ESG, DEI, and 8 Other Business Trends for 2022 (Part 1)
There are a number of trend-based marketing strategies you can implement to achieve profit breakthroughs in 2022.
In today’s episode, host Roland Frasier gives us the inside scoop on a lot of cool things going on right now in the business world. He walks us through the first five today and will share the rest in an upcoming episode.
Listen in if you want to stay on top of both what’s happening now and what’s coming down the pike.
Trend #1: ESG
This is one you hear a lot about in the investment banking world. ESG stands for Environmental, Social, and Governance. There’s a tremendous focus right now on sustainability and corporate responsibility to keep the environment healthy (E), doing social good (S), and building in protections against the companies doing bad things (G).
There are a lot of funds right now set up to do ESG investing. The more focused we are on being sustainable, environmentally-conscious, and socially responsible, the more we’ll get business from these bigger companies focused on it. Consumers are demanding this too, so you’re winning on both sides.
Ask yourself: what could I do in my business, or what business could I acquire to become more sustainable? Things like rethinking your supply chain, reducing your carbon footprint, and giving back environmentally. From a social perspective, what can I do to contribute? Give back to your local community or the world at large, or specific organizations like Black Lives Matter.
Trend #2: DEI
Yes, there are a lot of acronyms to keep track of. DEI stands for Diversity, Equity, and Inclusion. From a diversity (D) standpoint, when it comes to the people working with us—at all levels of the business—we should be diverse both racially and socio-economically.
How can we get people of different genders, however they might identify, to get involved in the company so we can get different perspectives? How can we be friendly to the LGBTQ+ community? Not just people we’re selling to, but people in management, in executive positions, on the board. Studies have shown that diverse companies are more profitable, come up with more ideas, and are more innovative.
The equity (E) part is how do we give people ownership and have stakeholders that are diverse? Stakeholders who will profit and be uplifted by their involvement and the things they contribute to the company.
Inclusion (I) is very broad. How are we going to be aware of all these different interests out there, and how can we serve them? What opportunities do we have in the company to bring these diverse viewpoints in and how can we facilitate this? There’s a lot of money flowing to companies that are DEI-aware. This is a huge trend and theme in 2022, and will probably go for the rest of this decade.
Trend #3: The Great Resignation
There’s a whole flow of people, mostly young people, leaving their jobs saying, “I’m not happy with where I am. I’m not happy with the progress I’m making, with the prospects I have of getting to do something profitable and fulfilling and socially responsible.” People want to contribute to the world, feel good, and take care of themselves.
The Great Resignation is creating real problems for businesses. The opportunity here to think about is: how do we serve all the people who are leaving the workforce and starting businesses for the first time? People want to be entrepreneurs and go into business for themselves.
Starting a business is really hard, so you’re going to see people wanting to reenter the workforce, but in better jobs. We’ll need career counselors, headhunters, people to help those who failed in businesses and have challenges, business coaches, career training, etc. Anything that will serve the significant portion of people who are working remotely.
Trend #4: Reallocating the Supply Chain
For the past two years, there’s been a big challenge in getting goods. We’re seeing huge inflation rates. A lot of it has to do with a catch-up period after production was reduced or completely stopped when the pandemic hit.
There are 96 cargo ships in the LA/Long Beach port right now backed up. This will be worked out, but will probably take a couple years. Big opportunity: how can I reallocate the supply chain?
A lot of companies that were acquiring supplies from overseas don’t want to get blindsided again and will move some/all of their manufacturing to North America (Mexico or the U.S.). If you can look and find markets where labor and location is inexpensive, this will be profitable.
Trend #5: AI
A lot of humans are being replaced with AI (Artificial Intelligence) right now and this is only the beginning. There’s a huge need for companies with the ability to integrate AI with humans. We have AI agencies where AI is writing campaign ads and copy, and it’s coming out better than what the humans were writing. The AI is winning. We’re hitting the point where computer intelligence is exceeding human beings.
Where’s the profit here? Get involved in AI verticalizations. Be part of the companies that are providing AI solutions, AI integrations, helping companies integrate AI, training people to service and work the AI as an AI technician, displacement training to help the people being displaced by AI.
These are five of the biggest trends Roland believes will provide some very profitable opportunities in 2022 and beyond. Stay tuned for Part 2!
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