Most businesses are happy to kiss 2008 goodbye, but they're anxious about starting the new relationship with 2009. A look ahead done by Karl Albrecht International for the Destination Marketing Association International may reduce some of the anxiety.
It's called the 2008 Futures Study, and it provides some helpful insight and tips for marketing planning.
It identifies trends for consumers, the economy and technology and assesses the implications.
On the consumer front:
• Consumers are becoming increasingly comfortable ordering products online.
• Nearly all teenage children of middle- and upper-income families have cell phones and Internet access.
• People increasingly expect businesses and organizations to "know it is me" and deliver an individualized value package (offers, products and services that appeal "directly to me").
• Ethnic minorities in the U.S. are acquiring ever-higher buying power and consumer influence.
Consumers desire access to businesses beyond normal operating locations and hours.
They want 24-7 access, and that primarily means online. The next generation's expectations will only increase.
You are behind the curve if you are not building or improving a "smart" customer relationship management (CRM) system to enhance your marketing and customer service.
Product design and marketing programs must embrace all American consumers.
According to the Selig Center at the University of Georgia, spending by African-American and Hispanic consumers outstrips the gross domestic product of all but nine countries in the world.
Predictions and observations about the economy:
• Despite the decline in gasoline prices in recent weeks, the era of cheap oil is over; prices of petroleum-based products will increasingly dominate economic development, energy allocation and international politics.
• Baby boomers are entering the retirement zone in ever-increasing numbers.
• Growing consumer debt makes the U.S. economy more susceptible to economic swings.
• Americans continue to amass credit card debt while saving at the lowest rate of any developed country.
Economic uncertainty, tight credit and energy are not short-term issues.
• Expect many people to delay retirement.
• Look for retailers in all categories to embrace layaway programs.
• Anticipate increasing consumer demand for energy-efficient products.
Create a planEnsure that your marketing program is culturally relevant. Focusing on value in times of economic turmoil is always appropriate. Institute programs to reward frequent customers.
Develop an annual plan, but be willing to rethink your strategy if market conditions change.
Looking at technology, consider these trends:
• Web site design and implementation will be increasingly important.
• The massive shift of "content" to the Internet continues to accelerate.
• There is more information clutter, more "noise."
• Social networking and blogs are creating stealth competitors to traditional information-based enterprises.
Design and functionality must be a priority, not only for your product or store but also for your Web site. Conduct research with customers and prospects before beginning the design. Invest the time and money to make your Web site stand out.
Social networks and blogs can be catalysts for spreading your message online. In fact, the Internet Advertising Bureau called social networking "the ultimate manifestation of user-generated content, and as such, holds more potential for growth than any other form of content on the Web today."
Sites such as LinkedIn, MySpace, Facebook and YouTube are social networks that have become mainstream media for advertising. Ponder this finding from Jupiter Research: One-fourth of all Web users visit social networks at least once per month.
Consider these trends as you finalize your business plans for next year. Your "blind date" with 2009 might be more pleasant than you first thought.
