This Year, Chances To Innovate Are Yours For The Taking PDF Print E-mail
Written by Cheryl Perkins   
Wednesday, 07 January 2009
Image It's no surprise that some of the most innovative products we’ll hear about in the next year will be driven by three major growing trends: our current worldwide economic crisis, health and aging issues and the demand for everything green.
 
Businesses would do well to not only immerse themselves in the study of these trends but to also add in the human factor: Where are people going to get the most value from solutions?
 
Economic blues: We know that consumers are no longer trading up when making their buying decisions, but there are plenty of business opportunities for companies who know the new trends and utilize collaboration. Social networking and "grass roots" advertising will take the place of costly advertising, and more business travelers will forgo air travel for virtual meetings. I'm also seeing corporations continue to outsource their payroll, IT and human resources in a move to bring their headcount down.

Boomer influence: The celebrity influence in television, movies and magazines make it seem like our society is solely focused on the trends of the young. But did you know that America's 76 million baby boomers (Those who are now mid-40s to mid-60s) have an annual spending power of $2 trillion? This group continues to exert a huge influence over worldwide cultures and industries.
 
According to the MetLife Mature Market Institute, boomers born in 1946 don't consider themselves "old" until about age 78. The biggest mistake entrepreneurs can make is in thinking that a boomer's age is indicative of where they are in life. If your business wants to attract this powerful age group, don't focus on their age, but on their life stages or lifestyles: empty nesters, singles, grandparents and so on.
 
A greener world: Going green is something all ages are into, and that eco-consciousness has been increasing. Seventy percent of us now feel that we have a responsibility to make the world a better place when it comes to the environment. Nearly 60 percent of us buy from companies that give back, and more than half purchase so-called "green brands."
 
Just as the 19th century was powered by coal and the 20th century by oil, we're now moving in the direction of an era that will be powered by the sun, the wind, wave motion and renewable energy from within the Earth. And while large companies tend to hire established renewable energy vendors, a huge untapped market is for products and services for small businesses and homeowners who want to go solar or geothermal.
 
If you're an innovator, these trends add up to one big idea for 2009: Opportunity.

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Copyright © 2006 S. A. DeCaro
Last Updated ( Wednesday, 07 January 2009 )
 
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