Several months ago, I came across a particularly interesting study. It indicated that while overall consumer spending has increased, the diversity in consumer spending has surged even more. Instead of a few major companies capturing the lion's share of sales, the market "pie" is not only growing but it's being sliced into more varied pieces. More consumers are favoring niche brands, direct-to-consumer startups, and artisanal brands. Those with more disposable income are increasingly valuing products not because they come from a well-known brand, but because they know it's sourced from an individual or a brand that still feels personal and unique. Take Primal Kitchen as a prime example. Initially, it was a niche brand. Before we entered the scene, the idea of avocado oil in mayo was almost unheard of. We catered to a specific, albeit growing and vocal, community of consumers. And we grew—grew enough to attract an enormous company like Kraft Heinz. This evolving trend is also why many big-name brands are strategically acquiring smaller ones. Instead of diluting the essence of these smaller brands and risking a drop in product quality, they're making efforts to uphold and even enhance it. At least in the case of Primal Kitchen, there's been no decline in quality, and the same can be said for several others. I find this shift exciting. It signals a vast opportunity for individuals to make an impact and, equally importantly, earn a livelihood by selling products and services that, just a few decades ago, were reserved for the giants of the industry. I'd encourage any of you with a novel idea or product to seize this moment. The barriers to entry have plummeted, your potential customer base is broader than ever, and reaching them has never been more accessible. Social media platforms have made it even easier, often without the necessity of purchasing ads to gain traction. There's fertile ground out there, so take the leap if you've got a good idea. But this trend isn't confined to just business. Ideas in general are also evolving. Niche businesses, products, and even ideologies are gaining momentum. This trend underscores a sentiment I touched upon recently: the declining dominance of traditional experts and the ascent of personal discovery and experimentation. It's an era of "figuring shit out for yourself" and daring to try something novel to see its efficacy. Let your freak flag fly, in all things (in a reasonable way, of course). Are you letting your freak flag fly? How? In business, personal life, or otherwise? Let me know in the comment section of New and Noteworthy. |