Vision-to-Profit Report 2023
2023 Vision-to-Profit Business Report:
The NFactor Coaching team has surveyed 1,300 entrepreneurs and CEOs about their leadership experience: How they define their unique vision for all stakeholders, and how it is translated into specific approaches they use to make their companies more engaging, resilient, and profitable in 2023 and beyond.
This year’s theme at NFactor Coaching is Invent the Future Through Visionary Leadership. I have spent the last 6 months interviewing entrepreneurs that are making significant contributions in their field to drill down on best practices for inventing the future of your industry. Online interviewing through online communities was key during 2020-2021 and I am thrilled to interact directly at in-person events as a business speaker and expert panelist with various business publications I write for including BrainzMagazine.com where we get to deep dive into how to invent the future as entrepreneurs- the future that was largely determined by the necessity of digitizing during COVID-19. Finally, we have identified current marketing trends from Google and Youtube analytics and demonstrate synthesized information on how a strong, cohesive vision helps you position your company for greater success as you capitalize on key shifts in consumer attitudes and behavior.
It is no secret that the most vision-centered companies tend to enjoy greater customer loyalty and higher market share than their competitors. Author Michael Hyatt (Book: The Vision Driven Leader) relates that a common reason for greater profitability and longevity in companies whose leaders focus primarily on Vision center the organization on the experience of the consumer while their less successful and resilient competitors focus primarily on technical aspects of delivering goods and services. In the tech industry, Apple exemplifies this vision-centered construct, with 90% of the total profit from smartphone sales, and Amazon’s market cap alone is bigger than the nine biggest U.S. online retailers put together, highlighting the palpable presence of the once-modest online bookstore that grew as the world’s most customer-obsessed company.
If you want to gain preferred buying status among your customers- you must understand how they are thinking right now so that you apply your vision of service in the correct context and a great way to understand their current mood is to look at the most popular key word searches on Google and Youtube.
Excperts from Google “Think With Us” content for 2023 brand preference
Trend 1: Americans’ anxiety around finances is lingering despite the knowledge that the worst of U.S. inflation has passed. Globally, people’s searches reflect demand for discounts, with “buy 1 get 1” and “loyalty programs” gaining traction worldwide. That means building loyalty in slower periods is important for brands aiming to reemerge top of mind for customers when they are ready to spend again.
How to Capitalize: What promotions are you using to keep loyal customers engaged with your brand while they are spending less money? Have you made it easy for them to embrace the value of your brand lifestyle through varied investment avenues? Maybe free shipping with monthly orders, a members-only discount, or an attractive finance plan to space payments? Offering solutions at multiple price points can help steer customers to turn the dial of spending up-to-down with you instead of on-to-off.
Remember it is not the cost of your products, but the perceived value they get for their money that matters most to your customer during recession.
Trend 2: Consumers increasingly want social proof to go from awareness to purchasing with a given company and an effective approach has been building trust through video demos and endorsements from influencers. Video is king, customer’s want a sample of “the experience” before buying.
“We know that people have less time to read, so having a video that answers their questions can be very powerful and convincing,” she said. “Especially when it comes from a creator they know.” According to Talk Shoppe, 87% of viewers agree that YouTube Creators give recommendations they can trust.
People are redefining value in terms of brand trust, and independent user reviews have always been an effective reputation builder. This year, more Americans used Google Search to research the “best travel pillow” (+145%),5 find “airline reviews” (+70%),6 and determine the “best credit cards” (+30%), including the “best credit cards for travel.”7
A year after most lockdown orders were lifted, people are also researching in-person activities, with search interest for “museum reviews” (+50%),8 “experience gifts” (+50%),9 and “restaurant reviews” (+35%)10 all climbing. YouTube can be a great way for customers to preview an experience before they commit to a purchase decision, said Caroline de Fontenay, director of YouTube and video global solutions at Google.
How to Capitalize-Profit follows Human Impact:
Brand message: You rely on us for “_____”. We are the best at it. Here are three reasons to buy now, verified by real people. Here is the experience of frictionless shopping, (online/in-store, etc.) here is the marvel of opening the box, the next step is even better… Delight them.
Now is the time to clearly define and communicate what your vision of the customer experience is, to present the world with what you are best at, the impact you make through the vehicle of your company that improves their lives. The brands with the most loyal followers build trust through long term relationships and consistency between what they say and do. Pin point the philosophy that binds you to lifelong customers and translate it into what you truly excel at as a company to create a united effort throughout your teams or departments for consistent product quality and superior service, then create video content of the top reasons to invest in your brand’s lifestyle. Put organic content where your ideal client can interact with you directly and see reviews and endorsements from real purchasers and influencers they already know to leverage trust, then put together solutions at a few price points that appeal to value savings to convert views to purchases among consumers who share your philosophy.
Invent the future. Lead with vision.
Reference: Think with Google
Source: Google Trends, U.S., search interest for terms containing “highest inflation,” Jan. 1, 2022–Oct. 31, 2022 vs. Jan. 1, 2021–Oct. 31, 2021. Google Trends, U.S., search interest for terms containing “how to save money on,” Jan. 1, 2022–Nov. 20, 2022 vs. Jan. 1, 2021–Nov. 20, 2021.
