Serial entrepreneur Roman Semiokhin is a committed philanthropist who supports a variety of causes. Following devastating wildfires in Cyprus, Mr Semiokhin made a donation to support relief efforts.
From continued emphasis on social awareness to the rise of the micro-influencer, this article will explore entrepreneurship trends that are tipped to feature prominently throughout 2023.
Consumers want more than just great products, with increased pressure on brands to operate in a transparent and ethical way. Shoppers are increasingly turning away from businesses that do not align with their values.
According to statistics shared by entrepreneur Neil Patel, 64% of shoppers are prepared to boycott a business on the basis of its political or social stance, with 77% of consumers intentionally seeking out brands that share their values. With huge growth in social media and influencer culture, this trend is unlikely to stop anytime soon. The attached PDF shares different strategies for enterprises to capitalise on social media to grow their business.
Subscription-Based Business Models
Interest in subscription-based products exploded during the pandemic, with lockdowns restricting people’s day-to-day movements and consumers taking their spending power online. This is a trend that seems to have continued unabated, even as stores reopened and footfall increased, with 49% of today’s consumers using a subscription service according to a study by McKinsey.
Adapting to a subscription-based model presents a variety of benefits for business owners, chief among them consistent revenue, increased customer engagement and brand loyalty, and enhanced customer value.
Eco-Friendly Practices and Products
With the impact of climate change making itself felt in countries all over the world, consumers are increasingly prioritising the health of the planet, spending their money with companies demonstrating green product manufacturing standards and eco-friendly practices. The embedded short video explores different tactics businesses can use to improve their eco-footprint.
Typically an influencer with less than 25,000 followers operating in a narrow and specific niche, the micro-influencer market is often overlooked by marketers in favour of contemporaries with a larger following.
Nevertheless, the key to the micro-influencer’s effectiveness lies in the very fact that they have a smaller audience, as less followers means more time and energy to dedicate to promoting audience engagement, answering questions and discussing products, which is ideal for marketers trying to sell products.
According to a report from the Influencer Marketing Hub, businesses can expect to make somewhere in the region of $5.20 for every $1 invested in influencer marketing, which represents an impressive ROI. The attached infographic contains more information about influencer marketing.