Wednesday, November 15, 2023
HomeB2B MarketingHow Manufacturers Can Money in on the "Joyconomy"

How Manufacturers Can Money in on the “Joyconomy”

Let’s face it, we might all do with slightly lighthearted enjoyable infrequently. 

Bands are cashing in on the Joy Economy

Final June, I and the Traits staff found that adults have been more and more looking what we referred to as “kidding round phrases:” like “fairytale bedrooms for adults,” “grownup pigtails,” and the humorous record continued.

Because it seems, the occasion was simply getting began: from our follow-up analysis, we’re seeing customers proceed their search for positivity and jubilance. And, manufacturers are taking discover. Listed here are three tendencies we have been watching within the “joyconomy” house.

search volume increases for the term "How to have fun in life?"

Download Now: The State of U.S. Consumer Trends [Free Report]

3 Joyconomy Traits to Watch

1. Playful Model Expansions

Over the previous two years, manufacturers have tweaked their choices, model expansions, and campaigns to encourage optimism and childlike abandon. For instance:

  • Shortly after, Moxy Accommodations’ Manhattan department launched their Playful Stays to supply “infinite amusements enlivened with the spirit of the absurd.” Facilities included recreation rooms, pinball arcades, dress-up objects, and Instagram-worthy decor. 

How are you going to leverage comparable techniques?

In case you’re an entrepreneur with extra time and management over your model, you might additionally rebrand choices historically centered on kids, or introduce playfulness by means of product expertise — like Seth Rogan’s hashish model Houseplant, which lately unveiled new collectible, Lego-like packaging (this one is clearly just for adults).

However, you don’t must reinvent the wheel, know a celeb, construct a large-scale rebrand, or personal a giant firm to offer folks with moments of enjoyable and emotional launch. 

Merely creating humorous or optimistic social media content material or commentary might do the trick, as we found in our most up-to-date shopper tendencies survey.

2. Social Platforms Prioritizing Positivity

Sure, social media comes with a LOT of negativity as of late. And, quite a lot of platforms will do the alternative of making pleasure. However, right here us out.

Simply whenever you suppose the market is saturated with adverse, duplicative social media channels, a brand new entrant comes alongside, knocks it out of the park, and demonstrates a brand new vibe we will all take into account digging into. 

The newest winner? A social positivity app for teenagers.

Fuel, which permits customers to anonymously praise one another, launched late final August. By the next October, it had hit the highest spot on the App Retailer (beating even TikTok), and by December it had reached 10m downloads and $6 million in gross sales. 

Lower than six months after launch and boasting a grand whole of 4 staff members, Fuel was acquired by Discord.

This concentrate on social positivity is echoed by new group app Area of interest, scorching off a $1.8-million pre-seed increase. Customers be part of close-knit social golf equipment round shared identities or pursuits, and golf equipment are sometimes centered on positivity — like Hit of Happiness.

To this point critiques are as optimistic because the app’s expertise.

Greater than ever, customers are clearly searching for optimistic modes of engagement, intimacy, and help on-line. Individuals wish to really feel a way of belonging that present platforms (Fb, Instagram) simply can’t supply.

Whereas model strategists can proceed to maintain optimistic platforms (and the tendencies rising on them) on their radar, entrepreneurs might compete straight with area of interest social platforms, designed round positivity and uplift, for particular markets like seniors or the LGBTQ+ group. 

3. Pleasure-First Product Choices

A fantastic instance of a model that prioritized the “joyconomy” on social media is athleisure model JoJa, which has a robust social presence constructed on motivating and optimistic content material and lately launched a community-focused train app.

JoJa’s new platform goals to foster intimacy by gathering like-minded people who can bond over shared exercises, magnificence ideas, and vitamin recommendation. Members may also unlock unique JoJa clothes reductions by finishing health challenges.

They aren’t the one activewear model leaping on the playfulness and group tendencies.

Set Energetic simply launched a “community-driven” brick-and-mortar retailer, impressed by childhood subject journeys to museums, in addition to a Neighborhood Assortment, which options designs chosen by followers.

In the meantime, Psychologist Kelly McGonigal put a easy — but optimistic spin on the much-seen health enterprise mannequin by launching the Pleasure Exercise, which incorporates actions scientifically proven to elicit optimistic feelings (like bounces, sways, jumps, and a transfer McGonigal calls “rejoice,” which mimics tossing confetti).

Becoming a member of in on the enjoyable is Pony Sweat, an ’80s-style dance health firm that champions “anti-perfectionism and radical self-acceptance.”

They’ve seen their Instagram following greater than double since 2020, and have since launched digital class choices and a group Discord server.

Begin Participating Completely happy Audiences

Finally, manufacturers don’t must open bodily shops or develop their very own app to offer intimate group constructing, or optimistic motivation a go. They only want a little bit of creativity, and — ideally — pursuits in making their viewers bounce for pleasure.

Editor’s Observe: This piece was initially printed in Traits’ Premium E-newsletter and was lately edited, up to date, and tailored for the HubSpot Weblog.

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