Business Trends
As progressive business people, our job is to stay ahead of the curve — to try to predict what the future holds. We try, not only to prepare our business for changes, but to capitalize on opportunities.
President John F. Kennedy did not wear a hat to the inaugural ball. As a result, men no longer wore hats. If you were in the hat business, could you have predicted that? Probably not. However, there are clear trends that we see coming right now. How will each of these trend categories impact your business?
Shrinking Mid-Market
Economists have noted the disappearing middle class; the widening gap between wealthy and poor. Likewise, markets reflect a polar migration–either low price/self serve/assemble-it-yourself or value added/full serve/high price. Mid market retailers lose customers to markets that specialize in one end or the other. The mid market is being left in the dust.
Generation Shift
As baby boomers move into their 50′s, the concerns of aging are big business. From skin care to travel to health care, this market carries a lot of clout. Also note that successive generations will try to distinguish themselves from their parents. Look for shifts of younger generations in fashion, music, and even their approach to work.
Technology Expansion
Automation and technology impact the way we work, go to school and the products and services we buy. The internet is fast changing everyone’s lives. Bill Gates’ dream of having a PC in everyone’s kitchen is coming. With even faster web connection around the corner, our access to information is as simple as the click of a mouse. How will this affect your business?
Politics
Politicians are adept at picking up on trends and speaking to them to garner public support. Listen carefully to the trends politicians speak to. A trend today is the public’s support of and interest in local issues that hit them at home and have real impact on their world.
Education
The ability of our school systems to provide even minimal skills and the rising cost of higher education are major concerns for many Americans. Corporations are beginning to share the responsibility to insure we have an educated work force. How is your business getting involved in education?
Entertainment
America’s greatest export has become the entertainment industry. And what is considered “acceptable entertainment” is widening as more businesses look to get a piece of this huge pie. Cocooning has given way to increased attendance at events and participation in social and community involvement.
Spirituality
A final trend category to look at is inner development. Look at the best selling book lists; note the self help, spirituality and personal development titles. As the pace of change and technology increases, people are looking inward to get more out of life. This trend appeals to the boomers as well as later generations.
Recognize that customer values are always shifting. Pay attention to these trends. The next time something unexpected happens in your business, ask “is this just an isolated experience or the tip of a trend iceberg. Is the market changing in a fundamental way?”
The key is to follow the green — where are people willing to spend their money? Will you be caught selling hats in a hatless market?
