Market trends: Why you should pay attention to them
How to monitor market trends and what to keep an eye on!
How to monitor market trends and what to keep an eye on!
Market trends are like thermometers and compasses. On one hand, they show market opportunities and signal if a certain product or service has any consistent chance of going viral.
On the other hand, they also guide important decisions and confirm the proper directions.
Any business, regardless of its size, segment of operation or channel it prioritizes, is influenced by the latest trends.
With the rise of innovations in payments (such as cashback, a reward program which returns part of the amount of purchases to users) or the emergence of a new consumer preference (as is the case of online shopping) there are constant trends we should keep an eye on. However, the challenge is to know if they will endure.
In this post, you’ll have the chance to learn about the full scope of looking into market trends. First, we’ll delve into the concept, detailing what trends are.
Then, we’ll explain the dynamics of how trends emerge, and introduce a practical and valuable approach: How can you spot which trends make sense for your business?
Generally speaking, we can describe a market trend as a previously negligible behavor that gains strength and emphasis.
To Philip Kotler, one of the most important names in modern marketing, the concept is understood as a direction driven by a sequence of events that transforms a given reality.
If we stop to think about it, the simple market dynamics produces fertile ground for the emergence of trends.
The generational shift, the expansion of knowledge and technological innovation, for example, are factors that usually endorse deep transformations in the corporate world.
Go back to Kotler’s argument and think about the recent boom in healthy and conscious eating. A few decades ago, few people cared about the quality of food on their plate; fast food was the norm, and physical exercise was rare.
But in recent years, this scenario shifted significantly: the “fitness lifestyle” has mobilized supporters and nowadays, it’s common for people to be much more concerned about what they eat and with physical exercise.
This is a good example of a trend that emerged, caught on and thenstrengthened a specific market niche and boosted specialized companies.
Now that you know what trends are, you have probably also understood that you need to keep an eye on what’s happening around you, haven’t you?
Even if they start as a small flurry, reaching apparently restricted groups, it’s worth taking them into account, and more, take advantage of them in your business.
For entrepreneurs, a trend is more than a possibility of change of scenery: it’s an opportunity to grow in a fast, cohesive and scalable manner.
This is, without doubt, an excellent question. Answering it in an effective and profitable manner requires constant focus, effort and attention, in addition to deep awareness that trends are volatile and can change all the time.
If you want to get ahead of your segment and stand out from your competition, which is increasingly fiercer, you certainly need to be involved (and be dedicated) to the identifying trends and figuring out which one is useful for you.
This is why we will now help you see a few common aspects to their emergence.
In practice, there are basically two ways for a trend to gain traction, one of them is slightly controllable, while the other one is beyond any deliberate interferences.
It is precisely to influence these market movements that brands usually invest in surveys.
When a business is dedicated to collecting consumer information, identifying possible profiles and new preferences, it’s natural that they are able to apply the knowledge acquired — after it is treated and pondered, of course — in products and services that have value to the target audience.
This way, acceptance gains support, and the commercial results are enhanced. It is, without doubt, a great example of surveys applied to the identification of market trends!
There’s also the other side of this situation. Consumer demands are often captured by evaluation instruments.
A certain behavior, as relevant as it may be, might go unnoticed by scholars and companies dedicated to capturing new trends.
In this case, the audience’s searches themselves indicate the paths to a new market niche — and the mission of acting quickly to take advantage of the opportunities that emerge is up to entrepreneurs.
Although they are different in essence (and in attitude), both situations emphasize the importance of proactivity in the corporate context.
In order to identify or take advantage of market trends, corresponding to consumer demands who what everything here and now, it is necessary to be prepared to deliver valuable solutions in a short span of time.
Therefore, if you wish to strengthen your brand and carve out your space, pay attention to the emergence of new attitudes and behaviors.
And more: be a pioneer and invest in targeted surveys (your own or hired, depending on your goals and funds), capable of delivering consistent data about your audience’s preferences.
One thing is for sure: trends appear, and you need to be ready to grab them first!
At this point, you are now convinced that trends are valuable, right?
With this in mind, it’s time to delve further into some of the preferences that are evident in the today’s market.
It’s worth reading carefully and, if feasible, apply some or all of them to your business. Check them out!
Collaborative economics isn’t exactly something new, but the concept has gained relevance and expression with the expansion of technological tools.
Consider Uber for example. It made your life and commute easier, didn’t it?
For many people however, the change provided by the app went even deeper: cars were completely replaced due to access to vehicles, which can be called at any time.
This is a good example of collaborative economics!
The term is self-explanatory and gives you a general idea of the new proposal: instead of encouraging everyone to own everything, exchanges are more valuable than ownership. It is cooperation gaining sympathy (and the hearts) of the market!
So, instead of having a car in your garage, you can simply access the app, either renting or requesting a car, whenever you need one.
Modern life is synonymous with lack of time. How many times have you wished that the things you need the most would simply land on your doorstep?
With the rise of the subscription market, this is finally possible. You don’t have to look far; practically everything you might want can be subscribed to.
Wouldn’t it be great if basic hygiene products, which always run out when you don’t have time to buy them, were delivered on a regular basis? You, as a man, can subscribe to a personalized box of products..
Do you want the newest makeup but don’t have the time to go to the store every month? Your problems are over, you can subscribe to Ipsy.
According to Forbes, the subscription products market has grown by more than 100% percent a year over the last few year in the US.
This trend is definitely something to keep an eye on!
Sustainable brands are gaining more admirers and customers. All market segments are demonstrating interest in taking advantage of the ecologically lucrative niche — from organic foods to recycling.
According to information provided by the Nielsen study of 2018, which analysis the growth of the US Sustainability Market, almost 50 % of americans say they would probably or definitely change their habits to prevent making further impact on the environment.
In the same manner, the consumption of organic food has been growing steadily in the country. Is it or isn’t it an indication and evidence of a strong market trend?
Therefore, thinking of a way of applying sustainable characteristics to emerging brands and products is definitely worthwhile.
After an immersion into the concept and development of market trends, it’s time to apply these insights in favor of your professional grow, what do you say?
Invest in acquiring knowledge, always be attuned and take advantage of the opportunities ahed of you.
If you are only getting started, we have a special tip for you: an article with the 35 ways to make money in 2019.