WJR Business Beat
657 episodes - English - Latest episode: 8 days ago - ★★★★★ - 2 ratingsWJR Business Beat as heard on 760 WJR, hosted by Guy Gordon and StartupNation's founder and CEO, Jeff Sloan.
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Episodes
Digital Ad Spending Increases
February 07, 2024 07:00 - 2 minutes - 2.15 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 - 2.16 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 - 2.36 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 - 2.06 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 - 2.02 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 - 2.27 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.
Businesses Concerned About Disclosing Use of AI
December 05, 2023 07:00 - 2 minutes - 2.02 MB65% 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".
Verizons Digital Ready Program Helps Move Small Businesses Forward
December 04, 2023 07:00 - 2 minutes - 1.98 MBTo sign up, go to startupnation.com/verizon-landing
Bidens Approval Rating Dips Amongst Small Business Owners
November 29, 2023 07:00 - 1 minute - 1.8 MBWith 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.
Black Friday Sales Are Strong
November 28, 2023 07:00 - 1 minute - 1.68 MBRoughly 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%.
Black Friday Cyber Monday Predictions
November 21, 2023 07:00 - 1 minute - 1.74 MBNational 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.
Dell for Startups $1K Shopping Spree Giveaway
November 17, 2023 07:00 - 1 minute - 1.75 MBDell has been a great friend to small businesses here in the Great Lakes region. They have announced a $1K shopping spree to 3 lucky winners in the Black Friday Cyber Monday giveaway to spend on Dell's products aimed at helping entrepreneurs succeed. Go to startupnation.com/Dell
What Customers Value Most When Making a Purchase
November 16, 2023 07:00 - 2 minutes - 2.1 MBA Braze study indicates that offering relevant or personalized offers is important to consumers as are offering rewards and loyalty program perks. Convenience, very important. Customer service. Discounts, product quality and brand trust at number 2 and pricing according to value and pricing competitively comes in at number 1 on the list of most important factors when it comes to compelling consumer purchases.
Influencer Marketing Proving Effective
November 10, 2023 07:00 - 1 minute - 1.64 MBWhat's hot in marketing these days? One strategy that seems to be working well is that of influencer marketing. In particular, for B2B businesses, according to a 2023 B2B Influencer Marketing Report, that study by Top Rank Marketing conducted by Ascend2. 94% say that influencer marketing is a highly effective strategy and its use is growing.
New Survey Reports Use of AI Tools by Small Business
November 08, 2023 07:00 - 2 minutes - 1.91 MBSmall Business Adoption Survey 2023, 75% of small businesses are utilizing AI tools for an expansive range of business functions. Nearly half of all small businesses started using AI based tools in the past year. These tools are enabling their workforces to focus on high value projects and tasks, including revenue generating activity, and providing opportunities for growth and a more meaningful work experience.
Consumer Spending in Mobile Apps Up in 2023
November 07, 2023 07:00 - 2 minutes - 1.84 MBEstablishing and maintaining an effective omni channel approach to meeting consumers wherever they may be these days, you can't ignore the mobile app channel as part of the mix.
AI Based Startups Enter New Phase
November 03, 2023 07:00 - 2 minutes - 1.94 MBNew data from Crunchbase shows that today, 1 in 5 of the new billion dollar startups to be recognized as having what's known as unicorn level valuations are in one way or the other based on AI technology.
List of Most Successful Tank Companies
November 01, 2023 07:00 - 1 minute - 1.75 MBThe greatest show to hit TV focused on entrepreneurship is ABC's Shark Tank. In its 15th season, Shark Tank has made millionaires out of entrepreneurs and driven millions in return for the sharks who invest in the opportunities presented to them on the show. And now just released, the list of the 15 most successful companies ever funded on Shark Tank.
List of Worlds Most Valuable Brands
October 31, 2023 07:00 - 1 minute - 1.67 MBKantar ranking of the most valuable brands in the world is out: the value of the top 100 brands across the board dropped 20%. The most resilient brand categories are fast food, food and beverage, and luxury.
US View on Use of Consumers Private Data
October 30, 2023 07:00 - 2 minutes - 2.09 MBData privacy measures and controls have three main goals: To protect a consumer's information, to make sure it's confidential and that there's integrity around its protection, to build trust with customers and to comply with data privacy laws.
Attention to Customer Service, Key to Holiday Sales
October 25, 2023 07:00 - 2 minutes - 2.29 MBBusinesses need to commit to delivering the kind of experience that a modern consumer has come to expect: fast, personalized, and most importantly, companies need to be focused on addressing and solving customer issues to their satisfaction.
Breadless Eatery - Startup Success Story
October 24, 2023 07:00 - 2 minutes - 2.16 MBBreadless, a restaurant startup in Detroit that in the face of all of the economic pressures, labor shortages and higher operating costs, is finding success. Founders are husband and wife team Mark Howland and LC Howland. Breadless is riding a wave of a major healthy eating trend, featuring an extensive menu based on 100 percent gluten free.
Elderly Instruments Wins US Small Business of The Year Award
October 23, 2023 07:00 - 2 minutes - 2.12 MBElderly Instruments provides a wide range of service for musicians: buying, selling, trading, and consigning instruments to repairs and accessories. The U.S. Small Business Chamber of Commerce said, "Elderly Instruments victory is a testament to its remarkable ability to remain true to its 50 year legacy and continuously embracing change and adapting to challenges and always innovating along the way."
New Grant Program Announced for Small Businesses
October 18, 2023 07:00 - 2 minutes - 2.11 MBThe Metro Detroit Black Business Alliance and its small business investment program's goal is to seed 2,500 investment accounts on investing app StackWell for up to 200 small business owners and their staffs. The program is supported by a $1 million grant from the life insurance company, Prudential Financial.
National Entrepreneurs Small Business Awards in Detroit
October 17, 2023 07:00 - 2 minutes - 1.9 MBDetroit will be hosting the National Entrepreneurs Association Small Business Awards. Friday, October 20, 9 a.m. to 4 p.m. at the Hollywood Greek Town Casino. The theme of this year's event is Stand Out and will focus on how business owners can use the latest resources and technology to market and grow their small businesses.
New Study Paints Gloomy Holiday Retail Picture
October 16, 2023 07:00 - 2 minutes - 2.15 MB2023 Consumer Spending Trends Outlook, a study by Clivio and Qualtrics, consumers are generally feeling pretty gloomy when it comes to the economy these days. 59% indicate that their view on the economy is negative and as a result will impact their spending generally and more specifically during the holidays.
US Chambers Top Small Business of the Year Finalists
October 13, 2023 07:00 - 1 minute - 1.6 MBThe U. S. Chamber of Commerce has announced the seven regional finalists of America's Top Small Business Awards program. 15, 000 plus applicants to this contest, for which the U. S. Chamber of Commerce has chosen seven finalists. Following criteria, businesses must uniquely demonstrate innovation, courage, and the entrepreneurial spirit that drives the American economy. But it's from this list of finalists that one will be chosen as the top winner on October 19th.
Fortunes List of Most Powerful Women in Business 2023
October 11, 2023 08:00 - 2 minutes - 1.99 MBWe're featuring an overview of fortune magazines recently released list of the 2023 most powerful women in business. The list is a global ranking of 100 female leaders, 67 of which are CEO's.
Projected Impact of AI on Labor
October 09, 2023 07:00 - 1 minute - 1.74 MBIf your competitors are putting AI to work to create efficiencies, cut costs, and increase productivity, be aware, but more to the point, start considering deploying AI in ways that keep you competitive.
Small Busness Success More Challenging Than Ever Today
October 05, 2023 07:00 - 2 minutes - 2 MBThe Wall Street Journal reported that small business bankruptcy filings are rising this year, a signal that increased interest rates, tighter lending standards, and higher operating costs are straining entrepreneurs.
Growth Data for Generative AI in Business
October 04, 2023 07:00 - 2 minutes - 1.94 MBMost U.S. companies plan to invest more in Generative AI over the next 12 months. However, as aggressive as that is with respect to adopting the technology, we currently are falling behind, relatively speaking, to the aggressive pace at which China and other countries are pursuing the technology.
More Marketers Turning to Performance Marketing
October 03, 2023 07:00 - 2 minutes - 2.05 MBDuring challenging economic times, marketers are turning more toward performance marketing versus brand marketing because of the opportunity to measure and optimize so effectively with performance marketing.
Retail Sales Down in the State of Michigan
September 29, 2023 07:00 - 1 minute - 1.77 MBMRA President and CEO Bill Hallan said, Michigan small businesses are feeling the squeeze of the UAW strike and the resulting loss of spending power by families impacted. Small businesses may feel the impacts of this strike for months to come. Even after the strike ends. We encourage shoppers to consider the importance of shopping with local businesses, keeping their dollars in their community.
The Power of Email Marketing
September 27, 2023 07:00 - 1 minute - 1.68 MBWhen email is used as intended, it's one of the most powerful channels of all, according to a new study from Hunger Rush. 82% have made a purchase directly because of an email they've received. And email is popular amongst all age groups.
New Data Reveals Consumer Sentiment Today
September 20, 2023 07:00 - 2 minutes - 2.1 MBAmericans are struggling and becoming more reticent to new spending, especially when it comes to spending on non essential purchases. 61% of Americans of all income brackets are living paycheck to paycheck these days, so the stress on American consumers is broad and deep.