Loved By 1%
Ben Preiss — September 11, 2007 — Marketing
References: usatoday & abcnews.go
Could your product be the next hot trend? In order to make make it big, you only have to capture the hearts of 1% of the population. According to Mark J. Penn, author of the new book Microtrends, "By the time a trend hits 1 percent, it is ready to spawn a hit movie, best-selling book, or new political movement." He coined the term "soccer moms," then helped Bill Clinton lock up their vote. Penn was/is a chief adviser to Bill and Hillary Clinton's presidential campaigns.
"The old view of America was we had a melting pot. It was all about so many different cultures coming together into one, and I think now it is a more niching of America," Penn said. "People are making many more choices in these lifestyles, and they're being put together not just by class, and not just by race, but by these choices that really sit at the core of the microtrends."
"The old view of America was we had a melting pot. It was all about so many different cultures coming together into one, and I think now it is a more niching of America," Penn said. "People are making many more choices in these lifestyles, and they're being put together not just by class, and not just by race, but by these choices that really sit at the core of the microtrends."
Trend Themes
1. Niche Lifestyle Choices - Disruptive innovation opportunities lie in catering to the specific lifestyle choices of individuals, allowing for personalization and customization.
2. Microtrend Identification - Opportunities for disruptive innovation exist in developing tools, technologies, or methodologies to accurately identify and predict emerging microtrends.
3. 1% Population Market - Disruptive innovation opportunities can be found in developing products or services that specifically cater to the needs and preferences of the 1% population market.
Industry Implications
1. Personalization and Customization - The personalization and customization industry has disruptive innovation opportunities by providing tailored products or services that align with individual lifestyle choices.
2. Market Research and Data Analytics - Disruptive innovation opportunities exist in the market research and data analytics industry to develop advanced tools and algorithms for identifying and understanding emerging microtrends.
3. Luxury Goods and Services - The luxury goods and services industry can tap into disruptive innovation opportunities by creating exclusive offerings that cater to the preferences and desires of the 1% population market.
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