Hot business trends for 2008.

In many ways, business trends mimic the world around us.

Which is why smart businesses will plan according to not only what’s impacting the business world, but to what’s impacting their customers’ lives.

Because while our economy may be lackluster, if you pay attention, small businesses and entrepreneurs can still prosper.

With that being said, here are some of the top trends for 2008, according to some of the most respected trend watchers.

Going Green.

This business trend should come as no surprise to anyone, what with so much attention turned to global warming and environmental concerns lately. Many people think of this as a relatively new business trend, but in reality, it’s been building momentum since the 70s with the “Clean Up America” campaign to get trash off the highways. Personally, I don’t see it as a consciousness change that is still evolving.

Today, “green” products by the hundreds – thousands – are turning up on local supermarket shelves. New forms of energy like solar and wind power – once thought of as “New Age” – are now considered mainstream. And with gas prices through the roof, we’re scrambling to develop alternate fuel sources.

Along with the going green, Americans are also going organic. As we learn more about how pesticides, hormones, and chemicals affect our bodies, more and more people are opting to buy organic. Backyard gardens have become hip to have as consumers are chucking supermarket produce in favor of their own. (Viva vegetables!)

Takeaway – Everyone from automakers to consumer product and clothing manufacturers are rushing to capitalize on this business trend and fulfill consumer desires for green and organic. Also on the rise is business-to-business greening – companies helping other companies become environmentally conscious by reducing their overall energy consumption and carbon footprints. From individual households to large corporations, millions of people are trying to reduce not only their reliance on oil and gas, but their environmental impact as well.

Consider how your business fits into the overall scheme of green. Is there some slant you can put on your product or service that will not only fulfill customer needs, but increase your profits and visibility? At the very least, consider how your company can lessen its carbon footprint and reduce energy consumption.

Virtual Business.

As technology has grown and gas has gotten more expensive per gallon, this business trend has exploded. With so many outsourcing options to choose from – everything from virtual assistants to shipping – even a small, one-person company can look large.

Owning a virtual companies means being able to do business from your home, or from a much smaller scaled office - without all the expensive overhead associated with a bricks and mortar company. And less overhead means more profit.

For a virtual business to survive and thrive, however, it must be able to deliver on its promises. If this trend continues (and all signs point in that direction), performance not size, will become the measure by which a company is judged.

Takeaway: Now is a great time for small businesses that want to become “smaller.” There are so many opportunities now for downsizing, which in turn can upsize your profits.

One of the challenges for companies trying to sell to virtual businesses is recognizing VBs have unique needs, and they will need to structure their sales message accordingly. VBs also tend to network more and look for companies to partner with that will give them good purchasing advice. An opportunity here is to learn what your VB customer needs and provide wise counsel and resources for them.

Baby Boomers.

Oh, there are so many opportunities here!

We’ve known about this business trend for quite awhile, but it continues to impact business and economy, so it is definitely worth noting again.

Without a doubt, the 78 million Baby Boomers born between 1946 and 1964 in our country are the a red hot demographic.

Not only do they have tremendous purchasing power, but thanks to the wonders of modern medicine, information, and technology, they’re living much longer. So if a company wins a Boomer’s loyalty, the potential for a lengthy buying relationship is great.

Besides living longer, Boomers are living healthier – eating right and exercising more. They have more disposable income, and travel quite extensively. They are hip and they are powerful. Hear them roar.

Takeaway: In order to tap into this business trend, you need to take some time to figure out how your product or service fits with this demographic. How is it going to make their lives better or more meaningful? What’s your message to the Boomers? You may want to consider advertising in publications that cater to the Boomer crowd.

Health and Wellness.

This business trend really started back with the 80s fitness movement and the advent of workout tapes by the likes of Jane Fonda and Richard Simmons. Then gyms started popping up all across the country like rabbits. Youth creams, vitamins, energy drinks, followed close behind. As the population has aged, the desire to stay young and vigorous has grown exponentially. Today, the industry is huge and just keeps getting bigger every day. By the year 2010, it’s predicted the health and wellness industry will be worth a trillion dollars!

Takeaway: This is a growing business trend, so if you have a product or service that lives in this category, expect the market to remain strong.

Service Marketing

Labeled ad “Brand Butlers” by TrendWatching.com, service marketing is where brands strive to make life more convenient for the consumer, and in turn, receive name and brand recognition for their trouble. For instance, if a diaper brand installed a diaper-changing station in an airport it would provide a tremendous convenience to the parental traveler, and the brand would receive the traveler’s gratitude and hopefully their diaper-buying bucks at some point. Or perhaps a toilet paper brand sponsors restrooms, which of course, would only serve that particular brand of toilet paper. Get the picture?

But it doesn’t just work for consumer product brands. According to a special report by trendwatching.com, “Brand Butlers” can apply to any brand.

For example, Austrian Airlines is partnering with many cultural institutions in Vienna where passengers can present their boarding passes and a photo ID and get free entry. What great guys!

Takeaway: Does your product or service lend itself to this type of marketing? Can you think of a strategic partnership that would make sense? Do a little brainstorming and see if anything sticks. This approach is fresh and unexpected…something we all strive to achieve with our marketing dollars.

E-Commerce.

The e-commerce business trend has been around since the mid-90s, and every year it just keeps growing and growing. Now, it’s reached stratospheric proportions.

For the last few years, the Monday after Thanksgiving has been known as “Cyber Monday,” and marks the first significant online holiday shopping day. In 2007, the spending increased 21% from the previous year. It is estimated that online sales represent 16% of all retail sales. Now whether the same thing happens this year depends on the economy, but the point is that e-commerce continues to increase year after year.

Takeaway: If you don’t have an online presence, consider developing one, especially if you have any retail sales at all. If you are in a service business you can still take advantage of the internet by adding a weekly or monthly email newsletter (called an “ezine”) to your marketing mix.

Teens.

With more cash in hand than ever, the youth market is a strong and growing force. Today’s teen is smart and savvy, and looking to buy the next big thing.

Teens are buying everything from cars to computers to iPhones. Always preoccupied with their appearance, teens are buying clothes, makeup, jewelry, shoes…you name it. Nearly anything an adult can buy, teens can and will.

Realize, though, you can’t market to a teen the same way as you would to an adult. They have a different set of wants, desires and life experiences.

Takeaway: The youth market will continue to grow in strength and buying power. If you want to tap into this business trend, you might spend some time getting to know how to reach them. A place to start is to buy some teen-oriented magazines and take a look at what they have in them. Look at the advertising. Note the differences. Watch a few teen-targeted tv show and see how much different the commercials are than those geared to an older demographic. There are agencies that specialize in the teen market – go online and Google “teen market” and see what you find.

Sources.

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