Simple Tools You Can Use to Identify Market Trends and Make the Most of Them
Spotting a trend in business is like finding a genie in a bottle. All of your dreams in business can come true if you learn the secrets of the trend and incorporate them into your business before the trend becomes too mainstream for it to be profitable. The difficulty many businesses have is recognizing the trends as they emerge so they can take advantage of them. If you’ve ever stood on the sidelines watching as other businesses make millions through the latest trends, you know just how difficult it can be. Spotting the trends is possible, but it takes a little know-how and an investment on your part. Here are some tricks you can use to learn how to start spotting the trends before the train has left the station.
Start Paying Attention to Changes in the World as Well as the Market
Many business professionals have the problem of getting too introspective about the business at hand. They're busy looking at their own business, as well as what the competition is up to, rather than looking at what’s happening in the rest of the world. Often, the cues you need to figure out what’s coming down the pipeline are there for you to discover if you just pay attention to what’s going on in the world. One suggestion to finding more business trends is to read the entire newspaper, not just the business section. When you learn something about the average age of people retiring, or a trend in education, it can equate to a trend in business. If you cannot see other businesses getting in on the action with a particular business trend, you might consider whether what you're noticing is something you can benefit from. Remember, trends always start somewhere, so if no one else is on the bandwagon, you may just be the one to start the trend.
Let Students Teach You
Those who are most adept at spotting trends before they happen constantly talk with college students. Talking with students at the head of their class who are ready to graduate can offer a lot of insight into what’s next on the horizon, according to Inc Magazine. Technology has become a major part of the business world now, and all students are looking to find their place utilizing technology. When you ask a graduating student about how he or she is going to make a place in the business world, you'll hear all the ways that they can make technology work for them. You're going to discover apps and technology you may not have known existed. Whereas students may know about something like the barcode printers from premium companies such as Shopify sells years before they graduate, you may only just be discovering them. This is because of their immersion into thinking about the world as a whole rather than the day-to-day details of running a business. They have the time to think about how they're going to make their place and to learn about the tools they will need to do so.
Beware of Fads
A constant stumbling block for businesses trying to be innovative in discovering the latest trends is the fad. Fads come and go so fast it’s almost impossible to ride the wave to profitability. There are methods for discovering whether you're investing in a trend or a fad. For instance, look for the roots of your trend to see just what the idea is based on and how far back it goes. Something like yoga has always been popular in certain circles, but lately it has become more mainstream. This is a great example of a trend. You can see how the trend developed over time rather than simply bursting on the scene. If caught early enough, you can still make money from an emerging fad, but a trend will make more money because it will endure.
Let Cross-pollinators Be Your Guide
Speaking of roots, often the ideas that develop a trend come from two different backgrounds. The fusion of ideas and thought processes can spin off into a new tangent that develops new ideas, products and services, according to Wired. You can start to look at ideas as they become popular and look at what disciplines they might have emerged from. This kind of analysis allows you to see something with legs long before the rest of the market sees it. If you can figure out the market potential of a new idea, you're on your way to developing the products or services needed to make the most of the developing trend. Don’t expect to get it right every time. You will fail on occasion, but as you hone your abilities, the instances of success will far outweigh your failures and your business will be more profitaresult.