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I recently read an insightful paper written by Paul Diamond of Vistage and distributed by The Executive Connection, an international leadership organization.

Here’s a summary of this priceless advice for those who want to capitalise on current trends: “Business as usual” is undergoing a transformation due to changing consumer tastes and economic pressures.

Companies have to find new ways to appeal to consumers scarred by the economic crisis. Consumers spend less and save more; many are jobless, many lack trust in businesses, and many expect government to provide a high level of service.

Business operations are under other pressures, including constrained credit, economic uncertainty, threat of increased inflation, low dollar valuation in the US, excessive consolidation in many industries, the rapid pace of innovation, rising commodity prices and a constant pressure to do things better, faster and cheaper.

The good news is: business is reorganising and finding its way forward. To help ensure the future of business, we offer 12 trends that range from new consumer attitudes and emerging disruptive technologies to the latest marketing and business practices.

Think of these trends as opportunities you can seize to give customers more of what they want.

Consumer Trends

Trend 1: Short Termism

The financial crisis made people less trusting of large organisations. People buy based on immediate requirements. They understand that innovation outdates expensive technology. They have learned a ‘wait and see’ attitude.

Trend 2: Brand Aid

Companies are building brand loyalty by helping consumers navigate today’s complexities. E.g. American Express created openforum.com to help business owners find success.

Trend 3: Conscious Consumerism

With less money to spend people will look for aesthetics to durability, heritage to sustainability. Business will need to target products more to attitudinal and needs segments.

Trend 4: Simplification

Consumers suffer ‘choice fatigue’ and will seek edited choice in future. Multi use products such as a single device that can perform many tasks will reduce luggage and cost.

Trend 5: Mobile Purchasing

Mobile phones are becoming virtual credit cards and mobile processing terminals. Customers can swipe their phone to purchase and business can buy a small card reader that hooks to your hand-held device.

Trend 6: Emotional Branding

Brands with strong emotional content will command the highest prices. Businesses who develop a strong relationship and understanding of customers will win. The most common failure of a brand to resonate emotionally, is when customers perceive indifference.

Trend 7: Reputation Management

You’ll have to keep your online reputation in good standing if you want to be trusted or have influence online. To do this you need to · Know what’s being said about you online · Participate in social media so you can reply · Ask those who like you to recommend you on online sites · Don’t do anything online you wouldn’t want people to find out about – because they will!

Trend 8: Behavioural Segmentation