Late last year, Mintel anticipated that worldwide markets would witness five consumer trends in 2009:

• Trust
• Control
• Playfulness
• Simplicity
• Trading “down, up and over”

More than halfway into 2009, the firm sees these themes playing out as still-pessimistic consumers around the world nonetheless attempt to find ways to transform their lifestyles and lighten the moods.

Following is Mintel’s mid-year assessment of where things stand on each trend:

Trust

Trust is a paramount concern in 2009, as banks, food manufacturers and government officials suffer from losing people’s trust. In the US, 66% of adults say they have less trust in financial services companies because of recent economic developments. Food companies are at risk too: Six in 10 Americans worry about food safety, Mintel said.

In the UK and elsewhere, consumers have lost trust in financial institutions and brands continue to fight to establish themselves as trustworthy. According to Mintel, trust is key to keeping customer loyalty because people are seeking out cheaper private label options. For example, 39% of Brits on a budget look to switch to private label.

Control

When the financial bottom dropped out last year, already-choosy consumers found another reason to grasp for control – security. A Mintel survey of US mass affluent adults showed two in five saying they intend to permanently spend less and decrease their reliance on credit cards, thus increasing control over their finances. Likewise, in the UK, as many as 6 million Brits (13%) planned to increase their savings in the next year or so, while another 3 million (6%) who are not current savers intend to start saving soon.

“We see new values taking hold as people adapt to today’s tighter economy,” said Harry Foster, global analyst at Mintel. “Conservative and pragmatic are in; excess is out. Consumers feel pessimistic about the future, so they’re taking cautious steps to ensure their safety and happiness now.”

Playfulness

Despite negative feelings about the economy and pressure to cut back, people still want to enjoy themselves, Mintel said. In the US, three in five people say they traveled domestically in the past year; but to save money, more travelers visit friends or family, spend time looking for travel bargains or choose cheap transportation. Additionally, helping people achieve the balance between necessity and pleasure, global manufacturers have been releasing quirky, light-hearted new products. Mintel suggested that this playfulness offers people a way to escape, engage and build relationships with brands.

Simplicity

In work and play alike, consumers around the world continue seeking simplicity, Mintel predicts. More than two-thirds of Americans recently told the firm they’ve been simplifying their lives over the past six months, while nearly nine in 10 think there is “too much emphasis on material things in our society.” Manufacturers have followed suit around the world, launching more products that appease people’s desire for clear functionality, clean ingredient labels and simple packaging. Restaurants also have jumped on this bandwagon by offering all-inclusive meal deals.

Trading down, up and over

Trying to save where they can, consumers continue trading down across spending opportunities. Eight in 10 Americans say they’re cooking at home more now, while a full 52% admit to spending less at restaurants this year than last. Meanwhile, some 54% of Brits are buying more food on special offers, while more than a third (36%) are trading down to budget private-label brands.

With so much trading down, however, many consumers also trade up in some instances to reward themselves. Small luxuries such as fine chocolate or perfume are a common treat, while other shoppers purchase gourmet food at the grocery store because it’s still more affordable than eating out.

“At the end of last year, we knew 2009 was going to be difficult for people across the globe,” noted Foster. “The first half of the year was especially challenging, but with tentative, recent green shoots of recovery, we expect people’s attitudes to brighten considerably in coming months. Consumers have a resilient ability to stay positive amid tough circumstances.”

Mintel analyzes consumer trends annually, pinpointing those with the greatest impact on behavior and beliefs. Mintel’s 2010 trend predictions will be released later this year.

Best, Edwin Dearborn

The same with marketing. When you are marketing you are fishing for paying clients. So lets take a look at the basic process of how a fisherman goes about catching his fill.

1. What type of fish do you want to catch. We call this is a “public” in marketing. You need to know their demographics, where they swim and what they will bite on. you need marketing research.

2. What is the local hatch. In other words, what is the localized interest that will cause interest and bites.

3. What techniques does a fisherman use to make the catch? We call this marketing acumen and skill.

4. Does the fisherman catch and release, or does he keep the catch? We call this business development and closing.

To increase your ability to market and make good money, or catch the big fish, you need to market to your target market and do so successfully. Fish where the fish you want are.

Best, Edwin Dearborn

In speaking with many people on how to not only survive, but as well thrive in this economy, I am always taken aback on how many business owners and entrepreneurs are not advancing themselves with more knowledge.

Knowledge has seem to take a back seat in importance. I think our recent economical debacle was built on the misguided idea that there was some quick, magical way to riches. “Make my money quick, and get out of here” seemed to become a common ethnic which has contributed greatly to our dwindling fortunes and our eventual demise.

And what got killed on the highway of greed, first and foremost, was knowledge.

You know there are man smart people out there who write with the simple purpose to educate and elevate others. Sure, they like the idea of becoming a celebrity of sorts, or maybe even satisfy some personal craving to owning the moniker of Author. So what. Take advantage of this.

I know of sales people who struggle in sales, who do not burn the midnight oil and read books on sales. I know business owners who do not educate themselves on the basics of organization, people skills or marketing. The result is always the same: Struggle coupled with apathy and no sense of responsibility for making one’s future a better one.

Hint: Read a half hour a day from those who have had success. Got to seminars, meet people who are successful and study what they are doing. Figure out how to implement, even if in small increments, what these successful people are doing. Emulating success is successful.

Best, Edwin Dearborn

The $1 billion marketing and advertising plan is 30 percent to 40 percent more than Toyota typically spends in the quarter, Miller said. The plan comes as Toyota struggles with its worst downturn since it was founded in 1937 and is expecting to report a loss for the second straight fiscal year.

Toyota has made the bold and correct move that all companies need to follow. Moreover, long term studies have shown conclusively that those who promote when things are in emergency will emerge with a larger market share. Not that GM is government run, they will fall behind in bureaucracy.

Best, Edwin Dearborn

When you believe you are unsinkable, your own hubris prevents you from taking the necessary actions for survival. The position that the Titanic owned in the minds of the of the Execs of the White Star Line, was that she was unsinkable. When you start believing your prowess so much that it takes over sensibility, you have opened the door to disaster.

The truth of the matter is that the Titanic took some time to sink. But these were crucial factors:
a. Not enough life boats.
b. The crew was not drilled enough in the use of these life boats when an emergency did arise.

If these two factors were remedied, about 1,500 more people would have survived.

So many businesses set sale not prepared for the disasters of the business world. Icebergs could be replaced with recessions, cold water could be replaced with no credit resources and not enough life boats will substitute fine for bad planning and marketing.

When you start a business, your planning needs to take into account recessions, manipulated markets and taking advantage – rapidly – of changing moods and opportunities. Good financial planning, acumen in marketing and having a pulse of the business world is key to survival.

Skip the hubris and become humble. Only then will you be able to review your own actions, observe the environment and take the actions based on both to move full steam ahead in any waters.

Best, Edwin Dearborn

Business owners and investors struggle on where to put their money. While real estate can be purchased dirt cheap today, it could take years to make back some significant profits. While gold is at an all time high, is it time to buy or hold?

If you own a business or a private practice, your best investment will be effective marketing. Why do I say that and is there a precedent? A study was done by McGraw-Hill and they found that businesses who promote heavily during a recession, not after, average a growth of 256% after the recession is over. Very, very few are making that kind of a return on Wall Street or at their bank.

In other words, significant growth and market share is gained while most other businesses are reeling from the economy, hunkering down and weathering the storm. Lance Armstrong always made his greatest time advance in the hills, not on the flat lands. It was during the toughest course of the Tour de France that Lance made his greatest advance. In warfare, you can advance best when the other guy is retreating.

Yes it is will take hard work, innovation, offering discounts and maybe even giving a few things away for free to get them in the door, calling for an appointment or even ordering on-line. But once you get them in the door back up that promotional effort with extraordinary service, pleasantly and rapidly rendered, and you will find a whole new set of clientele. And a larger market share in the future.

Here is what we at Executive Dynamics have discovered as several blunders during this recession:

1. The false idea that this is the wrong time to market. In fact, this is the best time to make significant advances in market share.

2. That a marketing plan is not doing what you did three years ago when credit and good feelings where running unchecked. New methods, tied into one cohesive look and feel, can augment each other, complimenting the success of all elements and thus building a juggernaut.

3. All your employees are part of the marketing process. Involve them, get them excited and offer incentives for goals achieved, as an individual and as a team. Word-of-mouth must start internally and only then does the enthusiasm roll out into your market.

4. The business owner has to be the driving force of it all. Without that drive from the top, the parts themselves never congeal into a synergistic power. Powerful marketing requires more persistence than it does brilliance. Follow through and over coming barriers is the dynamic and powerful agent in expanding your revenue.

Best,

Edwin Dearborn

Co-founder of Executive Dynamics