October 17, 2017

Trends for 2008

As we move into 2008, there are some important trends to consider. Trend Watching.com has some great information on this topic.  If you purchase their report, you can learn more about the details of all or just go grab the highlights of the 2008 briefing here.

The one trend that I want to talk about today has to do with Gen Y and the expectations they hold.  I had some conversations this week with James Sun, Arel Moodie and Bert Gervais of The PlaceFinder and Scott Neuberger and Josh Kowitt of CollegeBoxes.com, and they all pointed out the incredible expectations held by younger consumers and how to grow your business based on meeting customer demands and addressing their complaints.  (Yes…we have been discussing this for the last two years, and Dr. Jean Twenge and Dr. Carolyn Martin also point to this in their work). 

Here is the deal…as the quality  of products and servcies continues to improve and customer service continues to get quicker and the experience gets greater, the more young consumers expect…it takes better quality, quicker service and a greater experience to keep Gen Y’s attention (or to get it in the first place).   And…it is going to be critical in 2008 for business owners to think seriously about how to start reaching this growing demographic of consumers.  In order to make this happen, both corporate and business leaders will be called to look not only inside their industries but outside their own industries in order to bring super cool products to this audience.  If you only stay inside your industry, you will develop copycat versions of what your indsutry is doing, and Gen Y will get bored very quickly.  As an example, the Trend Watching report highlights companies like Philips and Swarovski who are combining efforts to bring high end data transport tools to users so that they can have an “experience” of first class: http://www.active-crystals.com. From the public’s eye, these two companies don’t seem to have a great deal in common, yet they did what the trendsetters are suggesting…to get out there and combine efforts to bring a brand new cool product to the public.

So…to help you out with this, here is what our Gen Y experts and authors suggest you do:

1) Develop an open network (lots of variety in your network, all ages from all corners of the globe and a variety of industries) to help you expand your reach into markets you may not have considered with a new approach you may not have considered (some people call this a blue ocean strategy from the book
Blue Ocean Strategy
)

2) Attend a wide variety of events (from art to music to hiking to snowboarding activities) to see what’s really going on in the world…not just what’s going on in your world!

3) Watch a wide variety of movies (movies can really stir an idea…watch the hard ones, funny ones, tough ones and dark ones).

4) Read a wide variety of journals (I read an article on Fuel Efficient Fishing yesterday in Sport Fishing Magazine…really has me thinking differently).

5) Take a camera along one day and photograph 50 shots you have never taken.  When you look behind a camera and something you have never studied before, the mind opens up.

6) Interview 20 people who you find interesting (but who you know nothing about).  Talking to people and learning about them is really amazing and can bring new, fresh thinking into your business.

7) And finally…get out there and spend time with young leaders between the ages of 18-30.  Listen to their stories and their language…you will learn so much about what the future holds for business and life.

http://MillennialLeaders.com. .

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