There is an obvious importance that drives smart business owners and managers to monitor consumer trends: They might notice a shift in purchase priorities, consumer behavior, or pop culture that they can respond to and profit from. But there is another important reason to watch consumer trends: An opportunity could reveal itself that contradicts the prevailing sentiment.
Examples: When big cars were all the rage, Volkswagen introduced the Beetle. When full-bodied flavor was hot, Miller introduce Lite Beer (“Everything you’ve always wanted in a beer… and less”). Sometimes, a company can profit not by following the trend, but the counter-trend.
To that point, there was a good opinion piece by Joseph Gelman in this morning’s Media Post Marketing Daily. Click here to see it.
Implications: When you see a series of behavioral changes that could represent a trend, it’s a smart idea to ask, “In what ways might my company (product or service) profit by appealing to consumers who are involved with or influenced by this trend… or consumers who belong to an opposing behavioral/sentimental set?”