7 Online Business Predictions & Trends for 2023 | 25
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Podcast Description
With 2022 being the first almost normalish year post-pandemic, it has really brought in a different outlook for 2023. There are changes happening in the online industry, many of which I’ve been noticing and following for a few months now.
So in today’s episode, I’m going to share 7 of the online business predictions and trends I foresee happening this year. These are ones that have made me change up my strategy going into 2023 and they may do the same for you. Tune into the episode to learn what these predictions are so that you can adjust if needed.
Links Referenced in this Episode:
▶ Listen to episode 7: Templates for Online Biz Owners to Speed Up Processes
Connect with me:
Episode Transcript
(Note: This is a formatted AI-generated transcript to make it easier for you to read through, but is not an optimized blog post. Please excuse any spelling or grammar errors and filler words – it’s just how I speak LOL)
Episode Introduction
With 2022 being the first almost normal-ish year, post pandemic, it has really brought in a different outlook for 2023. There are changes happening in the online industry, many of which I’ve been noticing and have been following for a few months now.
So in today’s episode, I’m going to share seven of the online business predictions and trends I foresee happening this year. These are ones that have made me change up my strategy going into 2023, and they may do the same for you. Are you ready to learn what they are? Let’s dive in!
Hey, I’m Lucy Reyes, your host of the Cheerful Productive Chats Podcast, where I’m on a mission to help online entrepreneurs like you focus on all the right things and kiss overwhelm goodbye. Here, you’re going to learn strategies that will boost your productivity so that you can scale your online biz and impact lives sooner. It’s your time to shine so let’s get started!
Annual Review Past Episodes
Hey, hey. Welcome back to the Cheerful Productive Chats Podcast. In this episode, we are going to cover my online business predictions and trends for 2023.
Now in the past episodes, I’ve been kind of keeping up the same topic around annual planning. Episode 23 is where I shared how you can do your own annual review. So if you haven’t done yours yet, it’s not too late. Go back and listen to that episode.
In episode 24, I shared about my own annual review. I gave you some of my top achievements and lessons learned. So, if you want to listen to those two in combination to help you really get your own annual review up and going, then please do so.
Related Post: 2023 Annual Review
2023 Online Business Predictions & Trends
But in this episode, we’re going to go through one of the things that I mentioned in that episode that I do, or I’m starting to do, and that’s to really figure out what I think is going to be a trend or something new that’s for 2023, or maybe something ongoing. So let’s go ahead and talk about what these are going to be.
1 – Increased number of summits and bundles
The first one I see is an increased number of summits and bundles. So I already know that Q3, the beginning of Q4 tends to be like the traditional summit season. But just the entire year, there already seemed to be way more summits and bundles than I had ever seen before.
And there seems to be more summits all year round now. And I don’t think that’s going to go away. I think that’s going to increase.
My Observations
And I also think that it’s due to some amazing resources that have really put themselves out there to make it easy to host each one of these. So Krista with Summit in a Box, she teaches all about summits. Bundle Formula by Dama Jue, she teaches you how to host your own paid bundle. And then Kate Doster teaches you how to host free bundles with her Cash-In Collaborations.
So because of these three big key players actively launching their own resources and products and courses, then more people are signing up for it, which means more people are speaking in the summits.
More people are contributing to these bundles. And then therefore, that kind of escalates all the way around and they start hosting their own. I definitely see that there’s an increased number of summits and bundles.
But this means that it’s not going to be as easy to get the amazing results that summits and bundles once brought in, both as a host and as a contributor. But that’s okay. Bundles and summits may need to be more niche, more specific.
Maybe include less resources or do a better job at really showing the true value because us people who love buying bundles and who love attending summits are starting to be more picky because it does take up time. Time to watch the summit presentations, and time to go through the bundle resources, and to sign up for them.
So I definitely think people are going to be more picky about the summits and bundles that they participate and join and purchase. So I think that there’s going to be a little shift in the way the summit and bundle host are actually hosting these events.
I’m still going to be contributing to this. So even though there’s going to be an increased number of summits and bundles. I hosted my very first summit last year in October. And I’m going to do that again this year. I am still going to host a summit in August. and I’m considering a bundle too. So we’ll see. I am going to follow that trend too.
Related Post: How To Be a Standout Bundle Contributor
My Recommendation
But here’s what I recommend. I definitely think that it’s still a great visibility strategy to participate in summits and bundles. And I mean, as a speaker or as a contributor.
And I will still definitely be participating in summits and bundles. I mentioned that in the last episode where I said that participating in these types of contributions is really what helped me 4X my email growth in 2022.
However, you will need to implement longer term, funnel strategies for your new leads and be patient. Because there are so many summits and bundles, you can’t expect that someone’s instantly going to buy once they join your freebie.
Like you can expect the same amount of results instantly, but they will be kind of looking out to see if you’re the person for them. And so just be patient and I’m telling this to myself too. Because I’m a very impatient person.
So we gotta be patient, and know that the results won’t happen instantly but you can still track it over time to see how much growth and revenue growth and all types of growth participating in summits and bundles is bringing you.
To learn how to get the most out of participating in summits and bundles, check out this course here.
2 – Mini memberships will become more popular
My second prediction is that mini memberships will become more and more popular. With legends like Liz Wilcox who has proven that a $9 mini membership can really bring in five figures monthly, and with a respected mentor, like Lizzy, who just launched hers.
More people are going to one of the key players in the mini membership, her name is Evelyn who teaches this, more business owners are going to be more willing to hop onto this mini membership trend.
My Observations
However, I do want to caution that if you are one of those business owners that is considering mini membership for your business, just know that this is going to be a volume based strategy, which means that you’ll need a large number of leads in order to make a decent amount of income.
So you’re going to have to be actively working to grow your email list, to grow your audience, and then that’s how you can expect a higher return. Like I saw in one of Liz Wilcox’s emails, she mentioned she had spoken at like a hundred, a hundred podcasts and summits and all that stuff.
And I did 10 y’all like I did 10. 10 summits and bundles. She did over a hundred. So that is going to directly tie into that volume based strategy where she was tapping into multiple audiences. So it’s just something to keep in mind.
Now personally, launching a mini membership is something that I actually have been working on for months. So if you are listening right now, then this is the first time I’ve ever, ever announced this.
However, I did keep pushing it back. Like I’ve been working on this for months since, probably mid of last year, but because I know it’s a volume-based strategy, I kept pushing it back. But now, after having gone through these predictions and trends, I am bringing that up.
My Recommendation
So because there is going to be probably more mini memberships popping up in 2023, here’s my recommendation for you.
My recommendation is to go ahead and test out the mini memberships as a way to become familiar with the creator, and hopefully get some amazing value at an extremely low cost. I’m talking about $7 to $9 a month for whatever they decide to include in their membership.
So it is going to be hands down a super low cost way to really get familiar with someone that you’ve kind of been wanting to work with them, but you’re not sure. So this is going to be a good way to really help you kind of test out their products, their paid products specifically, and see if you vibe with them or not.
If you want to create your own, then definitely work on your lead gen strategies, and ask yourself, if only 2% of your email list, join, would you still be excited to deliver the monthly content? Because it’s a membership, right? It’s not a one time thing that you create once and then you put it out there.
In a membership, you have to be delivering something recurringly, whether it’s weekly, biweekly, or monthly. So if only 2% of your email list decides to join monthly, So let’s say you have 20 people, and you’re doing a $7 mini membership, monthly cost. That’s $140 a month. So for $140 a month, are you still going to be excited to deliver this monthly content?
If not, then I would highly suggest that you wait until you reach a number that does. Now 2% is one of the industry launch numbers. I’m not saying that 2% is the number that you’re going to hit. It could be more or less, but just to get an idea, do that math and then decide for yourself if you think this is going to be something that you want to try in the new year.
3 – TikTok continues to be a rising social media platform
My third prediction is something that I didn’t really want to admit, but that’s that TikTok is becoming more and more popular and is a rising social media platform.
Yall, I have avoided TikTok for so long. And at the beginning of 2022, I was like, no, this, like this is going to decline like this is going down, so I didn’t start a TikTok.
I really thought that it was just not going to be as popular as it has been, but it’s the complete opposite. It’s the complete opposite. It’s trending. It’s popular. It’s easier for creators to actually grow on the platform, apparently.
And so now I even, I’m going to give it a try. I’m on TikTok. I don’t even know what my username is. It’s probably Lucy Reyes or CheerstoBlogging. Come find me. I’m going to start posting on it.
My Observations
This is where people are hanging out, apparently. People are still preferring short form video content, with or without your face. So it doesn’t have to include your face. But apparently TikToK is what many are using to search for fast, actionable content.
Even my best friend sends me TikToks all of the time. She sends me TikToks all of the time. And I even caught my mother-in-law on TikTok and she doesn’t really know much about it, but they even have something for her.
Now, that doesn’t mean that your audience specifically is on TikTok so definitely do your own research. But if they are, it might be worth looking at this platform and seeing if it’s going to make sense for you to join it or not.
However, I will be creating a repurposing strategy to see if I can actually squeeze in TikTok into what I’m already doing without having to add way more to my plate. I’m only going to do TikTok if I don’t have to create extra stuff or a bunch of extra stuff than I’m already doing.
And so if you are already on this platform, if you’re already on TikTok, Follow me at Cheerstoblogging. I don’t really know what I’m doing on TikTok yet and I barely have any videos on it.
My Recommendation
So my recommendation to you is, if your person is on TikTok, then it might be worth giving it a try. But only if you do have the bandwidth to add on this platform to your current schedule. You can most definitely do without it. It’s not a must but it’s something that you consider.
Related Post: Do You REALLY Need to Be on Every Social Media Platform?
4 – Instagram continues to prioritize reels and stories content
Prediction number four is that Instagram continues to prioritize reels and stories content, no surprise there. The head of Instagram said so himself. Video content is here to stay with even more features coming out soon to support that mission.
My Observations
So, what this means to me is that static posts and carousel posts are still not going to play a big part anymore. And therefore, I have seen way more people move towards that static 9-grid strategy that I implemented a few months ago that I learned from someone else. I’ll link to Kristin in the show notes, because she is the creator of this 9-grid strategy.
But this has really allowed room for everyone to focus on other Instagram content features like reels, stories and DMs.
My Recommendation
So my recommendation here is if you’re not seeing that much growth on Instagram, if you’re not getting that much engagement, I really, really would highly recommend considering this 9-grid strategy.
In fact, I’m actually thinking, because I have a mom blog and I have an Instagram account that I kinda shut down in 2022. I just posted, “hey, I’m taking a break” and then I never came back.
But I’m actually thinking I’m going to go back over there and just create a 9-grid strategy, post it, and then that way it doesn’t seem like that account is actually dead because people will still know what I’m about.
And so I would really recommend that if you don’t like being on Instagram, if you’re not seeing that many positive results from it, definitely consider creating this 9-grid strategy, and then focus your energy on what Instagram really wants out of us creators, which is video content, and video content consistently.
Related Post: More Content Doesn’t Mean More Sales
5 – Product and content accessibility will be preferenced and highly encouraged
My fifth prediction is an important one. And that is that product and content accessibility is going to be preferenced and highly encouraged.
My Observations
So people like me are learning that adding captions or transcripts to video or audio content is more than just pleasing multiple learning types, but it’s actually making it more accessible for the hearing impaired.
And yes, of course it caters to a larger range of learning styles in the process, but that’s not the main purpose. That’s not why captions and transcripts were created in the first place.
So by adding these other types of accessibility to your programs, then that means that it’s going to start being preferenced by users, readers, and buyers. Even just adding a private podcast feed also tremendously increases accessibility, and it helps your students get through your content faster.
Like me, like I prefer any course that has a private podcast because I’m a mom. I’m busy. I’m an online entrepreneur, just like you and I have kids and I’m doing things all day long. I’m doing stuff around the house. School is starting back up and soccer practice is going to start soon. And so the best way for me to consume content is by listening to it when I’m on the go.
If it’s something that I need to take notes on, I’ll take notes on my phone or I’ll dedicate time to watch the lesson on my screen. Even just adding a private podcast feed helps people with that learning who wants to learn in a different way. Or adding captions and transcripts really helps the hearing impaired.
My Recommendation
So my recommendation for you would be to make your content and products accessible. So if you only have one type of style in your content or course, or program, then really, really consider adding an extra component.
If it’s a text only course, consider adding audio. If it’s a video course, consider popping it into a tool like Hello Audio and turning it into private podcast feed and definitely include captions or transcripts.
So there are so many products that can help make your products more accessible. I’ll definitely link to some in the show notes.
So once you’ve finished adding captions or transcripts, or you added a private podcast feed to a new course, run a flash sale on it. Get everyone excited, and then boost your sales on that product. It’s a great way for you to combine two things. You combine the accessibility portion, and you get a little boost of sales on that product.
You can decide whether you want to keep the price the same, or if you want to increase it, that’s totally up to you. But I’ll definitely link to some resources in the show notes that can really help you make your content more accessible.
- Start a free trial to HelloAudio here for private podcast feeds.
- For captions and transcripts, check out HappyScribe or Spoke.
6 – Increased use of templates, swipes and AI
Prediction number six is that there is going to be an increased use of templates, swipes and AI generated tools.
My Observations
So templates, swipe copy, AI tools like Jasper, these are all being used more and more by content creators to save time. Especially since these AI tools seem to be getting smarter, and are producing somewhat higher quality.
And then there’s so many more memberships coming up that are providing templates and swipe copy. Yes. I am a part of a lot of these as well. Because I like to save time.
My Recommendation
Now what this means for you is that you definitely need to work a little bit harder to make your template, swipe copy, or content if you’re using an AI tool, stand out from the rest.
Because if everyone is using that same membership for that same template or the same email swipe copy, and everyone is sending it out the same week, and you’re kind of circulating in the same people’s worlds, then most of the people learning from you are going to kind of realize it, like, hey, these emails sound very similar.
So you should definitely, definitely, definitely edit and optimize and give whatever you’re using whether it’s a template or swipe copy, give it your own voice or your own design touch. So that way they know that it’s truly coming from you.
Because knowing the fact that so many more people are going to be using these tools, and possibly even publishing them as is. This just means that there’s going to be more room for you to use a tool, to get stuff done quicker, edit it and then publish whatever it is, at a much higher quality than your competition.
So, again, my recommendation. Use them. Use them, definitely use them. I’m not saying to stop using them. They save you time and I’m all about saving time. So use the templates and swipes as a starting point to help you avoid starting from a blank slate, but just be sure to customize it as much as you can, as fast as you can in order to stand out.
Now in episode seven, I mentioned different types of templates that you can use to speed up the process that are not just graphic design templates so definitely take a look at that episode to get some idea on other ways you can use templates and swipe copy to save yourself some time.
7 – More focus on saving time and getting organized
Lastly, my last prediction of the year or for 2023, is that there is more focus on saving time and getting organized. So this is by far my favorite prediction, and the trend that I’ve noticed towards the end of 2022.
However, I’m not quite sure if it’s just because it’s when people naturally just actually start thinking about organizing and planning because a new year is coming, or it’s because these are actually starting to get more recognized.
Either way I’m loving it. Though, I do think that you need to prioritize this, all year round and not just at the beginning of the year. It’s not like the beginning or end of the year is the only time you can get organized. Nope. But hey, at least you’re talking about it and it’s on your mind.
My Observations
I think people are realizing that there are truly ways to get more things done without having to do more, aka not having to hustle all of the time.
And, you know, I love having an organized business and having systems and getting productive because it just supports all of this. I could go on and on about all of the reasons why being productive and organized is so amazing, but I have that in a bunch of other episodes that I’ll link to in the show notes.
But it’s definitely something that should be top of mind all of the time.
Related Post: Mistakes to Avoid When Creating Systems for Your Business
My Recommendation
And that’s really going to be my recommendation. My recommendation is going to be to prioritize getting your business organized, because you will really be surprised at how much time you can save, and how much more you’ll be able to get done just by implementing this step.
And once you start getting organized and start learning about systems and creating systems for your business, it’s going to be so much easier for you to get all of the future tasks and to actually follow through with your plans.
Episode Recap
And that’s it. Those are my seven online business predictions and trends. So let’s do a quick recap. Let’s recap, the seven business trends and predictions that I see coming up for 2023.
1 – Increased number of summits and bundles.
2 – Mini memberships will become more popular.
3 – TikTok is a popular and rising social media platform.
4 – Instagram continues to prioritize reels and stories content.
5 – Product and content accessibility will be preferred and highly encouraged.
6 – Increased use of templates, swipes and AI.
7 – More focus on saving time and getting organized.
So what do you think? Do you agree or disagree with any of these? What other trends or predictions do you see for 2023? I love knowing about these things as it really, really helps me when planning. So send me a DM on Instagram @cheerstoblogging to let me know.
Thank you so much for listening to the Cheerful Productive Chats Podcast with me, Lucy Reyes. To see the complete show notes and all the links mentioned in today’s episode, visit cheerstoproductivity.com/25. And before you go, make sure you subscribe wherever you’re listening so you know once the next productive chat is released. Talk soon and cheers to your productivity and success!
References
▶ Listen to episode 7: Templates for Online Biz Owners to Speed Up Processes
▶ Submit a question or topic for the podcast
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