Business Trends We Are Seeing For 2023

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 26 June 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2494, we are talking about the business trends we are seeing in 2023. Things have become volatile with interest rate hikes and businesses are taking a defensive stance in order to protect themselves. We’re seeing a lot of marketing budget cuts and replacing loads of operations with AI to be more efficient. We are also seeing businesses make use of podcasting which we think is a brilliant idea. To hear all about the trends we predict for the rest of 2023, tune in now! TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: Business Trends We Are Seeing For 2023. [00:24] Why businesses are cutting back on everything and rates are hiking. [01:11] The hiring trends and the defensive stance businesses are taking. [02:07] Why advertising isn’t growing like it was before. [02:35] How people are preparing for these issues: AI and why it’s more efficient. [04:20] Why podcasts are useful tools and why businesses are using them for marketing. [06:03] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! This podcast is on our Youtube Channel. Watch it here: https://youtu.be/e83KxKsIBBE Links Mentioned in Today’s Episode: Don’t forget to help us grow by subscribing and liking on YouTube! We are back with our live videos so go watch us! Magellan AI Dreamhost Microsoft Shopify Leave Some Feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	All right. So we're going to talk about business trends for 2023 what you got Neil and by the way if you're watching on YouTube you should subscribe on YouTube because we're back on freaking video after three or four years
0:10.8	What are you talking about? We've been doing videos all the time.
0:13.0	Live, I mean live, we're live.
0:16.0	In LA.
0:17.0	But not live for them.
0:18.0	We're live for now.
0:19.0	So the big trend that I'm seeing is businesses are cutting back on everything.
0:26.2	The Fed announced that they're going to do two more rate hikes or looks like they'll do two
0:30.1	more rate hikes till the end of 2023. I don't know if you saw
0:35.8	CNBC publisher article on how a lot of publicly traded
0:38.6	CFOs email the Fed saying, you know, stop the rate hikes, that's not going to happen.
0:45.0	It looks like there's going to be two more raises.
0:47.0	Most likely they're going to be 2.25% increase in rate hikes,
0:52.0	so it's looking like 0.5% more.
0:55.0	And yeah, they're trying to cut back on inflation.
0:59.2	And I think that's going to send this economy in a tougher spot and we're going to continually feel the
1:07.2	plane and I think businesses are going to continually cut back.
1:09.7	Yeah, well here's what I'll say I I mean, it's, what's the interest rate now?
1:14.8	Five to 5.25, I believe. Okay, yeah. So we're gonna, I mean, they've said it, they need to need to see so Chairman Powell who is kind of
1:24.9	the leader of the Fed he's basically said that they need to see some softening in the
1:29.3	labor markets and here's the thing I don't know about, like, even though a lot of people are taking a defensive stance right now on their business,
1:37.2	there are a lot of people that are hiring too, so. There are, in tech at least, and that's the majority of my network. I'm seeing majority of the businesses lay off not higher in tech at least
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