For those of you who were able to sit in on Dr. Paul Leinberger’s “Digital Life” presentation at The Vandiver Group, Inc. you already know what these trends are. And, you know why TVG began offering WOM or word-of-mouth marketing to our clients in 2003. Want to know more about how this can work for you? Email us at TVG@vandivergroup.com.

Here is a synopsis and some things to mull over:

Rise in Self-Reliance

Over the past few years, we’ve seen a rise in self-reliance by consumers. This is probably the most important consumer trend of the past decade. First identified in 1996, self-reliance is the belief on the part of consumers that they—not manufacturers, companies, the media or brands—are in control of the purchase decision. The concept of “pull” as opposed to “push” developed as a direct result of this rise of self-reliance. This move toward self-reliance continues to get stronger, driven in part by the media and the availability of consumers to organize it in ways that meet their individual needs.

Rise of Emotional Well-Being & Self-Esteem

The parallel trend to the rise of self-reliance has been the rise of emotional well-being. This trend is stronger today than at any time in this country’s history. Some 86% of Americans say they are happy with their life, according to the February 2006 Pew Research Center report.

Rise to the Top

Whether it’s true or not, the belief in the American Dream is alive and well. They also believe that technological revolution and the rise of the individual entrepreneur are creating more routes and pathways to success.

The Greying of America Continues

The median age in America is the oldest it has ever been—35.9—and it will continue to rise between now and 2050. Thanks to advances in life expectancy, today’s Boomers can expect to live to age 87, or almost two decades more than would have been true in 1950. In 1900, life expectancy was 47—a 40 year difference in little over a century. This means that life stage patterns are being redefined at every major life event juncture. Upscale versions of current brands will dominate success in the new product category—moving from “affordable approximations” to “accessible luxuries.”

New Vision, New Ideas and the Power of Word of Mouth
With a more optimistic view of the future, consumers are doing more experimentation and have a stronger interest in new products and new services than they have had since the dot.com crash in 2001. They are actively looking for new ideas and better takes on products and services they buy and use. This revolution taking place has been characterized as the WOM (word of mouth) revolution. It is clear that consumers place far more trust in each other than they do in traditional media. We have come to the end of the mass market media era.

We are moving from a market-driven economy based on scarcity, to a consumer-driven economy based on individual needs and wants.

Come back next Monday for more of Dr. Leinberger’s presentation!

Contact us at tvg@vandivergroup.com or send comments to blog@vandivergroup.com.