The COVID-19 pandemic brought about some challenges for business owners. As of 2020, approximately 97,966 businesses were permanently closed down due to COVID, as gathered by Yelp Data.
Moreover, a 2022 survey by Statista indicated that 22.1% of business owners claimed that the pandemic had negative consequences on their businesses. Despite these, it isn’t all gloom and doom, as many businesses are beginning to recover. As things gradually go back to normal, new business trends are springing up. That said, entrepreneurs stand to benefit from these trends, as they can help their businesses survive and thrive.
Influencer marketing on social media
One trend to look out for is influencer marketing on social media platforms. Influencer marketing refers to the collaboration between influencers and brands and is a powerful tool for business growth and brand visibility. Research by Influencer Marketing Hub reveals that many brands expect to increase their budget allocations to influencer marketing.
Likewise, the influencer marketing industry will grow continuously due to its lucrative and effective traits. Currently, Facebook is the most popular platform with 2.89 billion monthly active users, with video ads being the most effective marketing strategy. Instagram, YouTube, and TikTok are also efficient for influencer marketing. That said, more business owners are likely to partner with influencers on these platforms in 2022.
In 2022, new compliance trends are springing up in response to COVID-19 and other rules that influence how employers treat their employees. Therefore, entrepreneurs will have to be mindful of employee policies regarding OSHA guidance, leave policies, and booster shots as the pandemic rages on.
For instance, hybrid scheduling and remote working become increasingly popular. Employers have the task of monitoring their workers’ productivity without compromising confidentiality and privacy. Fortunately, certain surveillance tools have become legal and will be in use by many business owners this year. Also, 2021 saw many employees offering mental health days for their employees to cope with stress due to the pandemic.
However, there seems to be the issue of day allocation. With that said, employers are working with their lawyers and HR departments to ensure that their employee policy handbook is constantly updated to accommodate any changes to state law in 2022. Furthermore, labor law compliance posters help employees understand their rights and will likely be used by many businesses.
Personal branding for business owners
2022 will also witness an increase in personal branding for business owners. Personal branding has proven to be an effective way to improve business branding. It refers to how business owners and employees deliberately promote themselves to establish credibility and authority in their respective industries.
Statistics reveal that 82% of customers trust companies whose senior management members are active in social management. Likewise, employees have more followers than the companies on social media. Besides, personal branding offers a deeper connection with customers, increased sales, increased brand loyalty, employee empowerment, and increased online visibility.
According to Sahar Andrade of Sahar Consulting, LLC, customers are looking for emotional engagement. This engagement comes with revealing the human side behind businesses. That said, businesses will succeed in 2022 if employers and staff put themselves out there for their customers to interact with them.
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