The Value Of Trend Analysis In Market Research and Driving Business Growth
Knowing your market inside out is the first step in trying to sell a product or service. One facet of market research is trend analysis.
A market trend is any change that alters the market your company operates in. A market trend analysis is an analysis of past and current market behavior and dominant patterns of its consumers’ behavior.
Good marketing, sales, and business development require knowledge of the latest trends and how they are impacting the industry and world economy as a whole. This helps you make predictions about how well your products and services will be received, as well as strategize for the future.
Market volatility is almost a constant in these current times. Knowledge of trends helps a business navigate through changing economic, political, social, and technological changes. It determines a company’s decisions, and ignorance of it could mean losing out on the strategic business advantage.
Market Trends That Arose In 2020
We have observed a lot of new trends this year, caused by the Covid-19 pandemic. Disruption in markets and industries has caused many people to lose their jobs. This along with the lack of ability to commute and move out of homes has created social unrest in many cities around the world. For many businesses, their eCommerce website ended up as their only point of sales. Uncertainty started becoming a dominant feature for most businesses as well as the working population.
In the media industry, noticeable changes have occurred in consumer behavior patterns in the past few months, beginning with an increase in demand and consumption of video streaming services. Video calling services have also seen a sudden growth, while many conferences have moved online, and youtube is a thriving place for live events.
This is the best example of a time when marketers, salespeople, and business owners need to be aware of changing circumstances, consumer preferences, and behavior.
What Determines Market Trends?
- One of the greatest determinants of market trends is changing consumer preferences and behavior.
- The cost factor is another important determinant, of consumer behavior, and hence of changing trends. Lower priced products give businesses a competitive edge.
- Changes in terms of product innovations, competitor product features, changes in operations, and delivery methods.
Here’s What You Can Do To Keep Up With Trends
Marketing, sales, and business development leaders should always look out for trends relevant to their industry, and most importantly check how the competition is reacting to such trends, and how it’s benefiting them.
One way that every individual can keep track of developing market situations, is to follow industry influencers on social media, and know their opinions on various events and how they may affect your industry. Industry reports and online market reports are also available for reading, from top publishers. Besides these, there are analytical tools available online. Google Trends gives you an overview of niche trends. Studying your customers or clients is another way to directly tap into their preferences. While this can be done through qualitative surveys, a company’s CRM database itself helps to uncover various customer insights. Analyzing your competitors through social media and reviews also gives an understanding of trends they are adapting to, so you can adopt similar strategies. You can start by making a list of current trends that you think can affect your business, and watch how they evolve in the months ahead and shape various brands in your industry.
These measures will help you quickly identify relevant changes in your industry and adapt your business and marketing strategies, to create higher growth opportunities.
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