WJR Business Beat
636 episodes - English - Latest episode: 8 days ago - ★★★★★ - 2 ratingsWJR Business Beat as heard on 760 WJR, hosted by Guy Gordon and Startup Nation's founder and CEO, Jeff Sloan.
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Episodes
Mothers Day Marketing SHould be Aimed at Moms
April 24, 2024 07:00 - 2 minutes - 2.1 MBIf 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.
Social Tourism Competition Open for Applications
April 23, 2024 07:00 - 1 minute - 1.7 MBThe 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
Grant Program Announced for Young Entrepreneurs
April 19, 2024 07:00 - 2 minutes - 1.89 MBMerchant 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
Access and Use of Customer Data Critical
April 17, 2024 07:00 - 2 minutes - 1.9 MBResearch 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.
Side Hustles are Booming
April 16, 2024 07:00 - 1 minute - 1.79 MBStarting 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.
Younger Generation Using Social Media to Conduct Searches
April 15, 2024 07:00 - 1 minute - 1.53 MBGoogle 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.
Gen AI Now Heavily Used in News Rooms
April 12, 2024 07:00 - 2 minutes - 1.89 MBA 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.
Shopping Malls Making a Comeback
April 10, 2024 07:00 - 2 minutes - 1.84 MBWhether 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.
New Study Indicates Importance of Hybrid Work
April 09, 2024 07:00 - 2 minutes - 2.02 MBJust 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.
Research Shows Employees Living Further from Work
April 08, 2024 07:00 - 2 minutes - 1.83 MBWorkers 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.
Brand Finance Ranking of Most Valuable Brands Globally
April 04, 2024 07:00 - 2 minutes - 1.93 MBResearch 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.
Surging Credit Card Debt Concerning
March 19, 2024 07:00 - 2 minutes - 2.23 MBRetail 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.
How a TikTok Ban Would Impact Small Business
March 18, 2024 07:00 - 2 minutes - 2.06 MBSmall 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.
Projected St. Patty's Day Consumer Spend
March 15, 2024 07:00 - 2 minutes - 1.93 MBConsumers 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.
Womens Sports is Hot Advertising Channel
March 14, 2024 07:00 - 2 minutes - 2.07 MBReport 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.
Small Business Optimism Index Trends Down
March 13, 2024 07:00 - 2 minutes - 2.07 MBNational 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.
The Power of Coupons to Drive Sales
March 07, 2024 07:00 - 2 minutes - 2.19 MBData 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.
Michigan Winters Tough on Small Businesses
March 05, 2024 07:00 - 2 minutes - 1.91 MBGovernor 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 [email protected]
Survey of SMBs Shows Primary Marketing Focus Online
March 04, 2024 07:00 - 2 minutes - 1.92 MBMarketing 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.
Microsoft Announces New AI Model That Can Reason
February 28, 2024 07:00 - 2 minutes - 2.03 MBBrad 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."
Workplace Engagement Trending Down
February 27, 2024 07:00 - 2 minutes - 2.19 MBAccording 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.
MSU Sets Record for R&D Funding
February 21, 2024 07:00 - 2 minutes - 2.19 MBMichigan 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".
Use of Generative AI Extensive in Marketing Today
February 20, 2024 07:00 - 2 minutes - 1.98 MBTo 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.
Best Practices for Coupon Promotions
February 16, 2024 07:00 - 2 minutes - 1.98 MBLooking 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.
Restaurant Sales Projections Up for 2024
February 15, 2024 07:00 - 2 minutes - 2.03 MBThe 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.
NRF Survey of this Years Expected Valentines Day Spend
February 14, 2024 07:00 - 2 minutes - 2.04 MBNational 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.
Shoppable TV Rising in Popularity
February 13, 2024 07:00 - 2 minutes - 2.11 MBA 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.
Ransomeware Cyber Attacks Increased in 2023
February 09, 2024 07:00 - 2 minutes - 1.91 MBChain 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.
New Insights to Americans Online Shopping Behavior
February 08, 2024 07:00 - 2 minutes - 2.21 MBPropeller 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.
Digital Ad Spending Increases
February 07, 2024 07:00 - 2 minutes - 2.14 MBInsider 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.
SuperBowl is Big Business
February 06, 2024 07:00 - 1 minute - 1.78 MBThe 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 Online Reviews Lacking Consumer Confidence
February 05, 2024 07:00 - 2 minutes - 2.15 MBData 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.
The Importance of Brand Loyalty
February 02, 2024 07:00 - 2 minutes - 2.09 MBRobert 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.
Brick and Mortar Retail Here to Stay
February 01, 2024 07:00 - 2 minutes - 1.98 MBThe 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.
Sourcing Credit is Tight Business, Credit Cards Become Popular Source
January 31, 2024 07:00 - 2 minutes - 2.35 MBData 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.
New Statistics on Influencer Marketing Effectiveness
January 30, 2024 07:00 - 2 minutes - 2.05 MBA 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.
DEI Programs Improve Business Success
January 26, 2024 07:00 - 2 minutes - 1.94 MBMcKinsey 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.
Brands Not In Tune With Customer Expectations
January 25, 2024 07:00 - 2 minutes - 2.01 MBNew 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.
Spending Power of Gen Alpha
January 24, 2024 07:00 - 2 minutes - 2.22 MBA 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.
Social Media Predicted to be Challenged in 2024
January 23, 2024 07:00 - 2 minutes - 2.12 MBSurvey 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.
Federal Funding Flowing into Michigan to Support Startups
January 19, 2024 07:00 - 2 minutes - 2.15 MBTechTown 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.
Female Founders Share of Venture Capital; Strong in 2023
January 17, 2024 07:00 - 2 minutes - 2.26 MBIndustries 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.
New Study Projects Marketing Spend in 2024
January 10, 2024 07:00 - 2 minutes - 1.94 MBMedia 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 Growing Socail Selling Functionality
January 09, 2024 07:00 - 2 minutes - 2.17 MBTikTok 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.
Hatch Detroit Contest New Accepting Entries
January 08, 2024 07:00 - 1 minute - 1.78 MBComerica 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.
Internet Activity Statistic
January 05, 2024 07:00 - 2 minutes - 2.14 MBAn 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.
Access to Credit Tighter for Consumers
January 04, 2024 07:00 - 2 minutes - 1.89 MBThe 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 addit...
Super Saturday Expected to See Surge in Shopping this Year
December 18, 2023 07:00 - 1 minute - 1.78 MBNational 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.
Teen Social Media Use All Consuming
December 13, 2023 07:00 - 2 minutes - 1.92 MBPew 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.
Over 50s are a Hot Market Demographic
December 06, 2023 07:00 - 1 minute - 1.75 MBThe 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.