Identify potential business threats
Posted: Mon Jan 27, 2025 9:03 am
Paying attention to current trends can tell you a thing or two about the future. The recent surge in online shopping is likely to continue (partly pandemic-related, but also a strong market trend). Even after the pandemic, businesses should get used to the idea that things are now online, otherwise they will disappear.
If you spot a trend in your industry, and combine this knowledge with other factors, you'll be better prepared to predict your market in the future.
2. Be a market leader
Let’s consider the Mattel vs. Bratz case again; it’s clear that following trends and implementing them into your product strategy can make you a market leader, and thus, overtake well-established players. Trendsetters are not those who actually set the trend, they are the companies that manage to recognize and implement strategies early enough before others act.
3. Generate business ideas
Market trends can reveal business insights that you can use to expand your business strategy. The P&G case study shows how a personal hygiene brand tapped into a societal shift in female empowerment, and used this type of messaging to connect with the changing customer.
Trend analysis can also spot threats to early changes in your market. A downward trend in traffic can be a sign of a drop in interest in your products or services. And if caught early, it can guide your product jordan mobile database strategy to prevent you from making poor and costly business decisions.
5. Discover areas of improvement for your business
Based on the threats and opportunities you identify after running a market trend analysis, you can use these insights to adjust and improve your business strategies to stay ahead and in the lead within your market for the long term.
Where to collect market trend data?
There are three key categories where businesses can find information on market trends:
Market Trends Data Sources
First, they need to pay attention to megatrends , or those large trends that are developing over long periods of time that affect most industries. They often stem from shifts in society and the global economy.
If you spot a trend in your industry, and combine this knowledge with other factors, you'll be better prepared to predict your market in the future.
2. Be a market leader
Let’s consider the Mattel vs. Bratz case again; it’s clear that following trends and implementing them into your product strategy can make you a market leader, and thus, overtake well-established players. Trendsetters are not those who actually set the trend, they are the companies that manage to recognize and implement strategies early enough before others act.
3. Generate business ideas
Market trends can reveal business insights that you can use to expand your business strategy. The P&G case study shows how a personal hygiene brand tapped into a societal shift in female empowerment, and used this type of messaging to connect with the changing customer.
Trend analysis can also spot threats to early changes in your market. A downward trend in traffic can be a sign of a drop in interest in your products or services. And if caught early, it can guide your product jordan mobile database strategy to prevent you from making poor and costly business decisions.
5. Discover areas of improvement for your business
Based on the threats and opportunities you identify after running a market trend analysis, you can use these insights to adjust and improve your business strategies to stay ahead and in the lead within your market for the long term.
Where to collect market trend data?
There are three key categories where businesses can find information on market trends:
Market Trends Data Sources
First, they need to pay attention to megatrends , or those large trends that are developing over long periods of time that affect most industries. They often stem from shifts in society and the global economy.