Artificial intelligence, vegetarianism, conscious consumption — all these are global trends. And online education is also a trend. To track and analyze trends, companies came up with trendwatching. The article tells about how the tool helps business.
What is trendwatching
Trendwatching is the study of trends and their predictions.
This is how companies get ahead of how to build phone number list their competitors – if they can find a hidden trend ahead of everyone else, they can become the first on the market and dictate their rules to it.
They also easily adapt the product to the wishes of customers if they know their future needs.
This is exactly what Tesla did when they saw the growing trend for energy-efficient and eco-friendly solutions. In 2006, they announced their first electric car, and by 2019, they had become the largest electric car manufacturer in the world. If gasoline was banned tomorrow, everyone would go buy Tesla because they are the most famous.
Trends influence the market differently: megatrends, macrotrends and microtrends are distinguished.
Megatrends Macrotrends Microtrends
Affect the global community and influence all areas.
Examples: globalization, urbanization, technological progress. Affect consumers over the long term (5-10 years) and span multiple countries or regions. Macrotrends are a subset of megatrends.
Examples: personalization, growth of e-commerce, healthy lifestyles. These are small changes in individual areas.
Microtrends are part of macrotrends.
Examples: vertical video use in social media, conscious fashion and ethical consumption.
Companies track trends using triggers and signals.
A signal is an event that signals the imminent emergence of a trend. For example, an increase in search queries on the topic of “vegetarianism” and an increase in sales of vegetarian products indicate the emergence of a trend.
A trigger is an event that accelerates the development of a trend. For example, rising meat prices and the spread of information about its harm will make vegetarianism more attractive.
Why Business Needs Market Trend Analysis
Trendwatching will show what the market will demand tomorrow and what problem buyers will need to solve. It also predicts audience expectations and helps to meet them: if, on a wave of patriotism, moms and dads buy their children clothes and toys with domestic characters, Cheburashka, Luntik and Fixies should take pride of place in the windows of children’s stores.
The objectives of trend watching are as follows:
Predict the future . It is profitable for a business to offer a trending product. If a video game development company sees a trend in VR technology, it is in its interests to develop and release a VR game or an educational reality simulator.
Increase audience loyalty . The tool shows people’s expectations and preferences. Introduce new trends into your marketing program ahead of your competitors and make your audience fall in love with your brand. Do you produce sportswear? Sponsor a sports event or order advertising from bloggers who promote a healthy lifestyle.
Analyze risks .
When a trend loses its relevance, the omeo fividianana minitra company sees it and changes its strategy. This way, it minimizes losses and threats. If the dance school is increasingly less likely to sign up for “classics”, it is worth offering clients trendy directions – vogue, jazz-modern or contemporary.
Make timely changes to marketing . Regular trend analysis reveals weak points in business. They need to be eliminated in time: for example, a clothing brand or design bureau will give part of the audience to competitors if they do not start Pinterest.
Stay one step ahead of the competition . Is 3D printing gaining popularity? Offer the market not only 3D printers, but also their maintenance. This is a chance to take a large share of the market for yourself.
Find unusual ideas . Trendwatching is a source of inspiration for interesting ideas in marketing and business in general. Is everyone talking about virtual reality glasses? Arrange virtual excursions to Paris, Babylon or Atlantis.
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How to analyze trends
Trendwatching is based on continuous market analysis and monitoring of trend signals.
Based on several signals, the business creates a hypothesis. There is no single resource where trend signals, ascending and descending trends are reflected. But there are tools that will help with this:
Hashtagify.me – shows the frequency of hashtag use.
RBC Trends is a column of a popular news portal, which contains materials about new developments in various fields.
