Yesterday we wrote an article on the economic cycles, so what is the difference between that and an economic trend? A trend is the direction that the market is moving over time. The cycle, as we learned yesterday, is the different periods that the economy goes through. Economic trends show you what part of the economic cycle we are moving towards. Trends can go up, down or sideways. Upward is how it sounds, and wages are rising. Downward means that the economy is shrinking and unemployment is rising. Sideways just means it’s a steady economy. There are some indicators to look at in the market to see what trend may be occurring, such as gross domestic product, unemployment and consumer confidence. Others include:
Economic Cycles
“Change is the only thing that is constant”
-Heraclitus
Economies cycle between expansions and contractions naturally. These changes are due to employment levels, interest rates, supply and demand, etc. There are four stages in the cyclic pattern: expansion, peak, contraction and trough. Expansion is when GPD is increasing and unemployment is decreasing. The peak is a turning point in which output begins to decrease. Contraction or recession is defined as output decreasing and unemployment increasing. The trough is where recession ends and output begins increasing again. We can dive a little deeper into the characteristics each of these.
Carbon Accounting
Carbon accounting has become an important aspect of businesses attempting to reduce their carbon footprint and have more ethical values. Consumers want greener brands that they can support while still being able to sleep at night. A lot of people have refused to back brands that aren’t nowadays. We completely support this and realize that carbon accounting is crucial for brands. And no, not just so your audience will like you, so corporations are helping do their part to make the planet a better place. So, how does carbon accounting work?
Developing Mental Toughness
Grit, perseverance, resilience… What is mental toughness and why is it important at work? We know it when we see it but it’s very hard to define. We typically think of athletes who just refuse to give up but the same kind of mental toughness can be seen in CEO’s and those in high position roles. If you think you’re lacking in the mental fortitude don’t stress, studies say that it’s a trait that can be learned. Mental toughness includes keeping cool under pressure, staying strong in your self-belief, motivating yourself and maintaining focus on what matters. According to Paul Lyons, founder of Mental Toughness Partners, the 4 C’s are key to having mental toughness.
Creating Your Management Philosophy
We’ve written an article on the different types of leadership styles so how does one go about creating a management philosophy? It will first depend on who you are and your goals as a leader. It’s important to have a managing philosophy in order to stay grounded. It’s your compass and you will feel more confident as a leader. Here are some other things to consider when creating your management philosophy.
Types of Bonds That Drive Brand Loyalty
Brand loyalty is crucial to success. Not to mention, it’s the best type of advertising through WOM. Brands that have a solid community through brand loyalty understand their customers on a deep level. They seek out this information in order to know what makes their audience tick. Loyalists can be either hard core, split, shifting, or switchers. You want hard core but that won’t always be the case.
No Mow May
What is “No Mow May?” This new monthly trend for the month of May this year is for the planet health. Although it started in 2019 in the UK, we’ve really only been hearing the term thrown around a lot this year. The idea is that people are allowing their lawns to grow without mowing, watering or fertilizing. Yes, your lawn may look a mess but it’s for a good cause. It helps bees get an early boost with flower growth. It’s estimated that roughly 80% of lawns taking part support about 400 bees per day.
Neurodiversity in the Workplace
Did you know that 15-20% of people are estimated to be neurodivergent? We know, it sounds like something from the movies, but it is a real term. It describes, “the idea that people experience and interact with the world around them in many different ways; there is no one ‘right’ way of thinking, learning, and behaving, and differences are not viewed as deficits,” according to Harvard Health. This includes conditions, such as ADHD, dyslexia, Asperger syndrome, dyspraxia and autism.
Ways to Support AAPI Heritage Month 2023
Every May is Asian American Pacific Islander Heritage Month. Bet you didn’t know that it was originally a week and President Jimmy Carter was the one who designated it into law in 1978. In 1990 George Bush extended it to an entire month and in 2009 Obama changed the name to its current one. AAPI are the fastest growing group in the United States according to the Pew Research Center. Here are some ways to support the AAPI communities not just this month but all year long.
Content Intelligence
This is a new term being thrown around in the digital space but what is it exactly? It’s a technique that uses AI and software to measure the impact of content in order to give insights on what content should be used the most according to effectiveness. I mean, we do it all the time when we check the insights on Instagram from our posts. This is a human example of creating content intelligence. The beauty of using software & AI is that it streamlines the process for you. Typically, software includes metrics/reporting, analysis, automation and management tools for your brand content. Some benefits include:
Adaptive Leadership
Think about the two words here. Adaptive: the ability to make suitable requirements or conditions; adjust or modify fittingly. Leadership: person who guides or directs a group. Put these two together. Someone who guides others through their ability to adjust or modify fittingly to the situations. Why is this important? Businesses are constantly changing with their respective fields so it’s vital to have leaders that can do the same. They should also be able to somewhat predict challenges that may arise, what risks are worth taking and they are open to constructive feedback. Adaptive leaders embody the 4 A’s:
Interpersonal Skills in Business
The Sum of Averages: Become the Best Professional Version of Yourself
“You are the average of the top 5 people you spend time with”
-Jim Rohn
We’ve all heard this quote from motivational speaker, Jim Rohn, but how true is it really? We were curious about this so we did a dive into the research and this is what we found. As it turns out your social circle does directly affect you and the kind of life you have, professional and personally. However, it is not limited to the top five people that you spend the most time with. It extends further than that.
Mental Health Awareness Month 2023
Did you know that 21% of U.S. adults experienced a mental health condition in 2020? (Forbes) May is Mental Health Awareness Month so we thought it appropriate to support through writing on some ways to support mental health. First, and most importantly, talk openly about mental health issues. People who are suffering should not be afraid of speaking up or hiding their conditions. Make sure to educate yourself and your staff on mental health conditions that are common and the warning signs. You want to create an inclusive work culture that promotes openness about mental health. This is why empathy in the workplace is crucial. You do not know what someone may be going through behind the scenes. Creating an environment that does not support your employees will only hurt the success of your business in the long run anyway. Don’t wait for trouble to act against mental health issues at work either. Here are some other ways you can create a better work culture that supports mental health.
Occam’s Razor of Advertising
Direct Mail Marketing
We’ve become so accustomed to email marketing that we sometimes forget that the postal service is still running. Direct mail marketing can be just as effective as email if done correctly. Actually, studies show that it can be more effective and you will probably have less competition. It can help improve brand awareness and memorability, boost engagement and inspire people to act. The ROI is also trackable. Who doesn’t like to see how their marketing efforts are doing? So, how does one go about direct mail marketing? Here are a few tips to get your brand started.
Digital Age: Effects on Creativity
We heard someone say the other day that their friends’ children were told to go play outside. They then saw the kids have absolutely no idea what to do when technology wasn’t present. They sat there. Doing nothing. Kicking rocks around. This made us start to think about what it was like for our generation growing up without IT. We had to get creative and think of things to do. We made up games, we hunted for critters, we rode bikes or other fun things with wheels. We then started to think, “what if this digital age is going to negatively affect creativity for that younger generation when they enter the work force.”
Communication Breakdown: Talk is Cheap but Not Talking is Expensive
Did you know that according to research, “the average loss from inadequate communication is $62.4 billion annually for companies with 100K employees?” (David Grossman) The most important thing in a business or anything for matter is good communication! There are many ways for management or upper teams to convey messages and contact others within a company. Texts, emails, calls, weekly meetings in person or via zoom, etc. Being in a top role in a company also means that communication is an essential skill to possess in order to keep your company running smoothly.
Jewish Heritage Month
Customer Relationship Management: Three’s Company
Yesterday we wrote about Increasing Customer Lifetime Value and customer relationship management goes hand in hand with this topic. The goal here is to improve customer service and in turn, improve relationships with the brand audience. CMR uses technology, practices and strategies to manage and analyze customer interaction as well as their data throughout their lifetime as your customer. It allows insights into past purchases, customer data and interaction history to deeper understand your audience. There are three main types of CMR: operational, analytical and collaborative.
