Paying attention, family dynamics and under the influence – key consumer trends…

I’m in Las Vegas Thursday, as a keynote speaker fo rhte Multi-Unit Franchising Conference at the Venetian.

I’ll be speaking to  a wide variety of consumer, technology, demographic and other trends as they impact franchise operations.

Multi-Unit Franchise Magazine just ran a small article in which I comment on some of these trends.

This should be a great crowd and fun audience – it’s a very entrepreneurial group, with a lot of success under their belts. But they live in interesting times — cost inflation perhaps being the biggest challenge they are faced with.

Not to forget the impact of mobile technology – a good portion of the folks in the room are going to be in the restaurant end of the franchise industry, and they are being impacted extremely quickly by mobile coupons, and other location intelligence technologies. Online ordering via mobile devices is a tidal wave of change coming into the industry at a furious pace. Then there’s faster evolution of consumer taste trends.

Whatever the case may be, there’s a lot of change going on, and plenty of opportunity for innovation. This event comes after I had keynoted the global Burger King franchise conference for about 5,000 people in Vegas, and a keynote for the global leadership team for Yum! Brands (KFC, Taco Bell, Pizza Hut) on the same themes — which also led to a keynote for VIBE 2010 (Very Important Beverage Executives), the individuals who run the refreshment end of things in chain restaurants. Lots going on in Vegas!

Tracking the Future

Jim Carroll keeps his finger on the pulse of the world around him and particularly, the future. He is, after all, a futurist who identifies business and cultural trends ranging from technology and business model change, to innovation, global challenges, and growth. Carroll’s list of
clients includes Northrop Grumman, Visa, Rockwell Collins, Lincoln Financial, and the Walt Disney organization.

Prior to his speaking at the Multi-Unit Franchising Conference in April, we asked Carroll for his take on the ever-evolving consumer, technology, and the franchise business marketplace. He outlined five key – and critical – areas for multi-unit franchisees to be aware of when considering new brands and concepts to add to their portfolio.

Paying Attention. Consumers today face more stimuli around them than at any previous time in history – computers, Internet, cell phone, video games, etc. He says today’s interactive world demands that franchisees to be engaged in all mediums. “Marketers must work harder than ever to capture the attention of the consumer and make a connection. Brands must keep up with the pace of consumer change in order to stay relevant,” says Carroll.

Changing Family Dynamics. There’s a new definition of family in America and it’s no longer nuclear. Successful franchise brands must acknowledge and respond to this reality. “Hyper-nicheing is the new brand reality as the market becomes more specialized and fragmented. Marketers can no longer rely on preconceived segmentation strategies, but rather need to think differently about who they are trying to reach and how to reach them.”

Under the Influence. Celebrities and peers are influencing consumers more than ever. These peers are sought out for advice and brand recommendations. “Social networks are the new brand influencers and marketers must find ways to connect with consumers who are highly influential in their peer groups.”

Shifting Behavior. Socio-economic shifts are affecting consumer behavior. Consumer tastes and preferences continue to change and evolve. “Faster-paced preference change is the new reality and brands must be nimble to keep up with consumer demand.”

Rapid Deployment. New products and innovation are being brought to market much more quickly. Brands, products, and services must keep up. “Time to market and corporate agility are the new capabilities to focus on.”