WJR Business Beat

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.