Trendspoting is the ability to identify new trends, market changes and shifts before they take off in the marketplace. Its main goal is to gain a competitive advantage in a particular industry. We offer several tips for its effective application.
Look at past trends. A telescopic view of past successes and failures allows entrepreneurs to learn from their own experience.
Always keep up with industry news. Otherwise, you may lose understanding of a critical trend or opportunity.
Use social media. They remain one of the most powerful tools to spot trends and monitor topics popular with your customers. Entrepreneurs should use them to track customer sentiment, identify new opinion leaders, and keep an eye on competitors.
Visit industry events. Conferences, networking workshops and exhibitions help with building relations and staying on top of things.
Do market surveys. You need to carefully analyze customer behavior, track industry reports and interview customers when needed.
Experiment and risk. Testing new things and new ideas is useful. This may include introduction of new features and launch of new products, use of new market strategies and testing of new business models.
Use new technologies and innovations. It can be anything: investing in new software or hardware, using cloud technologies, investing in blockchain or implementing AI technology.
Trendspotting is an important skill that should be developed by every business. But keep in mind that it’s not a one-time action. Trendspotting should be done regularly.
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