Trends for 2008

Looking over the Horizon

I have always maintained that it is important for entrepreneurs and business leaders to be conscious of trends and changes in lifestyle and behavior that affect their industry in a direct or indirect way. Trends is is defined as follows:

Trends - directional tendencies in lifestyle, commerce or demographics. They may be obvious or imperceptible.

Euromonitor 2005

One of the best websites for monitoring trends is tendwatching.com. They recently published: "8 TRENDS TO CAPITALIZE ON IN 2008" report. It is really worth taking the time to read this report if you want some insight into some of the ways consumers may think, act or respond in the year ahead. The report is filled with brilliant insights, great examples and cool pictures to illustrate ideas.
The 8 TRENDS TO CAPITALIZE ON IN 2008 are:


The brief idea behind each trend:

Status spheres - a variety of lifestyles, activities and persuasions, which can be mixed and matched by consumers looking for recognition from various crowds and scenes.

Pemiumization - no industry, no sector, no product will escape a premium version in the next 12 months.

Snack culture - he phenomenon of products, services and experiences becoming more temporary and transient; products that are being deconstructed in easier to digest, easier to afford bits, making it possible to collect even more experiences, as often as possible, in an even shorter time frame.

Online oxygen - control-craving consumers needing online access as much as they need oxygen.

Eco Iconic - Eco-friendly goods and services sporting bold, iconic design and markers, that help their eco-conscious owners to visibly tout their eco-credentials to peers.

Brand butlers - Think baby food or diaper brands opening a lounge area, including diaper-changing facilities and microwaves, for parents and their offspring at a major airport or in malls. Or a bank installing secure, high-tech lockers next to the beach, so beachgoers can safely store their belongings when going for a swim or walk.

Make it yourself (MIY) - having come to expect to be able to create anything they want as long as it is digital, and to customize and personalize many physical goods, the next frontier will be digitally designing products from scratch, then having them turned into real physical goods as well.

Crowd mining - when co-creating, co-funding, co-buying, co-designing, co-managing *anything* with 'crowds', the emphasis in 2008 will move from just getting the masses in, to mining those crowds for the rough and polished diamonds. How to do that? Shower them with love, respect and heaps of money, of course.

For all those taking a break in December, read this before you go as it will fuel your mind to consider out-the-box ideas as to how you could leverage off these trends for business success in 2008.

Here's how understanding trends may help:

1. Vision—Do these trends have the potential to influence or shape your company's vision?
2. New business concepts—Can these trends point you to new business concepts, or entirely new ventures?
3. New products, services, experiences—Can these trends inspire you to add 'something' new for a certain customer segment?
4. Marketing, advertising, PR—Will these trends help you speak the language of those consumers that are already 'living' a trend?

See trendwatching.com for more detail.