WJR Business Beat

The days of trying things and experimenting and simply seeing what works best are at least temporarily on hold, as we must be, as sure as we can be with our marketing and sales campaigns and spend these days as we go after that highly coveted share of consumer spend.

What's driving this: price hikes and potential product shortages they may face later in the season. Some major retailers have already announced their plans to pass cost increases onto consumers, and that makes consumers get their shopping done now before prices increase even further. So if you're a retailer who depends, at least in part, on a successful back to school shopping season. It's not too early, as counterintuitive as it may seem to begin, thinking about displaying inventory, pushing promotions, and catering to the early back to school shopping cohort, already active in getting their back to school shopping done early this year.

While we know that AI technology can be transformative when deployed effectively, one major barrier to getting AI implemented is the pushback companies are getting from a meaningful percentage of their employee ranks getting buy-in through proper onboarding and training is a key facilitator.

Marketplaces and social commerce are providing consumers with convenience, variety, and competitive pricing, and as a result, they're trending up in terms of increased engagement over two thirds of global digital shoppers bought from a marketplace like Amazon or Walmart, for example, and at the front end of the purchase journey, 20% of global shoppers say they typically begin their search for a new product to buy on an online marketplace.

Father's Day Spend in 2025 Expected to Set Record: National Retail Federation reports 76% of Americans will spend during the holiday, focusing on bespoke and unique gifts.

Importance of Brand Purpose Today: Companies leading with purpose win and are preforming better today.

Tech Town Announces Launch of New Program - Live, Innovate, Play program. Workshops kick off this summer through Wayne State University.

Memorial Day Weekend Sales Predicted to be Mixed Bag

A report from Deloitte, about 12% of Americans said they changed their vacation plans already for this summer because of concern over tariffs and what that's gonna do to further their financial challenges. According to a survey of more than 2000 travelers by market research firm, Future Partners, conducted in mid-April. Some of us are canceling vacation plans for this summer altogether. The share of Americans planning to take a vacation in the next six months slip below 40% for the first time since the pandemic, that according to the conference board the bottom line, travel destinations are bracing for changes in consumers spending patterns this summer

Surprising data point in GoDaddy's summary of the data: Only 9% of the 2100 business owners surveyed forecasted a sales decline for their business. Now to be sure entrepreneurs are a resilient and resourceful bunch with the ability to turn on a dime and adapt to the changing circumstances in which they're operating. For example, the report sites that entrepreneurs are changing their long-term goals to adapt to the current climate.

What's driving these trends? Largely, it's uncertainty. Uncertainty, driving concern over where we are headed and what the future holds for the average consumer, is having a real-world impact on the economy and won't resolve favorably until consumer sentiment improves.

The contest is intended to pick the most promising new brick and mortar business concept. The businesses competing in this competition are doing so to win a hundred thousand dollars from Comerica Bank to take their concept to reality and actually open a physical store in either Detroit, Hamtramck, or Highland Park. 10 small businesses are competing as semi-finalists and the public will vote on their favorite until May 23rd. Go to hatchdetroit.com to have your voice be a factor in this.

The total digital ad spend is estimated to grow 3.9% and about 4% annually through 2028. Digital media is expected to gain share at the expense of print, broadcast and cable media. Search display banner streaming and connected TV dominated the local digital budgets last year with BLL Associates estimating that combined sectors will hold 78% of digital and 57% of total local advertising within three years.

top import categories in which states will be most effective by the dynamic changes going on today in those industry sectors. So first, the second biggest category of imports to the US relate to computers and electronics. Those imports are the top related import in nine states.The top import in the country, cars [00:01:00] and auto equipment. That industry sector has the highest value import in 14 states. And this category includes fully finished cars as well as those partly assembled auto parts and even airline parts. And of course, Michigan leads the country and dollar value of auto-related imports at $108 billion. Given this reality, one, can't help but wonder and ask what will the significance of the Trump tariffs ultimately be here on the state of Michigan, since we depend so heavily on imports related to our top industry, time will tell, of course, new tariffs going into effect here in the month of May, and others threaten some being pulled back.

2025 rankings reveal a shift taking place across corporate America in which corporations are increasingly untethered from traditional urban economic hubs. Companies are migrating towards states offering a powerful trifecta that is a business-friendly environment, a skilled workforce, in a more affordable, higher quality of life.

If there's ever been a time to buy generic, it's now many consumers are turning to private label products, including Kirkland Signature to save money. Creating demand for items, better purchase now, rather than waiting when prices will be higher. And in other cases where consumers are already pulling back on certain purchases, one thing is for sure, consumers today are a lot more conservative with their spending moving away from significant purchases and non-essential purchases as well.

Where will small business advertisers turn should TikTok be banned? Well, it looks like Instagram reels followed by YouTube shorts are the two most popular alternatives to advertising on TikTok.

Spending on this year's Mother's Day hit $34.1 billion, total spending amount is up from last year's $33.5 billion. A deeper look into the spending reveals that, consistent with previous years, 84% of adults celebrated the holiday, and on average, it's estimated that those who did celebrate spent $259 on average on Mother's Day gifts and other things relating to celebrations. That's about $5 more than they spent in 2024. Where did all the spending take place? Online, where 36% of all shoppers did their buying.

The good news when it comes to AI, more than three in five consumers are comfortable or very comfortable with chatbots or AI support when contacting brands. Julie Geller, principal Research Director at Infotech Research Group, says "the key with AI and customer service applications is to design for customer outcomes rather than company convenience".

According to a new user testing survey released last month, more than 2/3 of consumers in the US, Australia, and the UK are willing to pay an average of 25% more for their purchases made from their favorite brands. The average person remains loyal to as many as six brands with the most loyalty being associated with grocery, food, clothing, footwear, phone, and electronics brands.

Addressing cash flow through instant collections can be one of the most transformative things a small business can do to operate more efficiently, as well as to be able to utilize and deploy cash on hand for growth. Digital wallets like Apple Pay and Google Pay online payment platforms like PayPal and Stripe, and platforms like Square and Shopify payments offer instant payment, and that means funds become available immediately or within at least a much shorter timeframe.

New data from the Brookings Institute of Washington DC based policy and governance research organization provides analysis by occupation specific exposure data supplied by OpenAI and compared it to each occupation share of local employment to calculate exposure statistics. Now, in general, the researchers found that the greater the education level or pay for an occupation, the greater its exposure to being at risk from generative AI tools.

Report by Voice Solutions Platform offers insight into how AI is impacting the production of advertising content, specifically audio content, in which it is becoming harder to know if it's human or if it's AI. The Voices Report known as the Ad Agency Trends report makes clear that while AI is having a significantly greater impact on the production of voice in advertising, 56% of respondents from ad agencies report indicating that they've used AI voice at some point in the creative process, it's the human voice that remains irreplaceable for final productions with a level of authenticity that provides stronger emotional resonance and relatability.

Many of us find purchase inspiration by going to our favorite social media platforms and one getting a huge boost is the travel industry. As social media has become a major driver of travel inspiration, especially when trying to reach Gen Z audiences. Proof that the seemingly authentic and personal nature of content published on social media is transforming how business is done and how our lives are forever changed as a result.

Influencer marketing continues to play a more powerful role in marketing as a way to promote and drive sales. But did you know this? A small study recently published in the Journal of Advertising Research indicates the most trusted influencers aren't the two-legged kind. Rather, consumers indicated in the study that the most influential influencers are pets.

Spring 2025 Outlook report: Fear is keeping American consumers focused on situations of concern. 42% of the database cited healthcare costs, erratic government leadership in the US government, and a recession, 37% rising fuel prices, 35%, cost of living, some 42.5% Even believe the US economy will never return to its normal consumer trends.

Study from Express Legal Funding conducted by SurveyMonkey called How People Use and Trust Chat GPT in 2025. The significance of this is the elevated trust and confidence that users are seeking from ChatGPT in the form of advice that users can be guided by and action taken on as opposed to just being informed of the individuals polled. 60% say they've already sought and followed advice provided on chat GPT and 70% feel the advice was helpful. 12% seek legal advice, 15% relationship advice, 20%. Career advice, 22%. Medical advice, 30%. Product recommendations, 33% financial advice and 50% are seeking educational advice and guidance.

Grant Thornton recently conducted a poll of CFOs in this country to find out what big businesses plan to spend on in 2025. Data is from the 226 US Finance Chiefs polled recently.

The banking industry interface between customer and bank continues to move more onto the mobile platform as new data shows a majority of US adults under 35 do their mobile banking, mainly by way of a mobile app associated with their bank. According to September, 2024, data from FICO, 60% of adults aged 18 to 24 and 62% of adults aged 25 to 34.

Sales data released from the American Pet Products Association, Americans are putting their pets first and not cutting back much at all. Big pet supply and pet food giants like Chewy and others had huge years in sales growth in 2024, and the new forecast suggests that the industry should expect continued growth with a 3.2% increase in spending w/ sales expected to rise to $157 billion in total sales in 2025, up from 152 billion in 2024. In spite of economic and financial concerns that are curtailing consumer spending 77% of respondents in the survey say the economy has not and will not affect their commitment to owning and caring for their pets.

2025 Digital media trends study just released by Deloitte; social video platforms offer a seemingly endless variety of free content algorithmically optimized for engagement in advertising, and it's working. The report states that it's resulting in social media platforms now drawing over half of all US spending.

While consumers are driven to go beyond loyalty these days as a result of supply chain issues, inflation, and price sensitivity over the last five years, other reasons for declining loyalty are due in large part to intense competition, as well as increased discounting.

US Census Bureau reports that the threats of tariffs, government shutdowns, and mass firings of government workers have sparked more economic uncertainties for Americans over the past month which has triggered a pullback in consumer spending w/ only a slight increase month over month in February over January.

Is marketing work becoming more marginalized and homogenized? Are we losing touch w/ what it means to be successful with our creative work? In an age when AI is even becoming a creative force in the creation of content in business today, it's important to foster the human element in all of this. One of the hallmarks of small businesses is that they tend to be more creative and more human when doing their work. And wouldn't it be shame if we lost that?

Monica Longoria, head of Marketing Insights at LG Ad Solutions, says this about the study's results. While secondary screens like mobile devices remain integral to shopping and the broader advertising ecosystem, it's clear consumers want more when it comes to TV, and emerging technologies are set to drive this next wave of innovation, eliminating friction and paving the way for a more seamless, intuitive, shoppable TV experience.

Inc 5000 ranks the fastest-growing companies by industry, metro area, revenue, and number of employees, and it also highlights women and minority-run companies. If you've got a fast-growing privately held business, one that can demonstrate dramatic growth over the last three years, you need to apply. The deadline to apply to the Inc 5000 at the preferred rate is next Friday, March 21st at 11:59 PM Pacific Time. Simply go to inc.com to get your application started now.

A study from the Kaplan Group makes clear just how popular having a side hustle is. According to the study, 5 it's pet sitting, 4 lawn care, 3 photography, 2 landscaping. And at number one, it's drop shipping. Notably, three of the top five landscaping, lawn care, and pet sitting fall under the category of home services highlighting the continued demand for businesses that enhance the home aesthetic and maintenance.

New data from the S&P Global Mobility Award, shows who's winning at brand loyalty today. General Motors and Tesla at the top, which were recognized as leaders in customer loyalty for 2024. Analysis of over 13.1 million new retail vehicle registrations in the US during the 2024 calendar year highlight the importance of brand loyalty determined when a household that owns a new vehicle returns to the market to acquire another vehicle of the same make model or manufacturer.

One of the biggest challenges for online companies and those who operate them is that much of the traffic on the web today is driven by bots, not humans. Bots now account for 80% of all web traffic. According to new data just released from Design Rush, meaning only 1 in 5 visitors to the web is human, and that is forcing businesses to rethink their marketing, analytics, and engagement strategies.

As our world becomes more driven in every way by AI, the trend is actually favorable despite current reticence. 38% of shoppers now like the idea of personalized product recommendations made by chatbots. 31% say AI helps them discover new products faster. Large scale adoption of AI purchasing requires a fundamental shift in consumer behavior, and that's just not happening currently and likely won't be anytime soon.

According to Google, its latest connectivity project known as Tara, iss intended to bring fast, affordable connectivity to the world using a new approach to wireless optical communications technology. It uses invisible beams of light to deliver high speed connectivity over long distances. Similar to the way traditional fiber uses light to carry data through cables in the ground, but this requires no cabling to transport the signal at all.

Food products that are trending hot in 2025 based on the new study released by the Specialty Food Association. The Group's Trend Spotter Panel has just completed an evaluation of thousands of new food products and novel flavors. Snacks for dinner have become a big thing in recent years, but this year's entries are more diverse, featuring vegan, high protein, functional, luxurious, and crunchy items. Wellness and quick healthy snacks will continue to inspire us all. Listen for full list.

A Harris poll, found consumers ranked shopping as the activity that gave them the most joy when spending time online with streaming content and interacting with social media ranking second and third respectively. When it comes to online shopping, the data makes clear that driving a more personalized and relevant experience for consumers is critical. Online shoppers are twice as likely to engage with relevant products, services, and marketing messages at the transaction moment of their purchase journey.

The digital advertising market in the United States closed 2024 on a big high note with ad spending across mobile, desktop, and over the top platforms reaching $34 billion in sales during the fourth quarter. Digital in every way from e-commerce sales to digital advertising continues to show strong growth

Forbes, America's Best large and mid-size employers is now out. Several notable Michigan companies made the list. Employees surveyed were asked if they recommend their employer to others and rate it based on a range of criteria, including salary, work environment, training programs, and opportunities to advance as well. Forbes said research has shown employees have remained relatively steadfast when asked what they care about most in an employer. www.forbes.com to see the full list.

Today more than 48 million Americans self-identify as black per Pew research. Representing 14.4% of the US population. As reported in TechCrunch, if funding share was in line with population, one would expect companies with a black founder or co-founder to attract more than 14.4% of all funding, given that startups commonly have more than one founder. Darren Dodson, founding partner and managing director at Lumen Capital, a venture fund operating on the basis that bias hinders optimal financial performance, says there's a lot of work to do on addressing issues of bias. The proportionately low funding totals demonstrate that investors appear to be passing on promising entrepreneurs due specifically to racial bias, and demographics support this.

Nearly half of workers in a cohort surveyed by Pew Research of workers who are currently working from home at least some of the time, say that if their employer no longer allowed them to work from home, they would be unlikely to stay at their current job. Now, this includes 26% of those who say they'd be very unlikely to stay a smaller share, 36% say they'd be likely to stick at their job even if they had to come in every day and 20% say they'd be very likely to do so.

Why local marketing and advertising? Local advertising works because of its relevancy. Local campaigns can capitalize on the immediacy of customer intent, leading to a higher conversion rate and more tangible results.

Wallet Hub released its annual ranking of the best states for starting a new business in the US. Wallet Hub's approach is based on comparing the 50 states across 3 key dimensions. One business environment. Two, access to resources critical to starting a business. And three, the costs of starting a new business. The top 5 states to start a new business in, according to Wallet Hub: Idaho, Texas, Utah, Georgia, Florida.

One of the greatest opportunities small businesses have is the opportunity to gain exposure for one's business through the power of the press. Producing and distributing a press release to journalists who cover your field of endeavor, and having them pick up your story and put it in print can be such a huge windfall for small businesses.

While CEOs battled their FOMO, that's fear of missing out, of course, their employees are experiencing a different side of the AI revolution. A phenomenon now coined FOBO, the fear of becoming obsolete, driven specifically by the fear that the speed of artificial intelligence development is outpacing the re-skilling of employees.