BY SHERRE DeMAO

Are you a step ahead or trying to keep up?

Too many business owners simply do not look at trends and how they can be strategically leveraged in their business. In addition, those who do consider trends will stop at the obvious versus exploring trends for the true gold they can bring to a business.

The Geography of Trends

Depending on where you are geographically located, you could be at a disadvantage from a trending standpoint and not even realize it, until now. Innovations within the United States tend to first occur in most industries on the West coast. The trends that stick on the West coast then travel up to the Northeast and then settle into the Southeast. We only need to look at “going green” to see this to be true. Californians were living green in the 70’s and it took until the 2000’s for it to hit in the Southeast and across the country in a big way. When looking at trends within your own industry, if you are in the Northeast, look to what companies like yours are doing in the West. If you are in the Southeast, look at what companies like yours are doing in the West or Northeast. If you are a global competitor or already located in the West, then you need to know the next trend insights.

Beyond Your Industry Trends

If you look at trends within your industry and nothing more, then you significantly limit the scope of possibilities to consider for your business. Some of the most innovative ideas in business models, service offerings, or products were literally stolen and adapted from one industry to another. To give you an idea, let’s take a look at one particular trend that has crossed over numerous industries. What was the first type of industry product segment where the business incorporated the idea of having a massive selection under one roof at great prices? Most people think Walmart, but the answer is Toys R Us. The next industry to adopt this was the office supply product segment with Office Depot and Staples among others. Then you began to see home improvement and consumer electronics such as Lowe’s, Home Depot and Best Buy. Blockbuster Video is yet another example. See what I mean? Chances are you can imagine many others.

Consumer & Lifestyle Trends

Whether your company has a business-to-consumer focus or a business-to-business focus, the people you are seeking to purchase your products or services are consumers. And therein lies the genius to business owners who embrace this insight. Understanding consumer and lifestyle trends can help you better communicate and relate to your ideal target market, simply by understanding who they are as individuals versus only as buyers of your products or services. Take a look at the common denominators of your decision-making market and if there are any trends occurring as a result which are affecting them directly. These trends could help you anticipate a shift or change in how your business needs to operate.
Take a look around today, and you do not see many “mom and pop” video rental establishments. The ones that do exist are minimal. Blockbuster Video was not the initial reason so many went out of business. The first trend to affect these neighborhood video rental businesses was the “convenience” factor. Not too long after the industry took off, convenience stores, drug stores, pizza places and grocery stores all offered video rental sections. They were banking on the convenience of getting more done in one stop. It is no accident that Blockbusters are typically located near shopping centers for the same reason. Now the convenience factor is affecting Blockbuster’s market as people are able to do more and more from home via the Internet and multimedia access with NetFlix and OnDemand.

Another good example is the baby boomer generation and their struggle between parenting adult or even younger children, being grandparents and then also being caregivers to their parents. A new multi-generational and inner-generational dynamic is having an enormous impact, including how they are approaching their work as well. Businesses, products and services are being created at a monumental rate as this trend continues to play out.

Pay attention to articles in publications like this one about businesses in totally different industries to see what nuggets you may be able to gain from thinking outside of the norm. Google “business trends” and “consumer trends” to see what comes up in the search. Become a trend watcher and a trend getter so you can begin to identify and take advantage of the trends that will take your business to its next level of growth.

Sherré DeMao is author of Me, Myself & Inc. — a Synergized World, An Energized Business, Living Your Ultimate Life, and the founder of SLD Unlimited Marketing/PR, Inc. in Denver, N.C. Her column seeks to help business owners become more savvy marketers, managers and strategists. DeMao can be reached at 704.483.2941 or sherre@sldunlimited.com.