This year will be an echo of last year, according to advertising agency JWT Group Inc.'s forecast. "Many of the trends we're identifying are consequences of the Great Recession - for instance, the emergence of consumers who are willing to put significant time and energy into purchases and the accelerating power shift to Brazil, India and China," says Ann Mack, director of trend-spotting at JWT.
Here are 10 trends that JWT believes your business must be alert to in 2010: Searching for stability While economic recovery seems under way, consumers will still continue to exercise restraint until they see more clear, dependable signs of stability. The challenge will be to give consumers the confidence to open their wallets wider, offering them more reasons than ever to buy, starting with individuals not directly affected by the downturn. Reading the fine print Expect your customers to put more time and energy into finding good values. "Today's well-informed shoppers are on alert: To varying degrees, they're seeking value, nutrition, sustainability, local provenance, chemical-free ingredients, etc. And they've grown more skeptical and distrustful in an era when big institutions from Wall Street to China's dairy producers have failed them; they're growing more apt to question claims and read the fine print," the report warns. Companies will need to walk a fine line between overwhelming customers with info and explaining why they offer superior value or credentials. Maximum disclosure Legal requirements and competitive pressures will force fuller disclosure about everything from ingredients and calorie counts to carbon footprints and sourcing. Companies will need to ensure that their credentials can withstand scrutiny. Wal-Mart understands that: It's working with suppliers to develop a sustainability index for all of its products. The devil wears packaging As the spotlight focuses on the environmental costs of packaging, companies will increasingly switch to bottles, boxes and other solutions that reduce, reuse, recycle, remove and renew. Refillables will become more common. Pay attention to emerging giants When he had to make a deal at Copenhagen's climate summit, U.S. President Barack Obama turned to Brazil, India and China - three of the four so-called BRIC nations - that will all be crucial to economic recovery. As the appetite for luxury in the developed world wanes, it's on the rise in China. Meanwhile Brazil's economy is expected to expand by a healthy 4 per cent this year, and India has rebounded well from the downturn. Trickle-up innovation Products designed for emerging markets are increasingly filtering into the developed world, where consumers welcome them as cheaper and simpler alternatives. An Indian firm, for example, is offering suburban lawn owners in North America a lower-horsepower tractor at lower prices. Retooling for an aging world As the world's population grows older than it's ever been, the demand for more senior-friendly products and services will continue to grow. Companies, traditionally focused on youth, will be wise not to ignore this burgeoning market.
Life in real time The Web is evolving into a constantly updating stream of real-time information, conversation and images that have moved modern life into the "now." This will help businesses gain a real-time window into what consumers are thinking about and interested in. But beware: Consumers will expect near-instant response, news and information before quickly turning their attention to the next thing. Location-based everything As smart phones become location guides, they help users better connect with their surroundings - and relevant brands. This will drive the growth of products and services that take advantage of this phenomenon, meeting the consumers' expectation of instant gratification. Visual fluency The continuing shift from words to images will accelerate. Communicators across all sectors will need to find innovative visual ways to convey information.
Management: Questions to ask (and answer) for 2010
Here are some questions Canadian management consultant Donald Cooper suggests in his e-newsletter that you ask as the new year gets under way:
- What extraordinary bottom line profit do we commit to deliver in 2010?
- What are the three most important things that we need to do to improve our business this year?
- What are three things that we do that tick our customers off -- and how will we eliminate them?
- What are three important things that any of our competitors do better than us and how will we overcome that gap to become the leader in 2010?
- What are two policies that we need to improve or eliminate?
- What are the three biggest expense items on which we can save some money, and specifically how will we do that?
- What are four things we can do to become "greener"?
- What are the three things that we can do to improve internal communication?
- What is the most important new technology that we need to bring into our business this year?
- What training, development or mentoring does each person on our team need to help them grow so that they can help grow the business more effectively?
Ideas: Some thoughts to start 2010
Consultant and idea provocateur Seth Godin brought together some thinkers to look at the year ahead in a new e-book, What Really Matters. Some advice to ponder:
Sleep: Arianna Huffington, the dynamo who founded the Huffington Post and seems to have a non-stop schedule of writing and media appearances, says the big thing we all need is sleep: "There is nothing that negatively affects our mood, our productivity, or our effectiveness more than lack of sleep."
Sacrifice: Marketing consultant John Moore says we have to learn sacrifice: "A winning business understands that to gain a customer it must first be willing to lose a customer." You must be willing to pick out whom it is you want to appeal to -- sacrificing others who don't fit the mould.
Harmony: Jack Covert and Sally Halldorsen of 800CEORead.com urge you to jettison the "lone hero" mindset and commit to collaboration and harmony: "Harmony is a springboard. Harmony supports teamwork. And teamwork creates energy. An energy that fuels creativity…. Harmony creates a workplace where you and all the people around you love to be."
Power Points
Expand your world view
Calgary-based consultant Valerie Nishi says you should try to expand your "world view" in this new year -- the lens you use to experience and interpret your world. Be curious, thinking like a reporter; be courageous, stepping out of your comfort zone; and be caring, showing genuine interest in other people's experiences. RefineryLeadership.com
No time burglars please
Ottawa-based coach Donna Karlin's vow for this year may be one you wish to emulate: She intends to be incredibly selfish, taking care of herself and no longer putting up with what is unacceptable in her life. That includes eliminating delays and not throwing away her precious time on unnecessary endeavours. A Better Perspective newsletter
Hanging on to the leaders
A study by Oliver Wyman consultants found the number one concern on Canadian HR leaders' minds these days is whether when the economy picks up they will be able to retain the executive talent they need. Succession planning, especially for critical roles, also remains a concern. Executive Talent Management in Canada
You are your own brand
Personal branding expert William Arruda says companies in future will be hiring brands rather than employees -- using Google and social networks to check out people, and find out what attributes they offer. He suggests considering video to communicate your brand as video conveys personality, a critical component of branding. MarketingProfs.com
Keeping up with the pace
Canadian futurist Jim Carroll says a key trend for this year will be increased business velocity -- you will need to think about how to handle the increasing speed of change in business. JimCarroll.com
Double your screen time
Technology columnist Joel Bruckenstein selects EVGA Interview Dual Monitor System as the best hardware product of 2009, and it can help increase your productivity in 2010. It offers you two 17" LCD monitors on a stand with hinges, allowing you to position them in different ways and work more effectively on two screens instead of one. MorningstarAdvisor.com