THE POETRY OF THE MOMENT

 

“An ordinary coffee place on a dark day. The patrons blending into a blankness. Their faces backlit. Still there was poetry here. Each person a blank sheet of paper to write on. Places for lines of rhymes.” - Oregon Taylor Fields 

You might be good at art or you might not. Either way art can make your life richer. You learn to see things different and more fully. Scenes you pass pull at you, making you pause. Studies have shown art can increase critical thinking, cultural interaction and can even fuel community rebirth.

Against this backdrop though, 55% of school districts have substantially reduced or eliminated funding for the arts. In many cases in favor of STEM programs. In the broader community, art museums have also suffered from reduced attendance and donor funding. While it used to be that art donations topped the focus of community leaders. That has changed with Gen x, Millennials, and Gen Z interest ranking arts as low as 3rd on the list for donations.

Larger global issues such as climate change, technology and the demands of a tech based economy have led to this situation. AI has also impacted the landscape of art in many ways still being understood.

Time only will tell though if this re-ordering has unintended consequences from the lack of arts exposure. It’s important to have the ability to take in and fully appreciate the poetry of the moment. It’s important to being human…

PROFITING FROM THE OTHER MARKET

 

The appearance of wealth is running rampant in the USA. Luxury cars, travel, Yachts, homes, and expensive handbags allure us. The idea of fame, wealth and power keep us fixated on this well to do economy. At the same time though, there is another market largely overlooked. 

It’s sobering to realize that the middle class has shrunk substantially. In the past 50 years, the middle class of our economy has shrunk from 61% to present day 50%. Even with wages rising, they haven’t been able to offset the higher cost of living pushing many out of the middle class. If you make less than $52,000 you are now considered to be low income. This segments represents 50% of the households in the US. The unmet needs of this group are enormous including affordable housing, healthcare, food, and services. 23% of the low end of this segment don’t even use banks.

Where there are needs, there is also opportunity. New marginal income, brand loyalty and profit can be found here. The market segment is unique through, requiring special approaches. It is a market that is slow to move. Some firms in the past have used predatory approaches to capturing profit creating business distrust. Many low income people over time have learned unique ways to deal with needs, an improvised self sufficiency. When cars break down, they call Joe down the street to help, not a dealership.

Successful approaches needed to capture market share in this segment include: 1) understanding the market, 2) delivering affordable products that target real needs, 3) products must focus on quality and value even at low price points, 4) cost effective ways to operated need to be modeled and followed, 5) the products and services need to be easily accessible both in location and on line, and 6) trust must be built in the community including the potential of partnering with non profits.

A recent Forbes article highlighted companies like Dollar General who have been able to do this. Dollar added fresh fruit and vegetables to their stores in otherwise food deserts. This increased both store traffic and profits.

As a business, you can follow the crowd marketing products and services to the wealthy market. A market that often is over run with such products. Or you can turn your attention to the overlooked low income market. One where new profits can be found and making a difference can be the rewards.

Sources for this article include: Forbes, CNBC, World Economic Forum, Statista, Pew Research Center