3 Industries with the Greatest Growth Potential in 2023
As the world expands, the industries with the most growth potential are those propelled by necessity. While we have discussed the AI revolution and its unavoidable influence on the future of marketing, the three industries poised for success in 2023 are not process change-led. Instead, they are considered essential industries for most people across the globe. These sectors are driving the economy forward and should have thought leaders in other industries evaluating how they can capture some of this growth potential.
In 2021, the global supply chain battled back in a big way. As industries reopened to consumers, individuals, and businesses increased their energy dependency. Surveyed enterprises report a 71% increase in customer demand, and 57% of businesses in the global supply chain are bringing new products to market, all of which means more energy tied up in manufacturing and logistics. As such, higher demand for market makers quickly equates to increased competition within the energy sector.
Individual energy consumers are also pushing for change; more than ever, energy choice is becoming a conversation between legislators. With only 13 states (and Washington D.C.) allowing consumers to pick their gas and energy providers, more Americans than ever before are lobbying to break up energy monopolies and choose their providers. In fact, a national poll conducted by Ragner Research found that 74% of consumers want to select their own energy providers.
While this is a scary prospect for said monopolies, it also opens the door for savvy players in the energy sector to capture market share and capitalize on vast growth potential. In particular, companies with ties to renewable energy could experience a major boom in the coming months and years.
The Growing Focus on Renewable Resources
In response to climate change, pollution, and dependency on imported fuel sources, global energy reliance will eventually shift to renewable resources. Right now, nearly 80% of global energy reliance is dependent on traditional sources like fossil fuels — but nearly 29% of electricity comes from renewable resources, and this percentage is likely to increase quickly. The passing of legislation like the Inflation Reduction Act, which will include billions of dollars in financing for green energy projects, is a sign of the shift in focus for the future of energy.
What Does Renewable Energy Mean for Traditional Energy Providers?
If you’re an established energy provider, your market is growing, but so is your competition. Energy companies used to get a pass from consumers because they were just bills that “had” to be paid. However, as consumers become more discerning and regulations break up monopolies of the past, traditional energy providers need to find a way to foster loyalty from their patrons. One way is to ensure they are at the forefront of the discussion around renewable energy.
Over the next few years, building consumer trust is of utmost importance for any company in the energy industry. In the traditional energy industry, words like “renewable” or “clean energy” have been shunned by mainstays. However, it’s crucial to demonstrate to your increasingly environmentally conscious consumers that you’re taking an active step to get involved in this newer method of power generation. This gives your partners and customers assurance that you’re preparing for the evolution of energy and not stagnating in the past.
Need an example? Toward this goal, many energy providers are adding green pricing to their services. Green pricing allows consumers to utilize clean, renewable energy from traditional energy service providers at a slightly higher cost. Because green pricing is optional, it provides an option for eco-conscious customers without immediately burdening your entire consumer base.
What Does Surging Popularity Mean for Renewable Energy Providers?
It doesn’t matter if you’re a solar panel provider, a renewable energy company, or a traditional energy provider looking to advertise green initiatives. Now is the best time for your business to invest in building its brand. As old-fashioned energy providers who refuse to adjust their business strategy lose market share, you can position your business to attract consumers with long-term solutions for renewable energy.
Most providers will attempt to reach out to consumers quickly and directly, but this is limiting. For long-term growth, now is the time to build an inbound marketing methodology that organically attracts, engages, and converts those who are seeking your services. Renewable energy is undeniably the future, so try not to focus on immediately capturing and converting leads. Instead, think about where you want to be 10 years from now.
2. Food and Beverage
If you visualized growth for most industries, you’d probably see widespread drops during major events like the Great Recession or the COVID-19 pandemic. However, if you evaluate the Compound Annual Growth Rate (CAGR) of the food and beverage industry, you may be surprised to find that even with major dips in industries around the world, food and beverage remained relatively steady in its growth. In fact, where industries like tech are facing volatility, the CAGR of food and beverage from 2022-2028 is anticipated to grow by 5.3%.
Of course, this doesn’t mean you can open a business in the food and beverage industry and expect immediate growth. Although we will always produce and distribute food, competition in every facet of food and beverage production is difficult. That’s why it’s vital to consider aspects like branding and market share when promoting your business.
What Do Food Distributors Need to Do to Grow in 2023?
For many years, food distributors used the same approach as other food service representatives, sending food distribution reps to the brick-and-mortar locations of potential customers. There, they’d have conversations with the business owners to discuss their needs and what the distributor could do to meet demand. But recently, the topic of food and beverage marketing has begun to gain momentum for distributors, restaurants, and food delivery services alike.
Although there’s nothing wrong with using the simple, old-fashioned approach of phone calls, visits, and occasional follow-ups, this system doesn’t address the largest potential market for food distributors: warm leads. In B2B especially, the rise of the warm lead requires more nurturing of business decision-makers.
Traditionally, distributors would revisit these leads once every couple of months to convert the lead and begin to build the business relationship. However, in a tech-focused world, business owners want to do their research. For food and beverage distributors, this means modernizing their customer outreach strategies. It’s said that modern consumers need over 10 pieces of content before they’re converted from a warm lead to a customer. In your business, you must have those 10 content pieces easily reachable by the restaurants or food service providers you’ll want to inform.
As a distributor, consider modernizing your approach. Instead of sending sales reps out with collateral every two months, lead businesses to your website, where they can easily find assets to evaluate. Still make those in-person interactions, but ensure that when they search for your business on the internet, you’re still controlling the narrative.
What Do Restaurants Need to Do to Grow in 2023?
The ongoing growth in the food and beverage industry may seem shocking in light of the impact restaurants felt during 2020. However, restaurants that could adapt with measures like online ordering and expanded delivery options maximized their growth potential and market share.
With increasing competition and the food service industry rebounding, you may ask how restaurants can differentiate themselves in 2023. It’s not easy, but maximizing growth potential is pretty straight forward.
If you want to attract attention to your restaurant, you first need to solidify a cohesive public image. From brand logos and graphics to fonts and guidelines for social media posting, ensure your business has a unified brand identity that will stick in the minds of consumers.
Second, since most people will first search for you online or on social media, make sure those two facets are covered. From posting tempting shots of menu items to participating in themed days for your restaurant, it’s important that you communicate your selling points to those trying to find you online. If you can, hire professionals for food photography. Social media is popular because people invest in what satisfies their eyes. If you can communicate the deliciousness of a meal through imagery, you’ll find more than a few customers online.
Third, make sure online ordering is easy and accessible. By updating your web menu, allowing for customizations, and basically empowering customers to order online without having to speak to anyone on the phone, you can set yourself up for success. If you’re looking to build more of an audience on these online ordering apps, consider paying for web ads or sponsorship deals that ensure you’re always at the top of restaurant lists.
It’s no big surprise that healthcare will be the industry to watch in 2023. In the past three years, the landscape of healthcare has changed for everyone, including practitioners and patients. Before the pandemic, healthcare remained largely consistent. Everything was in person, and healthcare businesses controlled a bit of a monopoly according to their geographic location.
Although the pandemic brought tons of turmoil, it also accelerated advancements within healthcare out of necessity. Today, telehealth, remote patient monitoring tools, and healthcare consumerism have brought back competition to this rapidly-growing industry.
What Do Healthcare Businesses Need to Do to Grow in 2023?
If you represent a hospital, health club, or clinic, your priority should be first on the patients and then on your online presence. Today’s healthcare consumers demand a digital connection and that falls mainly on the provider.
Although many people will go to just about any emergency room for immediate trauma care, patients are now weighing their options for other services. Operations, rehabilitation, and even non-urgent medical care are being decided after thorough research and examination. So if your healthcare business doesn’t have a unified brand presence online, it’s vital to begin building your online presence in 2023 and maximize your growth potential.
Additionally, healthcare providers need to be at the forefront of conversations around hot-button topics that are driven by opinion. In 2023, consider creating a thought-leadership content plan that addresses keywords that have long-term growth value, as well as making room in your content plan to inform your audience of viral health trends.
What Do Health Clubs and Gyms Need to Do to Grow in 2023?
Gyms and health clubs will see a tremendous bounce back following the pandemic. But this is traditionally a crowded, competitive space. Not only is it essential to build an online presence that displays your equipment and capabilities, but to encourage new customers by focusing on authentic conversation and maximizing your growth potential.
Where many will try to rely heavily on the New Year’s resolution crowd, think of your marketing strategies in the long term. Build authority by sharing inspiring patron stories, asking your customers what’s important to them, and leveraging the full capabilities of video marketing on social media. If you want to grow your business and capture market share, you need to focus on selling a lifestyle rather than individual services.
Capture The Market Share You Deserve
Although many businesses will respond to potential recession by limiting their growth in 2023, your business can take advantage of this time by capturing existing market share. Even if you’re not in one of these rapidly-expanding industries, understanding what your customers need and creating authentic audience relationships can help you succeed in 2023.
Don’t know where to start? The team at Joseph Studios can help you by building your long-term marketing plan through collaboration, deep insights, and innovative implementation.