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January 15, 2015

Hot Economy: Where to Find Customers in 2015

Submitted by Kelly Glass

 

Earlier this month, we made mention of just one of many news blurbs about how much the economy has not only rebounded, but grown. According to economists, things are good now and looking equally good for the next year.

Forbes Magazine also weighed in during December, publishing an article citing a few industries in the U.S. that are poised for growth and adding insight about how consumers have changed, which is stimulating new demands.

 

Growth Chart Suggests Winning New Customers

What industries are you seeing heat up for new business in this new year?

As an entrepreneur, it is essential to know exactly who you should sell to and what verticals are growing the most in the American economy. Theoretically, you can target anyone. But it helps to consider what sectors might benefit most from what you can offer them.

Here’s our take on which industries are hot prospects for distributors in 2015:

Real Estate

Along with the financial sector, real estate took a beating in aftermath of the financial crisis of 2008. But things have changed in a big, big way. Home prices have begun to increase again and new housing starts are at pre-recession heights. The real estate sales sector is expanding and, for those in the real estate market — realtors, leasing companies and even apartment finders — having your name at people’s finger tips is everything.

To quote Brenton Hayden, the CEO and founder of Minnetonka, Minnesota-based Renters Warehouse, “you need to seduce everyone you meet.”

Okay, maybe “seduce” sounds a bit strong, but marketing is more important than ever. And that’s where specialty advertising and promotional products come in.

In a people business that sees its salespeople promote themselves in every way from knocking on doors to ads on bus benches to real estate radio shows, promotional products are a simple and necessary means of building brand awareness. They are also one of the most cost-effective ways for businesses to get their names out there.

Home Health Services

It’s no secret that the American population is aging. According to US News, Americans on the verge of retirement make up the country's fastest-growing group of people.

Seven populous U.S. states, including Connecticut, Florida and Pennsylvania, all have a median age above 40. This comes as a result of the Baby Boom and the fact that people are living longer. The question is: how does the country best take care of our elder Americans?

The home health care services sector has been expanding in recent years, providing services ranging from everything from helping clients eat, move around and take baths to playing cards with elderly patients who would otherwise endure long days alone.

Moreover, the Bureau of Labor Statistics said the U.S. will add 707,000 home health-care jobs between 2010 and 2020. This is because more entrepreneurs are entering this business. And while home health services is indeed a service-focused business, the emergence of new firms every year offers an opportunity to distributors of specialty advertising products to assist new and existing businesses in reaching prospective customers everywhere.

Restaurants and Specialty Food

Neil Patel, the author of the Forbes piece pointed out something universally obvious: that opening a restaurant and keeping in viable and successful is a tough business. That being said, consumers’ tastes have come a long way in the last 30 years, creating demand for a variety of different foods from different ethnicities.

In the 1980s, if you wanted a hot cup of coffee, your best bet was the 7-11 or a service station. But ever since Starbucks blazed across the country at the start of the 1990s, a variety of gourmet coffee shops on every corner in America is something Americans have come to expect.

It’s not just coffee that has exploded. When people want Italian food, major national chains compete against local favorites, both old and new, that offer their own loving touch on chicken scallopini or even spaghetti and meatballs. And consumers looking for a great cut of meat consult connoisseurs at specialty meat shops and delis like Chicago’s Butcher & Larder or G&W Meat in St. Louis.

Both restaurants and specialty food sellers operate their businesses on name and reputation as well as great product offerings.

No matter what, food never goes away and new shops are opening all the time, everywhere. Just like any new business, food and dining outfits need to develop their brand with the locals and always will.

Small Professional Services Firms

While the age of the employment agency may be long over, specialty recruiting firms that headhunt engineers, accounting pros and technology specialists are big business. Meanwhile, consulting firms specializing in a certain expertise — from systems technology, to social media marketing, to business leadership — have multiplied exponentially to make America what it is: a service economy.

While a few professional services firms have grown to megabrands through mergers and acquisitions, the vast majority of firms in this large market are smaller firms that, like the local restaurant, hospice care center or realtor’s office gain and keep their business through reputation and personal relationships. Name recognition is important to them and building it is where you come in.

No matter what firms you target, remember the key is marketing. Any company can benefit from getting their name out there, but it’s up to you to show them how to integrate their brand into a new marketing campaign with specialty advertising and promotional products.

What hot sectors are you targeting this quarter?

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