WJR Business Beat

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".

To sign up, go to startupnation.com/verizon-landing

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.