I recently learned about a company responsible for selecting/predicting the year’s color. The company is called Pantone. And they not only create the trend, they profit from it by selling access to other companies.
Companies pay for access to next’s color to create products in the “year’s color” to be released following Pantone’s release of the color.
It’s similar to the Michelin 5 star where a tire company create one of the most presitgious awards for restaurants across the globe.
This got me thinking about branding and building audiences. Where can a business be created around trends? Or even what kind of business can be created to predict/start new trends?
The winners of this is Michelin and Pantone, not the company who receives the award or purchases the color. The trendsetters capture the lion share of the value.
Want to chat about this idea? Or any other? Shoot me an email.
Photo by Stephan Henning on Unsplash