Hi everyone,

Taking it one step at a time, we welcome you to the 37th edition of our Growth Tactics newsletter. Each day presents new hurdles, but it's these challenges that truly keep us engaged. Although it can be overwhelming at times, overcoming these obstacles brings immense gratification.

This newsletter is here to provide you with useful information on how to take care of your business.

For this week, we focus on the next topics:

• 🤫 Social media becomes less social

• 💰 Business landscape statistics

• 😎 Trends shaping small businesses

• 📈 Growth strategies

🤫 Social media becomes less social

Social media is evolving as users shift from major platforms, which prioritize corporatized content, to smaller, niche communities that foster personal connections.

Large networks like Meta and Twitter are exploring new business models, such as subscriptions and immersive experiences. Smaller networks offering focused communities and content control are on the rise, with academics and technologists seeking low-cost solutions.

Apps like Mastodon and Minus provide alternatives to traditional social media, with unique features such as ad-free experiences and limited post counts. The future of social networking may involve users participating in multiple niche communities rather than relying on one or a few major platforms.

💰 2023 Business Landscape

In this extensive review of the small-business landscape in the U.S. for 2023, we examine crucial statistics and trends that offer valuable insights into the present state of entrepreneurship. Although focused on the U.S., these trends often reflect global patterns. Covering topics such as general facts, diversity in business ownership, the effects of inflation, and supply chain challenges, we will explore the triumphs and obstacles small businesses encounter as they work through post-pandemic recovery and adapt to a constantly changing business landscape.

😎 Essential trends shaping small business

Small business finance trends

• Alternative sources of capital will fill unmet funding needs, such as grants, fintech, venture capital, and crowdfunding.

• Rising interest rates could cool the economy, potentially slowing business growth and investment.

Small business marketing trends

• Social media spending will increase, but businesses should focus on multichannel organic approaches.

• Marketers will leverage their best customers through user-generated content (UGC) efforts.

• Businesses will seek to entertain customers using emerging technologies, such as hologram displays.

Small business tech trends

• Generative AI will disrupt business operations in areas like marketing, customer support, and product design.

• Automation will become more important, streamlining processes and personalizing customer experiences.

• Augmented reality (AR) and virtual reality (VR) will see more widespread adoption, providing unique experiences for customers.

Human resources trends

• Child care benefits will become more common, attracting and retaining employees.

• Businesses will rethink sick leave policies to include mental health considerations, particularly in the context of remote and hybrid work.

Find out more about these trends here.

📈 2023 Growth Strategies for small businesses

In 2023, entrepreneurship is expected to flourish as innovative ideas reshape business operations. To help small businesses thrive in the new year, according to the US Chamber of Commerce, entrepreneurs suggest ten growth strategies:

1. Expand your email list of subscribers to establish an engaged audience and lower advertising expenses.

2. Focus on client retention, as retaining existing customers is easier and accelerates growth.

3. Build a strong referral network, incentivizing employees and existing customers to promote your business.

4. Adapt marketing strategies based on ROI to maximize the efficiency of your budget.

5. Automate time-consuming processes to streamline operations and free up employees for more critical tasks.

6. Introduce new offerings and promotions to keep customers engaged.

7. Utilize AI and machine learning tools to automate repetitive operations and enhance communication among employees.

8. Compete locally to acquire customers for less, using free tools like Google Business profiles.

9. Establish credibility with video content to boost brand authority and enhance SEO.

10. Invest in project management software like Trello and Airtable to organize communications and foster teamwork in remote and hybrid working environments.

📰 An interesting tweet 📰

🔥 Brand of the week

Clean Wellness Co. is a family-owned business dedicated to providing clean, natural, and vegan supplements for optimal health and well-being. Their mission is to offer high-quality, safe, and effective products backed by scientific research. With a team of knowledgeable experts, they provide personalized advice and support for customers' unique health goals. They prioritize a seamless, enjoyable shopping experience and are committed to making health and well-being accessible to all.

🔥 Influencer shoutout

Sarah is a digital creator and influencer with a strong social media presence, having 20.6k followers. She has successfully completed almost 100 collaborations, showcasing her ability to engage and influence her audience. Passionate about her home, husband, and pets, Scooby and Dru, Sarah enjoys canicross, running, and Muay Thai. Her impressive running records include a 5k in 25:48, a 10k in 56:01, and a half-marathon in 2:20.