Why being trendy makes good business sense

on Monday, 05 April 2010. Posted in N21 Business Blog

                               
Multi-national companies spend a fortune employing trend consultants to spot emerging trends and changes in consumer behaviour, to plan their marketing and new product development programmes.


Trawling through predictions compiled by a number of trend analysts, key themes relate to:

  •      Home - a safe haven in uncertain times
  •      Going green, there is no turning back
  •      Save and make pennies, the pounds will look after themselves
  •      Technology is ruling our lives at home and increasingly when we are out and about

Here are a few ways in which consumers (people!) are altering how they live, which even
small businesses should be aware of.





They won't all be relevant to your business, but try printing off the page, do some brainstorming and doodling, to work out which ones are most relevant to your business. Looking at the diagram below you can see links and patterns and it is joining together of the dots and making new connections that can lead to new business opportunities.






For most local businesses it is the fact that women are responsible for spending most of the household budget, they are the ones who research new properties and furnishings, plan the holidays and buy things for themselves, their kids and their partners. Many women are becoming more careful money managers, looking for offers, savings and thinking of ways of earning extra money.

Are you talking to women? importantly are you talking to them online, since it is women not men who are now spending the most time online researching, buying and social networking. If the idea that gender has much impact on how people spend money seems overplayed, read Men Shop, Women Buy. That dithering women customer will be far more valuable to you in the end - be patient!

Technology is still the one area of spending that men lead the way and here we are going to continue to see massive reasons for upgrading in the next few years, when Internet TV becomes a reality, 3-D TVs, smartphone apps which bombard us with offers to buy at every street corner. Not very green, but spending means jobs!

Many people have lost their jobs in the last couple of years and sadly many more will do so in the next few years, as the public and private sector cut costs (not always wisely). This is leading to many people changing the way in which they earn a crust, with a significant rise in the number of new businesses forming in the area, WHO NEED OUR SUPPORT

Modern life is confusing, with lots of conflicting demands, but keeping even half an eye out for new ideas and opportunities can pay dividends.

Unservice, Age-cheating, upcycling, Next-besting, pop-uptailing, nostalgia marketing, greenpliances, ecopolitan, rental culture, find out more on this short trend video
http://www.trendhunter.com/tv/trends-in-2010-forecast

Further examples of how local businesses are using trends to grow their businesses will be added to n21online on a regular basis.

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Multi-national companies spend a fortune employing trend consultants to spot emerging trends and changes in consumer behaviour, to plan their marketing and new product development programmes.

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