We have compiled a list of game-changing trends that will have a profound impact on the way we conduct business now and in the future. Our list makes recommendations on how to define your marketing and sales strategy for the near future. The underlying trend is concentrated around the principle of cautious spending habits, new and exciting marketing demographics, and a new value proposition.
Baby Boomers: Just when you thought you heard the last of the baby boomers, they’re back. This 76 million strong demographic represents over 30% of the adult population base (the people who are spending money). This demographic has a lot of power, you need to seriously consider a strong marketing strategy pointed towards this group.
Social Shopping and Networking: Research studies show that nearly half of all Americans are member of a social network and this group is spending money from online sources at an alarming rate, ecommerce has gone social. Marketing to this group of people through the paid advertising medium will prove to be very beneficial for your company when 2-3 years ago it really had no impact.
Home Improvement Expenditures: The recession has forced consumers to spend more time in their homes and they have also postponed their home improvement projects while conserving money. Unfinished and pent-up remodeling projects will blossom in the next 2-3 years, especially given the fact that most consumers are going to stay put rather than buy up even if they need more space.
Health Care: According to the US Census Bureau, 10 of the 20 fastest growing occupations are health care related. This industry will generate 3.2 million jobs in the next 5 years. This is an occupation with high income and an important group when defining your marketing strategy.
The Green Revolution: Sustainable profitability is the process of converting your business to a green model. Consumers favor business owners that employ the green revolution and if this applies to your business, use this as a marketing strategy to attract more customers. For example, something as simple as installing LED lighting in your business can increase traffic flow – bottom line – let your customers know!
Affordable Luxury: The recent recession has created a more selective and intelligent consumer. Retailers and manufacturers alike are hungry for new markets and consumer satisfaction; the savvy ones have created a blend of luxury and value within their respective product lines. “Bridge lines” are the new buzz word; these are lower tiered collections with the same quality characteristics at a fraction of the price.
The New Male: Over the course of the recession, the guy dominant industries were hit pretty hard making marketers think long and hard on how to appeal to this demographic. The intelligent choice is that the guys want to embrace things that reflect more diverse interests. Steak houses are out and boutique shave cream is in.
Fitness on Demand: Much has been written about the impressive stats in the fitness industry and health club phenomenon. Gym memberships increased steadily throughout the recession, and fitness clubs are turning up everywhere. As people continue to spend cautiously and time management is the utmost concern, working out at home has become a popular alternative.
Small Business Stimulation: The recession has paved the way for many new concepts and ideas. Consumers will avoid doing business with large companies at any cost and you will see a consumer migration to small business.