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Niche
Marketing
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Article 9: Spotting Trends
Trends are long-term
patterns in buying behavior. Fads are short-term
patterns in buying behavior. To build your
business for the long haul, you want to focus on
trends, not fads.
Lifestyle changes can offer exciting trend. For
example, single baby boomers, especially women,
have proven to be a profitable niche market for
dating services. These service businesses rarely
existed 10 years ago, but have developed along
with the niche market.
Education is another demographic characteristic
that displays a definite trend. The proportion
of prime working age-Americans with college
degrees quadrupled during the second half of the
20th century. In 1950, only 7 percent of people
between the ages 25 and 54 were college
graduates. By 1999, 29 percent had college
degrees.
Women have emerged as a largely untapped market.
They represent 51 percent of the population.
They purchase or influence the purchase of 80
percent of consumer goods—from automobiles to
stocks.
Pay attention to the trends. Adapt your
products, services and marketing strategies to
take advantage of trends as they emerge and
evolve.
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