Half a dozen Trends That Will Affect Everything you Sell, How You Price Your current Products, and Who An individual Sell To
Here are the predictions about how major financial and political changes will certainly affect how you run your company, who and what you sell, the way you price, and how you provide your products in the arriving months and years.
Tendency # 1 – fewer people spending money on big-ticket products –
The economic downturn offers wrung a lot of wealth from a lot of people, and as a result, fewer a lot more the ability (or credit rating) to purchase large ticket products.
This will mean fewer product sales of new cars, boats, RVs, and expensive homes, as well as fewer sales of high end consumer electronics and most luxury items on the whole. Even those with money will be reluctant to shell out it.
For product builders like you and I, it means home buying of finding plenty of customers inclined and able to pay numerous thousands of dollars for products, or maybe workshops, or consulting, is located in the past.
Now, and in the growth will be in somewhat or lower-priced – possibly no-frills – merchandise, workshops, and services. When you haven’t already, consider putting these kinds of entry-level products as part of your product mix.
Trend # 2 – more individuals will be looking for other ways in order to earn income from home –
The actual economic downturn has removed most of the earning power of people who till recently had plenty of cash flowing in. Now, because of job losses or income reductions, the income of numerous consumers has been drastically decreased.
To keep pace with their financial debt and spending obligations, several consumers will seek out alternative ways to generate income, especially methods to generate income online (which is among the most common ‘wants’ these days).
This desire and need to understand ways to generate income will speed up the demand for quality resources, training, and services that assist people to generate income.
Products sought after will include easy-to-use software tools that create ‘instant businesses’, training courses, talking to services, marketing services, web design services, and assistance in preparing web payment services.
Development # 3 – a lot of people who expected to retire will not able to and will be forced to look for ways to generate income –
Typically the 80 million baby boomers who have been starting to reach retirement age have found they can no longer afford for you to retire due to losses throughout the real estate, losses in the wall street game, and losses of pension along with retirement income.
This makes a huge number of people who now have to discover ways to earn money – at the same time when there are fewer and fewer work opportunities available.
As with trend # 2 above, this will improve the demand for quality tools, teaching, and services to assist those that want to learn to earn money.
Items in demand will include training, company franchises, turn-key businesses, company start-up tools, and just regarding anything else that helps build earnings.
Trend # 4 — more government regulation, guidelines, taxes, and fees –
because local, state, and government governments look for ways to produce revenue lost due to the downturn in the economy, they are turning to new or even increased taxes, fees, and regulations.
These fees and fees will almost assuredly enhance the cost of doing business as well as slow up the amount of disposable income accessible to business owners as well as consumers.
In addition, the federal government has begun altering the rules of the game, going in and seizing cash flow from Internet businesses, regulating non-public business pay, and is very likely to begin stringently enforcing the gathering of taxes from Internet income and transactions.
These national and tax changes will never make small businesses happy and are also likely to drive large firms offshore too far to more business-friendly countries while driving many small businesses into the underground economy.
I anticipate the government to begin taking a near look at and possibly seizing unreported income stored at Pay-Pal and similar online transaction processors.
As these trend mixtures out, be careful about revealing income, be careful about sustaining large balances on the internet banks and PayPal, and try to keep a low profile concerning business earnings and actions.
Trend # 5 — More than ever, people will follow (or at least do more to get nearer to) their dream —
During tough economic occasions, when people become frustrated using the economy, the news, and their govt, they become even more focused on pursuing their dreams.
In fact, some may say, ‘let’s just avoid it all, and do that whichever we’ve always dreamed of doing.
Whether people actually avoid their jobs, debts along with worries to follow their ambitions or not, they will spend time along with money researching the steps had to follow their dreams.
Currently, the #1 dream is – escape.
Whether in the motor home, a boat, on a Harley Davidson, or on a bicycle, the big fantasy is to drop out for a few many years and escape the downturn in the economy by pursuing a journey of some kind.
Products associated with following dreams, whether they become newsletters, videos, DVDs, training courses, internships, websites, or work cations, are likely to be growth areas within the coming years.
Trend # 6 – is a portion of something with like-minded individuals –
As the world and also the rules of business as well as the economic change around us, people will seek out private parties of like-minded people that whom they will talk, learn from, share ideas and ideas, and perhaps show adventures.
This will mean a number of people will actually seek out these web 20 in real life (like this island I live on), and most will seek out and be involved in these communities online.
Privately owned, members-only discussion boards will likely see major progress, especially those related to ‘following the dream’ topics.
These kinds of forums will be the ‘happy place’ many people will be able to ‘escape to’, to be around others who also share the dream.
These kinds will be the places people can easily close out the bad news inside their life and in the world and also surround themselves with other folks pursuing the ‘good life’ of these dreams.
A good strategy is to own and operate many of these ‘happy place’ escape discussion boards that help people follow their particular dream. Whether supported by fellow member subscriptions or Google advertising revenues, these can be a prosperous business in the coming yrs.
The Future is now, and it is packed with changes
The economy will restore, but life after the healing period will be different than it was ahead of the downturn.
Consumers who were injured in the economic downturn will be more distrustful, more likely to conserve their salary, and more interested in ways to supplement their earnings.
Many will likely be seeking a more rewarding, significantly less risky, and less expensive way of living.
This doesn’t mean spending may come to an end.
It just suggests what people are going to be doing using money will be different.
This probably will not be bad – as long as you organize the new realities, and adapt your business and services to meet up with the changing world most of us live in.
Bill Myers may be known in the product development community and has now produced more than 100 CONCEPT ALBUM & DVD products, as well as being the developer of common software products like MemberGate, Publisher, and ViewBoss.