5 Tips To Identify Trends In Your Market And Outperform Your Competition

The only thing today’s businesses can build on is change. The trends are changing more and more quickly, and it becomes more difficult to identify those that will impact your business.

The most successful brands these days are only successful because they can spot upcoming market trends and, therefore, shape the future instead of letting the future take over. To do this, you must stay informed of the latest “trends” in order to anticipate and implement the developments and innovations that will prevail in the future.

View research and other trend reports

To have a clear picture of your sector and determine the direction it is taking, you must regularly inform yourself about the multitude of reports published on it, and which are easily accessible to you. This will help you see how your industry will evolve, and will set the course for the next few years.

Trend analysis can also alert you early to changes threatening your market. For example, detecting the global pandemic in time, and the various lockdowns around the world, could have encouraged a neighborhood merchant to set up a website , equipped with the ” click and collect ” (or other means available) to allow him to continue working.

Follow the influencers

As an entrepreneur, it is not uncommon for you to be pressed for time! We do not always have the time to afford to read all the interesting articles regarding the sector of our respective companies.

So how can we stay informed? Through social media: They are a powerful tool for following influencers in your market and hearing their views.

In addition, it is always good to be active on social networks , to show that you want to stay ahead in your business, in short to “stay in the conversation”.

Make the most of digital tools

If you are a bit obsessed with big data, you will know the wide variety of analytical tools available at your fingertips. This is great, because you can let these tools do a lot of the work that will help you understand the bigger picture in your market, clearly and quickly.

Data analysis can indeed help you uncover trends that are increasingly sought after by consumers online.

For example, Google Trends displays a long-term snapshot of niche trends. Also at Google, the Keyword Planner allows you to research the most popular keywords used by your target demographic, and a range of potential use, as well as the bid level of those keywords in the frame. of a future advertising campaign.

Listen to your customers (or future customers)

Talking to your customers is always very beneficial. After all, they are the ones who boil the pot, and they ask you to listen to them in order to advance your offer to always better meet their needs! Don’t be afraid to chat with them and learn more about the pressure points your business can tap to help them meet their expectations.

Regular qualitative surveys of your existing customers or could provide you with valuable information on possible changes in their behavior and needs.

If you are a brand new business, you can also implement target-oriented market research.

Observe your competition

Most successful businesses don’t follow the crowd; they innovate to stand out, stand out from the crowd.

That doesn’t mean you shouldn’t watch your competition! This can give you an idea of ‚Äč‚Äčtheir positioning in the market, and let you know if (and how) they are reacting to what could be considered an emerging trend.

Often it is enough to look at their website, customer reviews and social media channels to understand how you stack up against your competition.

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