There is this age-long saying that the only thing that is constant in life is change. And this is true of every area of life. Every minute something is changing about how people think, what they do, and what they want. All products and services address human needs and wants, and if that is changing, then what you are offering as a business has to change with it.
The rule is quite simple, move with the change or get left behind. A few decades ago, there was nothing like an online store, but these days you are likely to go into extinction if you do not take your business online. Change happened!
Every industry is now miles away from what they were a few years ago, with some Industries even coming together to form new ones. As in the coming together of the Finance industry and Tech industry to birth the Fintech industry. Even the Tech industry only came to life a few decades ago. This is how fast things are evolving.
In building a sustainable business, it is crucial to keep up with industry trends. Kowing when to move on and when to invest more. You don't have to be a pioneer in that field, you can build on what has already been invented. It is called Innovation. Trends are a collection of inventions and innovations in an industry based on evolving consumer behaviours and demands, economic realities, and available resources.
Don't be buried in the success of your current products and services. Rather be on the lookout for how to improve, redesign, and move on to other things when the need arises. When not followed, trends drive business into extinction eventually. Now, here are six ways to identify trends to evolve with as a business.
Conduct a Survey
Industry trends will not magically appear to you in the dream. A practical way to keep up with emerging trends is to set up a survey that focuses on consumer behaviour, so you can understand how they are changing.
Conduct a Market Analysis
You can conduct or fund a market analysis. A market analysis is pretty essential because it does not just cover the market trends but also addresses other areas of growth for the business. Every business should conduct market analysis periodically.
Read Research Reports
Read up on the reports on the global market and your host market, it will keep you updated on the trends. These research reports often cover years of market activities and give you a comprehensive analysis of the market.
Observe Industry Leaders
Look at what the big names in the industry are doing. It is not to copy what they are doing, but their activities will give you insight into where the industry is heading. Also, these companies can influence the market trend with their products and services. You should catch on early before it becomes an industry trend.
Build Customer Relationship
When you have a system of relating with your customer that encourages feedback, it makes following up on industry trends easy. Customer feedback will open you to how demands are evolving and determining market trends. Customers will tell you what they want, and some even go as far as giving suggestions on what you can do.
Set Up a Creative Team
One person cannot catch up with all there is in the market. But when there is a Creative team, everyone on the team can follow up with specific trends, and the team can then decide which one is best for the business to consider.
Keep in mind that not every trend is to be hopped on. And that is why just knowing the trends is not enough. You have to consider other factors like government policies, market regulations, level of acceptance, investment, and the current state of your business. Do not follow a trend that will suck the life out of your business. In other words, count your cost. It can be an emerging trend, but that does not make it a good business decision.