The Venture Edge
Musings at the intersection of business and life-
Business Savvy
November 30, 2012
While no one I know truly has a crystal ball to use to help them predict the future, there are a lot of smart people out there whose job it is to try to come up with some idea of what consumers are going to do in the coming weeks, months, and years. One such outfit is trendwatching.com, which every year comes out with a list of 10 crucial consumer trends for the upcoming year. If you've got a business that sells products or services to people, then these are 10 trends worth paying attention to. Here's a sampling of the trends for 2013 -- you can find the full list at trendwatching.com.
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Growing a Business
December 08, 2011
It's my favorite time of year. No -- not Christmas, though that rates right up there. It's the time of year when trendwatching.com names its 12 Crucial Consumer Trends for the upcoming year, in this case 2012. If you've got a business and you want to meet your customers where THEY are, then this list is worth a look. Here are the top-five trends -- click here for the complete list of 12, along with detailed explanations.
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Business Savvy
October 04, 2011I just spotted an interesting trendwatching.com report by the title: "(Re)Commerce": Why for smart customers, 'trading in' is the new buying. According to trendwarching.com, "It’s never been easier for consumers to unlock the value in past purchases. Novel brand buy-backs, exchange schemes, online platforms and mobile marketplaces offer smart and convenient options for consumers keen to ‘trade in to trade up, alleviate financial strains (double dips, anyone?), and/or quell environmental and ethical concerns." Increasingly, consumers are factoring in the future trade-in or trade-up value of their purchases into their buying decisions today. So if the products you're selling offer a perceived future value higher than that of your competitors, customers will be more likely to buy your products.Aside from the ongoing poor economic conditions, the report gives three reasons behind the surge in (re)commerce:NEXTISM: Consumers will forever crave the new and exciting experiences promised by the ‘next’.STATUSPHERE: The growing status boost that comes from being savvy and shopping (environmentally) responsibly.EXCUSUMPTION: Cash-strapped consumers embracing creative solutions.
For a complete description of each of these drivers of consumer behavior -- as well as numerous examples of how they work in the real world -- be sure to check out the original report.
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Growing a Business
May 08, 2010
My friend and colleague Kellie McElhaney recently pointed me to a very interesting website, trendwatching.com. The site keeps track of consumer trends worldwide. I was particularly interested in a recent trend briefing on the role of status in consumer buying decisions, and the top-5 ways that consumers get their status buying fix.
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