Six Trends That Will Affect What You Sell, How You Price Your Products, and Who You Sell To
By Bill H Myers
Here are my predictions about how major economic and political changes will affect how
you run your business, who and what you sell, how you price, and how you deliver your
products in the coming months and years.
Trend Number 1 - fewer people spending money on big ticket items - The economic
downturn has wrung a lot of wealth out of a lot of people, and as a result, fewer people
have the ability (or credit rating) to purchase large ticket items.
This will mean fewer sales of new cars, boats, RVs, expensive homes, as well as fewer
sales of high end electronics and most luxury items in general. Even those that do still
have money, will be reluctant to spend it.
For product developers like you and I, it means the days of finding plenty of customers
willing and able to pay several thousands of dollars for products, or workshops, or
consulting, are in the past.
Now, and in the future, the growth will be in moderately or lower priced - even no
frills - products, workshops and services. If you haven't already, consider adding these
kinds of entry level products into your product mix.
Trend Number 2 - more people will be looking for other ways to earn income from
home - the economic downturn has removed much of the earning power of people who until
recently had plenty of money flowing in. Now, due to job losses or salary reductions, the
income of many consumers has been drastically reduced.
To keep pace with their debt and spending obligations, many of these consumers will
seek out alternate ways to generate income, especially ways to generate income online
(which is one of the most common 'wants' these days).
This desire and need to learn ways to generate income will accelerate the demand for
quality tools, training and services which help people generate income.
Products in demand will include easy-to-use software tools that create "instant
businesses", training courses, consulting services, marketing services, web development
services, assistance in setting up web payment services.
Trend Number 3 - many people who expected to retire won't be able to and will be
forced to seek ways to generate income - the 80 million baby boomers who were starting to
reach retirement age are discovering they can no longer afford to retire due to losses in
real estate, losses in the stock market, losses of pension and retirement income.
This creates a huge number of people who now have to seek out ways to earn money - at a
time when there are fewer and fewer jobs available.
As with trend Number 2 above, this will increase the demand for quality tools, training
and services to assist those who want to learn to earn money.
Products in demand will include training, business franchises, turn-key businesses,
business start up tools, and just about anything else that helps build income.