Market Trends That Are Driving Significant Change

A Point Of Significant Change In Markets And Demographics

We are moving into a new age where old rules will no longer apply. There is no better time to define your business position to capture the new opportunities that will be created. Experts agree that we are moving out of the Age of Information and into a new Age of Creativity based upon human capabilities that cannot be created by computers.

Agricultural Age (farmers)
Industrial Age (factory workers)
Information Age (knowledge workers)
Creative Age (creators, empathizers & story tellers)

We also know that in Canada, with the “Boomer” generation moving towards retirement age, demographics are going to once again have a major impact on future business opportunities.

”We are in the twilight of a society based on data. As information and intelligence become the domain of computers, society will place new value on the one human ability that can’t be automated: emotion. Imagination, myth, ritual—the language of emotion— will affect everything from our purchasing decisions to how well we work with others…Companies will thrive on the basis of their stories and myths. Companies will need to understand that their products are less important than their stories.“

- Rolf Jensen, Copenhagen Institute for Future Studies

Understand Three Future Trends To Build An Amazing Position & Brand

These three trends will have the biggest impact on business in Canada during the next 5 to 10 years. Start to think about how these will have an impact on your business, your community and your market.

Moving into the Creative Age
– design; experience; feelings; story-telling is king
Demographic Swing
– Boomers rule and are the only market with major growth opportunities
Women Buy Everything
– a revelation that many companies are using to their advantage

Developing a position based upon these trends would put your business into a place unmatched by any of your competitors. Over 80% of businesses have not spent any time to write out or understand their position, let alone have a position that addresses future trends.

Here are some ideas and thoughts on each of these trends that might help you think about using this knowledge to further your company’s brand position.

1. Moving Into The Creative Age – From Information To Imagination

There is always a market for great design. You can buy a toilet brush for $2 or $200 based upon design.
The market segment with dollars to spend is looking for original, hard-to-find designs and is willing to pay for something unique.

“We don’t have a good language to talk about this kind of thing. In most people’s vocabularies, design means veneer… But to me, nothing could be further from the meaning of design. Design is the fundamental soul of a man-made creation.”

- Steve Jobs

What Could This Mean to Your Business?

Sell Adventure
Sell Wellness and Caring
Sell Companionship, Love and Collective / Inclusion
Sell Peace of Mind and Safety
Sell Unique for Unique People
Sell “Designed Just for You”

2. Demographic Swing – Boomers 45 to 65

Larger than any other demographic
Will have unique & changing needs as they age

44-65 is the new customer majority. It is 45% larger than the 18-43 crowd and will be 60% larger by 2010

- Source: Ageless Marketing, David Wolfe & Robert Snyder

What Could This Mean to Your Business?

Change your products and designs to match the needs of an older consumer
Design your service so YOU DO THE WORK – Boomers do not want to do it themselves – they want to be "served" by others. This trend is being seen in the landscaping business where Boomers are not willing to put all their own time into keeping a garden but will pay someone to help.
Sell them things that remind them of their youth and especially their youthful experiences
Trying new experiences and capturing a more spiritual life

3. Women Buy Everything

Nothing extra needs to be said outside of these statistics on the percentage of each of these
product groups where women make the buying decision:
Home furnishings. . . . . . . . . . . . . 94%
Vacations. . . . . . . . . . . . . . . . . . . . . 92%
Houses . . . . . . . . . . . . . . . . . . . . . . 91%
Banking. . . . . . . . . . . . . . . . . . . . . . .89%
All consumer purchases . . . . . . . .83%
Home improvements . . . . . . . . . . .80%
Cars . . . . . . . . . . . . . . . . . . .. . . . . . . 68%
With statistics like these, you cannot go wrong by gearing your position towards your best customers – women.

“Women don’t buy brands. They join them.”

- EVEolution

What Could This Mean to Your Business?

If women are your primary customer – you may need to re-think how you are doing business with them

"Secrets" of Marketing to Women
1. Show her "real" women and relatable scenarios
2. Focus on connection and teamwork
3. Capture her imagination by using stories
4. Make it multisensory
5. Add the little extras
6. Tap the emotional power of music
7. Create customer evangelists
8. Form brand alliances

- Source: Lisa Johnson & Andrea Learned,
“Don’t Think Pink: What Really Makes Women Buy and How to Increase Your Share of This Crucial Market”

You Now Know More Than Most Of Your Competitors

These trends are not fads and they are not going away. Even if you just make some minor changes to your business model to adjust to these future trends you will increase your chance of success. As a smart business owner, you can use this information to craft a position, marketing program or to develop new products and services that are highly likely to succeed.

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