Trend-spotting is part art and part science. I love trend-spotting, especially when it comes to uncovering the trends that are shaping my world, both business and personal. Many research firms release their predictions at the beginning of the year, which I find laughable, since trends tend to ignore the calendar.
In today’s blog post, I have consolidated a huge number of forecasts down into 5 major marketing trends that small businesses need to pay attention to. These cover the global macro-level trends all the way down to the smaller micro-trends that may directly affect your industry niche or business.
Finally, as a bonus at the end of this post, I have included the 17 megatrends that Faith Popcorn’s BrainReserve research group has been tracking over the years. You may not know her name, but you will recognize her trend-spotting expertise. Many of the trends her firm has identified over decades of research work.
For example, the Cocooning trend represents our need to protect ourselves from the harsh, unpredictable realities of the outside world. It started out as a consumer home trend. It has now evolved into areas such as hotels catering to our every personal desire and need, with the integration of Small Indulgences, Pleasure Revenge and Fantasy Adventure.
This trend is not new. However, it is finally starting to become a reality as companies learn how to use AI, data-driven programs and tools to make real integration possible.
In the future, it may become a strategic differentiator in your customer’s experience with your company and your brand. Previously, companies were obsessed with digital marketing, especially the technology and tactics used at the bottom of the sales funnel. These tactics creeped a lot of us out, or completely turned us off with their unethical practices.
Consequently, the pendulum will now hopefully swing back to focusing on the human side of marketing. Businesses need to learn how to use these tools to build ongoing engagement and longer-term brand equity instead of focusing on short-term lead conversion and sales generation tactics.
Pay close attention to how your customers react to AI and data-driven marketing, and whether your competitors use it.
In other words, use technology to make your long-term customer experience a priority. You have access to digital tools and technology to incorporate your customers’ stories into your brand story and empower them as your loyal brand ambassadors.
Brands that are more willing to interact with customers publicly will have a strong impact—and brands that can show how this engagement influences their products and services will make an even bigger impact.
Your company’s demonstration of respect for personal privacy and information will now form an important part of your reputation. 2018 was a rocky year for consumers' privacy, riddled with high-profile corporate scandals such as FaceBook.
As a result, trust tanked. New laws such as General Data Protection Regulation (GDPR)—plus California’s privacy law, which comes into effect in January 2020—means you must pay close attention to how to handle your customers’ privacy, data and financial details.
As a consequence, people are starting to notice which businesses “walk the talk” and are trustworthy, and which ones don’t. Earn your customers’ trust by respecting them and being totally transparent and ethical about how and when you use their information.
Give them control over how their data is being used. As a result, you will earn their trust. In a global online economy marked by hacks, leaks and identity theft, people will favor the businesses that can promise them a safe business experience.
Millennials are leading the charge when it comes to environmental concerns impacting their purchasing decisions. From vegan health and beauty products to free-range protein and recycled plastic products, their conscious choices around lifestyle and purchasing are driving the sustainable movement.
Consequently, their influence will only continue to grow. Global data shows firm evidence for this. Millennials (aged 22-35) are more likely than any other generation to say that they would pay extra for eco- friendly or sustainable products. Over 60% say this, compared to 55% of Gen X (aged 36-54) and just 46% of Baby Boomers (aged 55-64). Gen Z (58%) are close behind, and figures for this generation are only likely to grow as its members’ disposable income grows. (data from Global WebIndex research)
Generation Z, our youngest generation, has increasingly taken the place once held by millennials among marketers. Gen Z are leading the charge towards new forms of brand-consumer relationships based around experience and entertainment. Their adoption of creative and social media tools is blurring the boundaries between experience and technology.
Their influence is already impacting retail. As Faith Popcorn’s BrainReserve research group reports, immersive events are customer candy for this generation—and the more digital integration involved, the better.
Most noteworthy, pay attention to how this generation navigates where to go and what they get. They are the predictors who will show you how their shopping preferences will influence other generations’ purchase behaviors.
41% of Gen Zers are influenced by Facebook ads, 30% by what they see on YouTube, and 26% by Instagram—and that doesn’t include the additional boost delivered by seeing brands in influencers’ feeds. (data from BrainReserve study)
As a result, retailers are already shifting their approach. Stacy Martinet, VP of marketing strategy and communications at Adobe predicts that engaging content is going to play a big role in retail commerce strategies in 2019, with an emphasis on nurturing customers so that when it is time to buy, your brand or store comes to mind first.
In addition to online, the move toward experiential commerce will be felt offline as well, McKinsey’s Heller said. Studies already show that consumers who shop both online and in-store have a 30% higher lifetime value than those who shop using only one channel.
Hence, it’s no longer "Caveat emptor—Let the buyer beware," but “mercatus emptor—Let the marketplace beware.”
It’s loyalty 101: The one-time transaction might bring in some short-term results, but it’s the true fans of your brand and products who will be lifelong shoppers
Several larger cultural trends are shaping seismic shifts in who people listen to. Influencer marketing is also a classic social media strategy. Brands have always relied on celebrities and leading influencers for product endorsements and generating credibility. That is now shifting to micro-influencers as consumers now rely on their peers.
As our monolithic culture continues to splinter and break up, micro-clans are emerging as major players. Micro-influencers are the spokespeople and commentators for these niche audiences. Witness the growth of paleo and ketogenic diets, cannabis products, meatless meat and a host of other culturally influenced products and services that did not exist 10 years ago. Each of these micro-clans and movements has their influencers and leaders.
In short, you need to track both the macro-level influencers as well as these emerging micro-influencers who are relevant to your business and brands.
Here is a short list of the trends that are currently rocking our world. Read her blogs for a provocative look at trend-spotting to forecast what our future holds.
The bottom line from the BrainReserve team:
You need new sensitivities, flexibility – and the ability to share information and let your customer make decisions, without being told how they should feel.
National Small Business Week is a national recognition event to honor the United States' top entrepreneurs each year. Since 1963, U.S. Small Business Administration (SBA) has sponsored National Small Business Week to recognize the impact of outstanding entrepreneurs and small business owners from across the nation.
This year get involved in national, local and online events. For example, if you’re an entrepreneur or run a small business, share your story, partner with other businesses and invest in your business through educational workshops and seminars.
There are over 28 million small businesses in the United States alone. This translates to over 120 million individuals employed by small businesses. The United State’s small business community contributes approximately $8.5 trillion to the economy, roughly half of the total $17 trillion GDP. Furthermore, Entrepreneurship has always been a gateway for underrepresented populations, especially minorities, women, and LGBTQ communities.
As an example of how small businesses pack a big economic punch, let’s look at the numbers in my local Portland/Vancouver metro area. According to Venture Portland, 98% of Portland’s 19,200 neighborhood businesses have 5 or fewer employees but provide more than 270,000 jobs in total. That is to say, small businesses contribute more than $100 million in taxes annually, helping to fund essential city services like firefighters and parks.
In short, show your support by joining the celebration. Download and display a ‘Portland Celebrates Small’ sign in your window, take some photos and tell us all about it on Facebook, Instagram and Twitter. Here are their recommendations on Five Things to Do for National Small Business Week.
CALENDAR OF EVENTS TO CELEBRATE ENTREPRENEURS
May 2, 2019
SCORE, SBA’s resource partner and NSBW fiscal agent, will host a NSBW Twitter Chat on Tuesday, May 2nd from 12:30-1:30 pm ET. SCORE’s handle is @SCOREMentors and the chat hashtag is #SmallBusinessWeek. Additional information and chat questions will be provided next week.
May 2, 2019
2019 Small Business Week Luncheon at the Portland Art Museum
Sponsored by the by U.S. Small Business Administration Portland District Office.
This year the Portland District will host a great luncheon event for approximately 200 active partners in growing small business. Attendees will include small and medium-size businesses, lenders, SCORE and WBC advisors, members of the network of Small Business Development Centers, community members, elected officials, and SBA leadership.
May 3, 2019
SBA and GBYO Partner for Webinar
The SBA is partnering with the US Small Business Administration to host a free webinar session on Wednesday, May 3rd, hosted by Anastasia Kudrez, speaker for Google’s ‘Get Your Business Online’ program.
April 28-May 10, 2019
National Small Business Week: Celebrate at the Microsoft Store-Pioneer Place
Come to your local Microsoft Store in May for complimentary workshops tailored to small businesses of all sizes. Learn high-level fundamentals, obtain licenses and permits, and build your brand. Plus, master the little things that make a big difference, like how to create a compelling PowerPoint presentation, set an air-tight budget in Excel, or promote your business on LinkedIn.
See a full list and register today at www.microsoft.com/pioneerplace
May 7-May 8, 2019
National Small Business Week 2-Day Virtual Conference
Hosted by the United States Small Business Administration (SBA) and SCORE Association
Event Time: 11:00 AM – 5:30 PM Eastern / 8:00 AM – 2:30 PM Pacific
The U.S. Small Business Administration and SCORE Association will host a free, 2-Day Virtual Conference during National Small Business Week. The conference will take place Tuesday, May 7 – Wednesday, May 8.
Registration is free to the public. Participate in all the webinars or pick and choose the topics you like. You will also have the opportunity to meet other business owners and chat with industry experts. The Virtual Conference offers all the best parts of an in-person conference, but without the hassle of traveling.