With 43% of customers feeling less optimistic about their finances due to inflation and rising costs, businesses need to prioritize value and efficiency to stay competitive. Meanwhile, 80% of customers are open to trying new offerings from companies known for something else, and 86% express interest in participating in exclusive perks, activities, or events. Throughout the year, businesses are expected to adopt technology and prioritize those leveraging AI or automation for enhanced seamless customer experiences.

Automation is highly regarded by both retail and restaurant owners, with 100% attesting to its positive impact on their businesses. Forty-five percent of retailers witness improved employee retention and increased profits, while 67% of restaurant owners credit automation for direct customer benefits in experience and communication. Moreover, customers are on board with automation, with 76% in restaurants and 67% in retail preferring it over live staff for specific tasks like reservations or inventory checks.

Furthermore, to remain competitive in the dynamic commerce landscape, businesses are adopting multihyphenate tactics like diversifying revenue streams and introducing non-core offerings. A notable 77% of restaurants aim to expand by adding offerings such as meal kits, subscriptions, events, or merchandise. Similarly, 99% of retailers plan to invest in additional revenue streams, focusing on in-store events or advertising offerings to stay up-to-date with industry trends.

In 2024, restaurant growth will emerge as an influential global industry driver, with 100% of surveyed owners across all restaurant types planning expansion. To fuel this growth and remain competitive, restaurateurs will align with customer preferences, incorporate environmentally sustainable practices, and leverage data-driven loyalty programs to understand customer needs and preferences better.

Retail owners also proactively plan to enhance their strategies in the ever-evolving marketplace. In the upcoming year, they will emphasize strengthening customer relationships and offering unique experiences to stay competitive. Notably, 56% are shifting their attention to refining marketing tactics for Gen Z, reflecting a significant increase from the 43% who targeted this demographic in 2022.

In today’s fast-paced and technology-driven world, businesses constantly seek new ways to stay ahead of the competition and improve their bottom line. One such way is by leveraging the power of artificial intelligence (AI) to streamline operations and enhance customer experiences. With the rise of AI adoption, companies are keen to explore how this cutting-edge technology can benefit their business. In this context, Dr. Lisa Palmer, Chief AI Strategist, and Keynote Speaker, shares her insights on how businesses can unlock the true potential of AI in the latest episode of The Small Business Show.

Key Takeaways 

1. As someone with a background in technology and executive leadership in the corporate world, Dr. Palmer advises business owners to view technology as a tool rather than an obstacle. She emphasizes that AI is an empowering tool that businesses can use in two ways:

• To drive up productivity.
• To drive new revenue. 

2. Dr. Palmer encourages business owners to learn how to use large language models, as they are easy to use and just like any other business resource. She recommends getting a ChatGPT account if one doesn’t have it already. 

3. In the next few years, Dr. Palmer believes the industry will continue to see the growth of what’s possible via consumer-facing AI tools, and it will be embedded in every part of our lives. For instance, we have seen product recommendations on Amazon for years, and AI will become even more pervasive. “Those who start using these tools early on will have a significant market advantage,” she says. 

4. The more you interact with AI tools, the better they cater to your business needs. By providing more input to the tool, you give it more threads to provide better outputs. “Consider AI as a new hire; the more content you provide in the beginning, the better able they are to serve your company.” 

5. Think of AI as a partnership. You provide and edit the draft, and the tool provides speed and capability, complementing your creativity and expertise. “Make sure you never take what it spits out wholeheartedly; instead, double-check the material and resources and apply your own intellect through what it creates.”

This is a crucial step for small businesses to differentiate themselves and build a loyal customer base. In today’s world, social media presence, word-of-mouth, and online reviews are the backbone of small business marketing. Venmo’s innovative tools help businesses attract new customers, overcome social media marketing challenges, and deal with negative reviews. 

How it will help small businesses:

• Venmo allows firms to discover and connect with local customers through a subscription-based system. 
• Customers can receive notifications about cashback deals in their vicinity. 
• Businesses benefit from enhanced visibility through in-app carousels while creating promotions for their customers at a cost-effective rate. 
• Venmo’s profile ranking badges enable businesses to stand out and build credibility. 
• Business users gain access to weekly insights, tracking revenue trends and their businesses’ unique views across the platform. 

The new profile experience is currently being piloted in Seattle and is expected to be launched across the U.S. in the coming months. This marks a significant milestone in the digital empowerment of small businesses. Venmo’s latest innovation provides a much-needed platform for small businesses to flourish and meaningfully connect with their customer base.

In 2023, the increasing use of advanced technology changed how businesses communicate with customers. But what can we expect in the customer experience as we go into 2024? Joining us on today’s episode of The Small Business Show is Joseph Michelli, Speaker, New York Times Best-Selling Author, and the CEO of The Michelli Experience. Michelli shares his perspective on this topic.

Key Takeaways

1. Michelli has been focusing on customer work for the past 30 years. However, in 2023, entrepreneurs encountered some trends that made them brace themselves for the year ahead. They knew AI was out there but did not expect its accelerated growth or how brands could reach customers through their own preferences.

2. Despite being aware of AI, many entrepreneurs still have reservations about the idea of “robots.” They are generally uncomfortable with the rapid growth of technology and its impact on our emotional intelligence and daily lives.

3. Michelli states, “2024 will witness more hyper-personalization than ever before.” There will be a rise in voice and conversational interfaces, augmented reality will gain momentum, customer privacy will increase, and self-service will become more prevalent.

4. Since the pandemic, people have become more willing to embrace accelerated technological growth, even if they were previously skeptical.

5. Moving forward, Michelli believes that consumers will be more in charge. If you are a small business owner, do not rely solely on technology, but invest in emerging technology wisely, and it will be an excellent year for you.

Step 1: Create a revenue model for your next level.

The first step is to create a crystal-clear revenue model that projects your elevated monthly revenue for the next 12 months. Unlike vague wishes for revenue growth, a well-planned revenue model sets the stage for a phenomenal year. This involves projecting monthly sales, factoring in the cost of sales and monthly expenses, and ultimately determining your net profit. 

Your revenue model becomes the roadmap for success, and then you can reverse engineer exactly how to make it happen. 

Step 2: Make the decision and go all in.

Making the decision to go all-in is critical to making revenue leaps in your business. I can’t stress enough the need to commit wholeheartedly to your business’ growth and that being “all in” means deciding to take the necessary steps even when you’re faced with challenges or you are feeling way outside of your comfort zone.

The decision-making and growth process within your business is like a serious relationship– continuous, evolving, and requires dedication and commitment. You have to be willing to do the things that most other people aren’t willing to do– the hard things– in order to ensure the success of your business. 

Step 3: Reverse engineer your goals.

Imagine, for a moment, that it’s New Year’s Eve of this year, and you’ve just reached or exceeded your annual revenue goal. Ask yourself,  “As I look back, what needed to be true to reach or exceed my goal for this year?” Did you hire team members? Did you expand your offers for different services or add products? Did you raise your prices? By stepping into the end of the year and looking back, you can identify the specific metrics and conditions required for your business revenue expansion. 

It’s the same concept as “Begin With The End In Mind, ” the second habit from The Seven Habits of Highly Effective People by Stephen Covey. By understanding the result you desire, the steps almost automatically begin to reveal themselves.

Step 4: Get a coach or accountability partner.

Coaching is incredibly beneficial, and business owners should definitely seek guidance from experienced coaches or mentors who have helped others achieve similar desired results. Coaching is a powerful tool for achieving success, and it’s important to recognize that,  according to a study by the American Society of Training and Development, you are 95 percent more likely to reach your goals while working with a coach, mentor, or accountability partner. I find that hiring a coach and investing in coaching services motivates me to get the most out of the coaching relationship. Someone once said that you definitely pay attention to what you pay for, and I wholeheartedly agree!  

Step 5: Keep going, no matter what.  

The final step requires resilience. Entrepreneurship is not without its challenges; it’s not for the faint of heart. You must face each new challenge with a belief that you can figure it out and keep going. The entrepreneurial journey is a profound personal development course, constantly presenting opportunities for growth and transformation. So when you feel like quitting, just remember, you are not alone. It’s important to ask for help when you need it so you can stay on your path toward your best year in business.  

Ready for your best year yet?

By implementing these five steps, you can set the stage for your best year yet! Success lies in creating a clear revenue model, making unwavering decisions, reverse engineering your goals, seeking coaching support, and, most importantly, persisting through challenges. In the ever-evolving landscape of business, these steps serve as a roadmap for those ready to make a quantum leap toward success. 

The first feature, titled CashPass, delivers tailored cash-back offers to customers based on their shopping history, alongside a streamlined purchase process for users who click on a promotion. The second feature, called Smart Receipts, displays individualized product suggestions in a customer’s order confirmation email, giving them the chance to consider other purchases from the same brand. Paypal plans to launch Cashpass in March but has yet to set a timeline for Smart Receipts.

Other new features include a streamlined checkout system that allows users to login to their Paypal account using their smart device’s thumbprint or face recognition capabilities, as opposed to manually entering password information for every purchase. The company plans to leverage artificial intelligence to refine the payment process further.

To make things even more convenient for shoppers, e-commerce businesses will soon be able to offer a one-click pay option by using the Fastlane by PayPal feature, which uses data to confirm a person’s identity rather than relying on credentials. This tool is currently being piloted by a select group of sellers.

Paypal is also implementing an Advanced Offers Platform that it says will help e-commerce businesses pursue leads more efficiently and with higher success rates. Rather than leveraging browsing data, the new feature instead uses artificial intelligence to comb through global transaction records and build accurate shopper profiles. This gives merchants the ability to push personalized offers and product recommendations to customers who are far more likely to buy from their brand than the average internet user. Unlike other advertising systems, the Advanced Offers Platform only requires payment when a lead is successfully converted rather than on a per-click basis.

Welcome to another ASBN-exclusive edition of The Roadmap, with host Ted Jenkin. Every week, Jenkin interviews the brightest and best CEOs and entrepreneurs from around the world who have scaled and exited their businesses. In this episode, Jeff Pedowitz, the CEO of The Pedowitz Group, shares his insights on how businesses can effectively implement AI for marketing strategies.

As of recently, the world has been transcended by the idea of implementing artificial intelligence into the workplace. However, the Pedowitz Group assists its clients in utilizing technology to increase revenue and customer engagement, and AI has been a profound contributor to the technology’s success.

Key Takeaways

1. Regarding how entrepreneurs can market AI, Pedowitz suggests, “AI is a generational force, much like the internet and the smartphone; this is a 20-year type of thing where AI will absolutely transform every part of the business, and even our personal lives as well.”

2. Marketing is already at the forefront of utilizing AI, as 70% of marketing organizations are experimenting with it. For entrepreneurs who want to invest $20 a month to try out the software’s premium version, ChatGPT is a great place to start. Pedowitz believes “Grammarly, on top of AI, will make you a world-class writer overnight.” 

3. Pedowitz suggests that entrepreneurs interested in the more advanced level of AI for marketing should consider using the platform, Jasper. He adds, “Jasper is specifically trained for marketing; its model is to write all types of blogs, ads, emails, and white papers, and it will serve you much better.”

4. Although having a website is essential, the content you put there must be different than the content you put on each social media platform. But it’s not so much about what content you put out there rather than who your target audience is, where they get their information, and how you put the right content on the right channel. 

5. AI is a great tool for creating outlines and structures to guide you through certain processes. However, it’s vital to remember that AI should be treated as a muse, meaning that it should be used and verified. Every new iteration of technology presents challenges, so any business should take the necessary steps to safeguard its information. 

FDX integrates current FedEx commerce tools, such as access to ShopRunner members, with new features like a “custom post-purchase experience” that enables brands to provide customers with precise shipment information or leverage FedEx’s shipment network data to improve order management.

The platform provides essential data and insights that retailers can use to optimize their operations by making better-informed decisions about logistics from the point of demand to delivery and returns. It unifies a variety of capabilities under the FedEx brand, such as:

• Consumer Demand Growth: Businesses can access a high-value client base by connecting with the ShopRunner member network.
• Conversion Increase: The platform improves the buying experience and boosts customer conversion by offering time window updates and projected delivery dates.
• Visibility and Control of Shipments: FedEx Surround provides almost real-time tracking of shipments, empowering companies to make educated decisions.
• Carbon Emissions Insights: FedEx Sustainability Insights provides access to comprehensive statistics on carbon emissions to help with sustainable supply chain decisions.
• Streamline Returns: The platform effectively handles the digital and physical components of product returns.

FDX is now accessible in private preview, with an official launch scheduled for the fall of 2024. It’s a significant advancement for small businesses in the field of digital commerce, addressing pain points. FDX offers a strategic tool that empowers small businesses to compete more effectively in the digital marketplace. With its comprehensive approach to e-commerce, FDX is becoming a game-changer for SMB owners who want to expand their digital footprint and enhance customer satisfaction.

In the latest edition of The Small Business Show on asbn.com, host Jim Fitzpatrick sits down with Victor Antonio, best-selling author, sales consultant, and motivational speaker. In his first in-studio appearance, Antonio discusses effective strategies for business growth and increasing sales in 2024. The conversation focuses on practical methods for acquiring new clients, retaining and upselling to existing ones, and re-engaging former customers. They also delve into the impact of technological advancements, such as AI, on business processes.

Key takeaways:

1.The interview tackles the complexities of expanding a business during times of economic uncertainty. It addresses the impact of factors like stable yet high interest rates and the general increase in prices on business operations. The discussion is geared towards understanding how these market conditions affect business growth and what strategies can be implemented to thrive despite these challenges.

2. Antonio outlines a straightforward approach to business growth, focusing on four primary strategies. The first is acquiring new customers, which, while increasingly challenging, remains essential. The second is retaining existing clients, as a slight improvement in retention can significantly boost profits. The third strategy involves upselling or cross-selling to the existing customer base, a method shown to considerably increase revenue. The fourth strategy is reactivating past clients, exploring ways to re-engage those who have stopped purchasing.

3. It is critical to examine and optimize the sales process for better business performance. The discussion suggests that companies should scrutinize their existing sales and operational processes, looking for ways to combine, automate, replace, or eliminate steps to achieve greater efficiency. This approach can lead to a more effective use of resources and better alignment of staff requirements with business needs.

4. The conversation highlights the necessity for businesses to embrace technological advancements, particularly AI, to remain competitive. Resistance to adopting new technologies can hinder a company’s growth and efficiency. The interview suggests starting small with AI integration, focusing on areas of the sales process that can be enhanced by technology, thereby gradually transitioning to more advanced systems and methods.

5.  As products and services become increasingly similar, the differentiation often lies in how they are sold. Salespeople are encouraged to position themselves as subject matter experts, guiding customers through the decision-making process. The focus is on advocacy and helping buyers make informed decisions, rather than aggressive selling techniques. The discussion also touches on the importance of understanding customer hesitation and how to effectively address it to close sales.

Microsoft Copilot is a generative text platform giving users the ability to receive detailed answers to queries or create content based on specific inputs. The tool was first launched in November 2023, available only to larger enterprises and educational institutions, and initially required users to purchase a minimum number of licenses.

But in a blog post published this Monday, Microsoft announced that it was expanding access to its virtual assistant tool to smaller organizations or individuals and removing the minimum purchase requirement starting January 16. Copilot is thus now available “across all sales channels,” although buyers are still required to purchase individual licenses ($30 per month) for each user. As Copilot is an add-on to the Business Premium and Business Standard programs, users must also continue to pay for their base subscription. The maximum number of licenses available on either tier is 299.

With this move, Microsoft has become the latest big tech firm to implement an artificial intelligence tool directed at small business owners. Mastercard and eBay both recently announced platforms for entrepreneurs, the former offering virtual business “mentorship” and the latter enabling text generation for sellers. Until the last few months, most major AI developers have focused on general business applications without targeting their products toward specific enterprise sizes. For example, point-of-sale platform Square and e-commerce giant Amazon both launched software tools in 2023 that serviced a range of professional use cases without specifying an exact market.

Small business owners are often an underserved community partly due to the difficulty in offering costly, difficult-to-scale products, such as data-intensive artificial intelligence platforms, to customers with limited budgets and highly individualized needs. OpenAI’s ChatGPT platform, however, proved that generative text toolkits could be offered relatively cheaply and on a massive scale to users from all backgrounds. As time goes on and developers continue to realize the flexibility of the technology, entrepreneurs are likely to see even more AI-powered products, such as Microsoft Copilot, launch with tiers or use cases that service their needs rather than exclusively servicing the needs of larger organizations.