What makes a small business stand out, according to YELP.
With more than 5 million businesses rated and reviewed, Yelp knows a thing or two about small businesses. They have watched many small businesses come and go, noticing trends in what works and what doesn’t. In the latest issue of Entrepreneur, Yelp’s small business expert, Emily Washcovick, shared some insights on the principal factor that makes small businesses stand out from the competition. Washcovick has worked with hundreds of small businesses, navigating changing markets and competition to ultimately ensure success. From all her work with small businesses, she has found the most vital piece of the puzzle of success is communicating to the consumers who is behind the business, and the story of why the business is running.
It should be obvious to most that people are more reflective than ever. People no longer give a second look to ‘salesly’ marketing schemes and promotions. Consumers want to know how a brand personally impacts them, and the alignment of their values. A 2022 survey from Lending Tree revealed that 1 in 4 Americans boycotted a product or company due to either a political or social misalignment. This shows that many are looking at the faces and ethos behind the company, not simply what they are paying for in the store. Washcovick explains that the strongest story told to your consumers will help them understand why you’re doing what you do, and how they can be a part of it. This helps build trust among customers, as well as loyalty that will establish longevity for small businesses.
So how is this put into practice? This can be overwhelming at first glance, however, one needs only work backward. Figuring out your niche is a good place to start, and then the original reason for addressing this niche. There is likely a personal story that can be unearthed from this process, which is even better. They want to feel they are adding value to the world by supporting your business, and are actively looking for companies with a mission and branding to get behind. Yelp has insights on consumers searching for things such as ‘minority-owned businesses,’ or ‘sustainable fashion,’ which further indicates the desire of consumers to make an impact with their investment. After figuring out your ‘why,’ you must humanize your business in your messaging to your audience. This includes the content made for socials, email, physical store print (if this applies to your business), and your website. Ensure your messaging has a general or specific link to the reason your business exists, and not simply a sale.
You know the reason why you decided to create your business. The reason why you undergo the late nights and early mornings, and stay the course despite the stress and crippling self-doubt. Your customers want to know this reason as well. Tell them.
Here at the Alliance to Save the American Dream, we want your business not to simply survive but thrive. To go from simply a transactional entity to a provider of value. We’ve done the research, so all you need to do is put these into practice!
Check out our other content on our page for more information on how you can take your business to the next level!
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories. For more information, visit savetheamericandream.com.
6 Business Trends to Prepare for in 2024
As we pass the middle mark of 2023, several business trends have emerged and small businesses need to stay ahead of the curve to remain competitive. With every passing year, new business challenges emerge, making it imperative to continuously adapt and evolve. As we approach 2024, businesses need to prepare for emerging forces that will shape the future of their operations. We’ll be looking at six business trends and what they may mean for you and your enterprise.
Alternative sources of capital:
With ever-changing markets and unpredictable lending rates, traditional loan options for small businesses are losing popularity. Companies are looking for new ways to raise capital, where they could get lower rates and take on less risk. There has been a surge in alternative financing options in recent years, including crowdfunding, peer-to-peer lending, venture capital, and more. Not only are these an option to get started, but helpful to keep the business afloat in times of unexpected testing such as the last few years. As a small business owner, these are great avenues for you to explore for your present or future need for capital in your business.
Rising interest rates could cool the economy:
Since 2022 the Fed has kept a consistent increase in interest rates, and despite a fall in inflation, this could mean a slowing down of the economy. This could have significant implications for both businesses and consumers, such as difficulty borrowing money. This might lead to less spending by businesses on things like expansion and growth, and for customers, a decrease in large spending requiring credit. Small businesses must take this eventuality into account when positioning their business for the near future. Check out more insights on this from BusinessNewsDaily.
Social media spending will increase:
The pandemic accelerated the shift to digital advertising, and as we emerge from the pandemic, this trend is set to continue. It should be obvious to see that social media platforms like Facebook, Instagram, and Twitter are becoming more important for businesses to reach their target markets. A report from Zenith Media reports that social media ad spending will hit $225bn In 2024, indicating that the money is following where most businesses are getting the best ROI. Businesses need to plan and allocate sufficient resources to social media advertising to remain competitive.
Automation & AI will become even more important:
Automation is not a completely novel concept, however, in recent years it is becoming more sophisticated and widespread. Generative AI such as ChatGPT, and machine learning are making it possible to automate almost any process. Generative AI can now come up with marketing materials such as articles, images, and even soundtracks, delivering customer service support. As many compare the boom of AI to the boom of the internet in the 80s and ’90s, it is a present need for businesses to explore the potential of automation and integrate it into their operations to improve efficiency, reduce costs, and simply not be left behind.
AI and big data will drive personalization:
It is an innate human need to feel special.AI and big data are now making it possible to personalize customer interactions at scale. Digital implementations such as purchase suggestions based on order history and birthday discounts utilize AI, making the consumer feel seen by whatever brand they interact with. Yours should be no different. Companies must adopt AI and big data technologies to analyze customer data and use insights to deliver personalized experiences. The businesses that can deliver personalized experiences at scale will be the ones that win customer loyalty.
Businesses will rethink sick leave to include mental health:
In recent years, a brighter spotlight has been shone on mental health issues, with even a rise in several digital therapy or psychiatry solutions now available. Following this trend, businesses are beginning to recognize the need to support their employees’ mental health, such as Google, which provides free access to mental health programs as part of their benefits package to their employees. In order to have leverage in securing labor, your business will likely need to rethink the approach to sick leave and ensure that it includes mental health days. By supporting employees’ mental health, businesses can improve productivity, reduce absenteeism, and attract and retain top talent.
The future is filled with opportunities and challenges, and businesses need to be prepared to navigate the uncertainties. By staying ahead of emerging trends and adapting their operations, businesses can stay competitive in the years to come. Instead of fighting change, it is wise to maximize it with a flexible and agile mindset, embracing new technologies. In order to not only survive but THRIVE, it is best to view these predictions not as threats, but as opportunities for innovation. Stick to time-tested strategies of business, but remain open to novel ways of achieving the same goal: Success!
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories. For more information, visit savetheamericandream.com.
