10 Trends That Will Impact Your Business
We all know that the most important issue to be discussed, kept
front and center and consistently focused on is the customer. But once you make
sure you have that base covered, you need to devote your time and energy to
taking a look at what is happening outside of your business. What is going on
in the world, in society, and with the economy could impact your
business--negatively or positively.
This economy, the Trust & Value Economy, is fast-moving and
volatile. If you do not pick your head up and look outside now and then, you
may get blindsided by a potential landmine -- or miss an amazing opportunity
that could mean a whole new level of success for you and your company.
Whether I am coaching with a client one-on-one, or I am
consulting with their entire company, I insist they look at trends and outside
influences at least once a quarter. In fact, I do it for my own business. Then
based on what I find, I put together my list of trends: those opportunities I
see just waiting for professionals and business owners to take advantage of.
Here is my list!
The Empowered Consumer - You have heard me say it time and time
again: consumers are running this economy. They are in charge and they are
flush with personal power. They have been infused with control, they know it,
and they are well on their way to getting more of it. Today's consumers have a
multitude of options to buy products and shop for services. They are
knowledgeable and have all the information they need at their fingertips. They
have a voice to share what they think and feel, and thanks to chat rooms, blogs
and YouTube, that voice can be heard by millions within moments. YES, personal
power is on the rise, and in the next ten years, technology, global
interconnection and increased competition will create a consumer that is larger
than life!
Frugal Movement - Value anyone? Yes, this new economy has
given way to a newly empowered consumer, but also to a new type of consumer: a
frugal consumer. More than just this economy has changed; so has the consumer.
Gone are the days of abundance and overspending. Today's consumers are smart,
savvy, and seeking value for their money. They know they can get it cheaper, so
you have to convince them they can get it better from you. Gone are the days of
wasteful spending; it is hip to be frugal!
Welcome Gen Flux -If you love change, this is your economy!
The most desirable employee today is one who embraces innovation, drives
change, desires personal growth, and loves a challenge. Want security in your
job? Sorry, those days are gone. Companies can't provide it, the experts can't
predict it, and the economy certainly does not guarantee it. No worries:
today's most desirable employees would run from a job that offered it. The most
important skill you can have in today's economy is the ability and desire to
learn new skills. If you expect to be doing your job just like you did it last
year, then plan on finding a new job, because your company and your co-workers
can't afford to have you on the team anymore.
Boomers Boomerang - They're back! Here comes this crazy
generation again; they just won't go away. Aren't they supposed to retire? No
Way! The opportunities for this generation are endless - they have money and
are willing to spend it. More than 62% of boomers approaching retirement age
plan to work at least another ten years. They want to live active lives and
they are ready to spend to invest in their health, stay in their homes, travel,
and create new experiences.
Healthy Investment - The health industry both in this country
and around the world is exploding, and you can expect to see it keep rising. We
are obsessed with our health -- all of it -- from eating and drinking our way
into disease and obesity, to the rise of home gyms and preventive medicine. The
health care industry is growing and in both directions. Alternative medicine
has nearly doubled in the last five years. More than 36 percent of Americans
are seeking preventive health care, and that number is expected to double again
in the next five years. At the same time, there is no slowing the obesity rate
and onset of diseases associated with it. In 1990 not a single state had an
obesity rate in adult population greater than 14%; today only one state
(Colorado) has less than 20% obese adults. Businesses and organizations on both
sides of the health and wellness industry are going to grow and expand. No pun
intended.
Go Grow Green - Social
consciousness has gone mainstream. With population growth rates out of control,
issues such as water quality and air pollution have become a global problem.
More than 50% of CEOs say being green is important, and government funding for
green initiatives remains one of the few programs not suffering from government
cutbacks. If you want to grow, go green!
Rabid Collaboration and Connection - In a world that is becoming more
fragmented, and with competition at an all-time high, we are seeing a rise in
the desire of people to get and stay in touch. Even former business rivals are
finding ways to work together. More than half of the world's population reports
being active in social networking sites, and in third world countries you are
more apt to find a cell phone than food and clean water. Former competitors are
going the way of cooperation. This "if you can't beat 'em then join
'em" mentality finds competitors becoming fast frenemies.
Internet Shopping - Google has become a "real" word!
Enough said. Before we buy it, we Google it, and often we buy it online. A
National Report of holiday shoppers shared that 87% of respondents reported
they prefer to shop online. Wake up - reaching, talking to and ultimately
selling to consumers is changing drastically. Are sales professionals a thing
of the past? No. Just as the radio wasn't destroyed by television, the
professional sales person will always be around. However, consumer passion for
internet shopping is greatly changing the game.
Love 'em/Leave 'em Consumers - Don't look now, but if your customer
service program is not front and center in your business, then you are in
serious trouble. Why? Because there is no room -- I repeat -- no room for
error; one slip, one mistake with your customers and they are outta there. When
you combine a frugal consumer with an empowered consumer, you have a consumer
who wants not only a quality product but expects a quality experience. And
giving them what they expect? Well, it is just not good enough. You need to be
continually, consistently and regularly questioning the level of service and
quality you provide your customers, at every level in your organization, at
every touch point and with every person. What you did last year - well, it is
just so last year!
Total Chaos -
Welcome to the Trust & Value Economy. Charles Darwin said it best: It is
not the strongest species that will survive - it is not the most intelligent -
but the one most adaptable to change. Face it: we are living in a time of total
chaos. How many people are using the same cell phone they did five years ago?
How many people ten years ago had even heard of Skype? Today's economy is
global, diverse, and constantly changing. The variables are limitless.
Predicting what is going to happen is a waste of time, and planning for the
future is a guessing game. Get ready - the ride is bumpy, shifting, and you
need to be flexible!
So, if those are the trends... why do we care? What does it
matter to me? Why do I need to be aware? Whether you own a business or just
work in one, these trends are going to impact your life. Not only are these
changes happening to the economy and to your company, they are happening to
you. We have entered the Age of Personal Responsibility, and you have a choice
to make. Do you want to survive in this economy or do you want to thrive?
Because make no mistake: it is a choice, and a choice only you can make.
"High energy, high impact and highly motivating" --
that is Meridith Elliott Powell, founder and owner of MotionFirst. A certified
coach, speaker, author and business development expert, Meridith is known in
the industry as a catalyst and woman who makes things happen! Work with
Meridith to build your network and change your life. Learn more athttp://www.motionfirstnow.com
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