Hello and welcome to the good weather! Summer is finally here and despite some degree of economic uncertainty, the new technologies around Generative AI and Chat GPT have brought positive life back to the financial markets.
So as we get into mid-year 2023, where are we headed from a business and marketing/sales perspective? Let’s jump right in….
Yosi’s Crystal Ball – 5 Key Mid-Year 2023 Business & Marketing Trends to Identify and Explore
And here they are….
- Do you know what Generative AI and ChatGPT are? You need to! These incredible brand new technologies are creating an enormous revolution right before our eyes, and are changing the world even faster than the internet did when it came out in the mid- 1990s.
So what are they? They arepowerful technologies that use computer algorithms to create new content and stories, just like a human being would. Google provides answers to questions, while generative AI and ChatGPT develops full content. For example, if you ask ChatGPT to write a small speech for your daughter’s birthday party, it can easily write it for you in 15 seconds.
Generative AI and ChatGPT can make any business stronger by writing content, automating tasks, reducing costs, and opening up new opportunities for growth. I’m already working with clients to leverage AI and ChatGPT to make employees’ lives better, serve customers at a much lower cost, and create new revenue streams.
McKinsey has said that Generative AI is already becoming a major game changer for businesses, and one that can help them gain a significant competitive advantage.
So what’s your plan to leverage ChatGPT and Generative AI to make people’s lives easier, cut costs, and grow sales? Schedule a call with us today if you need help integrating these amazing innovations into your business!
- Inflation has fallen a bit from historically high levels, but is still moderately high, and is likely stay elevated for at least a bit more time. – Inflation had been up over 7% this past year representing the highest inflation rate in 40 years, but fell down to 5% in April, and fell again in May to 4%. Still, inflation remains elevated as the labor is tight, and fuel/transportation and rental rates are still up, so you’re spending more to do business.
Two strategies I’ve advised clients in dealing with inflation include better articulating your value proposition and brand positioning so you’ll be worth a higher price to your customers, and raising your price, but upgrading your product/service at the same time.
- There is still a decent likelihood of some kind of a recession in late 2023 or early 2024 – The Fed has continued pushing up interest rates to slow demand and tame that inflation. But by slowing demand, we could end up slowing everything down, thereby triggering a recession. Let’s hope the Fed can engineer a “soft landing” and prevent a full blown recession, although that outcome is probably unlikely. I guess we’ll see how that all plays out…
The good news though is that stock market (especially technology stocks) has strengthened quite a bit in the last few months.
- Video, and especially short form video, will continue being the most influential form of digital content for businesses – And no wonder…With 5x higher recall than the written word, video is the most engaging media format and the most effective in assisting conversations. In fact, 72% of businesses say that video has improved their conversion rate. According to Cisco, by late 2023, more than 80% of online traffic will involve video watching.
And in terms of short form video, an amazing 90% of companies using it will increase (or at least maintain) their financial investment in short form videos. And videos on landing pages increase conversion by 86% and shopping cart sizes by 125%. Are you participating in the video revolution yet?
- Do you know what “Social Commerce” is? – Social Commerce(products bought directly while perusing social media) is growing rapidly. I’m pushing clients who are involved in e-commerce to leverage this new and exciting opportunity. A passive shopper scrolling Instagram or Facebook could very well be swayed by warm content or a relevant ad. In fact, 34% percent of people say they have shopped on Instagram based on an influencer recommendation, and according to Big Commerce, 34% of online shoppers already tend to purchase products on social media platforms. On top of this, “Mobile Commerce” (products bought via a Smartphone)is growing too, and will likely account for more than 1 out of every 6 dollars retail dollars spent in the US. And companies are also experimenting a lot with “geo targeting”…running ads online that target potential customers in a certain neighborhood, or with a specific demographic.
That’s why I’m telling clients to not only focus on digital traffic and revenue in general, but how to better leverage Instagram, Facebook, TikTok, LinkedIn, Amazon and You Tube to drive more leads, e-commerce revenue, and geo-targeted sales.
Have you developed a plan to capitalize on this new income opportunity waiting out there for your business?
So until next time, good luck and good selling in the second half of 2023…and please stay safe!