Trend Watching – My Favorite,
and Most Profitable Hobby
In this issue:
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6 HOT new trends that will make you more money in 2008 …
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3 simple questions to ask yourself every single time you try and fit a trend into your business …
-
Actual examples and case studies of million dollar success stories from around the world – ones that you can easily modify to suit your business …
- One big thing that your customers will pay ANYTHING for …
- And Much More!
Fellow business builder,
I love to watch trends.
It helps find exciting new ways to sell products and services, and it can laser focus your marketing efforts for launching into untapped niches.
For 2008, I am launching a number of niched products and services, and I am highly encouraging my clients and coaching students to do the same.
Why is this important to you?
Well, you have been a devoted reader of The Total Package for some time now … and you have seen the immense value all the editors give to help you grow your business.
All those tools, tips, techniques and formulas – targeted at the right group of prospects and you can capture the lion’s share of any area you choose to divert your efforts on.
So, I have put together a number of the hottest trends that you can target through your offerings.
Before we get into the actual trends, you need to first think through these questions to make sure you get the most out of this information.
Ask yourself:
- How each of these trends could influence the way you package your products and services. Could it change the way you do your pricing, how you bundle your offerings, or who exactly you target with your offers?
- What brand new business concepts, offers, joint ventures or target markets could you come up with, capitalizing on these trends?
- What new advertising or marketing campaigns could you start, talking directly to those who are already immersed inside the trends discussed?
TREND #1: ‘Bling’ing your way
to big bucks and major breakthroughs.
James Twitchell, a Professor of English and Advertising at the University of Florida, has said it best: "One generation’s indulgence becomes the next generation’s necessity."
If you look around at our society, you will see how true this is. Automobiles that were once luxury cars, reserved for the affluent, are now commonplace. In many cases, luxury cars are the new ’starter’ cars. BMW, Mercedes, Cadillac – to name a few. They were, not too long ago, a fairly rare sight to see – these days there are a few on every block.
People want to appear wealthy. They want to feel wealthy. And they are willing to pay whatever price is being named to be seen as so.
A few other examples of how far this has gone …
Bling Water (Bling H20) has captured the high end of the over-priced water craze with their $480, crystal-encased designer bottle.
Or for those techno-buffs in the family, Active Crystals has the ultimate Bling … Crystal encased MP3 players and Crystal coated memory sticks.
So, you really have to consider the fact that everyone wants the affluent experience and is willing to pay for it.
What about www.20ltd.com? Here is their description: "All the items you are about to see are unique limited editions. All are made in extremely low numbers and will never be made again. They cannot be purchased anywhere else in the world."
From $100,000 motorcycles to $20,000 dresses – this site specializes in the number 20. Only 20 products are listed at a time, and the products that are listed are extremely limited in production (maximum of 20 EVER made).
www.woot.com is also a great idea – sell off a single product a day. Each day something new is listed, and pretty well sold out that same day, too. They offer great pricing, great reviews, and copy, as well as unbiased reviews of the offer (some good and not-so-good reviews are posted for all to see).
The money is there … are you offering a high-end option that only the serious will pay for?
Is there any way you can make your offer more exclusive?
Can you sell limited editions, or smaller quantities, or maybe you can bring out collectible editions once a year?
The price is not the question – people will pay for it if you target your marketing properly …
TREND #2: Storytelling Success.
People LOVE a good story!
Not that this is a new trend, but one that has been revitalized in a number of unique ways.
First, a little gem I found last Christmas is hubwear.com, which produces clothing with your favorite travel destinations (more specifically, their airport codes) on the front and back.
To the average person, PHX ORD, doesn’t mean much.
To travelers, it tells a story with 6 letters. They even have a section on their website where you can tell why your airport codes mean so much to you.
Or, what about www.netgranny.ch – a site where you can hire a granny to knit you a pair of socks or mittens.
You can choose which granny you want to knit for you, and you get a little write-up with your purchase on the granny’s life history.
Or what about Dole Organic (www.doleorganic.com) where you type in the code on the fruit you buy and find out the origin of the farm it was grown on, who owns the farm, even down to the fine details of who picked your fruit.
The storytelling trend is one that each and every one of us should be capitalizing on. Each of us has a story to tell – and people want to hear it. Tell the story about your business, your products, your suppliers and your employees. Show them you are a real person behind the company, and they will respond in kind.
TREND #3: Mobile Maniacs Everywhere!
With the proliferation of handheld MP3 players, video plays, cell phones equipped with browsing, e-mail, video, and word processing capabilities … people truly want the ability to take as much as they can with them on the road.
Just the other day, I saw a nice winter jacket with a solar-powered charger built into it so you can power your iPod, your cell phone, and your laptop while on the road.
There are jeans with built-in speakers, earphones and even iPod docking cradles.
This trend does not have to deal with technology tools.
Is there any way you can take your products and services to them, in their home or business? How can you give them immediate access to you, your company, or your products?
TREND #4: Upgrading your way to utopia.
The desire and ability to upgrade – even McDonalds is hot after this trend. In Europe, McDonalds is testing a new décor with lime green and yellow colors, and leather furniture instead of the traditional plastic seats and tables.
Even the most basic of necessities have options for upgrade:
Renova Black offers a high end, multi-colored fashionable toilet paper.
KidKustoms has a new stroller that helps those with upgrade-envy … brand new strollers for your tired tikes – only $2,500.00!
Is there any way you can offer an upgrade, or trade-in program for your existing clients? In combination with Trend #1, you can carve out a high-end offering for the top 5-10% of your clients that will add 50% to your bottom line. Think it through …
TREND #5: Quick access to anything and everything.
From 10 minute haircuts (and the $1 per minute charge), to television channels with multiple shows on one screen at once, to the Speed Edition of Monopoly, designed to help you play the game faster.
Time has never seemed more precious, and those with money are willing to pay whatever they need to pay to have them save time, get things done quicker, and to make their lives easier.
Avis is now offering, in select cities, a chauffeur with your rental to help you get more done while traveling.
BlackSocks.com offers a subscription service that sends you predetermined quantities and types of socks, right to your doorstep, so you never again have to worry about finding a pair while rushing out. (Now, if they could only fix the problem of the socks disappearing into thin air as soon as they go through the washer and dryer!)
What can you provide that makes your clients lives even easier? Are there any forms of done-for-you offerings you could sell to your clients? How can you make your ordering, or repeat ordering process even easier for them to go through?
TREND #6: Pampering on your own porch.
Not everyone wants to be a mobile road warrior. Many people want to enjoy their time at home and are willing to spend whatever it takes to make their home as comfortable as money will buy.
Cal Spas – a local company where I live – offers a complete pampering solution – the Ultimate Outdoor Theater. This is an incredible package they have put together – yours for only $30,000. Complete with an anti-fog, anti-glare 63-inch LCD HDTV touting surround sound, DVD/CD player, iPod Docking Station, Sirius Satellite Radio receiver and game console inputs. The home Theater package also comes with a five-burner BBQ grill, a wet bar, weatherproof recliners with cup holders and two fire pits. To top it off – complete protection from rain, snow, and sun.
Or AquaClimb, who has designed a climbing wall that goes inside your swimming pool, for those months when the water is drained.
Last, examples of companies specializing in boy toys with unlimited budgets are springing up all over the globe. CarLofts offers complete loft and garden/garage combinations. Imagine pulling up in front of your building, and being hoisted up to the 23rd floor, IN YOUR CAR, to be parked in your private 23rd floor garage! Yours for a cool million.
I highly encourage you to
think these trends through for 2008.
They can easily create substantial revenue streams and can re-position your business as the leader in your field.
- What one or two products that you sell now could be offered in an upgraded version?
- What could you launch in 2008 that is priced much higher than anything you sell now?
- What could you do to make your customers lives much easier and charge a premium for?
- What one product or service, even an element of a product or service, would be perfect fodder for a good story to tell?
Tapping into a hot new trend can give you the advantage you want in the new year. Think it through and implement it as soon as you can.
Please let me know your thoughts, and if you have any further topics on this you would like to see discussed.
To your success,
Troy White
Editor, Small Business Mastery
Supplement to THE TOTAL PACKAGE
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A Final Note:
If you have specific subjects you would like addressed, or have any comments on what you have seen here, please submit a comment below and I will see how I can help.
"Don’t wait. The time will never be just right.”
–Napoleon Hill
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Comment by Paul Rasmussen — December 18, 2007 @ 2:23 pm
Hi Troy,
Excellent choice of topic mate!
For those interested in studying trends a little closer go to http://www.trendwatching.com
They put out excellent reports very regularly and have a mail list to which you can subscribe. Their big Year Book has just been issued as well. It is a n amazing encyclopaedia
of emerging trends around the world. Emerging trends are \’Still Made Here\’ \’Blandtastic\’ \’Eco-Fatigue\’ \’Status spheres\’\'Premiumization\’and
\’Crowd Mining to name but a few.
http://www.trendwatching.com/trendreport
http://www.springwise.com another Trendwatching site that offers promising new ideas for entrepreneurs. I get updates from both these
sites sent directly via RSS to my Google Reader. Google Reader is a trend and ideas junky\’s little gift from heaven. I am just amazed what it delivers particularly since I added Google Gears which really mines the depths of the internet for whatever it is that you might be looking for.
Hope this helps
Cheers
Paul Rasmussen