Using Marketplace Trends

How to Match Your Passions With Current Marketplace Trends

MarketplaceTrends-PatrickSnowIn my last article I talked about choosing a product or service that meets today’s trends, today we will talk about creating wealth by matching your passions to the current trends…

Combining your passions to the current trends of the time is so very important if you truly want to become an Affluent Entrepreneur. As an author, speaker and coach, years ago I decided to pursue my passion in these industries not only because I love them, but also because they continue to grow year after year with no end in sight.

  • Let me share some of the numbers that drive home this point: The Association of American Publishers estimated that in 2009, book sales reached $23.9 billion, and each year this nmber just keeps growing. For this reason, I am in a growing business that is consistent with my passions.
  • The American executives has estimated that the conference and meeting industry in the United States is $56 billion a year, and these events require public speakers to attract attendees, so again I have a product to offer – myself as a public speaker.
  • Finally, in 2006, the personal development industry was estimated to be at $8.9 billion a year; in 2010 it had reached over $19 billion with estimates that it will continue to grow as much as 50% annually.

I’m sure with numbers like these, you understand why I am in these industries that also provide me the opportunity to pursue my passions.

My point is this, match your passions witht the trends of the day, and you will create a recipe for great wealth and career fulfillment, while at the same time providing a solution to a problem or need in the marketplace. When you do this, you will discover the key to spending the rest of your life living your passion, making great mlney, living your dream, and making a huge contribution to the world.

Identifying Other Trends But Not Working in That Industry

OtherIndustryTrends-PatrickSnowOne of the key traits that Affluent Entrepreneurs possess is the ability to recognize opportunity and take quick action. Now this action doesn’t necessarity mean that you yourself need to change completely your company’s products or services to adapt to new trends in the marketplace.

Bottom line is that these trends may be in a completely different industry than you – maybe in an industry you are not qualified to participate in as a manufacturer or service provider. Well, you don’t need to understand how all the circuitry, vias, traces, components or chips all work together in harmony in order for you to recognize the upside potential of the iPad. The same is true with an iPod. If you enjoy customizing your own music with no annoying advertisements, then chances are other people will too. Perhaps then, Apple would be a good company to invest in to diversify your portfolio.

Complete these exercises (take notes) to see how your product or service fits current trends:

Exercise A: What are features of your product or service that address a rising trend today and in the future?

Exercise B: What adjustments can you make in your business plan to ensure that what your product or service delivers will match the current and future trends in the marketplace?

Exercise C: What trends can you identify that you know will continue? Which companies manufacture products or offer services that supply solutions to meet those trends? Which companies should you consider investing in to boost your net worth and benefit from the rising tide?

This is an excerpt from my book: “The Affluent Entrepreneur”

As a Motivational Keynote Speaker, I can speak on this subject or adapt my subject to your audience.

Contact me the next time you need a speaker for your event.

 

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