I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
Pumpkin Spice Is Here to Stay
Are you a freak for pumpkin season?
Do you get excited when the pumpkin spice items hit menus? How about all those pumpkin products showing up in supermarkets, drugstores, and beyond?
I'm convinced people fall into one of two camps—they're crazy for pumpkin spice or they loathe it.
I avoid it like the plague.
But pumpkin spice season is without question big business for businesses. And, it really hasn't taken that long for this phenomenon to take root.
Starbucks, the company credited with launching the craze, debuted its iconic seasonal beverage in a limited fashion in August, 2003.
In the scant two decades that followed, the pumpkin spice industry has exploded into a $500 million per year business. When you consider how short the seasonal window is, that's pretty astounding!
It's got me thinking about fads, crazes, and wildfire trends and what pumpkin spice can teach us about consumer behavior.
- Longing for nostaglia
Nostalgia is a powerful drug. It lures us into a sense of security. It reminds us of simpler, probably happier times, before the pressures of our modern, adult lives. Who doesn't want to feel cozy, warm, safe, and loved? And, all for the price of a latte or a candle?
What are your customers longing for and how can you trigger their sense of nostalgia, wellbeing, and/or better days so they associate those good feelings with you, your offers, and your company?
- Triggered by sense memory
Smell is one of the most powerful connections we have to memory. Cinnamon, cloves, nutmeg, ginger, and sugar remind us of fall days and the undeniable allure of cozying up by a fire, spending time with friends and family, and hunkering down for the cold, dark winter days ahead.
When you tell your business stories, employing sense memory can be a secret weapon that forms powerful associations for prospects. Think about all 5 senses and pick the ones that work best for you.
- Motivated by scarcity and FOMO (Fear Of Missing Out)
Not so long ago, I talked about how potent loss aversion can be. The psychological pull of missing out on the notoriously short pumpkin season drives people to not just seek these products out but stock up on them, thereby creating a craze that fuels more scarcity and FOMO. (You see how that works?!)
Human nature drives us to want to be part of something, so what does that mean for your prospects as it relates to your business? A great place to start is your mission—what's the movement you're inviting prospects to join by doing business with you? What's the best kept secret only your customers know?
I know I'm not alone in my aversion to all things pumpkin spice.
So, while it's important to stay up on emerging trends in your industry and that impact your customers, it's equally important to remember...
Not all prospects will respond to 'trendy' offers and not all businesses need worry about staying 'on-trend.'
If all this pumpkin talk has got you in the mood, Treat Yo'self to this blast from Halloweens past.
And, if you're trying to figure out how to take advantage of trends in your industry or the marketplace, let's talk.
Until next time,
PS - If you missed it, last week I was Somersaulting.
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I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
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