released by Deloitte; social video platforms offer a seemingly endless variety of free content algorithmically optimized for engagement in advertising, and it's working. The report states that it's resulting in social media platforms now drawing over half of all US spending.
While consumers are driven to go beyond loyalty these days as a result of supply chain issues, inflation, and price sensitivity over the last five years, other reasons for declining loyalty are due in large part to intense competition, as well as increased discounting.
US Census Bureau reports that the threats of tariffs, government shutdowns, and mass firings of government workers have sparked more economic uncertainties for Americans over the past month which has triggered a pullback in consumer spending w/ only a slight increase month over month in February over January.
Is marketing work becoming more marginalized and homogenized? Are we losing touch w/ what it means to be successful with our creative work? In an age when AI is even becoming a creative force in the creation of content in business today, it's important to foster the human element in all of this. One of the hallmarks of small businesses is that they tend to be more creative and more human when doing their work. And wouldn't it be shame if we lost that?
Monica Longoria, head of Marketing Insights at LG Ad Solutions, says this about the study's results. While secondary screens like mobile devices remain integral to shopping and the broader advertising ecosystem, it's clear consumers want more when it comes to TV, and emerging technologies are set to drive this next wave of innovation, eliminating friction and paving the way for a more seamless, intuitive, shoppable TV experience.
Inc 5000 ranks the fastest-growing companies by industry, metro area, revenue, and number of employees, and it also highlights women and minority-run companies. If you've got a fast-growing privately held business, one that can demonstrate dramatic growth over the last three years, you need to apply.The deadline to apply to the Inc 5000 at the preferred rate is next Friday, March 21st at 11:59 PM Pacific Time. Simply go to inc.com to get your application started now.
A study from the Kaplan Group makes clear just how popular having a side hustle is. According to the study, 5 it's pet sitting, 4 lawn care, 3 photography, 2 landscaping. And at number one, it's drop shipping. Notably, three of the top five landscaping, lawn care, and pet sitting fall under the category of home services highlighting the continued demand for businesses that enhance the home aesthetic and maintenance.
New data from the S&P Global Mobility Award, shows who's winning at brand loyalty today. General Motors and Tesla at the top, which were recognized as leaders in customer loyalty for 2024. Analysis of over 13.1 million new retail vehicle registrations in the US during the 2024 calendar year highlight the importance of brand loyalty determined when a household that owns a new vehicle returns to the market to acquire another vehicle of the same make model or manufacturer.
One of the biggest challenges for online companies and those who operate them is that much of the traffic on the web today is driven by bots, not humans. Bots now account for 80% of all web traffic. According to new data just released from Design Rush, meaning only 1 in 5 visitors to the web is human, and that is forcing businesses to rethink their marketing, analytics, and engagement strategies.
As our world becomes more driven in every way by AI, the trend is actually favorable despite current reticence. 38% of shoppers now like the idea of personalized product recommendations made by chatbots. 31% say AI helps them discover new products faster. Large scale adoption of AI purchasing requires a fundamental shift in consumer behavior, and that's just not happening currently and likely won't be anytime soon.
According to Google, its latest connectivity project known as Tara, iss intended to bring fast, affordable connectivity to the world using a new approach to wireless optical communications technology. It uses invisible beams of light to deliver high speed connectivity over long distances. Similar to the way traditional fiber uses light to carry data through cables in the ground, but this requires no cabling to transport the signal at all.
Food products that are trending hot in 2025 based on the new study released by the Specialty Food Association. The Group's Trend Spotter Panel has just completed an evaluation of thousands of new food products and novel flavors. Snacks for dinner have become a big thing in recent years, but this year's entries are more diverse, featuring vegan, high protein, functional, luxurious, and crunchy items. Wellness and quick healthy snacks will continue to inspire us all. Listen for full list.
A Harris poll, found consumers ranked shopping as the activity that gave them the most joy when spending time online with streaming content and interacting with social media ranking second and third respectively. When it comes to online shopping, the data makes clear that driving a more personalized and relevant experience for consumers is critical. Online shoppers are twice as likely to engage with relevant products, services, and marketing messages at the transaction moment of their purchase journey.
The digital advertising market in the United States closed 2024 on a big high note with ad spending across mobile, desktop, and over the top platforms reaching $34 billion in sales during the fourth quarter. Digital in every way from e-commerce sales to digital advertising continues to show strong growth
Forbes, America's Best large and mid-size employers is now out. Several notable Michigan companies made the list. Employees surveyed were asked if they recommend their employer to others and rate it based on a range of criteria, including salary, work environment, training programs, and opportunities to advance as well. Forbes said research has shown employees have remained relatively steadfast when asked what they care about most in an employer. www.forbes.com to see the full list.
Today more than 48 million Americans self-identify as black per Pew research. Representing 14.4% of the US population. As reported in TechCrunch, if funding share was in line with population, one would expect companies with a black founder or co-founder to attract more than 14.4% of all funding, given that startups commonly have more than one founder. Darren Dodson, founding partner and managing director at Lumen Capital, a venture fund operating on the basis that bias hinders optimal financial performance, says there's a lot of work to do on addressing issues of bias. The proportionately low funding totals demonstrate that investors appear to be passing on promising entrepreneurs due specifically to racial bias, and demographics support this.
Nearly half of workers in a cohort surveyed by Pew Research of workers who are currently working from home at least some of the time, say that if their employer no longer allowed them to work from home, they would be unlikely to stay at their current job. Now, this includes 26% of those who say they'd be very unlikely to stay a smaller share, 36% say they'd be likely to stick at their job even if they had to come in every day and 20% say they'd be very likely to do so.
Why local marketing and advertising? Local advertising works because of its relevancy. Local campaigns can capitalize on the immediacy of customer intent, leading to a higher conversion rate and more tangible results.
Wallet Hub released its annual ranking of the best states for starting a new business in the US. Wallet Hub's approach is based on comparing the 50 states across 3 key dimensions. One business environment. Two, access to resources critical to starting a business. And three, the costs of starting a new business. The top 5 states to start a new business in, according to Wallet Hub: Idaho, Texas, Utah, Georgia, Florida.
One of the greatest opportunities small businesses have is the opportunity to gain exposure for one's business through the power of the press. Producing and distributing a press release to journalists who cover your field of endeavor, and having them pick up your story and put it in print can be such a huge windfall for small businesses.
While CEOs battled their FOMO, that's fear of missing out, of course, their employees are experiencing a different side of the AI revolution. A phenomenon now coined FOBO, the fear of becoming obsolete, driven specifically by the fear that the speed of artificial intelligence development is outpacing the re-skilling of employees.
small and medium-sized enterprises are among the most trusted institutions in America, w/ 21% of respondents trusting them to tell the truth. Four times the trust level for big corporations. Shahar Silverat, Media Post, explains, Personal engagement defines the trust gap between small businesses and large corporations because small businesses generally operate w/ smaller footprints and more localized presences. They more directly understand their customer's values. People trust a company when the humans behind it are identifiable and relatable.
For AI to be successful, it's not enough for the CMO and CIO to communicate with one another, every member of both teams needs to be in sync on use cases and how they measure success. Structure your AI to fit your marketing goals. Clear data sets, KPI's & metrics are critical for marketing success w/ AI. And take responsible risks, experiment with your use of AI and creatively infuse AI into new areas or interactions w/ consumers.
Big news when it comes to online sales is heating up as big online marketplaces like Amazon and eBay are making moves to position themselves to be able to play more aggressively in this space by pairing with Hyundai and Carmel selling cars.
2025 Mobile Consumer Insights report from Vibes makes clear that consumers not only like text messages, they want more of them. 13% now want to receive text messages once a day. Try adding text messaging to your marketing mix as a channel to reach and engage your best customers.
OSHA reports approx 65% of US workers surveyed have characterized work as being a very significant or somewhat significant source of stress in their lives. Employers can identify someone struggling with stress at work first, it's important for employees to be heard. Show empathy and provide access to coping and resiliency resources, supportive networks, and services they can use to address their condition.
Reported in D Business, indicates that Michigan is the third most prolific state in the nation for startup business growth with 325,467 registered new businesses started in 2023. Compared to 298,855 in 2022, that represents an 8.9% increase in new businesses being started between '22 and '23 and puts Michigan at third best in the nation based on the number of new business startups.
Sally Lyons, Wyatt Global Executive Vice President and Chief Advisor, recent study says this, use of GLP-1 drugs are undoubtedly hurting grocery sales. Higher income households earning over $125,000 a year have reduced their grocery spending by 8.6%, and there's no doubt that as adoption of these drugs continues to grow, there's going to be a greater and greater impact on the grocery business.
Salesforce reports that holiday retail sales reached $282B in the US. That's up 4% year over year, and $1.2 trillion globally, a 3% rise from last year. Celia Schwartz, Salesforce, Director of Consumer Insights, said in a statement, retailers had a robust holiday season indeed, but issued a cautionary statement that is a 28% increase in returns compared to last year.
Consumers now check their phones 205 times a day. That's up from 144 times in 2023. According to new data just released by reviews.org. They just completed a study focused on cell phone usage statistics. This data makes clear, it's a powerful opportunity and a prime focus for small business owners as we start 2025.
2025 will include sharp increases in consumer mistrust of brands as people navigate the choppy waters of the higher prices they now confront. Consumers attribute constant and unpredictable price changes to gouging and brand opportunism.
Moms make over 70% of all household purchases. Mothers in the US spend over twice as much time on Facebook and Facebook Messenger than they do on TikTok, that according to September ComScore data, 93.3% of US mothers are on social media. Those of us who are in business and are focused on making sales better be focused on getting the attention of moms.
As reported by Axios Detroit, Michigan's outdoor recreation industry pumped $13.9B into the state's economy last year. In addition to the tourism activities associated w/ the state's recreational sector, it's the production, the warehousing, the shipping of outdoor recreation specific goods, the jobs in those businesses, for example, from the manufacturing of boats, outdoor apparel, and even fly lines for fly fishing.
While we scramble to make those last minute purchases, retailers will be ringing those cash registers as an estimated 157 million consumers plan to still shop on the last Saturday before Christmas according to the annual survey released this week by the National Retail Federation.
The Snowflake Startup Challenge, for early stage startups that are building innovative applications and products, is open. Powered by Snowflake's AI Data Cloud, the winner and finalists receive up to a million dollars in investments from Snowflake and mentorship from industry leaders at New York Stock Exchange. Deadline to apply is March 1st, 2025. Go to snowflake.com/challenge
AI is playing a major role this year as Salesforce reports that AI will influence as much as $200 billion in sales as retailers have increased their use of generative AI and chatbot agents, and that's a 23% week over week increase just since Cyber Monday.
Latest workforce trend known as revenge quitting, when workers who feel particularly burned out or frustrated may be more likely to quit w/ little regard to whether they leave on good terms w/ their employee or not. A recent report on workplace trends for 2025 by Glassdoor noted that a wave of revenge quitting is on the horizon. What's an employer to do? Take extra care to ensure a strong company culture in which employees feel appreciated, wanted, and heard.
Ryan Goff, Executive VP Chief Marketing Officer and Social Media Marketing Director at MGH said, content creators and businesses alike should take note of the opportunity the TikTok platform presents. The impact of compelling content and reviews have on purchasing decisions as we dive head first into the competitive holiday season. So if you're a merchant looking for a way to create awareness and drive direct sales, look to social media platforms like TikTok and others to do just that this holiday season
Adobe Analytics measured the impact of marketing investments this season. Consumers spent an overall $6.1 billion online on Thanksgiving Day, up 8.8% year over year. Mobile shopping hit highs on Thanksgiving Day, reaching 59.5% of all online sales, which represents $3.6 billion in online spending via mobile, up 10.5% year over year. The process of optimizing your site on mobile has never been easier as an endless array of tools and resources at your fingertips these days to do just that.
New data from E-marketer highlights the total return value to reach $931 billion this year. That's a 2% increase over 2023 and 81% of US digital shoppers review return policies before making a purchase with a merchant for the first time, and 73% agree that a poor returns experience impacts their decision to shop with a merchant in the future.
AAA announced 8 million people will travel 50 miles or more from their homes over the Thanksgiving travel period. AAA predicts that about 1.7 million more people are expected to travel for Thanksgiving than in 2023. 72M people plan to drive this Thanksgiving holiday while gas prices are comparatively lower to what they were in 2023. Air travel is expected to set records as well with about 5.84 million people flying domestically for the holiday. Up 11% over 2019. Cruises are getting in on the action with increases, nearly 2.3 million people have opted to take a cruise during the Thanksgiving holiday period.
66% of US plan to shop on Black Friday while projections indicate that consumers plan to spend an average of $650 per person this year, up 15% from last year. I. Most will be using creative financing to make many of their purchases. Brian McCarthy, principal of Deloitte Consulting says this about the Deloitte report. This year we have a shorter holiday shopping season w/ Thanksgiving coming late. That combined with a deal focused consumer, means we expect holiday shoppers to spend big during Black Friday through Cyber Monday promotions.
Entries must complete eligible courses or events before December 13th, 2024, and you must submit your application on or before December 13th, 2024. This year, the program will award over a hundred business grants as part of their goal to reach 1 million small businesses by 2030. To learn more and apply, go to digitalready.verizon wireless.com/grants. You can also learn more about the program at startupnation.com
Edison Research study reinforces radio not just as the leading ad supported audio platform, but as the undisputed champ of all audio in the US from Q4 2023 through Q3 2024, across demographics, young to old, including millennials and Gen Z.
Where can we get news and information we can count on being accurate and unbiased? Local newspapers and local TV stations. The most trusted news source in the country today, judged by a study from America's Newspapers conducted by Code of Ventures. Being transparent and unbiased in reporting, 61% say that's most important.
Survey by Bank of America's, Money Habits, financial education team shows more than half, 54% of Gen Zers age 18 to 27 receive financial assistance to make ends meet, 46% rely on their parents or family, 9% rely on assistance from the government. Gen Zers who receive financial assistance, use the money they get to help pay for groceries and toiletries, rent, utilities, phone plan, health insurance, payments, etc.
BNPL gaining popularity? Top reason, shoppers can better manage their finances. Parents surveyed indicate that they are using the option to make pricey purchases for their children by dividing the costs over time. 37% used it to take advantage of low or no interest rates associated with BMPL use.
eBay's research between July 7th and July 16th with a sample of 3000 holiday shoppers to learn more about what consumers like and dislike about the wash of ads this time of year, including estimates of how ads influence buying decisions. Key takeaway: 21% of consumers said holiday time advertisements help them find the best gifts, and the data shows that Gen Z and young millennials are even more likely to be influenced positively by advertising.
Gen Z, worth around $360B in buying power in the US, and $450B globally. You can find Gen Z buyers to influence them and ultimately make sales to them on YouTube, where approximately 90% of the Gen Z population checks in at least once per month. Next, favorite platform is Instagram.
Podcasts provide an incredibly unique experience because they are sought after by audiences rather than served to them. This means that every single touchpoint a listener has with a podcast is entirely intentional. Thinking of new ways to promote your business or product. Podcast advertising now commands serious consideration.
Murray Warnoff, director of Research at Ad Taxi, says, social media platforms are now the key for digital marketers looking to reach a variety of demographics regardless of gender, age, or income level. The frequency w/ which they participate and the time they spend doing so is increasing, and that helps influence the sale of products and services. People engaging on these platforms are now directly driving sales as 68% of adult consumers say they've purchased something directly through a social media platform.
Consumers will be tightening their shopping budgets, and given the desire to do greater due diligence before a purchase to ensure that they are getting the best price consumers are turning to new ways of finding and vetting items before they make their purchases. 88% of US consumers plan to make an effort to save money on their holiday shopping this year and 37% of those said they would compare prices online in at least three stores before making a purchase.
Buy Now Pay Later (BNPL) has been used by 11% of US digital buyers in 2024 according to an e-marketer survey. This year, it's forecasted that there will be 86.5 million BNPL users in the US, nearly a third of the total US population with total BNPL payment volume at 94.29 billion projected this year. That's a 21% increase over 2023.
The Ipsos Consumer Tracker survey reporting a slowdown in demand of Americans dining out, their report shows a third of Americans say they've cut back on dining out, including fast food, sit downs, and delivery since the start of the year. While 38% say the same even about lunch. The one bright spot Americans just aren't prepared to give up their coffee habit. 27% say they're willing to give up their coffee habit.
Lending Tree survey of nearly 2000 US Gen Z and millennials, more than half of young Americans have a side hustle. As a result of today's more challenging economy, 52% need the money earned from their side hustles to pay their primary bills. More than half of young Americans have a side hustle today that averages bringing in an additional $1,253 a month in supplemental income. Having a side hustle is becoming the norm.
Tech Talent Report 2024: 10 regions of North America w/ top tech talent: 10 Chicago, 9 Montreal, 8 Boston, 7 Seattle, 6 Dallas, 5 Los Angeles, 4 Wash DC, 3 Toronto, 2 New York City, and 1 SF Bay Area. To compete in a world that is driven by the introduction of new technologies to address everyday problems and drive new opportunities, you simply have to have access to top tech talent.
Things you need to know to offer supreme customer service according to what customers want: 61% say they need to feel that they can trust the information you provide, 46% want an efficient experience when interacting with your company, 44% are focused on convenience, and 33% want to be treated with empathy according to 2025 Consumer Trends
The Square Future of Commerce reports a growing number, 54% of Gen Z young people want to grow up and become an entrepreneur. High school students surveyed in this report indicated that despite all the challenges, they aspire to become their own boss one day because as they say, it gives them more flexibility, independence, and opportunities to be creative in ways that more traditional nine-to-five jobs can't offer.
Attracting and engaging current and prospective customers, communication is key. 69% of consumers worldwide say email is their preferred communication channel when it comes to receiving messaging from brands, according to a June 2024 survey from Amarus. Consumers are more likely to join your list if they're offered some sort of incentive to do so, such as free shipping or loyalty points in exchange for signing up according to Wonder Kind.
The National Association for Business Resources, a service organization providing knowledge sources to business owners and honoring business excellence to foster a robust community of elite thinkers while delivering a diverse array of tools and resources to executive leadership nationwide. This is your chance to get your company leadership recognized by this prestigious award opportunity, and that isn't just for bragging rights. Awards like this can be used to showcase leadership and credibility which can lead to more trust. That leads to more sales. Go to nationalbusiness.org for more.
National Retail Federation: this early season shopping is happening because Halloween preparations is part of an entire season synonymous with all things Autumn and retailers are delivering. 72% of consumers are planning to celebrate Halloween this year, and they're planning to spend an average of $103 and 63 cents per person. That means total spending is projected to reach over $11.6 billion.
A new survey from Consumer World makes clear that consumers don't love dealing w/ or purchasing products behind locked displays. The loss associated w/ consumers foregoing buying products in lock displays costs merchants more than shoplifting does. Less than 1 in 3 shoppers, get a store employee to unlock the case. Consumers don't want to deal w/ the inconvenience of finding a store attendant to unlock the case, and they'd rather buy elsewhere instead.
What are small businesses doing to compete these days? They're ready to focus on offering discounts, sales, and various other promotions during this upcoming holiday season, and that results in slimmer margins and less profits. That is, even if you're able to make those sales and this all the while, having to fight harder and spend more to just make a buck.
With Amazon now leading the way to end its hybrid work policy. I believe we will now begin to see a real move in business to generally require a return to the traditional model of having our teams physically present.
TikTok has approximately 170 million active users on its platform. More than 7 million small businesses use TikTok in the US and generates $14.7 billion for small businesses. TikTok supported 224,000 US jobs and contribute around $8.5 billion to the US GDP.
Convenience stores are having a moment as business is booming for that category. A category once known as a place to simply grab a soda or a snack, now starting to play a more prominent role in the retail landscape. As brands start to offer more products, services, and dining options, we expect that number to grow and this category to see continued growth.
Brand loyalty can be a holy grail asset for businesses since it so critically leads to capturing attention. That leads to engagement, which of course, tees your business up for potential sales to a customer for which you did not need to pay again to acquire.
YouTube has now surpassed 10% of the total TV content usage in a given month, July 2024, making YouTube the top provider for all TV viewing. Businesses need to be online these days and be thinking about ways to have a presence on YouTube and other streaming providers as they continue to capture viewership, particularly among younger generations.
Pitch MI is open to series A and series B companies with 51% of their employees residing in the state of MI. Solutions need to be demonstrated w/ working prototypes. Public competition ideas should provide solutions that transform the way Michiganders get around, safely, affordably, & efficiently. Applications due by Monday, Sept 16th. To learn more and to apply, go to growingmichigan.org/opportunities
What consumers want when it comes to advertising: 50% of consumers indicate that humor is what they like most about advertising, especially when it comes to consuming ads on television, entertainment apps, or social media platforms. How-to information came in at 40%, Music at 37%, Authenticity 34%, and the business's story is what 33% of consumers indicated they want to hear.
Resumetemplates.com surveyed business leaders to understand how AI has influenced and will influence layoffs. 3 in 10 companies have already replaced workers w/ AI and 38% of companies that use AI in 2025 will replace workers w/ the technology. Also, 7 in 10 business leaders believe employees w/ AI skills have more job security, and two-thirds of business leaders expect workers using AI to be more productive.
Data indicates that consumers are flirting with a return to flat or even negative spending, and that means tougher days ahead for e-commerce. This data is concerning, but before overreacting and taking actions based on the latest data that could create long-term negative consequences for your business, e-commerce isn't going away.
What are CMOs most concerned about and challenged by these days? The Densu Creatives 2024 CMO report provides key insights, 85% of CMOs consider increasing competition and market saturation to be challenges, while 83% site growth in an economic slowdown as being a major challenge.
Consumers begin to feel messaging fatigue as the holiday season wears on. Email is the preferred channel for many shoppers who want to receive messaging from retailers and brands, 23% want fewer messages, 67% expect to suffer marketing fatigue by November. Consumers love promotions and deals, and this year, more than ever, they're going to be very receptive to receiving messaging that provides deal-oriented content.
The power of offering consumers a better experience is a major focus that small businesses everywhere need to focus on. From the greeting, when your customers walk into your business to the customer service you offer on the back end of a sale, experience matters more than ever to consumers today, and it offers businesses a key way to outcompete the competition.
If you're in the market to sell to back-to-school shopping parents this year it's going to be more about offering the best price than it is about leaning on loyalty to engage your customers. A survey conducted by Deloitte found that 67% said they planned to buy from a different brand if their preferred brand was more expensive.
If you want to reach folks shopping when they're out and about, it's radio, the dominant platform to reach the American consumer. The breakdown of a typical hour of audio use makes an even stronger case for adding AM/FM radio, which accounts for 41 minutes of listening overall and 52 minutes when in the car.
Rocket Mortgage has been honored by JD Power as the top company in mortgage servicing, achieving the top spot in customer satisfaction feedback in every category in mortgage servicing. If you're a business owner like I am, we can all take a page out of Rocket's book to learn the importance of maintaining a constant focus on providing the highest level of customer service, leading to high recognition in customer satisfaction, and that leads to more customer business.
4 in 10 Americans define wealth in terms of well-being, while only 3 in 10 describe in terms of money. If you feel you didn't quite make the grade to be considered wealthy in America today, start a side hustle. Starting a business of your own to bring in extra income is one of the best ways to level up when it comes to bringing in some extra dough and even to be considered wealthy in America today.
As brands seek to drive incremental sales, building loyal long-term customer relationships w/ younger buyers as a strategy that enables continued growth. Advertising on social or entertainment platforms is an effective way to connect w/ and engage Gen Z buyers and create lasting value for the brand. It's influencer marketing that does the best to achieve all of that.
Survey of 1000 small merchants by shipping company DHL US: small businesses are feeling bullish on their opportunity to generate sales by focusing on e-commerce. 65% of respondents anticipate that their E-commerce sales will increase in 2024, over 2023. You simply can't be in business these days without some sort of online presence, specifically an e-commerce one.
Just under half of 2000 US workers stated the top perk to get them back into the office is free beverages. Of the beverages employees are seeking, hot coffee was named the most popular drink of the working day at 66%, followed by iced coffee,47% and water 45%.
While podcasting and audio formats like radio have always been great ways to reach audiences, the trend is for an improving opportunity, given that commuting and the time we spend in our cars is trending up.
The mission of the Urban Entrepreneurship Initiative is to empower urban entrepreneurs to provide sustainable, scalable, business-oriented solutions that address the needs of urban communities. Not only by supporting entrepreneurs engaged in startup ventures but also to entrepreneurial-minded professionals who work in established businesses, community service and government as well. Check out the programs at urbanei.org to learn more
Deloitte indicates that nearly 3 and 4 corporate travel managers expect their company's business trip spending to grow this year. As is trip frequency w/ 20% of business travelers expected to take 6 to 10 trips this year compared to 15% in 2023. Conferences and trade shows are the big draw w/ more than 6 and 10 business travelers planning to attend at least one this year.
As the retail landscape evolves, businesses must turn their strategies toward omni-channel integration and technological innovation while adapting to shifting consumer demands to maintain a competitive edge in the crowded e-commerce field.
Amazon Prime Sales 2024 are projected to pull in a historic high of $15 billion in US sales day one is likely to generate 7.1 billion in online sales according to Adobe, and is expected to be the biggest day for mobile shopping in all of 2024.
New study from Deloitte study makes clear back to school spending this year is expected to be flat or lower in the US. Parents who are doing the shopping and spending this year will be looking for discounts to trigger their spending, on items like sneakers, computers, clothing, and backpacks.
Analyses have showed that slow page load times drive customers away. Online shopping is great both for the customer and the retailer, but only when the purchase journey for the consumer is crisp, clear, fast, and to the point. If you're going to compete favorably online. Better pay attention to what consumers are demanding today with their experience.
This opportunity offers a way for small businesses to break out and get noticed by potential customers, potential strategic partners, investors, and the press. It's big breaks like these that can be transformative. There is a cost to apply to learn more and to get your application in, go to fastcompany.com
The U of M Economic Growth Institute in collaboration w/ the American Camp Association issued a new report: The US youth camp industry contributes $70B to the national economy and employs more than 986,428 workers, resulting in $23B in labor income and positively impacts the state of Michigan's economy.
Learning basic AI skills such as prompt engineering, machine learning, or data literacy is the best insurance to shortcut your competitiveness against people who might have more experience with AI. It's not just programmers and engineers experimenting with these tools.
What were the hottest issues discussed by small business owners to lawmakers during the event? The Corporate Transparency Act. A big movement by small business owners to get that repealed and the Main Street Tax Certainty Act, would stop the massive tax hike on small businesses. To learn more NFIB.com
Favorable performance of podcast advertising: marketers are increasing their investments in podcast advertising, of course, and perhaps you should be too. For every dollar spent, marketers saw 4.2 times the lift in sales. Podcast advertising is 34% more effective in driving brand awareness compared to other media types.
June is National Safety Month and the National Safety Council offers many valuable programs ranging from roadway safety information and courses to how to prevent simple slips, trips, and falls at work. Sign up to source critical information on how to make your place of work safer, go to nsc.org
Data from the National Restaurant Association shows America's restaurant's, fine dining to fast food, are doing fine, despite all the belt-tightening in other sectors of the economy. Revenues from dining out this year are expected to total over $1.1 trillion, setting a new record. Paying for quality experiences is something that American consumers are not slowing they're spending on.
Why is Michigan doing so well in this business sector? Legal cannabis is comparatively cheap in MI, in contrast to how expensive it is in California. Michigan has taken a strong stand against illegal sales, and states surrounding MI do not currently have legal, recreational cannabis sales environments. Lastly, MI has one of the lowest cannabis tax rates in the country.
As consumers curb their spending, what do retailers need to know? For a positive bottom line bring back the sales, promotions, coupons, and all the rest as we get prepared to fight harder for every sale and give up more of that sale as consumers tighten their belts.
GWI Consumer Insights Platform says 36% of consumers still use search engines to find brands and products. However, Gen Zers (ages 16 to 26) are less likely than the average consumer to rely on manual search engines. 31% of Gen Zs say they rely most on AI platforms and chatbots to find information on the internet. 52% of US internet users ages 16 plus last year said they use retail e-commerce sites to find brands and products of interest.
US Small Business Administration plans to unveil new government backed credit lines of up to $5 million for small businesses. This new lending product is aimed to increase access to simpler working capital lines to increase sales, support operations, and grow their businesses. Business owners interested in learning more and/or applying for the program should go to the SBA website at sba.gov
Cox Business commissioned a blind survey of 502 US based small business owners and asked them, how do you feel about AI in the workplace? The data clearly shows small and medium sized businesses are actually embracing AI, leveraging AI to boost productivity and enhance the customer experience.
US online retail spending posted a strong year in 2023 up nearly 20%. One of the fastest rising with $266 billion in total spend is online grocery purchases making up 20% of all online spending. Next biggest online spending, apparel and accessories at $204B in total spend. Together groceries and apparel account for roughly 36% of all digital commerce spending.
National Retail Federation report: In 2024, people plan to spend around $6.1 That means people are buying graduation gifts this year at a pace of $117 each. 52% plan to gift in cash, 33% on prepaid gift cards, 15% on apparel items, and 13% on electronics.
SBAM's entrepreneurship scorecard is a comprehensive assessment of how Michigan's entrepreneurial economy is performing: Michigan continues to rank in the top 10 for R and D and high-tech work. Jobs and sole proprietors have become more prevalent and job growth in the smaller employee categories has increased faster than the category of larger businesses.
The Small Business Association of Michigan annual meeting is scheduled for June 13th at the Lansing Center in Lansing. Be there if you're a small business owner in the state of MI. The event designed to help small business owners maximize their time, obtain valuable resources, and new information they can put to work to help them make their businesses successful.
Women are the fastest growing segments of new small business owners, but they often lack access to funding and resources, a new grant program by H & R Block, known as the Fund Her Future Grant program is available. Deadline is May 26th. Learn more at blockadvisors.com
If you're looking for that extra edge in attracting and retaining customers and engaging them into action to buy from you, understand that brand alignment is centrally important to consumers. Survey from Ipsos shows 7 in 10 US adults, either strongly or somewhat agree, that they tend to buy from brands that reflect their personal values.
The financial site Wealth of Geeks using data from Airbnb in the US Bureau of Labor Statistics compared average weekly salary data to the average cost per night of a short-term Airbnb rental and found the top 10 cities where renting out an Airbnb could earn a host the most, and in some cases, more than even half the salary they would make in a week.
Study from Pod Chaser, CEO's and senior executives are dedicated to the content of business, tech, and news that they consume on podcasts, which makes them beneficial to advertisers looking to connect w/ this audience. If you're looking for a way to reach CEOs, podcast advertising might be one of the better ways.
Establish clear expectations and key performance metrics and tightly control the brand messaging you want the micro-influencer to extend when pitching your company or product. If you're a small business owner looking for a fresh way to generate interest and engagement in whatever it is that you sell, give micro-influencer campaigns a try.
Shalina Taka, Executive Director of PMG says, concerning the study's findings, it's 2024, but there is still a sense of lost time. People are making up for adventures that they postponed & people they haven't seen. The study makes clear, loyalty programs remain very important, especially when it comes to younger travelers w/ 58% of Gen Z consumers reporting.
The initiative is part of Amazon's commitment to help small business owners during its annual small business month. As part of the grant program, Amazon will award one grand prize and 10 semi-finalist prizes, totaling more than $250,000. Small businesses that currently use Amazon Business and make a million or less in annual sales are eligible to apply. The deadline for applications is May 24th. Go to amazon.com/smallbusinessgrant
Cast your vote to determine this year's winner. The final four: Amara Beauty Products, a certified woman & minority-owned business, specializing in natural or organic body scrubs. Harry Rich Clothier creates custom garments for individuals using fashion as a tool to inspire, liberate, & educate people to think beyond the status quo. Kana is a Pakistani-inspired food popup. Roller Skate Detroit provides the Detroit area w/ an entertainment facility focused on healthy fun. The winner announced on May 9th. To cast your vote, go to hatchdetroit.com
Brian Calley, President and CEO of the Small Business Association of MI, "I think it has the potential to be more significant than any of the recent advancements. Artificial Intelligence has the potential to affect nearly everything but in much more profound ways. It's the idea of handling very complex decision-making, considering huge data sets, and that really does have the potential to impact every single industry and nearly every job. So it's important that we ensure that people don't get left behind."
If you're a retailer and you rely heavily on sales for Mother's Day, switch, your focus from marketing to dads to actually marketing to moms. What's the overarching lesson here? As a retailer, you must know your buyer if you're going to be in business.
The social entrepreneurship competition in tourism is the first of its kind worldwide competition, application period is open until June 30th. To apply, go to social tourism competition.com
Merchant Maverick Opportunity Grant Program. Awards will be made to 5 young entrepreneurs who receive $2,000 plus free mentorship and business coaching advice from Merchant Maverick's CEO applications are open now through May 31st. To learn more and apply on behalf of your young entrepreneur, go to merchantmaverick.com
Research from Acoustic conducted by Forrester highlights marketer's focus when it comes to data. They're focused on channel engagement data, web and mobile data, customer data, and real-time experience data. If you want to be in business today, you must put data to work in your strategy development.
Starting a business part-time to ease your way into business ownership is a great way to keep income coming in by way of your full-time job while pursuing your business ambitions during off hours and weekends. This gives you a chance to validate your business opportunity before jumping in at full degree of risk.
Google is top overall for searches today, hot on Google's heels, arer TikTok and YouTube. As Gen Z and younger generations grow to become a major focus of businesses you need to know where they're going to be searching in order to make sure you pop up in front of them.
A new study, Generative AI in Journalism, of the news practitioners polled 57% indicate they are at least proficient at some level in using Gen AI. 74% say their organization has used or is currently using gen ai in some form. 22% of newsrooms say they use it for content production, translation, and working with data.
Whether you're a mall owner, operator, or a small shop on main street, to compete against the efficiency and convenience of shopping online, focus on creating experiences that delight, wow, and attract and retain shoppers.
Just five years ago, less than 5% of employees had the option to work remotely on a regular basis. Today, 58% of people now have that option at least some of the time. While a majority of employers have embraced that change of where and when people work, they have not yet adopted the best practices they need to make it work optimally.
Workers hired since the pandemic work an average of 35 miles from their employer. That compared with 16 miles as the average among workers who were hired before the pandemic, and those now living more than 50 miles from their employer, rose from 0.8% in 2019 to 5.5% by the end of 2023. Businesses are going to have to be more flexible and more open-minded when it comes to searching for new talent by being willing to hire those living further and further away from the business.
Research conducted by Brand Finance has just released its annual ranking of the 500 most valuable brands globally. The factor having the biggest impact on brand value studied this past year was how companies used AI and how it impacted brand value.
Retail sales data indicates a possible slowing in consumer spending. Contributing to this is rising US credit card debt. Not only the reality of interest rates, consumers must now pay on their unpaid balances, but many consumers have tapped out their available credit. That is indeed likely impacting consumer spending.
Small business owners have embraced the empowering capabilities of the TikTok platform. TikTok presents a unique opportunity to level the playing field organically for these businesses. While there may be other meritorious reasons for banning TikTok, losing TikTok might mean losing much of the community who desires to start and grow a successful small business.
Consumers will be both wearing and spending plenty of green this year, 162 million Americans are planning to celebrate St. Patty's Day. Research conducted and published by the National Retail Federation projects that consumers will spend a record $7.2 billion this year. That's an average of $44.40 cents per person.
Report highlights the growing opportunity for advertisers in women's sports programming. Live sports have consistently been the TV programming that's been most successful at driving consumer engagement with brands that advertise during them, generating key outcomes like online searches that are proven predictors of future sales.
National Federation of Independent Businesses, small business optimism index edge down to 89.4% in Feb 2024. The lowest in 9 months. Small business owners reported that inflation was their single most important business problem as is the cost of capital and labor.
Data released from Ascend reveals 70% of online shoppers in the US would purchase something from a competitor versus from their favorite online store if they were given a coupon for just 20% off the purchase. More powerful than brand loyalty these days.
Governor Whitmer has issued a release urging small businesses impacted by lack of snow to apply for federal funding available to them in the form of federal economic injury disaster loans, those loans are available because of ongoing federal drought declarations affecting 42 Michigan counties. Submit applications and find additional disaster assistance information@lending.sba.gov
Marketing for an SMB, small and medium sized businesses, new data shows just how and where they're spending their time, energy, and dollars to achieve that. Websites and social media still reign supreme for small and medium sized businesses to establish presence and to drive traction, ultimately leading to sales.
Brad Smith, Microsoft President, announced new AI access principles at the Mobile World Congress in Barcelona. Part of an effort to address Microsoft's growing role and responsibility as an AI innovator and market leader. "The new AI economy is creating not just new opportunities for existing enterprises, but new companies and entirely new business categories."
According to research from Gallup, and that puts a price tag on workplace unhappiness. In 2023, employees in the US continue to feel more detached from their employers with less clear expectations, lower levels of satisfaction with their organization, and less connection to its mission or purpose than they did just four years ago.
Michigan State University research and development expenditures for 2023 was $844 million. Doug Gage, VP for Research and Innovation at MSU, in DBusiness, "the research enterprise at MSU is growing because of the long-term sustained investments we have made in areas of strength, support of ongoing initiatives, and enhanced efforts to capture emerging areas of discovery".
To keep pace you simply must at least consider putting the power of Gen AI to work in your content development campaigns in order to stay competitive.
Looking for new ways to incentivise consumers to sign up to your e-newsletter or to receive email promotions from your business, put the power of coupons to work.
The restaurant sector is vitally important to local community economies, and as a whole is an important source of employment with a projection of over 15.7 million people projected to be employed by this industry in 2024.
National Retail Federation and Prosper Insights and Analytics survey shows Valentine's Day spending is expected to reach a record $14.2 billion in the US. Consumers expect to spend about $186 each that's nearly $8 more than Valentine's Day last year.
A new report from LG Ad Solutions says that nearly 30% of connected TV users have made a purchase directly from their TV screens over the last 90 days. The top categories of items selling to consumers via connected tv: clothing, electronics, automotive appliances, and groceries.
Chain Analysis shows that victims of hacking attacks paid out a record $1.1 billion to the bad guys in 2023 as ransom in exchange for a return of those digital assets seized by them. By way of comparison, $567 million was paid out in 2022. 2023 marks a major year for ransomware with record breaking payments and a substantial increase in the scope and complexity of such attacks.
Propeller Insights data on America's online shopping behavior: 75.2% of consumers surveyed believe they are savvy at online shopping. Meaning they're comfortable, confident, and adept at navigating online shops and the key functionality to execute their shopping online, but also they now feel really good at finding the best deals.
Insider Intelligence reports, global ad spending will jump 10% in 2024 up from growth of 6.3% in 2023. CNBC reporting points out, growth looks so strong now because the numbers are being compared to that period of a year ago when activity in the ad space was down. This is good news for the digital marketing space, small businesses may be paying more to advertise in the future.
The National Retail Federation report on consumer spending for the SuperBowl: 112 million people plan to throw or attend a party, and 16 million people plan to watch the game at a bar or restaurant. Total spending on food, drinks, apparel, decorations, and other related game necessities are expected to reach a total that is a record total $17.3 billion or $86 per person on average.
Data shows that nearly 90% of online consumers consult reviews before buying and research from CX solutions firm. Al shows that two thirds, 67% of consumers are concerned about review fraud.
Robert Poff, Brand Key's founder & president, released the study's results says, companies who've earned brand loyalty are 6 times more likely to get customer interest and purchases because they'll think of you first. It's simply harder than ever to earn customer loyalty, once you've got it and able to maintain it on behalf of your customer base, your shot at business success goes up exponentially.
The trend today is much less about either or, that is online versus brick and mortar, and more about an omnichannel approach that includes both online and brick and mortar working in harmony to make each of these retail channels stronger as a result of the other.
Data from Payments Intelligence highlights the challenges small businesses are facing today when it comes to accessing credit to support their businesses. Only 48% of small businesses generating annual revenues of 10 million or less report having access to business or personal financing.
A new report from Aspire, brands will be focusing their spend in 2024 on influencer marketing, heavily on Instagram & TikTok. Snapchat and X, formerly Twitter, are largely ignored as an effective channel for influencer marketing campaigns. Aspire's data shows that nano influencers w/ less than 10,000 followers support the highest average rate of engagement across social platforms tracked.
McKinsey Research reconfirms what past studies have already shown, that focusing on diversity and inclusion in business pays, according to the latest diversity matters report, there's a 39% increased likelihood of business success if you make diversity and inclusion a focus at your business.
New research from Deloitte Digital suggests that many merchants and brands just aren't in tune w/ what consumers want in the way of improved and enhanced experiences. The data shows US-based consumers and executives at well-known retail brands showed 42% of consumers want a simpler and more streamlined website experience.
A 2023 report from digital agency Razorfish found that access to the internet has accelerated Gen Alpha's brand maturity than previous generations. Gen Alphas are expected to command a massive spending power that could outpace previous generations. As the cohort gets older in 2029, Alpha's collective global economic footprint is forecast to exceed $5.46 trillion according to an agency known as Mcreel based in Australia.
Survey from Integral Ad Science indicates social media is the media type, most likely to face serious challenges this year. Results are based on a Sept. 2023 survey of 262 US digital media experts working at ad tech companies, brand agencies, & publishers. Respondents were asked to identify the media type most vulnerable to brand risk in the next year, 52% cited social media. One reason is the risk of ad fraud.
TechTown recognized by the state of Michigan as an entrepreneurial hub, they'll be receiving millions of dollars in federal grant funding. Tech Town and the Detroit Economic Growth Corporation, were among 27 establishments across the state and the only 2 directly in the city of Detroit to receive the designation from the Michigan Economic Development Corporation.
Industries that accounted for portions of overall funding for female founders or co-founders include B2B services, pharmaceuticals, biotech with the highest winner being software oriented startups, which accounted for more than a fifth of total venture capital invested in companies founded by men and women, as well as those founded solely by women.
Media Ocean helps us understand just how marketers will be spending their budgets and applying their focus in the coming year highlights: SEO 55% of marketers said that they plan to increase their spend. 56% will increase spend on television. 65% will increase digital display and video spend, and 69% of marketers report that they will increase their spend on social media marketing. The major loser when it comes to increased spend is print.
TikTok announced plans to go further w/ the launch of a shop tab that allows users to discover and complete purchases on the platform. If you think this might be a channel for you. Test the waters before committing to a full sales offering campaign.
Comerica Hatch Detroit Contest, partnered w/ TechTown Detroit, business plans are now being accepted through February 16th for a shot to win a $100K grand prize. The Hatch contest was established in 2012, and allows entrepreneurs w/ a retail concept and goal of establishing a location in Detroit Hamtramck or Highland Park. If you've got a brick and mortar business idea check out the Hatch Detroit Contest at Hatch Detroit.
An opportunity for us when taking a deeper look for those of us who are business owners to get inspired or to get informed about just how the internet is being used by both consumers and businesses these days. Wanna learn more? Go to domo.com to dive deeper into the data.
The business of retail depends on consumers having access to credit instruments to make their purchases, and as we head into 2024, consumers are increasingly credit marginalized. Credit cards have been tapped to make holiday gift and related purchases, and as a result of all of this spending and the increasing debt load consumers are carrying these days, it's now reported that about 30% of consumers have low credit scores, that being 650 or less, and that has them being denied access to additional credit. All cuts into consumer spending and retail revenue.
National Retail Federation expects that this year's Super Saturday will see a surge in, in-store shopping of the 142 million people predicted to finish their holiday shopping. 53 million, intend to do all of their buying in stores up from 44 million last year and 58 million or 41% of the total plan to shop online and in store.
Pew Research Center Teams Social Media and Technology 2023: almost half of US teens are using social media. These statistics on social media usage by teens are relevant to the interests of businesses, especially those catering to a younger demographic.
The over 50s, an amalgamation of three generations, gen X, baby boomers, and the silent generation, are all digital savvy. Are active on social media, consume content on desktop and mobile, and even follow influencers that target them, and they're spending on everything from automotive to technology to household appliances.
65% of businesses acknowledge they are integrating generative AI into their tech, that according to AI Marketing Transformation Index. Monica Ho, CMA of Soci says "it's clear that while we navigate the benefits of AI, we must also carefully manage its perception among consumers".
With the most aggressive Federal Reserve interest rate hikes in decades, many small business owners are faced w/ double digit percentage loans, and that is if they can access lending at all in a much tighter banking and credit environment. On top of rising cost of supplies and wages, and it's just a really tough environment for small businesses to be operating these days.
Roughly 72% of American consumers shopped Black Friday this year. U.S. retail sales totaled 9.8 billion, that's a 2.5% growth year over year on Black Friday. In store sales increasing 1.1%, and e-commerce sales rising 8.5%.
National Retail Federation is predicting that 74% of holiday shoppers plan to shop in earnest starting this weekend, the highest estimate since the NRF began tracking this data in 2017. People still love Black Friday best, with 72% or an estimated 130 million people planning to shop that day, 39% saying they plan to shop that day in addition to or instead of Black Friday.
Dell has been a great friend to small businesses here in the Great Lakes region. They have announced a $1K shopping spree to 3 lucky winners in the Black Friday Cyber Monday giveaway to spend on Dell's products aimed at helping entrepreneurs succeed. Go to startupnation.com/Dell
A Braze study indicates that offering relevant or personalized offers is important to consumers as are offering rewards and loyalty program perks. Convenience, very important. Customer service. Discounts, product quality and brand trust at number 2 and pricing according to value and pricing competitively comes in at number 1 on the list of most important factors when it comes to compelling consumer purchases.
What's hot in marketing these days? One strategy that seems to be working well is that of influencer marketing. In particular, for B2B businesses, according to a 2023 B2B Influencer Marketing Report, that study by Top Rank Marketing conducted by Ascend2. 94% say that influencer marketing is a highly effective strategy and its use is growing.
Small Business Adoption Survey 2023, 75% of small businesses are utilizing AI tools for an expansive range of business functions. Nearly half of all small businesses started using AI based tools in the past year. These tools are enabling their workforces to focus on high value projects and tasks, including revenue generating activity, and providing opportunities for growth and a more meaningful work experience.
Establishing and maintaining an effective omni channel approach to meeting consumers wherever they may be these days, you can't ignore the mobile app channel as part of the mix.
New data from Crunchbase shows that today, 1 in 5 of the new billion dollar startups to be recognized as having what's known as unicorn level valuations are in one way or the other based on AI technology.
The greatest show to hit TV focused on entrepreneurship is ABC's Shark Tank. In its 15th season, Shark Tank has made millionaires out of entrepreneurs and driven millions in return for the sharks who invest in the opportunities presented to them on the show. And now just released, the list of the 15 most successful companies ever funded on Shark Tank.
Kantar ranking of the most valuable brands in the world is out: the value of the top 100 brands across the board dropped 20%. The most resilient brand categories are fast food, food and beverage, and luxury.
Data privacy measures and controls have three main goals: To protect a consumer's information, to make sure it's confidential and that there's integrity around its protection, to build trust with customers and to comply with data privacy laws.
Businesses need to commit to delivering the kind of experience that a modern consumer has come to expect: fast, personalized, and most importantly, companies need to be focused on addressing and solving customer issues to their satisfaction.
Breadless, a restaurant startup in Detroit that in the face of all of the economic pressures, labor shortages and higher operating costs, is finding success. Founders are husband and wife team Mark Howland and LC Howland. Breadless is riding a wave of a major healthy eating trend, featuring an extensive menu based on 100 percent gluten free.
Elderly Instruments provides a wide range of service for musicians: buying, selling, trading, and consigning instruments to repairs and accessories. The U.S. Small Business Chamber of Commerce said, "Elderly Instruments victory is a testament to its remarkable ability to remain true to its 50 year legacy and continuously embracing change and adapting to challenges and always innovating along the way."
The Metro Detroit Black Business Alliance and its small business investment program's goal is to seed 2,500 investment accounts on investing app StackWell for up to 200 small business owners and their staffs. The program is supported by a $1 million grant from the life insurance company, Prudential Financial.
Detroit will be hosting the National Entrepreneurs Association Small Business Awards. Friday, October 20, 9 a.m. to 4 p.m. at the Hollywood Greek Town Casino. The theme of this year's event is Stand Out and will focus on how business owners can use the latest resources and technology to market and grow their small businesses.
2023 Consumer Spending Trends Outlook, a study by Clivio and Qualtrics, consumers are generally feeling pretty gloomy when it comes to the economy these days. 59% indicate that their view on the economy is negative and as a result will impact their spending generally and more specifically during the holidays.
The U. S. Chamber of Commerce has announced the seven regional finalists of America's Top Small Business Awards program. 15, 000 plus applicants to this contest, for which the U. S. Chamber of Commerce has chosen seven finalists. Following criteria, businesses must uniquely demonstrate innovation, courage, and the entrepreneurial spirit that drives the American economy. But it's from this list of finalists that one will be chosen as the top winner on October 19th.
We're featuring an overview of fortune magazines recently released list of the 2023 most powerful women in business. The list is a global ranking of 100 female leaders, 67 of which are CEO's.
If your competitors are putting AI to work to create efficiencies, cut costs, and increase productivity, be aware, but more to the point, start considering deploying AI in ways that keep you competitive.
The Wall Street Journal reported that small business bankruptcy filings are rising this year, a signal that increased interest rates, tighter lending standards, and higher operating costs are straining entrepreneurs.
Most U.S. companies plan to invest more in Generative AI over the next 12 months. However, as aggressive as that is with respect to adopting the technology, we currently are falling behind, relatively speaking, to the aggressive pace at which China and other countries are pursuing the technology.
During challenging economic times, marketers are turning more toward performance marketing versus brand marketing because of the opportunity to measure and optimize so effectively with performance marketing.
MRA President and CEO Bill Hallan said, Michigan small businesses are feeling the squeeze of the UAW strike and the resulting loss of spending power by families impacted. Small businesses may feel the impacts of this strike for months to come. Even after the strike ends. We encourage shoppers to consider the importance of shopping with local businesses, keeping their dollars in their community.
When email is used as intended, it's one of the most powerful channels of all, according to a new study from Hunger Rush. 82% have made a purchase directly because of an email they've received. And email is popular amongst all age groups.
Americans are struggling and becoming more reticent to new spending, especially when it comes to spending on non essential purchases. 61% of Americans of all income brackets are living paycheck to paycheck these days, so the stress on American consumers is broad and deep.
According to a new study by SurveyMonkey, 27% of marketers now indicate that they fear AI could threaten their job security. What are the key use cases? 34% of marketers integrate AI into the back end of their platforms. For example, chat bots and email automation.
A new survey from Her Campus Media, a Gen Z media and college marketing company, finds that more than half of Gen Z prefers TikTok as its search engine of choice, and TikTok more than any other influences their purchase decisions.
There are more opportunities than ever to build sound into your brand. Thinking of ways to differentiate your brand try using sound in one way or another in association with your brand and drive more business to your company as a result.
Why are employees pushing so hard to get their employees back into the office? According to Resume Builder survey, employers who have their employees back in the office are reporting that they see an improvement in revenue, productivity, and worker retention.
This morning on the Business Beat, we're focused on the aspiring entrepreneur, someone who's thinking about starting a business of their own. We've got a list compiled by GoBankingRates.com of the most important skills required to make it in today's business landscape. Listen to the top 9 skills.
As you think about growing your business and reaching higher levels of success, continue to put focus on your brand, a brand that goes beyond relevance, and instead, it's one that has resonance.
Knowing your customers and the subtle, but unique characteristics of each inform businesses about which channels are best to use, perhaps social media for one, and TV for a different demographic, as well as the promotions and messaging that best capture their attention.
Rob Goff, VP and GM of retail at Salesforce says, "After a few years of accelerated e-commerce adoption throughout the pandemic, retailers are under pressure to drive sustainable growth & customer loyalty while maintaining their margins. If you're a retailer hoping to hear those cash registers ringing this holiday season, you better have well-planned discounts & updated return policies that reflect expectations of today's consumers".
Roth MKM'S 2023 millennial survey, Amazon is now pushing Google as a top source for consumer inspiration and information when it comes to making purchases. 39.5% of respondents pointed to Amazon as their top source. As for social media, YouTube leads the pack for about 30% of millennials, followed by TikTok at 24%.
How consumers use online to influence offline purchases: Before shopping in store, 58% are researching deals and prices, 51% check product reviews, and 42% check in stock status. And now consumers are not only doing this asynchronously before going in store, they're engaging in online to offline experiences while in store in real time.
While worries about a recession is cooling, consumer purchasing power is 11% lower than it was just two years ago.
A study from Constant Contact asked how specifically are businesses using AI? 52% use it for better social media execution, 44% for content creation, 41% email campaigns, 35% for ad targeting, 34% use it in analytics and 34% use it in website forms.
Why is this happening? The decreasing traffic just might be a sign that the novelty of this amazing technology is wearing off, said SimilarWeb Senior Insights Manager, David Carr.
New research from ICSC, a trade organization that represents the shopping center industry. The survey reports about 48% of US adults plan to buy some back to school items this year, spending an average of $969 during the season, an increase of about $911, almost double from 2022.
Data privacy & security are major business concerns but you can convey confidence to existing and prospective customers. At a minimum, you need to make it an absolute priority to use the best technology and best practices when it comes to customer data, privacy, and security.
2023 Workplace Flexibility Survey underscores that these challenges relating to working remotely continue to play a significant role in how we work. The ASC survey indicates that 82% of Michigan businesses participating in the study are offering some type of flexible work arrangement, including the option to work remotely.
TechTown Detroit has announced they are broadening their areas of focus beyond traditional brick and mortar businesses, and will now be offering a retail bootcamp covering e-commerce, home-based and or pop-up businesses to entrepreneurs in Detroit, Hamtramck and Highland Park.
PR continues indeed to be an effective path to getting your story out into the public eye, and that then can result in consumer attraction, engagement, and loyalty for your business.
New research just out from the Pew Research Center makes clear that Americans love having their own business relative to working for someone else. 15 million Americans who are self-employed, and roughly 75% of those do it full time. 62% of those who are self-employed say that they are either extremely satisfied with their choice of becoming an entrepreneur, or at least very satisfied that compared to 51% of those who work for others in that same study.
Startup companies are always looking for breakout ways to gain more exposure and notoriety and to build credibility. One way to achieve that is by entering recognized awards programs in order to take a shot to win. One of the best is the Inc. Magazine, best in Business Awards Program for Small Business, which is back for its fourth year this year.
We all know the value of engaging and activating existing customers versus having to go out and pay handsomely to attract new ones. So what's the best way to achieve this? Well, according to the 2023 email marketing survey from UpCity, it's by focusing on email marketing as a primary channel.
A new study by Axiom known as Customer Intelligence explores how well you understand your customers. In spite of a broad understanding about the value of customer data and customer analytics, many businesses simply aren't paying attention to it, leaving an opening for their competition.
Walmart has officially announced the application period for its open call event now in its 10th year. The program allows small business owners and entrepreneurs to apply for the opportunity to pitch their products, to have them be selected to be offered on Walmart or Sam's Club shelves, or walmart.com. Program information at event@walmart.com.
A civic economic study indicates that for every a hundred dollars you spend w/ a local business, roughly $68 of it stays in the community as opposed to when it's spent w/ a national chain, only a fraction of this amount does. That means that when they're profitable, that profit stays within the community.
One can look to various bellwethers and benchmarks to try to glean just where we're headed with the economy and in business. One of the best is to look at the ad market. This is because businesses feel more confident to spend on advertising when the economy is strong and consumer confidence is high.
The most common uses of ChatGPT were for writing code, creating tables, and providing examples. While "make", "create", and "provide" were the most popular ways to start a conversation with ChatGPT.
How much time are we spending executing these side hustles on average? On average, Americans who have a side hustle spend around 13 hours a week, while about 44% are spending fewer than 10 hours a week and still generating a meaningful amount of income for the time invested.
Amazon said shoppers purchased more than 375 million items during this year's prime day. That's up from 300 million last year. Home goods, fashion and beauty were among the top categories.
When you establish thought leadership, you attract people. Many of those people become new buyers, new customers for your business, but you also do a much better job retaining customers that you already have, and those are the most valuable because you engage them. And when you engage your customer base with interesting and relevant information, that leads to sales.
Marketers responsible for creating awareness and leads that a small business needs in order to ultimately enjoy sales are a good barometer of the overall state of small business today because they have direct access to data and metrics that allow them to benchmark and compare expected performance versus actual performance.
Prime Day sales benefit Amazon, but also the small business community of sellers on the Amazon platform.
The company's getting hit hardest by the reduced action in venture capital: It's the earliest of startups floating seed rounds.
Conspiracies and misinformation are thriving on social media as the technologies advance faster than society's understanding of them. It's more important than ever to learn to discern fake information from the truth
The biggest impact on the small businesses that experience a cyber attack was business downtime and loss of customer data.
Who among us in Michigan's small business community will emerge one day to make times list of the most influential companies and leaders?
The U.S. Customer Experience Index rankings are out and we've got the companies at the head of the class that are scoring big on customer experience and as a result, scoring big when it comes to customer loyalty and retention.
A recent Harris poll commissioned by Omaha Steaks found 40% of Americans have cut back on other purchases, 55% are unwilling to sacrifice their summer grill outs with family and friends.
Nearly half of Americans say they feel wealthy in spite of not measuring up to what most consider wealthy is defined purely by dollars and cents.
Great products alone are not enough to keep customers loyal. It takes great products and great customer service in order to do so. 60% of Gen Z say they rarely or ever complain to a company when they have a negative digital service experience. Instead, they choose not to do business with that brand anymore.
Inflation is hitting all of us, but one thing that isn't down with respect to consumer spending is the travel sector despite higher costs of travel and everything else that we have to spend on these days.
86% of consumers are more likely to trust a brand that uses user-generated content to influence their purchase decisions compared to 12% being impacted by a product promotion from an influencer.
The power of how success and business can lead to invaluable contributions to society, such as, tech entrepreneur Peter Thulson and the nonprofit organization he co-founded in partnership w/ the University of Michigan Health system, known as REWIND, dedicated to defeating type 2 diabetes.
One emerging sector of online retail showing promise as a channel is known as live commerce. Think of it as like QVC or Home Shopping Network, but online.
Podcasts deliver a high return on ad spend w/ more than two thirds of US marketers saying, for every dollar spent on podcasts, they see a $2 to $6 return.
Michigan is losing significant jobs, talent, and investment opportunities as a result of the lack of the early stage investment capital, which has decreased by more than 40% in the last 5 years.
According to the New York Feds quarterly report on household debt and credit, total household debt climbed a 17.05 trillion in the first quarter of 2023. That's an increase of 2.9 trillion since Q1 2019.
One of the biggest challenges small businesses face is how to drive attention & awareness to your business. How to optimize discovery. First, knowing where consumers do their research & knowing what they value most: Research is an important first step.
Shoppers today are younger and more affluent, and they use digital tools to find, review and complete their purchases now, more than ever.
Jonathan Small published an article on entrepreneur.com that highlights a new study calling out buzzwords that are simply no longer acceptable to use in 2023.
Ad spend is about on par for as the same period last year. This might be a show of confidence that maybe we're close to coming out of economically challenging times we're currently facing.
The state of consumer spending on media, both content & technology, is trending downward these days. According to the latest edition of PQ Media's annual forecast in the US.
Will the banks loosen their purse strings and do more lending in the coming months this year? Specifically small businesses who need it most.
The National Retail Federation estimates that consumers plan to spend a total of $35.7 billion on Mother's Day this year. That's nearly $4 billion more than last year.
The technology could be a threat to many companies those that use the open source access to the base technology and modify it to do very specific tasks will be the companies that ultimately prosper most.
New survey released by Goldman Sachs: 61% small businesses said they're challenged to access affordable capital, due to rising interest rates that are impacting their ability to service existing debt and new debt.
Platforms like Facebook, Instagram, YouTube, TikTok, and Twitter are a major part of people's personal lives and there's no question that these channels remain a significant part of a small business' ability to influence, attract, engage, and retain users.
Governor Whitmer proclaim April 30th - May 6th 2023, Small Business Week in MI. Whitmer declares America's small businesses continue to pioneer innovative solutions to our country's greatest challenges and create opportunities for families and workers.
Millennials represent the largest group of consumers and Baby Boomers have the largest buying power, but it's Gen Z that has the spending power that represents the fastest growing, according to a Bloomberg report
A brand is one of the top assets any business can have and YouGovAmerica's annual best brands list has just been released. Brands are ranked based on index score, which the company states is a measure of consumer satisfaction across key categories.
We're spending more money at restaurants this year, good news for our local small business restaurant owners and operators. In fact, we're now spending more on dining out than we are on groceries.
Thinking about starting a new company or growing an existing one in the tech field, we've got research that indicates what type of tech businesses people are most interested in learning about.
Olga Loizon Memorial Foundation created by Olga's Kitchen will provide grants of up to $10,000 in honor of the brand's late founder and food pioneer.
The mobile phone is a primary gateway into the digital world and your business otherwise known as mCommerce.
The results are out for how the US venture capital market fared in Quarter 1, 2023, and the news just isn't encouraging. For the fast growth startup community whose lifeblood depends on available venture capital funding, it's going to be harder to secure.
Most small main street shops across the country have access to only enough cash reserves to stay open for two months or less if they're sales dry up.
Of the 800 women executives surveyed by Chief as reported on CNBC it comes down to two things: pay and promotion.
Video marketing continues to grow in popularity as a tool to drive much needed leads in sales to small businesses.
The Fed's efforts to slow the labor markets may be working as job openings fell below 10 million in February for the first time in nearly two years.
Quick quitting has become more common due to employees feeling empowered to ask for sufficient pay benefits and flexibility in the wake of the great resignation.
New data from the Small Business Index from MetLife and the US Chamber of Commerce makes clear that just one in five business owners today feels good about the health of the economy, and that's down from last quarter.
Email is number one when it comes to small business marketing. 77% of businesses place email on their top three channels that deliver the most ROI.
What's driving consumer engagement these days? Well, one thing for sure is the use of mobile apps.
We've got news about the most powerful factor you can include on your e-commerce site that's gonna help you drive those conversions from site visitor to purchase.
Email marketing is one of the most powerful ways to market your small business. You must establish some key performance metrics to track your goals and expectations on how you feel the campaign should perform.
Estimated at $179 billion a year, and projected to hit $255 billion a year by 2027. 45% of American pet owners spend the same amount of money or more on their pets healthcare as they do on their own.
A new 10 million business micro loan program has just been launched, intended to provide capital to women, veterans, and entrepreneurs of color in Michigan.
The New Economy Initiative in the Michigan Municipal League announced the formation of an initiative for Southeast Michigan that works to build a regional network of support for entrepreneurs and small businesses.
Women of color are starting businesses currently at four and a half times the rate of the overall population. As the fastest growing group of entrepreneurs, black women are increasingly leaving corporate roles to launch companies of their own.
Starting a business can be complex, but starting a business can be as simple as identifying a skill or service that you excel at and selling it on a freelancer exchange like Fiverr, for example.
Top four most active business verticals on social media today. Data comes from posts made on FB, Google My Business, IG, LinkedIn Company pages, Pinterest, TripAdvisor, & Twitter.
Become educated and prepared to launch and grow a new business in the TechTown Detroit Start Studio Discovery Program. Applications now open for their 2023 cohort through March 10th.
If you own a restaurant and want to drive more sales, take notice of these motivating factors that will lead consumers to do just that.
As widespread layoffs and economic uncertainty continue expect consumers to stay focused on purchases in categories like clothing, housewares, and other living essentials.
Etsy provides entrepreneurs w/ a place to sell their unique wares, and as their audience and revenues grow, so does opportunity for entrepreneurs wanting to either create a new business or grow their existing one by selling on one of these platforms.
There's a cost to attracting new customers as well as a cost to keep. When budgets are tight, it makes a lot more sense to spend dollars targeted at your existing customers because they cost a lot less to drive revenues from.
According to the National Retail Federation, US consumers are expected to spend $25.9 billion on this Valentine's Day.
We all know how critically important marketing on social media platforms has become for small businesses. So which social media platforms are going to get the most attention from marketers in 2023?
Detroit Economic Outlook study for 2022 indicates that our local economy is likely to fare better than the broader national economy. And Detroit is expected to see employment levels well above their pre pandemic levels by 2020.
Looking to start a new business or trying to figure out ways to bring in more revenue for your existing business. Consider government contracts, where you provide goods or services to the federal government, and in exchange you get payment.
"State of Savings Report" by Plunket, a savings platform, 42% of Americans are prioritizing paying off debt due to rising interest rates and record inflation. High interest rates on debts such as credit cards can quickly drain consumers' budgets and make it difficult for them to save.
Jeff explains how businesses are leveraging digital to drive engagement in the post-pandemic grocery market.
Jeff explains how ChatBots are impacting customer service and business with Artificial Intelligence.
Being aggressive in business when others are pulling back allows you to advertise at lower cost, capture market share, and get out in front of the competition.
E-commerce spending in the US crossed the 1 trillion threshold for the first time ever. In the fourth quarter, eCommerce's 332 billion in sales, helped push the total to over 1 trillion for the year.
Small manufacturers want to grow their business might explore how purchase order financing can be a means of funding orders so that you can fill 'em and profit from 'em when you'd otherwise perhaps turn that business away.
Need funding for your business, finding it tough to find and secure? Look no further than grants as a possible option to get your business seated, launched, and off the ground.
The Comerica Hatch Detroit Contest is an annual competition that focuses on high touch local businesses that have a direct impact on the community. It is a great way to support up and coming entrepreneurs and help them open their doors in Detroit, Hamtramck or Highland Park.
Sectors performing better in these tough times is the apparel resale marketplace. With the uncertainty about where the economy is headed resale buying is projected to have a big year.
More than half of small businesses that use TikTok feel it has had a significant impact on their overall marketing. Performance and regularity in publishing content is key to achieving.
Celebrating the success of the Black Girl Ventures Foundation Pitch Competition three winners, all three entities that demonstrate the passion and the power of entrepreneurship, whether for-profit or not-for-profit, and how that can lead to very positive things.
Just like the lipstick Economic Barometer, sometimes you can look to simple consumer purchasing patterns as a good way to gauge consumer sentiment and confidence, or the lack thereof.
The difference between survival & failure is to develop a plan. How are you going to sell more? How are you going to cut your costs? Ahead of the tighter margins coming to all small businesses in 2023.
Consumers spending was brisk, but holiday returns rose by 63% to total 13% of all online orders, according to analysis by Salesforce in the six days after Christmas.
Survey conducted by KeyBank shows Americans are becoming more challenged financially as many as 42% report that they are feeling overwhelmed or burned out as a result of financial challenge, 33% of Americans are spending less and budgeting more.
Boomers are hot for many reasons: they're starting life anew, they're empty nesting and or settling into retirement. The key is that all these life changes create needs, and in turn, those needs create opportunities for businesses to sell to.
Biz to Credit Lending report released in Dec., loan approval rates at big banks have been on a decline since August of 2022, declined to a 14.6% approval level in Nov., down from an approval level of 28%.
An Intercom study shows that, 64% of consumers polled would leave a business with just one bad interaction where they are made to feel not valued.
Who's getting the funding and who's not these days? Data from PitchBook shows that nearly every vertical is down across the board in 2022 relative to the deals that got done in 2021.
It's no secret that shopping online is where the action is this holiday season, but did you know that now 90% of Americans buy online at least once a month?
MEDC's Match on Main program provides funding to communities that in turn can award grants of up to $25,000 to each eligible business seeking support, and these grants may be used by these businesses, awarded them for eligible expenses that support, for example, technical assistance.
The 2022 Purpose Power Index highlights the top hundred most purpose-driven companies in the US today. 85 million US consumers are motivated by company purpose to buy goods and services.
The Fed released what's known as its beige book. A report that summarizes in qualitative fashion, the sentiments of businesses across the US and indicates that sentiment amongst business owners today is a mixed bag at best.
Data released by TransUnion suggests that shopping during the cyber five, the five day period from Thanksgiving through Cyber Monday, unfortunately, is an active time for fraudsters to take advantage of the millions of transactions being conducted during this time period.
Techstar Detroit, and it's run by managing director Monica Wheat with financial support through its partner JP Morgan. Recruiting for the next class, launches in April, but applications close on January 3rd.
ASE in Troy, MI say Michigan employers now are mandating a minimum number of days for in-person work, or even requiring that employees be back in the workspace full-time. In this post pandemic era, for most companies, it has become clearer that they perform better when their teams are in office.
Deep discounts, more inventory availability, and retailers anticipating needing to have something more to lure shoppers played a big role in driving increase sales this year on Cyber Monday.
Satellites require precision manufacturing, attention to quality, and now mass production. Orbion Space Tech has cornered the market on how to build precision machinery, there's nothing in a satellite that's more complicated than what's in a modern F-150.
Experts forecast that this year's Cyber Monday sales will hit 11.84 billion. That's up from 250 million just 20 years ago.
In a sign of the toll that the macroeconomic disruption is taking on the advertising economy data from, Macroeconomic Effects and Perception Study shows that more than a third of advertisers say that they have reduced their 2022 advertising budgets by about 20%.
Holiday season here. Movie going typically picks up this time of year, families and kids out of school enjoying movies at local theaters, and this season is shaping up to be a relatively good one.
Payments, an online site, has researched that inflation is particularly challenging for those living in rural areas who are feeling the burden of historic cost of living increases far more than those living in urban settings.
The Annual Investment Midwest Pitch Contest is now open for applications Investment. Midwest is a premier venture capital forum located in the Midwest, focused on emerging technology based businesses. For more than 20 years, its conferences have provided access to capital for privately held startup companies that are poised for growth as part of their mission and to promote and foster entrepreneurship business activity.
Who's living the dream right now? Lots of people making due these days, rather than focusing on pursuing what they believe might be a more ideal alternative, they're focusing on making the most out of their current employment and staying put at least for now.
Here are examples of trendy approaches to branding that lead to a brand that is distinctive and for which you can secure a dot com domain.
Jeff Sloan explains important data released to help guide you on how to focus your marketing spend most effectively during challenging times.
Shopping expectations for this upcoming holiday season reveal that as much as 80% of Gen Zers plan to use Instagram and Tik Tok to buy gifts.
A veteran either in business or wanting to start one of your own, we recommend you take advantage of the many programs like those offered by the SBA. Thank you for your service.
Glassdoor data shows that the number of interview reviews by applicants on the site that mention the term ghosting, has nearly doubled.
US Bureau of Economic Analysis released its estimate of third quarter GDP at the end of last month, consumers spending once again proved to be surprisingly resilient in the face of surging inflation.
C-suite executives at large corporations, according to 2022, State of Digital and Content Marketing, find that traditional media is the most preferred go-to source: newspapers, magazines, TV and radio, followed by conferences, webinars, and third party research.
The gap between women and men leaders leaving their jobs is the largest it's ever been. At the heart of these employment transitions is women wanting to seek positions with companies that share what they consider to be important values.
The survey, Enterprise Financial Decision Makers Outlook, shows 85% of financial leaders are forecasting in preparation for an impending recession. CFOs & finance leaders are not expecting an economic break until later part of 2023.
Survey from Junior Achievement finds that 75% of US teens would consider becoming entrepreneurs. The survey was conducted in correlation with National Entrepreneurship Month, which is November.
Today the methods and channels we use to conduct various activities relating to providing good quality customer service are fast changing, and businesses simply must keep up with the trends in order to stay in.
Halloween is expected to be at record levels according to National Retail Federation. Overall interest and participation in the holiday is up generally with 69% of consumers planning to celebrate the holiday. That level of participation is up from 65% in 2021 and correspondingly total Halloween spending is projected to reach a record 10.6 billion this year, topping last year's record of 10.1 billion. Increased spending is particularly enlightening in that people are making Halloween a priority.
Angel Resources Institute: Women entrepreneurs represented 16% of the business owners who received angel funding, 2021. Down from 17% the year before. Concerning because total Angel money invested was up in 2021 by about 30% over 20, 20 and 50% more than in 2019.
You can't be successful in business these days unless you can hire and retain top talent. And in order to achieve that at a fundamental level, you need to be sure you're at your best as the boss.
The top five most searched businesses people wanna start a clothing business is #1. #2 a brick and mortar retail store, #3 home & yard renovation, #4 online retail, and #5 food and fitness.
Starting July, 2023, Google Analytics will go offline and cease being available as we've known it. What are small businesses to do?
Michigan retailers are faced with a tough choice this year whether or not to forego margins and focus instead on volume of sales leading hopefully to overall business profitability.
Jeff Dupee, CEO and co-founder at clean.io, a digital engagement company focused on preventing fraud. Says clean.io this week will launch coupon detective free software tool that shows e-commerce merchants just how much money they're losing from third party sources and allows them to take action to prevent it.
Unemployment rates are near record lows almost every month. And the reason for that some people think is labor hoarding, which is companies are hanging onto their employees during this tough economic stretch because they believe it will be more profitable for the company in the long run.
There are many rules of thumb that guide product pricing, however, it is a real art today given the pressures from inflation that are in play.
69% of small businesses say they have suffered some kind of breach already, which has bypassed their email security solution according to the 2022 SMB Cyber Security Landscape Report. Taking action to spend more to protect businesses is just another cost factor that is making being a business owner today tough.
Skimpflation, refers to consumers now proactively skimping on services, subscriptions, and purchases they otherwise would've made without issue. Retailers and businesses in general are going to bear the brunt of these cuts.
Ted Valley, co-founder of Midwest House and a Michigan Tech Week Coalition said, "Building a successful tech company can be a great thing for a few people. Building a vibrant tech community can be a game changer for a whole region. Tech Week will be a foundational piece for a growing community that will be open to our entire state."
85% of Gen Z consumers, 86% of millennials, 79% of Gen X and Baby Boomers all are more likely to complete a purchase these days when they have an incentive to do so.
The internet, when used in the positive ways as it was intended is an amazing resource. In the wrong hands, it opens the door to nefarious deeds such as breaching your private information and or even ruining your reputation by posting false information about. A new company based in Detroit is addressing the problem and making great headway toward major success.
Announcing a grant program that is intended to support improvements to small towns in America. T-Mobile has partnered with Smart Growth America and Main Street America, looking for elected leaders, town managers, employees, or nonprofit leaders to submit the details for their project request on behalf of the small towns to be eligible.
Focus on retaining, engaging, and selling more to your existing customers is just fundamentally critical. 80% of your future profits will come from just 20% of your customers.
The looming recession has become the perfect test market for brand loyalty. Bottom line, focus on engaging and retaining your existing customers. Focus on delivering a supreme level of customer service and experience.
Finding good deals, bargain hunting, even coupon clipping is back in vogue. Consumers are now using digital price comparison in coupon tracking tools to drive their purchase decisions.
Gen Z's spending power is on the rise. A Bloomberg report from last year, commands 360 billion in disposable income. They get their purchase influences through social media, and tend to have to feel a strong affiliation with the brand in order to buy from that brand.
When it comes to searching for products online, Amazon, Google and eBay have become the top three tools for consumers to start their purchase journeys.
Black Girl Ventures is dedicated to supporting talented, innovative black and brown founders by creating an environment where they can build their businesses and grow them into becoming successful and impactful enterprises.
Retail experts are now saying that this year's holiday buying season for consumers will be focused on doing their shopping online as a first choice, rather than supplementing with online purchases.
20 million US workers working from home means more lunch at home, with 62% of the food dollar now spent on options purchased at the grocery store.
Where to start with AI? A chat bot for your website that will greet guests, provide standardized customer service guidance, and even gather valuable data that you can use to close sales and grow your business
Consumer sentiment remains strong about the upcoming holidays and the gift buying season focusing on the best deals and promotions.
Forty-six Michigan colleges ranked among the best higher institutions across various categories on the annual U.S. News and World Report rankings. Rankings focused on academic quality, graduation and retention rates, as well as graduate indebtedness and social mobility.
On this Business Beat, Jeff talks with Lauren Winans about the forward momentum of companies adopting a four-day workweek. Is it a win-win?
Michigan ranks No. 1 in searches for "sell my car," a potential harbinger of tough times continuing, Jeff says in this Business Beat.
Jeff has good news to report on the Business Beat, with funding for female-led startups on the upswing, at least in certain areas of the country.
Jeff Sloan talks with Paul W. Smith about the allure of finding a deal with a new study showing consumers aren't afraid of being viewed as cheapskates.
Employees working from home results in a breakdown in the ability to innovate effectively and stay ahead of the competition, an MIT study shows. Jeff has the details on the impact of remote work in this Business Beat.
On the Business Beat, Jeff shares results of a Preply study showing chat apps keep hybrid coworkers connected, perhaps too much.
On this episode of the Business Beat, Jeff shares consumer spending expectations for Halloween and the news is spookily good for retailers.
Startups, Jeff Sloan has great news for you on this Business Beat. The Verizon Small Business Digital Ready program is accepting applications for its latest round of $10,000 grants.
On this episode of the Business Beat, Jeff talks about the USDA ReConnect program to help connect businesses in rural America to the Internet by providing funding opportunities to bridge this part of the digital divide.
On the Business Beat, Jeff shares some marketing advice from an Omnicron Media Group/Amplified Intelligence study indicating impressions aren't the ad metric businesses should be eyeing.
On this Business Beat, Jeff reveals the best employers in Michigan, according to a new survey by Forbes and Statista.
On the Business Beat, Jeff shares survey results on where engineering graduates want to work. Where do Michigan companies rank? How strong is the influence of Elon Musk?
On this episode of the Business Beat, Jeff alerts entrepreneurs to a pitch competition to hone the critical skill of delivering a high-quality, compelling elevator pitch. Plus, it could yield funding!
On this Business Beat, Jeff shares WalletHub rankings of the best states for racial equality in employment. Michigan, unfortunately, has a lot of work to do.
On this Business Beat, Jeff shares holiday spending predictions. The gist? Shoppers are eager but will be more selective.
On this episode of the Business Beat, Jeff talks with Todd Sullivan and Brian Dukes of ExitWise about how their specialized mergers and acquisition team can help startups optimize their outcome.
On today's Business Beat, Jeff talks about how Amazon is the preferred product search source eclipsing the use of search engines.
Switch jobs, make more money. On today's Business Beat, Jeff shares a Pew Research study most Americans who switch jobs are earning more.
On this Business Beat, Jeff says subscription services are taking a big hit with the return to in-store shopping.
On this Business Beat, Jeff cheers the news that the United States is by far the biggest generator of unicorns.
On this Business Beat, Jeff shares details of a funding program through Detroit Means Business and the Detroit Economic Growth Corporation.
On this Business Beat, Jeff talks with Mike Morse of the Mike Morse Law Firm about his company's backpack giveaway to level the playing field for Detroit kids.
On this Business Beat, Jeff shares back-to-school shopping trends and predictions. How much are families spending and on what?
On this episode of the Business Beat, Jeff talks with Greg Powell of Indeed.com about the jobs outlook in Michigan and the United States.
On this Business Beat, Jeff shares a reliable source of economic conditions: lipstick sales.
On the Business Beat, Jeff shares results from a new Harris poll that makes clear that most businesses, large and small, while most believe establishing expertise through thought leadership is important.
On this Business Beat, Jeff says recent statistics validate the vision of Michigan becoming a viable, if not distinctly exciting, place to attract and grow fast-growth, venture capital-backed companies.
On today's Business Beat, Jeffrey Jones of Gallup talks with Jeff about Americans' declining confidence in the Supreme Court, police and more. Read more: https://bit.ly/3vwRFcC
On this Business Beat, Jeff talks with Lindsey Dotson of the Charlevoix Downtown Development Authority about the fallout of a restaurant closing the kitchen because of rude customers.
On this episode of the Business Beat, Jeff talks with Colin McMahon, StartupNation's new chief operating officer, about content, counsel and community.
On this episode of the Business Beat, Jeff shares sales insights from Amazon Prime Day and what is driving consumer spending.
On this Business Beat, Jeff cites survey results showing consumer spending is up Q2 over Q1 this year in certain categories despite inflation.
On today's Business Beat, Jeff Sloan shares sobering and cautionary news about how online shoppers use social media and what businesses must do to regain their trust.
On today's Business Beat, Jeff Sloan explains why this is a really strong time to make select investments into the most promising startups.
On today's Business Beat, Jeff Sloan talks about how to use personalization to drive sales and trust in your brand.
On today's Business Beat, Jeff shares Zapier survey reports showing 2022 is shaping up to be a boom year for people pursuing side hustles.
On this episode of the Business Beat, Jeff Sloan shares optimistic news about the small business sector.
On today's Business Beat, Jeff shares the results of a study showcasing the causes of decreasing consumer spending.
On this episode of the Business Beat, Jeff Sloan talks about the TCNewTech reverse pitch contest that had investors pitching to entrepreneurs.
On today’s Business Beat, Jeff talks about the most popular marketing initiatives of top marketing executives as cited in a Pegasystems survey.
On today's Business Beat, Jeff says texting with abbreviations is just a sign that business and our lives are moving at breakneck speed. Who has time to type whole words?
On today's Business Beat, Jeff says we simply can't escape rising advertising costs on social media platforms, according to a businessinsider.com report. The bottom line? Be more selective in your ad campaigns.
On this episode of the WJR Business Beat, Jeff Sloan reveals a surprising reason black women may be making less than white men, according to a Hired.com survey.
On today's Business Beat, Jeff cites a cnbc.com report that tech hiring is cooling and how startups can benefit.
On today's Business Beat, Paul W. Smith and Jeff Sloan debate the merits of the handshake and fist bump in these post-pandemic times.
On today's Business Beat, Jeff details why small businesses must check out BeReal, an app that taps into consumers' desire for authenticity.
On today's Business Beat, Jeff tells small businesses the four steps to effectively generate customer satisfaction and brand love.
On today's Business Beat, Jeff announces the Black Girl Ventures pitch competition, a chance to not only win cash but also to gain feedback -- and possibly mentors and investors -- while pitching your business.
You must be both online and offline in an omnichannel approach to have the best odds of success, Jeff Sloan says on this episode of the Business Beat.
On today's Business Beat, learn how Hansons founder Brian Elias knew he had made it in business.
On today's Business Beat, Jeff talks with Joe Thiel of Innovate Marquette, who explains why Marquette, Michigan, is a hot spot in the tech and startup scene.
On today's Business Beat, Jeff talks about cybersecurity threats and its impact on U.S. small businesses.
On today’s Business Beat, Jeff Sloan shares the results of a study on just how significantly podcast ad revenue is growing.
On today's Business Beat, Jeff talks about the hangover that comes with instant gratification you can't afford through a buy now pay later (BNPL) plan.
On today's Business Beat, Jim Bieri of SBRE tells Jeff Sloan that brick-and-mortar retail "will continue to evolve and in-person retailing is here to stay and it's to be enjoyed and treasured."
On today's Business Beat, Jeff Sloan shares information on how small businesses can get part of $10 billion in federal aid earmarked to broaden the recovery from the pandemic.
On today's Business Beat, Jeff addresses the difficult business of attracting and retaining customer loyalty. Now, more than ever, customers are fickle.
Jeff Sloan cheers the results of a new survey showing more than half of 2022 graduates want to be entrepreneurs.
On today's Business Beat, Jeff discusses the strong alignment between online discovery and in-store purchasing and why you must make the connection between your online presence and your offline presence seamless.
On today’s Business Beat, Jeff shares worrying news that a pullback in capital investment is impacting startup spending plans and growth.
On today's Business Beat, Jeff shares a DBusiness report that Michigan is benefitting significantly from the Apple IOS App economy, to the tune of 45,000 jobs.
In today's Business Beat, Jeff Sloan offers details of a Hennessy Digital study on America's obsession with social media. Find out the top most obsessed states.
The demand for workers is high, Jeff Sloan says on today's Business Beat. Michigan can expect high participation and low unemployment for teenagers compared to previous summers.
On today's Business Beat, Jeff Sloan tells small businesses what they need to do to keep customers satisfied.
In today's Business Beat, Jeff tells us consumers are spending more time online and explains what businesses need to do to reach them.
On today's Business Beat, Jeff provides details of the Verizon Small Business Digital Ready Program, including free resources, coaching and $10,000 grants to get your small business up and running.
Business success can mean more than just making money, Bob Kratt of Hamilton's Propane tells Jeff Sloan.
On today's Business Beat, Jeff Sloan announces a new grant for small businesses from the U.S. Chamber of Commerce and FedEx to help small businesses impacted by natural disasters.
On today's Business Beat, Jeff Sloan and Paul W. Smith preview a new episode of Business Biography on Better Made Snack Foods, an example of the business diversity and entrepreneurial spirit in Detroit.
On today's Business Beat, Jeff Sloan talks about how it's going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes.
Yes, there's a downturn in e-commerce sales, Jeff Sloan says, but we're likely simply returning to a post-pandemic balance of online and in-store shopping.
On today's Business Beat, Jeff Sloan sheds light on a new pandemic-fueled trend: boomerang employees. What are they and why are they significant?
On today's Business Beat, Jeff Sloan shares information on how your startup can win $225,000 in grants, plus personalized support and resources, through the AWS Accelerator for Black Founders program.
In this Business Beat, Jeff's guests explain what makes a family business thrive for generations.
On today's Business Beat, Jeff talks about a recent survey showing that as prices rise, as many as 60% of consumers are beginning to put less emphasis on a company's focus on sustainability and more on simply finding the best price.
In today's Business Beat, Jeff Sloan talks about the importance of the Internet in our lives and our businesses and how some are being left behind because of the digital divide
Consumers are willing to pay more for essential services than they are for products. On today's Business Beat, Jeff Sloan explains why this is important.
In today's Business Beat, Jeff reveals the best U.S. cities to base a startup, according to a Wallet Hub survey.
In today's Business Beat, Jeff discusses the 2022 brand intimacy survey by MBLM and why it's important to have an intimate brand.
In today's Business Beat, Jeff talks with Ryan Landau of Purpose Jobs about what employees want from companies and how employers can hire the best talent.
On today's Business Beat, Jeff Sloan reveals the top choices for startups across the United States. Can you guess what Michigan's is?
On today's Business Beat, Jeff shares a sneak peek at the 2022 Benchmarking Report on Local Media's Digital Revenue and it's big news.
Wayne State University and Global Detroit are partnering to help immigrant and international entrepreneurs launch high-growth startups in Southeast Michigan.
On today's Business Beat, Jeff Sloan discusses venture capital results for Q1 2022. Here are the key takeaways.
On today's Business Beat, Jeff cheers the fact that women-led or founded startups reaching unicorn status quadrupled in 2021. But more work needs to be done, he says.
Today on the Business Beat, Jeff reveals why Americans are quitting in droves. A new survey details the whys behind the Great Resignation.
On today's Business Beat, Jeff discusses another way the pandemic has forever changed business: Employees don't want to return to the office.
On today's Business Beat, Jeff explores consumers' changing relationship with social media. It appears as though consumers are shifting from social platforms toward editorial sites.
On today’s Business Beat, Jeff shares results of a MetLife and U.S. Chamber of Commerce small business index that he says underscore the tenacity and positive nature of the entrepreneurial community.
According to insights from a new McKinsey report, brand loyalty isn't as powerful a force as before the pandemic. Find out what draws consumers to a brand.
On today's Business Beat, Jeff shares how the tech sector is supporting Ukrainian citizens at a time when they need it most.
The latest move from Snap to pursue a new man-machine interface that lets people control technology with their minds represents the best entrepreneurial spirit.
Thinking of starting a business? Consider franchising. It'll increase your odds of success greatly.
On today’s Business Beat, Jeff Sloan explains why there's no doubt that when it comes to advertising spend social media is king.
After assessing productivity and profitability and the impact that working from home has had on each, it appears as if the hybrid workplace is here to say, Jeff Sloan reports.
In a new survey, 56% of Main Street merchants say they believe their revenues will increase in 2022, a notable improvement over the 45% reported just a year ago, but optimism is waning.
Today on the Business Beat, we're taking a closer look at if, and how, we're going to see a return to movie theaters.
The annual Hatch Detroit contest, which recently joined TechTown Detroit’s suite of entrepreneurial programs, announces a $100,000 prize for one savvy entrepreneur.
Lost sleep following daylight saving time translates to lost productivity at work in the week that follows resulting in, by some estimates, a total of $434 million in losses to businesses nationally.
If you're a consumer and think BNPL is a way to buy now and worry about it later, you should know that's just not so.
On today’s Business Beat, Jeff Sloan shares cybersecurity trends and advice from a new IBM security division report.
Learn what your business needs to do to provide the all-important supreme customer experience.
A deeper look at the numbers reveals that women were harder hit during the pandemic and are taking longer to recover as well.
The data shows that the good old-fashioned way of a real person-to-person interaction by phone wins out to achieve the highest level of customer satisfaction for brand to customer engagement.
It's so hot that by 2024 revenue from e-commerce sales is projected to eclipse in-person shopping.
On today's Business Beat, Jeff Sloan explains why equity crowdfunding could level the playing field for diverse startup founders.
A yat is a string of one to five emojis that can be used as your digital username when strung together. You can also use it as a website URL and/or a payment address for your personal digital wallet.
You can compete and win by enhancing your brand loyalty with tactics, such as personalization, that are relatively easy and simple to employ.
As exciting as the 2021 record sales numbers were, the Michigan Marijuana Regulatory Agency estimates that sales in 2022 could top another billion in total at $2.8 billion up from the record sales figure set in 2021 for annual sales of $1.8 billion.
By transforming your company's employees into ambassadors for your business, you'll drive sales and fuel customer satisfaction.
Ad spending is surging. January 2022 was the 11th consecutive month of post-COVID gains for the U.S. ad marketplace, according to just updated data from the U.S. Ad Market Tracker.
On today's Business Beat, Jeff heralds inventors as being crucial to the entrepreneurial community and a bedrock of American ingenuity.
On today's Business Beat, you'll hear the story of the Oakpoint founders who started from scratch and in three years are on the verge of a $100-million company.
Whether you're in a business that participates directly in the flow of spending on Valentine's Day or not, we can all look to this boost in revenue for it as a harbinger of where consumer spending is now and where it's likely headed.
Jeff Sloan talks with Jamiel Robinson, founder of Grand Rapids Area Black Businesses, about the value of the Verizon Small Business Digital Ready program for entrepreneurs.
The results of the Adtaxi survey underscore the importance of capitalizing on digital audience and is a continuation of years of consumer trends toward convenience, cost efficiency and personalization when it comes to media consumption.
The Verizon Small Business Digital Ready program helps entrepreneurs nationwide succeed in the digital-first world. Jeff talks to one of the program's partners, Jamiel Robinson.
If you're a local Detroit apparel shop owner, this is your chance to get a refresh for your shop and to get free onsite training and coaching on top of it with a makeover award from Stahls.
In today's Business Beat, Jeff talks about the importance of focusing on building a stronger brand image to gain more brand trust.
On today's Business Beat, Jeff and Paul W. Smith announce the return of Business Biography on WJR on Saturdays as part of the radio station's 100th anniversary celebrations.
For those who are creative enough to come up with a new product concept or a new business model for the pet industry, it's truly a land of opportunity.
The industry of snow removal is growing. That scraping noise you hear out your bedroom window on snow days reminds us all that sometimes the most basic businesses that simply rely on a little hustle and good old hard work and are just, well, some of the best businesses in America.
The Federal Trade Commission reports that in 2021 consumers lost $770 million to social media scams. Who is being scammed the most and how?
Data shows that Hispanic-owned businesses are the fastest-growing segment in the U.S. over the last 10 years with their numbers increasing by 34% since 2010, but obstacles still stand in the way for Latino entrepreneurs.
Small business marketers in 2022 believe that email is the top go-to channel to use in 2022.
On today's Business Beat, Jeff talks about how while the greatest opportunity for small businesses is customer service, customers are feeling underwhelmed by the level of service they are getting.
Much of the change driven by the pandemic and personal travel and transportation is here to stay, an ECT News Network writer says.
A free live webinar offered by our friends at Dell Technologies will help you get up to speed on the best technology options available for your various needs so you can be best informed and make the best decision when you make your purchase.
If you're a woman or if you know a woman who wants to start or grow their business, but is in need of capital to get it really rolling, check out these grant opportunities listed by NerdWallet.
Use Glassdoor's list of the Best Places to Work in 2022 as inspiration as you go about hiring or looking for work during the Great Resignation.
Today, we take a closer look at app downloads as a measure of what the hottest apps are these days. Can you guess which is at No. 1?
On today's Business Beat, Jeff Sloan talks about how the ability to look up anything we want, anytime we want, all in the palm of our hands, has made Google the top-visited website globally over the last year, according to new data from SimilarWeb.
A new report just out by Accenture indicates that the global social commerce industry is expected to grow three times faster than traditional e-commerce and brands and retailers are taking notice.
According to a recent Gartner survey, 44% of American companies now have pushed back or altered their reopening plans because of the Omicron COVID variant.
Businesses largely focused on getting people into space have swung open the doors to all kinds of creative offshoots, including space sports. It's not as pie-in-the-sky as you'd think, Jeff Sloan says.
Initial indicators point to a really bright holiday season for most merchants and brands.
Lineage Logistics, based in Novi, announced that it successfully raised $1.7 billion in new capital to expand its footprint and develop automation and supply chain technology as part of its vision to become the major force in food distribution.
Cronicle Tech News has come out with its list of hot tech companies to watch in 2022 in the Great Lakes region.
Jeff Sloan talks with the founders of OnArrival.com, a travel recommendation service spurred by a big idea and the help of Detroit's TechTown.
Jeff Sloan believes that while there is more shakeout to come for brick-and-mortar retail, if store owners focus on experience, customer service and a clear online integration strategy, we're going to see brick and mortar and e-commerce helping to drive the success of the other.
Wallet Hub is out with their latest report on which U.S. states are faring best and which ones worst in job recovery since the start of the pandemic.
This is shaping up to be a very good year for retailers driven largely by pent-up demand created by the pandemic as well as consumer purchasing power, staying strong through the holidays.
A record number of American workers have quit their jobs since the start of the pandemic, so much so that this period of time is known as the Great Resignation. But does this mean that Americans are unhappy with their jobs?
More and more networking is taking place online, virtually that is, as opposed to attending conferences or community gatherings, or even by taking in-person meetings. It's known as virtual relationship building.
Virtual land is becoming as much of an investment as physical land as evidenced in the metaverse.
Packaging is fundamentally critical and you can't treat it casually if you are serious about your business' success.
Sales on Small Business Saturday recorded an all-time high with an estimated $23.3 billion in U.S. consumer spending. And there's more good news, Jeff Sloan says.
Shopify, a subscription-based software that anyone can use to set up an online store and sell products, provides the tools you need to start your business.
A new report indicates 82% of consumers are making their purchase decisions this holiday season based on what a brand stands for and how they feel about that brand.
Two new studies show that consumers aren't all that thrilled with their online shopping experiences.
The 70 plus segment is projected to grow to 55 million strong by 2031, growing by about one and a half million people annually. Simply put, the collective buying power of this demographic group is massive.
A new report by Uberall finds that 67% of shoppers are going to trust local brands over Internet-only merchants during this year's holiday shopping season and 58% say they are more loyal now to local businesses than they were before the pandemic.
American Express has partnered with Main Street America to launch s $1.65-million grant program called Inclusive Backing.
Increased spending is being driven by credit card usage and the trend signals a market change from how consumers used credit during the COVID-19 crisis.
The day when we look up at a passing, flying taxi or a delivery drone operating on its own, autonomously doing its job, may be relatively close.
Online equity crowdfunding is leading to the decentralization of startups, a new study from Kings Crowd suggests.
Spoken word audio is surging up 8% this year, according to a new study from Edison Research and MPR. It shows spoken word’s share of audio listening is consistently growing as it gobbles up an ever-increasing slice of the total audio.
This year, startups with female founders have raised more venture capital dollars and have executed more exits at greater values than at any point in the last decade.
The metaverse will soon extend into the business world where you will see real-world brands position themselves for branding purposes and beyond, conducting real-world transactions in which real dollars change hands.
A survey by Forbes and Statista identifies the companies leading the way when it comes to trying to support women inside and outside the workplace.
Supply chain issues are going to affect shoppers and businesses alike this holiday season. The solution may be to make two shopping lists, an expert says.
With everybody scrapping to make sales this holiday season, don't forget about the bonanza of opportunity associated with mobile commerce.
A new Adobe forecast portends good news for retailers with a prediction that global holiday sales will top $910 billion this year, including $207 billion in the U.S.
For small businesses using the Amazon marketplace to execute their sales, one could argue that this positions Amazon as an emerging best friend to small businesses.
Small business labor costs continue to rise as businesses cope with staffing woes and other issues, according to recent data.
Congratulations to the team at Benzinga, valued at $300 million in a deal with Beringer Capital! The sale is a feather in the cap for Detroit's startup scene, too.
Having the right technology in place from hardware to software to cloud solutions is simply critical. Learn more about how to choose the right hybrid cloud environment for your growing business with a Dell expert.
Nine out of 10 Americans claim to use some form of FinTech app as a component of their own personal financial management activities, and Detroit is embracing the trend.
Should you need talent, consider hiring a veteran. These organizations help veterans find job opportunities and help businesses add great staff members.
The latest survey regarding likely consumer spending this holiday season is good news for our local shops.
The latest data from the just-released LinkedIn Workforce Report shows that remote work is here to stay and could even become the norm in a few specific industries.
Even more startling is that while the level of usage per day is incredible by U.S. consumers, it's overshadowed by the daily averages for consumers in other countries, an App Annie study found.
Recent supply chain delays and disruptions have negatively impacted the lives of Americans leaving many feeling frustrated, angry and scared that the disruptions will never end, according to a new study by Oracle.
Cyberattacks are a big issue for small business, just as it is for big business, and you need to take this threat seriously.
While the pandemic has hit many industry sectors really hard, it's fueled other categories to tremendous growth. This demonstrates that even when the going seems to be tough, there is always business opportunity.
The tight labor market is putting pressure on employers to be offering more enticing benefits in order to attract the best talent and health care tops the list.
Entrepreneurship is a pressure-packed undertaking in which many of us end up putting in more hours than if we held a job working for someone. Here's the sobering data that you must know before taking the leap of pursuing a business of your own.
Ann Arbor startup AdAdapted announced this week that it is successfully closing on a new partnership with Buzzfeed’s Tasty, the world’s largest social network and top recipes, and shopping technology provider known as Northfork.
Email newsletters are a strong solution for advertisers looking to grow their first-party data to reach targeted and personalized communication with the customer base.
While most small businesses understand the importance of an online, new data shows that 28% of small businesses in the U.S. still don't have a website. That's nearly one-third of all small businesses, and that's just unacceptable.
Job security into the future may not be what you're hoping it will be, and to count on it, rather than pursue a business of your own, may be misguided and, in fact, even more risky.
A new Microsoft study begins to provide some important insights into how the pandemic, and the resulting shift to working from home, has affected, and will continue to affect, businesses.
Brick-and-mortar stores still have a meaningful place in retail, but they must focus on what they can best offer versus what online shopping offers.
DeepHow provides customers, in this case businesses, with AI-powered learning and training videos to help train their manufacturing workforce with a unique approach.
A resumebuilders.com survey finds 15% of the workforce is planning to quit their job between September and December 2021 as part of the Great Resignation afoot in the U.S.
The Military Entrepreneur Challenge presented by the StreetShares Foundation is designed to boost small business owners who are creating a social impact in their community. If you're a veteran of the armed services and have a meritorious business idea, this is your shot to get it funded and off the ground.
A new Goldman Sachs group report reveals important current concerns shared by small business owners, specifically how inflation pressures and a resurgence in coronavirus cases due to the Delta variant are hampering the once promising recovery of small businesses across the U.S.
WJR Business Beat_Episode 288_What This Summer's Storms Taught Us About Insurance Coverage
Jeff Sloan: Good morning, Paul. Well, as we all know too well, we've had an incredible pattern of storm after storm this summer in our region. And it's been really tough for our local businesses. And in some cases, unfortunately, even catastrophic. The lesson: Make sure your insurance coverages have you covered. Well, we've got Michael Spath of the Kapnick Insurance Group with us to help us understand specifically what kind of coverages we need to have in place.
Michael first, tell us about what we've learned as a result of these storms as it relates to property coverage.
Michael Spath: So that was one of the big things we've learned this summer, Jeff, is that in, you know, your physical property and in your casualty, there's all these little subsets. It's not as simple as saying, “Hey, I have property coverage.”
So, what I've told people is, one thing to look at, talk to your insurance agent is how much water and sewer backup insurance do I have. If you are on a first floor of a retail space, you've got a lot of stuff in there, you need more than $10,000. You need $50,000. You need $100,000.
Well, think about this the next time that a major storm rolled through. The next time that happens they're going to go to sleep at night, as you just said, without worrying about it because they're like, Hey, if it happens and we go downstairs in the morning and we've got water damage, well, we are now covered and oh, we get 90,000 hours more coverage, you know, it costs us $181.
Jeff Sloan: So the lesson there, it's not just about having coverage. It's about having the right level of coverage. And then we need to consider the cost of business interruption as well.
Michael Spath: Another lesson we've learned this summer is, again, these storms have been taking place and your power goes out because a power line was knocked down somewhere else.
And if you're without power for a couple of days, and you're losing out on restaurant business, you're losing out on rental income or something like that, you can replace that income through business income interruption insurance. Now there's a little diner that my wife and I love to go to in Royal Oak. It was closed for five straight days because they didn't have any power.
And now they're asking like, well, am I covered for this? And the answer is probably not because most people don't have business income interruption insurance for utility services.
Jeff Sloan: For me, buying the right insurance coverage is simply buying peace of mind. You want that, too? Michael Spath and our friends at Kapnick Insurance Group are here to help you get covered right.
I'm Jeff Sloan, founder and CEO of startupnation.com and that's today's business beat on the Great Voice of the Great Lakes on WJR.
According to the folks at MBLM, they indicate the brand intimacy has a particularly strong impact on profit and share price. Here are the latest brand intimacy rankings.
On today's Business Beat, Jeff discusses new findings that show that entrepreneurship continues to thrive in today's business world.
One in three people who have left a traditional job say they're doing it to pursue their dreams of working for themselves. According to the US labor department, 4 million people handed in their letters of resignation in April alone.
On today's Business Beat, Jeff discusses a new grant program from the US Small Business Association designed to help small businesses in today's changing world.
The SBA has announced a new program in which it has awarded 27 organizations across the United States a total of $5.2 million in grant awards, supporting these organizations as they help low-income entrepreneurs.
On today's Business Beat, Jeff speaks with Marcia Dawood, chair of the Angel Capital Association Board of Directors, regarding the critical importance of angel funding as it relates to the objective of getting early stage companies financed and launched.
Angel investors provide a great deal of mentorship and expertise, with the added benefit of their often extensive network. Your company needs customers, money, advice, and mentorship. They need some doors to be opened for them, and the best way to do that is to get angels involved.
On today's Business Beat, Jeff speaks with Angela Barbash, CEO of Ypsilanti-based company Revalue, about making for-profit investments that have a positive impact on society.
Revalue provides financial planning, investment management, research. due diligence services for value driven investors, proving that it's possible to blend a desire to contribute to the greater good with a for-profit business.
On today's Business Beat, Jeff discusses an increasingly common option for online purchases, known as BNPL, or Buy Now Pay Later, and how it's changing consumer behavior in significant ways.
Over the last two years or so, we've seen acceptance of BNPL expanding and speeding up as an ever-increasing number of big name entrants weighed into the market as solution providers and merchants offering the option to hungry consumers.
On today's Business Beat, Jeff discusses today's concerns among consumers regarding data privacy, especially when providing their personal information online.
It's become clear that if you want to succeed as an online business, you better put some focus into providing protection of consumers’ personal information.
On today's Business Beat, Jeff discusses the recent increase in e-commerce prices, and what that could mean for the economy as a whole.
E-commerce inflation continues to heat up as online prices continue to rise. According to the latest Adobe digital economy index report, online prices were up 3.1% in July of this year, compared to July of last year.
On today's Business Beat, Jeff discusses why it's time for small businesses to start thinking about the holiday season, even though it's still 4 months away.
Small businesses have to plan ahead more than ever for the holidays in December, the busiest season of the year for most consumer-facing industries.
On today's Business Beat, Jeff discusses TikTok's growing role in the digital marketing world, and why small businesses should seriously consider using the platform for promoting their brand online.
On today's Business Beat, Jeff discusses the importance of cybersecurity for employees working remotely, as well as solutions to a recent trend in compliance issues with cybersecurity protocols.
On today's Business Beat, Jeff discusses Amazon's continued dominance, and why the company has continued to experience such monumental success.
On today's Business Beat, Jeff discusses Michigan's booming beer industry, and how a recent study reveals that Michigan may very well be "The Great Beer State".
On today's Business Beat, Jeff discusses recent reports on post-pandemic economic conditions of the state of Michigan, and why Michigan is on track for a speedy recovery.
The reports indicated that while Michigan lost more jobs than most other states, the state is bouncing back at a much higher rate.
On today's Business Beat, Jeff explains the importance of angel investors, featuring a few words from Dan Bober, a successful local angel investor in the Detroit and Southeastern Michigan area.
Angels are qualified individual investors who invest either directly as an individual into startups or as part of an angel group at the earliest stages in exchange for equity in the company.
According to a recent report, sole proprietorships suffered the most during the COVID-19 pandemic. On today's Business Beat, Jeff discusses the impact of coronavirus on these smallest of small businesses.
Starting a small business is hard. Your ability to navigate obstacles and achieve critical goals will make or break your startup. On today's Business Beat, Jeff explores a study from CB Insights highlighting the most common reasons businesses fail.
On today's Business Beat, Jeff discusses the current state of business travel with David Fishman, president of Cadillac Travel Group.
Tune in to the Business Beat to learn more about what you need to know about business travel right now.
On today's Business Beat, Jeff discusses the rise in consumer spending, with a reported 1% increase in personal spending in June, according to the Bureau of Economic Analysis.
Tune in to the Business Beat to learn more about the continued shift in consumer spending and what it means for businesses everywhere.
On today's Business Beat, Jeff discusses venture capital investment, which was at a record high throughout the first half of 2021 and is experiencing greater gains through all stages in North America, according to Crunchbase.
Tune in to the Business Beat to learn more about this surge in venture capital investment and what it means for startups.
On today's Business Beat, Jeff talks to Greg Packer, CEO of HR outsourcing firm AccessPoint and StartupNation's human resources expert, about how crucial compliance in business is.
Tune in to the Business Beat to learn more about compliance in business and how the pros can help.
On today's Business Beat, Jeff chats with Michael Spath, client executive and small business advisor at Kapnick Insurance Group and StartupNation's insurance expert, on the importance of small business insurance for entrepreneurs.
Tune in to the Business Beat to learn what types of small business insurance you should consider to best protect your company.
On today's Business Beat, Jeff talks to Shay Berman, founder and president of marketing company Digital Resource and StartupNation's digital marketing expert, about why SEO is the key to creating awareness for your business.
Tune in to the Business Beat to learn more tips about SEO and how to put it to work for your business.
On today's Business Beat, Jeff discusses how three companies alone receive half of all U.S. ad spend: Google, Facebook and Amazon.
Tune in to the Business Beat to learn more about how Google, Facebook and Amazon are earning this U.S. ad spend and how you can get your business noticed, too.
On today's Business Beat, Jeff discusses the boom in businesses being started by women, with nearly 12.5 million women-led businesses in the U.S. today, according to Fundera.
Tune in to the Business Beat to learn more numbers about women-led businesses and why this is welcome news.
On today's Business Beat, Jeff discusses what companies need to do to keep employees satisfied and loyal: implement hybrid working models.
Tune in to the Business Beat to learn more about why hybrid working models will soon be dominating the business landscape.
On today's Business Beat, Jeff discusses back-to-school spending, with estimates of $37.1 billion on elementary through high school and $26 billion for college-aged students, according to the National Retail Federation and Prosper Insights & Analytics' recent survey.
Tune in to the Business Beat to learn more about what to expect out of back-to-school spending this year.
On today's Business Beat, Jeff discusses a new study from Avionos, 80% of consumers say trust is more important in the post-pandemic era than ever in connecting them with brands and earning their spend.
Tune in to the Business Beat to learn more about this increase in trust and how to earn it in order to drive sales.
On today's Business Beat, Jeff discusses a recent CNBC study on the best states to base a business, and it ranked Michigan as one of the top, at number 11.
Tune in to the Business Beat to learn more about how Michigan ranks in states to base a business and what its best/worst metrics are.
On today's Business Beat, Jeff discusses brick-and-mortar stores, which are thriving despite the pandemic and an overwhelming surge in e-commerce.
Tune in to the Business Beat to learn more about brick-and-mortar stores and their everlasting importance.
On today's Business Beat, Jeff discusses the recent growth of mobile advertising, causing 66% of marketers to increase their ad budgets for mobile, according to Digital Information World.
Tune in to the Business Beat to learn more about this mobile advertising phenomenon.
On today's Business Beat, Jeff discusses the expected resurgence in the travel sector in Michigan post-pandemic economy. Revenues from travel in the state are expected to increase 19% this year to over $2 billion, according to a forecast from the American Hotel & Lodging Association.
Tune in to the Business Beat to learn more about how the travel sector is bouncing back in Michigan.
On today's Business Beat, Jeff discusses the fear of missing out, or FOMO, and how it can be the powerful driver that gets you more sales.
Tune in to the Business Beat to learn more about FOMO and how it can help you expand your customer base.
On today's Business Beat, Jeff discusses the results of Amazon Prime Day, which saw $11.19 billion in overall sales, according to Digital Commerce 360.
Tune in to the Business Beat to learn more Amazon Prime Day results and what these sales mean for small businesses moving forward.
On today's Business Beat, Jeff discusses this year's boom in fireworks sales, including a 200% to 300% jump, according to the American Pyrotechnics Association via CNBC.
Tune in to the Business Beat to hear more about this big win for the fireworks sales industry.
On today's Business Beat, Jeff discusses the Rocket Mortgage Classic, an annual stop on the PGA Tour held in Detroit. All net proceeds from the tournament go toward an initiative called Changing the Course, which seeks to help those with a lack of internet access. Jeff chats with Laura Grannemann, vice president of strategic investments from the Rocket Community Fund, to learn more.
Tune in to the Business Beat to learn more about Rocket Mortgage Classic and its Changing the Course campaign.
On today's Business Beat, Jeff discusses Orbion Space Technologies, a Michigan-based company that's working on developing an aurora plasma thruster. Its system is now being met with widespread market acceptance, and it just secured $20 million in Series B funding.
Tune in to the Business Beat to learn more about Orbion Space Technologies and how it may lead to Michigan becoming the epicenter of the space business sector.
On today's Business Beat, Jeff discusses strategies on how to create customer loyalty, which starts with putting your brand above everything else.
Tune in to Business Beat to learn more about how to make customer loyalty soar.
On today's Business Beat, Jeff discusses purchase order financing, which helps companies fill orders they couldn't otherwise without having the funding to pay for production costs.
Tune in to the Business Beat to learn more about purchase order financing and how it could benefit your company immensely.
On today's Business Beat, Jeff talks to Amy Peterson, the CEO and co-founder of Rebel Nell, a Detroit-based jewelry business that seeks to employ women with barriers to employment.
Tune in to the Business Beat to learn more about Rebel Nell and its worthy cause.
On today's Business Beat, Jeff discusses a new report from Jungle Scout, which found that during the second quarter of 2021, 80% of online shoppers expect free shipping when ordering over a certain dollar amount. To consumers, the three most critical drivers of sales are free shipping, ratings and reviews and the lowest price.
Tune in to the Business Beat to hear even more about the importance of free shipping and what today's consumers want.
On today's Business Beat, Jeff discusses the reemergence of business travel post-pandemic. In fact, 96% of business travelers say they're both ready and willing to travel in the next year, according to a survey from SAP Concur.
Tune in to the Business Beat to learn more about how business travel is now becoming more lauded than ever.
On today's Business Beat, Jeff talks to physician Daniel Siegal, CEO of Navv Systems, a Michigan-based company focused on hospital personnel location and equipment tracking and location services. The company just closed a $3.2 million venture fundraising round from some of the top venture firms in our region.
Tune in to the Business Beat to learn more about Navv Systems and the way this company is changing health care for good.
On today's Business Beat, Jeff talks to Bea Wolnerman of Bea's Squeeze, a lemonade company that started in Eastern Market as a summer pop-up and is now available through retailers distributed in 25 states.
Tune in to the Business Beat to learn more about Bea's Squeeze and how you can build a brand that's just as authentic and lovable.
On today's Business Beat, Jeff discusses Huntington Bank's $1 billion commitment to minority-owned businesses in Detroit and Wayne County. Huntington just completed the acquisition of TCF Bank, making Huntington the 25th largest bank in the country with more than $170 billion in assets.
Tune in to the Business Beat to learn more about what Huntington Bank is pledging to do to support local small businesses in Detroit.
On today's Business Beat, Jeff discusses a newly released study from CHEQ and the University of Baltimore, which found that fake reviews in the e-commerce market have resulted in a $152 billion problem.
Tune in to the Business Beat to learn about these fake reviews on e-commerce sites and how to mitigate the costly problem.
On today's Business Beat, Jeff discusses findings from Freshbooks' latest Self-Employed Mental Health Report, which reveals that 49% of those surveyed said their mental health conditions left them with a loss of energy and difficulty focusing on their business during the tumultuous year that was 2020.
Tune in to the Business Beat to learn more about how impactful mental health issues were this past year as well as ways to rebound post-pandemic.
On today's Business Beat, Jeff talks to Yathu Manick, the founder of MI Picnic, a business that aims to caters to all your picnic needs.
Tune in to the Business Beat to learn more about MI Picnic and how to find successful business ideas.
On today's Business Beat, Jeff discusses how food delivery apps surged during the pandemic — and how they're expected to stay for the long run.
Tune in to the Business Beat to learn about why food delivery apps are taking over the business world.
On today's Business Beat, Jeff discusses how small business owners are seeing bright times ahead for their enterprises. In fact, around 90% of small business owners are now saying with confidence they believe they're going to survive the troubling times the pandemic caused, according to a survey from Goldman Sachs.
Tune in to the Business Beat to learn more about small business owners' optimistic outlooks:
On today's Business Beat, Jeff discusses some major concerns that consumers have with the restaurant business going forward due to the pandemic. A new report from PYMENTS in collaboration with Paytronix finds that 27% of the population is concerned about spending money, and 39% are still worried about health issues related to COVID-19.
Tune in to the Business Beat to learn more about how the restaurant business has been forever changed.
On today's Business Beat, Jeff discusses how it's as good a time as ever to start a business, especially in Michigan. In fact, a report from Detour Detroit found applications for Michigan businesses skyrocketed by 43% from February 2020 to February 2021, and Black communities were a major factor.
Tune in to the Business Beat to learn why these numbers for Michigan businesses are surging.
On today's Business Beat, Jeff discusses the deeper meaning behind small business failure statistics — and what you should do to make sure you don't become a part of those numbers.
Tune in to the Business Beat to learn more about what entrepreneurs should really take away from small business failure statistics.
On today's Business Beat, Jeff discusses how consumer feedback is one of the most crucial assets in a successful business, especially in modern times, when anyone with access to the web can post their opinions.
Tune in to the Business Beat to learn how you can use consumer feedback to propel your business forward.
On today's Business Beat, Jeff discusses the increasing importance of having a health care plan for your employees — and how it can be the difference in employee retention and productivity.
Tune in to the Business Beat to learn more about why health care plans for employees are more important now than ever.
On today's Business Beat, Jeff discusses the emergence of cryptocurrency as a common payment method and how business owners should adapt. Now, nearly one-fifth of the U.S. adult population — that's roughly 46 million consumers — say they will likely use cryptocurrencies to make a purchase this year.
Tune in to the Business Beat to learn more about why you should start accepting cryptocurrency sooner rather than later.
On today's Business Beat, Jeff discusses how the wedding industry is set to thrive again as the pandemic is beginning to slow down. In fact, the Wall Street Journal reports that wedding caterers and venues are fully booked for 2021 and wedding registry signups are skyrocketing.
Tune in to the Business Beat to learn more about the booming wedding industry.
On today's Business Beat, Jeff talks about how Michigan leads the nation in the biggest increase in venture capital investing and how venture capital is furthering innovation in our state.
Tune in to the Business Beat to learn more about the importance of venture capital.
On today's Business Beat, Jeff discusses a poll from Wolff Olins and Hall and Partners that found the top companies the public finds to be the most conscious brands.
Tune in to the Business Beat to learn which companies are named as the most conscious brands.
On today's Business Beat, Jeff discusses the uptick in workers' desires of working from home permanently after the COVID-19 pandemic moved the world to remote work.
According to an in-depth look at remote work after the COVID-19 pandemic from the University of Chicago's Becker Friedman Institute for Economics, around 21% of total work hours post-pandemic will be working from home, nearly four times as high as the level of those working from home pre-pandemic.
Tune in to the Business Beat to learn more about this desire to continue working from home.
On today's Business Beat, Jeff discusses a hopeful look for the future of small businesses, as a recent survey from Sage reveals that small business optimism is growing, which could potentially create millions of new jobs.
Tune in to the Business Beat to learn more about this rising small business optimism.
On today's Business Beat, Jeff talks about an incredibly important issue: the digital divide, resulting in 82 million Americans who lack broadband internet access at home, according to Pew Research.
Tune in to the Business Beat to learn more about addressing America's digital divide.
On this morning's Business Beat, Jeff shares an ongoing trend in consumer behavior: those who are searching for something online but going to a store locally to actually make the purchase. Visits to local stores and restaurants are top of mind, according to a recent report by Google.
Tune in to the Business Beat to learn more about this great news for local merchants and local restaurants.
On this morning's WJR Business Beat, Jeff discusses an excellent resource for entrepreneurs who need free, high-quality coaching and mentoring: SCORE, a 501(c)(3) non-profit organization and a resource partner of the U.S. Small Business Administration.
Tune in to the Business Beat to learn more about the mentoring services offered by SCORE.
On this morning's WJR Business Beat, Jeff shares a recent Axois survey indicating that young engineers and recent college graduates are looking to Miami, Houston and Philadelphia as hot spots to start a career, rather than San Fransisco, New York or Seattle. This news comes on the heels of last week's Business Beat features with Ryan Landau of Purpose Jobs discussing tech workers migrating to the Midwest.
Tune in to the Business Beat to learn more about the new regions that are becoming tech hubs for creative workers.
On this morning's WJR Business Beat, Jeff shares exciting news from the National Retail Federation (NRF): retail sales are beginning to rebound, and the NRF predicts a strong acceleration of the U.S. economy in 2021.
Tune in to the Business Beat to learn more about the National Retail Federation's predictions.
On today's Business Beat, Jeff welcomes back Ryan Landau, founder of Purpose Jobs, to discuss another hot startup company right here in the Midwest: Vroom, an e-commerce company that allows consumers to buy and sell cars online. The New York City-based company is opening up an engineering office in Detroit.
Tune in to the Business Beat to learn more about Vroom.In case you missed it, tune in to Landau's earlier appearances on the Business Beat this week to learn about the emerging startup market in the Midwest and Clearcover, a Midwest InsureTech company.
On this morning's Business Beat, Jeff welcomes back Ryan Landau, founder of Purpose Jobs, to discuss Clearcover, a hot InsureTech company based in the Midwest that's one to watch.
Tune in to the Business Beat to learn more about Clearcover.Landau will be back on the Business Beat on Friday, May 7 to discuss another local startups that he believes is one to watch!
On this morning's Business Beat, Jeff welcomes Ryan Landau, founder of Purpose Jobs, to discuss the rise of startup companies in the Midwest. Landau is dedicated to building the startup ecosystem in the Midwest by connecting startups with top talent, and has a particular passion for Detroit tech startups.
Tune in to the Business Beat to learn more about the emerging tech startup market based in the Midwest.
"I think the tide is shifting to specifically the middle of the country and emerging markets. The reason is, traditionally companies have been building in San Francisco and in New York because those have been the mecca centers for building tech and startup companies."
- Ryan Landau, Purpose Jobs
Landau will be back on the Business Beat on Wednesday, May 5 and Friday, May 7 to discuss two local startups that he says are ones to watch!
On this morning's WJR Business Beat, Jeff chats with Jerome Brown, co-owner of Detroit Soul, and Goldman Sachs 10,000 Small Businesses Detroit program alumnus.
Goldman Sachs and the Goldman Sachs Foundation launched the 10,000 Small Businesses initiative to help entrepreneurs create jobs and economic growth by providing them with greater access to business education, financial capital and business support services. In 2013, Goldman Sachs 10,000 Small Businesses committed $20 million to support the Detroit area’s small businesses
Tune in to the Business Beat to learn more about Jerome's story and the Goldman Sachs 10,000 Small Businesses program.
On this morning's WJR Business Beat, Jeff discusses the recently released Small Business Recovery Report conducted by Kabbage, an American Express Company. When asked which milestone would best indicate their business has recovered from the pandemic, the number one response of those surveyed was paying their employees their full wages.
Tune in to the Business Beat to learn more about the Small Business Recovery Report's findings.
On this morning's WJR Business Beat, Jeff and Paul W. Smith discuss the 2021 Midwest Venture Showcase, a partnership between the Midwest Growth Capital Symposium (MGCS) and InvestMidwest, which will showcase 57 companies actively seeking funding to an audience of top-tier investors, entrepreneurs, researchers and business executives. The virtual event runs April 27 to 28, 2021.
Tune in to the Business Beat to learn more about the Midwest Venture Showcase.
On this morning's WJR Business Beat, Jeff shares a great story of entrepreneurial success happening right here in our region. The company is Detroit's own Bloomscape, helmed by founder and CEO, Justin Mast.
Tune in to the Business Beat to learn more about Bloomscape's success.
On this morning's Business Beat, Jeff shares an important adage for all aspiring entrepreneurs: find a niche and fill it! To reiterate the importance of finding a niche, Jeff discusses the startup success story of Avery Stempel, founder of Collar City Mushrooms, a store in Troy, New York, that's devoted entirely to selling mushrooms.
Tune in to the Business Beat to learn more about the importance of starting a business in a niche you're passionate about.
Where's the hottest startup activity in the U.S. today, and how does Detroit measure up? On this morning's WJR Business Beat, Jeff shares U.S. Census Bureau statistics for new U.S. startups by location.
Tune in to the Business Beat to learn where Detroit ranks on the list!
On this morning's Business Beat, Jeff welcomes Dr. Craig Everett, finance professor at Pepperdine University's Graziadio Business School, who shares details of Pepperdine's Most Fundable Companies competition.
Tune in to the Business Beat to learn more about Pepperdine Most Fundable Companies, and how you can enter.
On this morning's Business Beat, Jeff discusses Fortune's recently released 100 Best Companies to Work For, which includes a local Detroit business in the top five!
Tune in to the Business Beat to find out which businesses made the list of Fortune Magazine's List of Best Companies to Work For.
On this morning's Business Beat, Jeff shares findings from a recent Borrell Associates study, indicating that small businesses are making bold moves to stay relevant and capture market share.
One third of local advertisers said they plan to spend more on local advertising in 2021, and 70% will add more types of media that are new and different methods in their marketing mix.
Tune in to the Business Beat to hear more results from the study on local advertising and the state of small businesses.
Earlier this week, Rochester, Michigan-based OneStream Software announced that it closed on $200 million in new capital that will be used to position the company optimally for its IPO slated for the near future. Additionally, StockX announced a major round of funding in the amount of $195 million at a valuation of 3.8 billion. It's a great week for Detroit startups!
Tune in to the Business Beat to learn more about the incredible growth of these Detroit startups!
One of the biggest challenges entrepreneurs face is how to market their products or services. On today's Business Beat, Jeff welcomes Ignite Social Media president, Deidre Lambert-Bounds, who shares her expertise about making social media marketing work for your small business.
Tune in to the Business Beat to hear Deidre's tips on social media marketing.
On this morning's Business Beat, Jeff discusses results from a recent Piplsay study on the impact of brand activism and social issues. Of those consumers surveyed, 22 percent report that brand actions have impacted both their buying behavior and brand impression.
Tune in to the Business Beat to learn more about taking a stand on social issues and how your business can influence real change.
As we move further and further away from the epicenter of the pandemic of 2020, it's becoming clearer which changes the pandemic caused that will be here to stay long into the future. On this morning's Business Beat, Jeff discusses click and collect, a distinct consumer behavior in which customers make their purchases online and go to the store to pick them up.
As U.S. click and collect sales nearly doubled in 2020, this business trend is here to stay.
Listen to the Business Beat to learn more about the staying power of click and collect.
The pandemic has changed consumer habits in a number of ways, including what we drink and even how much. According to the Spring 2021 National Coffee Data Trends (NCDT) survey conducted by Dig Research, COVID-19 drove record coffee consumption at home.
Grab a hot cup of coffee and listen to this morning's WJR Business Beat to learn more.
On this morning's WJR Business Beat, Jeff discusses the importance of having an omnichannel approach in business. What does that mean? It means that in order to succeed, business owners must meet their customers where they are, and that requires both in-person and online interactions.
According to a new study just released by Talkdesk, 78% of consumers polled seek to engage with companies on their preferred channel, while 58% of consumers say their service expectations are higher than they were a year ago.
Tune in to the Business Beat to learn more about creating an omnichannel presence.
More businesses are being started up online than ever before, and with that, a new study conducted by the American Express Company, Accertify, indicates that these businesses face an ever-growing threat of payment fraud.
A certified survey to 105 respondents from merchant companies in December 2020 found that 38% of merchants saw an increase in online payment fraud last year, and 25% suffered from an increase in identity theft.
Tune in to the Business Beat to learn what online merchants can do to protect their businesses from these threats.
Are you looking to start a business with a social mission? If so, creating a B corp might be the right fit! By harnessing the power of business, B corporations use profits and growth as a means to a greater positive impact for their employees, communities and the environment.
Tune in to the Business Beat to learn what exactly a B corp is and how it's different from a nonprofit business.
The U.S. Small Business Administration (SBA) announced it will defer the time period in which small businesses need to start repaying Economy Injury Disaster Loans (EIDL) in principle and interest.
The COVID-19 EIDL program has assisted over 3.7 million small businesses in this country, including nonprofit organizations, sole proprietors and independent contractors from a wide array of industries and business sectors.
Tune in to the Business Beat to get the full scoop!
We've long been advocating for entrepreneurs to start an online business, and now it's time to take your advertising online, too! On this morning's WJR Business Beat, Jeff discusses trends and predictions in local ad sales for 2021.
Local businesses are estimated to spend $127 billion on advertising with local media in 2021, and that's up 7.3% over last year.
Listen to the WJR Business Beat to learn where you should focus your efforts this year if you're in local ad sales.
On this morning's WJR Business Beat, Jeff discusses the rise of cryptocurrency as a mainstream form of payment. According to a 2020 survey by HSB, 36% of small- to medium-sized businesses in the U.S. now accept Bitcoin.
Listen to the Business Beat, below, to learn more about cryptocurrency and why your business might want to consider accepting it as a form of payment.
According to a provisional GroupM analysis just published by the Wall Street Journal, Google, Facebook and Amazon attracted the majority of all U.S. online ad spend in 2020. On this morning's WJR Business Beat, Jeff breaks down the ad spend and discusses why these top three companies are winning big.
On this morning's WJR Business Beat, Jeff shares results of Ring Central's 2021 State of Hybrid Work report, which found that the future of work is likely to be a combination of remote and in-office work.
Tune in to the Business Beat to learn more about the hybrid work report.
On this morning's WJR Business Beat, Jeff shares progress as it relates to women in venture capital and discusses the importance of diversity in the venture capital field.
Tune in to this morning's Business Beat to learn more about women in venture capital.
On this morning's WJR Business Beat, Jeff discusses new regulations in equity crowdfunding, which allows startups in private businesses to raise capital from the crowd. New regulations went into effect yesterday, allowing investment up to $5 million in a given year from the crowd, as opposed to the previous approximately $1 million allowed.
Tune in to this morning's Business Beat to learn more about equity crowdfunding.
On this morning's WJR Business Beat, Jeff shares Forbes' list of "The Worlds Best Employers," which compiled survey data from more than 160,000 full-time and part-time workers from 58 countries.
Which three companies topped the list? Tune in to the WJR Business Beat to find out!
On this morning's WJR Business Beat, Jeff discusses Mindshare’s COVID-19 tracking study, which indicates the sentiment of American consumers, providing interesting and valuable insights.
Tune in to the WJR Business Beat segment to learn more about the study's findings:.
On this morning's WJR Business Beat, Jeff shares results from a recent Digital Consumer Trends Index 2021 conducted by Cheetah Digital in conjunction with Econsultancy study on the incentives that work best to engage customers and drive sales.
Among the study's findings: Discounts are still the biggest incentive, as well as speed of service, supreme customer service and personalization.
Tune in to the WJR Business Beat to learn more about these incentives to engage customers and drive sales.
On this morning's WJR Business Beat, Jeff highlights several new studies that indicate the importance of building a purpose-driven brand. He then provides three expert tips for ways entrepreneurs and business owners can share their company values with customers.
Tune in to the WJR Business Beat, below, to hear Jeff's tips.
On this morning's WJR Business Beat, Jeff shares results from a new Pew Research survey, which asked tech experts what they believe life will be like in 2025. Many of those surveyed believe that life will even be more tech-connected and dependent.
Tune in to the WJR Business Beat to hear more about this report on predictions for life in 2025.
On today's WJR Business Beat, Jeff shares results from the Comcast 2020 Performance Data Report, which shows that Comcast customers generated 1 trillion plus internet requests daily last year.
Other key findings include:
- Peak internet traffic rose 32% compared with pre-pandemic levels
- Entertainment activities continued to dominate network traffic, with video streaming accounting for 71% of all downstream traffic, growing by 70% compared with 2019 levels
- Video conferencing accounted for less than 5% of overall network use
Tune in to the WJR Business Beat to learn more about the report's findings.
On this morning's WJR Business Beat, Jeff discusses shifts in the media business as a result of the pandemic. PQ Media’s latest update on consumer spending on media content and technology reports that, of the 28 digital media categories, the fastest growing in 2020 was digital audio subscription services, which rocketed to a 40% growth rate worldwide.
Tune in to the WJR Business Beat to learn more about these changing media trends.
On this morning's WJR Business Beat, Jeff discusses results from a new Eagle Hill Consulting report, which indicates that 42% of U.S. workers want employers to delay re-opening until vaccines widely available to employees.
Tune in to the Business Beat to learn more about the study's findings.
On this morning's edition of the WJR Business Beat, Jeff chats with Guy Gordon about the average age of successful entrepreneurs. The two discuss findings of a recent Harvard Business Review study, which may surprise you!
Tune in to the Business Beat to learn more about entrepreneurial success by age demographics.
To kickstart your week on a positive note, Jeff shares uplifting news about the drop in unemployment claims, boost in retail sales and overall optimistic outlook from local entrepreneurs.
Tune in to this morning's WJR Business Beat to hear more from Jeff!
On this morning's WJR Business Beat, Jeff shares details of the Motown Musician Accelerator Program, an education and grant initiative designed to help local aspiring musicians and music managers break out.
The program takes in 10 aspiring artists and 10 aspiring managers who will begin a six-week program and work toward earning a slot for the 12-week intensive workshop program. That includes a $5,000 stipend for managers and a $25,000 grant to each of the artists who make their way to the 12-week program.
Tune in to learn more about the Motown Musician Accelerator Program.
This morning, LogMeIn, a provider of software as a service and cloud-based remote work tools for collaboration, IT management and customer engagement, released a study on how to evaluate remote work solutions.
The report, "Ensuring Productivity & Security in the New Remote Work Era," details how businesses have handled the shift to remote work and how they are expecting to move forward.
Joining Jeff on this morning's WJR Business Beat is Marie Ruzzo, Director of Customer Engagement and Support at LogMeIn, who dives into the study's findings on remote work further.
The Small Business Administration's second round of Paycheck Protection Program (PPP) funding is open through March 31, 2021, and President Biden just announced a series of program enhancements to ensure that underserved small companies hardest hit by the pandemic have the best opportunity to apply for the PPP funds.
The PPP funding formula is being revised so that self-employed individuals, including sole proprietors and independent contractors, will have much more financial support than they would have received under the old program rules.
Tune in to this morning's Business Beat to learn more about the second round of PPP funding, and how your business can apply.
Business has forever been changed by the COVID pandemic, and business owners are now challenged to learn about best practices and tools to help us conduct our businesses in what is now a digital first world.
To help us get up to speed, our friends at Dell have partnered with Microsoft to host a free webinar this Wednesday, February 24 at 4 p.m. ET.
Tune in to this morning's WJR Business Beat to hear from Dell's Megan Shadle on what attendees can expect from the upcoming webinar.
We've reported previously on the Business Beat that the last quarter of 2020 was a really robust one when it comes to business startups in the U.S.
In a new report by the Visual Capitalist, new data from the U.S. Census Bureau reveals that the entrepreneurial spirit is alive and well in the United States, and the upward trend continues. In fact, there were 492,133 new business applications filed in January 2021.
Tune in to this morning's WJR Business Beat to learn more about the rapid increase of startups in the U.S. amid the pandemic.
On this morning's WJR Business Beat, Jeff discusses the inspirational Mars Perseverance mission, and how just like the amazing men and women of NASA, entrepreneurs are similarly pushing the envelope every day.
Tune in to the Business Beat to hear more from Jeff!
The pandemic has created a work from home phenomenon that is here to stay. In fact, 22% of Americans say that they desire to continue remote working as standard procedure going forward, even well beyond the COVID-19 crisis.
For those who have grown accustomed to working from home and want to continue, there’s a new major factor driving relocation choices by many Americans: connectivity.
In this morning's WJR Business Beat, Jeff discusses a newly released study by PC Magazine that dives into the best work from home cities of 2021.
Tune in to the Business Beat to learn which cities topped the remote working list!
For those of us in the entrepreneurial community trying to take a swing at creating and growing a successful new startup company, we know all too well how hard it is to raise the necessary early funding required to get a business off the ground.
On this morning's WJR Business beat, Jeff discusses grant and contest opportunities available to entrepreneurs in the state of Michigan who are looking for funding.
Tune in to learn more!
Are you considering testing the entrepreneurial waters, but aren’t quite sure how or where to start? When it comes to launching and growing a successful business, whether part-time, full-time or as a side hustle, Amazon is a great place to start.
Amazon sellers turn a profit quickly, according to a recent study from Jungle Scout, a leading all-in-one platform for selling on Amazon, which reported that 64% of Amazon sellers are profitable within one year of launching their businesses. Additionally, of those new Amazon sellers surveyed, those one to two years in business reported taking home up to $42,000 per year in profits.
Tune in to this morning's WJR Business Beat to learn why selling on Amazon is a great option for aspiring business owners.
Where do the big ideas come from around which startup businesses originate? Well, certainly from the entrepreneurial community at large, and of course within businesses themselves large and small. Another significant source? University research labs.
The University of Michigan is the public university reporting the largest R&D expenditures in all fields.
Tune in to this morning's WJR Business Beat to learn more about the impact of this spending on R&D at universities like the University of Michigan.
The Super Bowl is a business juggernaut, driving nearly $14 billion in consumer spending, according to the National Retail Federation.
Beyond consumer spending on food, which averages around $75 per person, another big winner associated with the Super Bowl is advertising. Did you know the average 30-second spot in the big game costs around $5.5 million?
Tune in to this morning's WJR Business Beat to learn what advertising with a Super Bowl spot gets you.
On this morning's WJR Business Beat, Jeff discusses a recently released study by Verizon, which highlights "The Corporate Jargon That Irks Americans the Most."
Topping the list as most favored office jargon? "Big picture."
Coming in very last on the list of least favored phrases? "Behind the 8 ball."
Tune in to this morning's Business Beat to learn more about Verizon's study on office jargon.
Did you know that 75% of all new jobs in this country are created by small businesses? Or that 99% of all employers and approximately half of this nation's GDP is driven by small businesses?
On this morning's WJR Business Beat, Jeff discusses the importance of our small businesses in America and the true impact on individuals who create and run successful small businesses.
Tune in to this morning's Business Beat to learn more about the importance of small business in America.
On this morning's WJR Business Beat, Jeff discusses the app with the highest engagement rating of any app in the world: TikTok!
TikTok, a short-form video platform where users can find and enjoy quick hitting videos created and uploaded by users, is showing that the average time spent per user per month is up 325%, according to app analytics platform, App Annie.
Tune in to this morning's Business Beat to learn why this TikTok traffic should matter to small business owners.
On this morning's WJR Business Beat, Jeff breaks down the most visited websites in the world.
The top five rankings, according to data from SimilarWeb, are as follows:
- Google.com
- YouTube.com
- Facebook.com
- Twitter.com
- Wikipedia.org
Tune in to the WJR Business Beat to learn more about these website rankings!
On this morning's WJR Business Beat, Jeff shares results from a recent study by First Insight, which shows that even after we've been vaccinated against COVID-19, approximately half of all consumers polled say, “not so fast.”
When it comes to having a comfort level to actually return to experiences like shopping in-store and dining in restaurants, it is beginning to appear as though 2021 could look similar to 2020, unfortunately.
Tune in to this morning's WJR Business Beat to learn more.
Did you now that Q4 of 2020 saw the greatest number of startup companies being launched than ever before in our country's history. If you're ready to start a business but just don't know what business to get started, you're not alone.
To help you figure out what business to start, we're sharing some incredibly valuable insights from Tomasz Tunguz, director of the Redpoint venture capital firm. Tomasz breaks down the top categories that saw the biggest increase in venture capital investment in 2020.
Tune in to this morning's WJR Business Beat to hear Jeff share the top five fastest growing sectors.
Did you know that coffee is one of the most widely consumed beverages in the U.S. and worldwide? Americans consume 400 million cups per day, making the U.S. the world's leading consumer of coffee.
Today, largely as a result of many of us working from home, not only are we drinking more coffee than ever, we're buying it online and making it at home. Specialty coffees are increasing by 20% annually and account for nearly 8% of the total $18 billion U.S. coffee market.
Due to our change in consumer behavior and because selection in local stores can often be limited, e-commerce allows consumers to find specialty coffee products that they might not otherwise have access to. So, could starting an e-commerce coffee business be right for you?
Tune in to this morning's WJR Business Beat to hear more from Jeff!
While the COVID crisis has decimated certain business sectors, it is accelerating many others right before our eyes. One of those sectors growing significantly? Multi-level marketing, or MLM.
Sixty three percent of companies reported to the Direct Selling Association, the industry's main trade group, that they've seen a positive impact on their U.S. revenues since the start of the pandemic.
Tune in to this morning's WJR Business Beat to hear more from Jeff.
On this morning's WJR Business Beat, Jeff shares the story of a visionary entrepreneur in our region, Andrew Blake. Blake, a third-generation entrepreneur, came up with an idea to expand his family business by creating a product to sell at retail. The product is Blake's Hard Cider, and it's a winner.
Tune in to this morning's WJR Business Beat to hear Blake share his vision and incredibly successful execution of Blake's Hard Cider.
We all know that the COVID pandemic has created a massive wave of job losses in the U.S. over the last year. So, with all of this economic hardship, one would reasonably assume that the rate of new business startups is at a standstill, right?
Wrong!
Over the past three months, more new businesses have been launched in the United States than in any other quarter in our history: Between June and September of 2010, nearly 1.4 million startups were founded.
Tune in to this morning's WJR Business Beat to hear Jeff discuss this incredible wave of new businesses.
Apple has just announced that it is opening its first U.S. Developer Academy in downtown Detroit.
According to a press release posted on the Apple website, the Detroit Academy is part of a hundred-million-dollar racial equality and justice initiative to help dismantle systematic barriers to opportunity and to combat injustices faced by communities of color.
The Detroit-based Apple Developer Academy is aimed at the black entrepreneur and developer community in the Detroit region, and is designed to empower young black entrepreneurs, creators and coders, helping them to cultivate the skills necessary for jobs in the rapidly-growing iOS app economy.
Launched in collaboration with Michigan State University, Apple Developer Academy courses will be open to all learners across Detroit, regardless of their academic background or whether they have any previous coding experience.
Tune in to this morning's WJR Business Beat to learn more about the forthcoming Apple Developer Academy in Detroit!
As we know, the COVID crisis has dramatically increased the movement of businesses from a primary brick-and-mortar focus to the online world. There's no doubt that e-commerce is where the action is today.
Jason Junge, founder and CEO of PointerTop, a leading provider of online marketing and website sales conversion tools, shares how to best optimize your customer's user experience by making it convenient and efficient.
Tune in to today's WJR Business Beat to hear Junge's e-commerce tips.
As entrepreneurs, we all know the value of having a strong brand. A strong brand is easily recognizable, stands for something clear in consumers’ minds and evokes a feeling of trust and confidence, which contributes to sales.
So, which brands performed best in 2020?
We have the list of the top 50 most valuable global brands, according to a new study conducted by Interbrand.
Tune in to today's WJR Business Beat to learn which companies made it into the top three.
This morning, we want to direct the attention of small business owners to the latest pandemic stimulus bill passed by Congress in late December. Its opened the doors for many small business owners to access new relief loans through the Paycheck Protection Program (PPP), money that can be used to pay employees and keep your lights on during these most challenging times.
To help break it down for us, we've tapped Benjamin Johnston, chief operating officer of Kapitus, a leader in small business financing.
During today's WJR Business Beat, Johnston highlights some of the key aspects of the new PPP program for us.
Like many businesses during the pandemic, Pinball Pete’s faced looming doom when the business could no longer pay its bills. Instead of calling it quits, Pinball Pete’s turned to its loyal customer base to save them, raising more than $90,000 from almost 2,000 donors in an online donation campaign launched on GoFund Me on Christmas Day.
The story, reported recently in the Detroit Free Press, goes to show you just how important it is to treat your customers right and deliver a highly valued product, service or experience to them. Simply put, make it a central focus to earn customer loyalty.
Tune in to this morning's WJR Business Beat to hear the full story!
It's no surprise that 2020 was a monster year for mobile phone engagement, driven largely by the COVID crisis. Time spent on our mobile phones increased 25% over 2019, according to App Annie’s 2020 End of Year Mobile Report.
While all app categories in the report saw respective lifts in time users spent on them, here are the biggest gainers:
- Social media platforms up 20%
- Shopping platforms up 25
- Finance platforms up 25
- Games up 35
- Video streaming platforms up 40%
Overall, app growth was largely driven by a huge 200% surge in business app usage.
Which mobile apps ranked within the top three downloads this year?
Tune in to this morning's Business Beat to hear Jeff share the full report:
New research indicates just how bad the COVID crisis has been for the restaurant industry. In fact, in the last three months, as many as 10,000 restaurants have closed nationwide.
Last week, the National Restaurant Association released the results of a late November survey of 6,000 restaurant operators, and as many as 79% of restaurant operators surveyed reporting that they have had reduced sales, and looking ahead, it doesn't look much better.
Tune in to this morning's WJR Business Beat to hear Jeff's report on the current state of the restaurant industry.
We're all too familiar with the struggles that entrepreneurs face today, and cinemas are among the hardest hit industries.
On this morning's WJR Business Beat, Jeff shares a snippet of a conversation he recently had with Emagine Theatres CEO, Paul Glantz, on the future of the theater industry.
On this morning's WJR Business Beat, Jeff shares the Association of National Advertisers' term of the year for 2020.
Any guesses?
Tune in below to find out if you're right!
Most consumer searches start with Google, right? Surprisingly, that's no longer the case.
According to a recent survey from e-commerce ad agency ChannelAdvisor conducted by Denada, 53% of U.S. adults said they began product searches on Amazon.
Tune in to this morning's WJR Business Beat to hear more from Jeff.
While we know that the pandemic has caused a drastic shift to e-commerce, we also know that brick-and-mortar businesses still depend on in-store sales to keep those cash registers ringing.
On this morning's WJR Business Beat, Jeff offers up a few tips on how to keep those customers coming in-store and spending.
- It is critical to keep the rapport and spirit of in-store staff upbeat
- Go the extra mile when it comes to safety and health guidelines
- Show your appreciation
Tune in to the segment to hear Jeff's tips.
On this morning's WJR Business Beat, Jeff discusses the power of podcasting when it comes to your company's content marketing.
Did you know that, according to Omdia Tech's recent report on podcasting, global podcast ad revenue is forecast to reach $1.4 billion this year?
In the segment below, Jeff shares how to make podcasts work for your business (and drive more sales).
On this morning's WJR Business Beat, Jeff features Mike Morse, the founder of Mike Morse Law Firm, the largest personal injury law firm in Michigan.
In this segment, Morse shares why everyone has to look at their entity like a true business, and how he's learned to work on rather than in his business.
It's officially holiday shopping season! While most of us will be doing our holiday shopping online this year, before you hit that "buy" button online, consider your local merchants.
Jeff discusses how new platform, Shop Mainstreet, can make holiday shopping easier than ever before.
As business owners, we are faced with the daunting challenge of keeping our staff and customers safe during this crisis. To help us understand how to do just that, John Ezzo, president and CEO of New Image Building Services, offers us his valuable insight and guidance.
Tune in to today's WJR Business Beat to hear John's expert tips!
Have you ever wondered if that recommendation you made on social media really helps a business out? Well, now there's proof that indeed it does.
New data from American Express shows that on average, social media endorsements of small businesses generate about 23 percent of their revenues, or approximately $197 billion a year across the small business horizon. The majority of small business owners (78 percent) report that positive shout outs on social media are a significant driver of business.
Tune in to this morning's WJR Business Beat to learn more from Jeff!
As disruptive as the COVID-19 pandemic has been to society, the economy, and to most businesses, believe it or not, there are some positives to count as a result of this crisis.
On this morning's WJR Business Beat, Jeff reflects on specific innovative changes made within the automotive, banking and restaurant industries.
There's no doubt 2020 has changed the way we do business. And the most dramatic change? The need to be online as a primary way of doing business.
One of the best ways to start that online business is with Shopify. With over 1 million merchants now on board, it's easy to use and it can put you in front of a worldwide marketplace readily and efficiently. Once you're on board with Shopify, it will run seamlessly behind the scenes, powering your website so that you can conduct all e-commerce activities, from getting found to closing sales.
Jeff spoke with Samantha Renée, business tutorials producer at Shopify, who shared her expert tips in today's Business Beat segment.
Joe Biden has been proclaimed the winner in the 2020 presidential election, and now with that behind us, we turn our attention to what that means for us as citizens and as business owners in this country in these most challenging times.
During this morning's WJR Business Beat, Jeff shares three key economic issues business owners must watch closely in the early going of Joe Biden's administration.
Tune in here!
Today, we've got some great news to report coming out of Ann Arbor. We've got another unicorn, as LLamasoft, an AI-based business for supply chain management, has been acquired for $1.5 billion.
Jeff spoke with Ara Topouzian, executive director of the Michigan Venture Capital Association, who had this to say about the news: “It’s great news for the state of Michigan... it shows is that we've got some great entrepreneurs and innovators here in Michigan, and hopefully we'll spark the pipeline even further.”
Tune in to this morning's WJR Business Beat to hear Jeff break down how this incredible investment will benefit local startups.
There's a new FinTech startup in the real estate industry, and it's just secured $40 million in seed funding. Tomo, founded by former Zillow executives, Carrie Armstrong and Greg Schwartz, aims to change the way that Americans buy homes.
“Mortgage is a massive distributed, important market, and we're going to delete it. We plan to address the messy and cumbersome process of buying a home all the way from when an offer is made and submitted to the process of moving into the new home," said Schwartz.
Tomo’s investors include Trulia co-founder, Pete Flint and ex Zillow CEO, Spencer Rascoff.
Tune in to today's WJR Business Beat to hear more from Jeff.
On today’s WJR Business Beat segment, Jeff shares results from a new survey conducted by Employco USA, a nationwide employment solutions firm serving businesses of all sizes, which shows that employer expectations for the future are bleak.
Rob Wilson, president of Employco USA, joins the conversation, revealing that over half of employers say that they are anticipating the need for more layoffs or furloughs over the next six months in order to get through this crisis.
Tune in to the WJR Business Beat to hear Jeff’s conversation with Rob Wilson.
On this morning’s WJR Business Beat, Jeff discusses how entrepreneurs can use Google Trends to find relevant search trending data that helps with decision making related to your products and services.
The best part? It’s all free and readily available at your fingertips.
Tune in to the WJR Business Beat to hear more from Jeff.
On this morning’s WJR Business Beat, Jeff discusses a continuing trend in online purchasing. A recent study from GoDaddy shows that in states that have begun reopening their brick-and-mortar stores, the majority of consumers are still choosing to make their purchases online rather than in-store.
Tune in to the WJR Business Beat to learn more about the study.
On today’s WJR Business Beat, Jeff discusses yet another sign that the pandemic is changing business and our lifestyles as we know it: millions of Americans are moving, and at rates never seen before.
A recent Pew Research survey indicates that 12 percent of survey respondents moved in just the past few months. Contrast that to a typical year, which sees roughly 10 percent of Americans moving during the entire year.
Jeff discusses this trend and the reasonings behind it in the WJR Business Beat.
On this morning’s WJR Business Beat, Jeff shares a sector that’s booming at breakneck speed as a result of the pandemic. The big winner? Warehouse space.
We know e-commerce is hot and the surge in online buying has warehousing riding its coattails. E-commerce companies demand three times more warehouse space than physical retailers do, so demand for warehouse space is skyrocketing, making this real estate sector among some of the hottest in the U.S.
Tune in to the WJR Business Beat for more!
As we know, in-person classes at colleges this fall are hard to come by, with only 2.5 percent of colleges planning a curriculum based fully on in-person classes this fall. Thus, many college students are choosing to put their studies on hold, pursuing virtual internships instead, as reported by Bloomberg.
Since students are choosing to learn on the job instead of in the classroom, startup companies are seeing this as a real opportunity to recruit those students into virtual internships.
Tune in to the WJR Business Beat for more details from Jeff.
On this morning’s WJR Business Beat, Jeff discusses exciting news announced by Amazon that the online retail giant plans to hire 100 workers to operate a new Tech Hub based in Detroit.
Amazon said it will invest more than $1.4 billion to open new Tech Hubs in Detroit and five other cities, including Dallas, Denver, New York, Phoenix and San Diego. The move is expected to create 3,500 jobs in total, with 100 or so to be based right here in the Detroit hub.
For full details, tune in to this morning’s WJR Business Beat.
On this morning's WJR Business Beat, Jeff discusses the city of Ann Arbor as an entrepreneurial ecosystem hub within southeast Michigan.
As reported in DBusiness yesterday, Washtenaw County has seen a 31 percent increase in the number of venture-backed startups over the last six years, now with a total of 55 such active startups.
The study referenced in DBusiness by EntryPoint notes that Ann Arbor now claims 38 percent of the total venture-backed companies in the state of Michigan, and the 55 active venture-backed startups in the county have raised nearly $1 billion in venture capital funding.
Tune in to the WJR Business Beat for full details.
On today’s WJR Business Beat segment, Jeff shares a recent StartupNation Radio interview conversation he had with Brian Calley.
Calley is the current president of the Small Business Association of Michigan (SBAM), and he was formerly the 63rd lieutenant governor of the state of Michigan. The Small Business Association of Michigan is an advocacy group on behalf of Michigan businesses, offering group purchasing and insurance, energy efficiency programs, and more to help businesses compete and succeed in the state of Michigan.
During the interview, Jeff asked Brian, “What are some of the things you wish we would focus on in order to get businesses opened up and on the path to success again?”
Tune in to this morning’s WJR Business Beat to hear Calley’s answer.
On this morning’s WJR Business Beat, Jeff offers insights into why entrepreneurs and small business owners alike should consider banking at one of the 5,000 or so small business banks across the country, rather than big banking institutions.
Of the many benefits, banking with a local institution offers:
- Support to your local economy
- Local knowledge and familiarity
- Personalized service
- Community involvement
Jeff dives deeper into all four in today's segment.
On today’s WJR Business Beat segment, Jeff talks about an industry experiencing positive, accelerated change during the pandemic: esports.
Esports is a burgeoning sector of the sports and entertainment world involving competitive video gaming, and its predicted that this year, U.S. esports ad revenues will grow 12 percent to just about $200 million.
On this morning’s WJR Business Beat, Jeff discusses a recent study conducted by the Census Bureau and two MIT professors, which found that the most successful entrepreneurs tend to be those in their 40s and 50s and then older.
The researchers compiled a list of 2.7 million company founders who hired at least one employee between 2007 and 2014 and found that the average startup founder was 45 years old when he or she founded the most successful companies.
Even more encouraging, they found that a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company versus a 30-year-old founder, and almost three times more likely than a 25-year-old founder to create a successful company. Additionally, a 60-year-old startup founder is more than three times as likely to find success with his or her startup than a company founded by a 30-year-old.
Minority-owned small businesses have been disproportionally impacted by the coronavirus and the accompanying economic fallout.
A report by the U.S. Chamber of Commerce and MetLife makes clear that when it comes to the concern about whether or not a small business owner might have to permanently close his or her business, two out of three minority owners of small businesses express concern over permanent closure, versus only 57 percent of non-minority business owners.
Tomorrow is Halloween, and even amidst the COVID-19 pandemic, people are still planning to celebrate. More than 148 million Americans still plan to celebrate Halloween this year, with 53 percent of consumers planning to decorate their homes, 46 percent planning to carve a pumpkin, and spend an estimated $8 billion while doing all of it.
Haunted houses attract around $300 million in revenue each year, supporting hundreds of other local businesses across America, as vendors that supply these haunted house effects, props, costumes, masks, animation, and other things.
It's hard to believe, but the holiday shopping season is right around the corner, and it's arguably the most important time of the year for many retailers. So, how is the holiday season shaping up?
According to the NPD Group’s Annual Holiday Purchase Intention Study, free shipping is going to be the single most important factor among consumers, even beating discounts and deals.
Tune in to today's WJR Business Beat to learn more details from the study.
Just six short months after it went live, Quibi,a mobile streaming service focused on providing short-form video content, declared it was shutting down.
What went wrong?
Jeff breaks it down in this morning's WJR Business Beat, noting that Quibi's failure underscores the fundamental premise that if you don't have a sound business model to pursue, that targets a clear market want or need, you are doomed.
Is Amazon a friend or foe to small business in America? The answer is: both.
During Amazon's two-day Prime Day this year, sales rose nearly 60 percent over last year to $3.5 billion or more in sales for the more than 2.3 million small- and medium-sized businesses selling products directly on the Amazon Marketplace platform.
Tune in to this morning's WJR Business Beat to learn more.
On this morning's WJR Business Beat, Jeff talks about the importance of customer service, and how you can convert a one-time customer into a regular, loyal customer who will become a brand ambassador.
Tune in to the Business Beat to hear more from Jeff.
While work from home is here to stay in various ways, the great migration back into offices and workspaces around the country is underway. The trick is going to be how to get people to work together in a way that increases collaboration but decreases the fear factor of being too close to one another.
On today’s WJR Business Beat, Jeff kicks off the week by sharing a recent conversation with Armando Ojeda, the southeast Michigan chapter chair of SCORE.
SCORE is an organization of expert business mentors that provides aspiring small business owners with the free tools they need to succeed.
During their conversation, Ojeda shares an overview of the various services SCORE provides, including its primary service of mentoring, and how SCORE helps people to prepare their applications for government relief funding.
Tune in to the WJR Business Beat to hear more from Jeff and Armando.
For more information on SCORE of southeast Michigan and to take advantage of these free resources, visit detroit.score.org.
October is cybersecurity awareness month, and it's also one of the biggest hot-button issues facing small businesses today. Now with work from home as the new normal, businesses are more exposed to security threats than ever.
Today, our friends from Dell and McAfee have joined with StartupNation to provide a free webinar this afternoon at 2:00 p.m. EDT to help you understand these cybersecurity threats and to learn what you can do to protect your business.
Tune in to this morning's WJR Business Beat to learn more!
Dozens of Michigan farms and food processors have been awarded these critically needed relief grants in order to create safer work conditions for employees and to protect the food industry as a whole, according to an article published by MiBiz.com.
The funding is intended to be used by the companies receiving the grants to help mitigate the risks of COVID-19 in the local food industry, such as for COVID-19 testing of employees and personnel, personal protection equipment, and other facility needs.
Tune in to the WJR Business Beat to learn more about the grant.
For example, through August of this year, keyboard sales are up 66 percent over the same period last year; monitors up 82 percent; printers up 59 percent; and laptop computers up 45 percent.
So, why is this relevant if I’m an aspiring entrepreneur? Well, here it is: now that you've made these big-ticket purchases to set yourself up to work from home so efficiently, leverage your new work from home infrastructure to establish the world headquarters of your new business, whether part-time or full-time, right from your home.
Tune in to this morning's WJR Business Beat for more tips from Jeff.
Researchers arrived at that figure by analyzing Bureau of Labor Statistics data and found that 6.2 million workers who previously received their health insurance coverage by way of their employment have now been laid off, and as a result, find themselves without coverage.
Tune in to this morning's WJR Business Beat to hear more from Jeff.
While there is so much uncertainty about how deeply and broadly COVID-19 is reshaping business and impacting our daily lives, one thing is for certain: Americans are spending more time than ever using and engaging in apps on their mobile phones.
Tune in to this morning's WJR Business Beat to learn more.
In 2018 we spent around $55 billion, but in 2019, we approached $62 billion and this year, some expect that number could double last year's consumer spending in mobile games.
Tune in to hear more on the thriving mobile gaming industry.
On this morning’s WJR Business Beat, we’re featuring the list of the top five most successful products that have been funded and launched on the hit TV show, “Shark Tank.”
The investments include:
- Scrub Daddy, backed by Lori Greiner, with $50 million in sales
- Squatty Potty, backed by Lori Greiner, with $33 million in sales
- Tipsy Elves, backed by Robert Herjavec, with $50 million in sales
- Groovebook, backed by Mark Cuban and Kevin O’Leary, sold to Shutterfly for $14.5 million shortly after the investment
- BuggyBeds, backed by all five sharks (Kevin O’Leary, Robert Herjavec, Mark Cuban, Daymond John and Barbara Corcoran), with $1.2 million in sales
Tune in to the WJR Business Beat to learn more about each business.
Last spring, we were concerned that internship programs may be in jeopardy due to COVID-19 concerns. However, virtual internships were all the rage this summer, and most companies say these programs were surprisingly successful for both businesses and students alike.
Tune in to this morning’s WJR Business Beat, where Jeff shares more on the success of virtual internships.
On today’s WJR Business Beat, Jeff discusses various reasons why entrepreneurs are starting new businesses during the pandemic. Perhaps surprisingly, a new survey of 428 entrepreneurs by Just Business found that more than one in five entrepreneurs are starting businesses that were not planned before the pandemic.
Tune in for more!
On today’s Business Beat, we’re already starting to think about the holiday shopping season, and if you’re a merchant, you need to begin preparations now in order to meet the new normal of customer expectations.
Tune in to the Business Beat, below, where Jeff discusses findings from a recent GlassBox Digital survey on the upcoming holiday shopping season.
On this morning's WJR Business Beat, Jeff kicks the week off on a positive note, discussing how efficiency and productivity for many businesses has actually gone up during the period of the COVID crisis.
Earlier this week, the National Restaurant Association issued a startling report: six months into the pandemic, nearly one in six restaurants, which represents nearly 100,000 eateries across the country, have closed due to the ongoing COVID-19 crisis.
That translates to nearly 3 million employees out of work and $165 billion in lost revenue from March through July. And while we haven’t seen the full impact yet, according to the survey, consumer spending in restaurants was down 34 percent on average during the month of August. By the end of 2020, the food service industry is predicting to lose $240 billion in sales.
Tune in to this morning’s WJR Business Beat, to hear Jeff share more of the study’s findings.
Despite the chaos of the pandemic, deal flow has remained fairly steady for existing angel groups in the area, with several new funds emerging, too. Angel funding is funding provided by wealthy individuals into a company directly, as opposed to funding coming from institutional investors.
In 2019, there were 1,322 individuals who invested a combined $73.6 million in 106 early stage tech startups here in the region, as Crain’s Detroit Business reported in May. Combined the funds are roughly on pace to do the same level of deals and investment in 2020 as they did last year.
Tune in to this morning’s WJR Business Beat to hear more on the state of angel funding in Michigan.
For more on the funds Jeff mentioned in this segment, please visit:
- Birmingham Angels
- Michigan Angel Fund
- Michigan Capital Network
- Commune Angels
Airline passengers rank Detroit Metropolitan Wayne County Airport as the best mega airport in North America, according to a new study from J.D. Power.
The 2019 North America Airport Satisfaction Study conducted by J.D. Power surveyed just over 32,000 U.S. and Canadian travelers focusing on six metrics, from airport accessibility to the baggage claim service.
Tune in to this morning’s WJR Business Beat to hear more on the significance of these findings from Jeff.
Does doing right have a positive impact on a company’s performance? New research shows indeed it can. Adding what’s known as cause marketing into your marketing messaging can be a powerful way for businesses to attract and retain customers.
Marketers today must focus on cause marketing campaigns and messages that represent what the business truly stands for, rather than just jumping on the latest hot-button issue.
Tune in to this morning’s WJR Business Beat to learn more on cause marketing from Jeff.
To get this week off to a roaring start, Jeff shares exciting news: the University of Michigan has announced a record launch of 31 startups in fiscal year 2020, a 40 percent increase during a period that included the pandemic and temporarily shuttered labs.
In addition to the record number of startups launched, U of M researchers reported a rise in new inventions: a record 522 for the 2020 fiscal year, up from last year’s 502.
Tune in to this morning’s WJR Business Beat for more details.
Today, Jeff shares some feel-good news, highlighting a bright spot in business and in life: business in the pet care industry, particularly within the dog sector, is booming! As more people have purchased or adopted dogs in record numbers during the pandemic, that has led to record sales in services and products to take care of those dogs
Online pet product store, Chewy, said it had its busiest quarter ever ending May 3rd, with a 46 percent rise in net sales to $1.62 billion.
Tune in to today’s Business Beat for the full story!
Yesterday, Huntington Bank and Michigan governor Gretchen Whitmer announced a $5 billion investment commitment to help Michigan businesses, consumers and communities. The funding plan will be focusing broadly on providing capital to small business owners with an emphasis on those owned by minorities, women and veterans.
You may recall that as we highlighted previously on the Business Beat, TCF Bank announced a similar program with a $1 billion-dollar commitment in July.
Tune in to this morning’s WJR Business Beat to learn more about this great initiative.
On this morning's Business Beat, Jeff discusses how the pandemic has caused more businesses to embrace digital payments, making the process of managing a company's cash much more efficient.
The researchers compiled a list of 2.7 million company founders who hired at least one employee between 2007 and 2014 and found that the average startup founder was 45 years old when he or she founded the most successful companies.
Even more encouraging, they found that a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company versus a 30-year-old founder, and almost three times more likely than a 25-year-old founder to create a successful company. Additionally, a 60-year-old startup founder is more than three times as likely to find success with his or her startup than a company founded by a 30-year-old.
As we reported on yesterday's Business Beat, concern over a potential secondary wave of closures is high among startups and small businesses that have already had to temporarily close their small businesses as a result of the pandemic. However, there is an additional element of the report by the U.S. Chamber of Commerce and MetLife that bears highlighting, relating to how minority-owned small businesses have been disproportionally impacted by the coronavirus and the accompanying economic fallout.
The special report makes clear that when it comes to the concern about whether or not a small business owner might have to permanently close his or her business, two out of three minority owners of small businesses express concern over permanent closure, versus only 57 percent of non-minority business owners.
Jeff shares more details from the survey, as well as three recommendations for small business owners and entrepreneurs who continue to battle for their businesses.
On this morning's WJR Business Beat, Jeff shares insights from a guest on this past weekend's StartupNation Radio show. Steve Rundell is a stakeholder in a company called Explico, and his company performs forensic accident investigation.
On today’s WJR Business Beat segment, Jeff discusses the importance of farmers markets. While they're essential at all times, farmers markets are especially vital during COVID-19.
On today's WJR Business Beat segment, Jeff talks about a story with roots right here in the Detroit region. A study of recent car buying trends by researchers at Cars.com suggest that dealerships' transition to digital sales during the pandemic will become a permanent fixture in what is sure to be part of the “new normal.”
Are you wondering whether or not investors are investing in startups during the COVID-19 crisis?
On this morning's WJR Business Beat, Jeff shares how firms like Detroit's own Ludlow Ventures continue to invest in startups.
On this morning's WJR Business Beat, Jeff discusses Google's announcement that it will be keeping its employees working from home for at least the next year, all the way until July of 2021.
Yesterday afternoon, TCF Bank unveiled its $1 billion loan commitment for minority- and women-owned small businesses. This announcement comes just a few months after the company pledged to take a stand in order to fight racism and social injustice.
On this morning's WJR Business Beat, Jeff shares recent SBA news announcing a certification program that helps ensure that women-owned small businesses are competing on a more level playing field with other companies applying for the same contracts.
On this morning's WJR Business Beat, Jeff shares an entrepreneurial success story taking place right here in Detroit: that of Ellis Island Tea, led by owner and founder, Nailah Ellis Brown.
On today's WJR Business Beat, Jeff shares the exciting news that Detroit's own StockX is booming, despite most brands taking a hit during the COVID-19 pandemic.