Market Trends – Analysis of market trends goes beyond estimating normal fluctuations in demand. In-depth analysis studies consumer behavior and its impact on the market and your business.
Therefore, a trend can be defined as the market’s future development or general trend. The change may first be reflected in social media or engagement metrics. You can detect an increase or decrease in traffic, engagement, or demographic changes. Thus, the sooner you learn about them, the sooner you’ll be able to respond, prepare for potential threats, and take advantage of opportunities that lie ahead.
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What is Market Trends Analysis?
Market trend analysis evaluates past and current consumer behavior and prevailing industry trends.
A trend can be defined as the market’s future development or general trend. We distinguish 3 of them:
1. Short Term Market Trends
It lasts for a few hours or a few days. These include news events, social media hashtags or business dates like Black Friday.
2. Medium Term Trends
Medium-term trends last between 2 and 8 weeks. For example, these are year-end celebrations or events such as elections.
During this time, your competitors can start events to celebrate the occasion. Some products and services will also be sold at a higher price.
3. Long-Term Market Trends
These trends persist for years and even decades. These are the significant social changes that affect your business.
The rise of smartphones, artificial intelligence, and the #metoo movement or campaigns for inclusion are examples of events that have created long-term trends.
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8 Tips for Identifying Market Trends
Now that you know more about analyzing market trends and how they can help your business grow, here are eight tips for doing it successfully:
1. See other Popular Research and Reports — Market Trends
To get an accurate picture of your area and determine where it is headed, you should regularly inform yourself of the many published reports readily available.
Trend analysis can also warn you early about changes threatening the market. For example, the timely discovery of the global pandemic and various restrictions around the world may have prompted a local merchant to create a website with “click and collect” (or other available means) to allow it to continue operating.
2. Follow Influencers – Market Trends
As a tycoon, it is not uncommon to be pressed for time! We don’t always have time to read all the interesting articles about our corporate sector.
So how can we stay informed? Via social networks: This is a powerful tool to follow influencers in your market and listen to their views.
In addition, it is constantly decent to be active on social networks, to show your desire to stay on top of your business, and to “keep in the conversation”.
3. Make the Most of Digital Tools
If you’re a little obsessed with “big data”, you know the wide variety of study gears obtainable at fingers. Significantly, you let these tools do many things to help you understand the general market situation clearly and quickly.
Data analytics can already help you reveal the trends that online consumers are increasingly demanding.
For example, Google Trends shows a long-term overview of niche trends. Also, in Google, Keyword Planner allows you to find the most popular keywords used by your target demographic, a range of potential uses, and the bid level for those keywords in a future ad campaign.
4. Listen to Your Customers (or Future Customers)
It’s always helpful to talk to your customers. After all, they are the ones who are boiling the pot, just waiting to hear from you to improve your offer to meet their requirements! Don’t be terrified to chat with them and learn more about the pressure points your company can tap into to help them meet their expectations.
Regular qualitative surveys of your existing customer base can provide valuable information about changes in place of sale.
5. Monitor Your Competitors
Thus, most successful companies do not follow the crowd and innovate to stand out.
That doesn’t mean you shouldn’t keep tabs on your competitors, and it can give you an awareness.
It is often enough to look at their website, customer reviews and social media channels to understand how you are facing your competition.
6. Create or Join a Research Center
Like politics, you can join a think-tank for advice and identify the following trends in your market.
To do this, participate in your area. Join professional associations, attend their events, receive training and participate in online communities. They bring together market experts and can help you identify trends.
You can also create your group by bringing together partners, suppliers or customers.
Plus, use LinkedIn to find experts or influencers and invite them to join you. His ideas will help expand your knowledge of the market.
7. Supplemental Segment Analysis
To identify trends in your market, research complementary products and services. You share a unique goal, and they are not your competition.
For example, a packaging company should monitor trends in all markets affected by the type of packaging employed: food, cosmetic, industry, etc.
If the analysis shows that consumers are travelling faster with their food, this should increase the resistance of their packaging.
8. Determine what never changes
This advice goes against the principle of instructions, but as Lavoisier said: “Everything changes, nothing is lost!”.
It means that the consumer’s needs remain the same despite all the changes.
Human beings are motivated by a set of stable basic needs and desires over time: comfort, value, security, status, pleasure, etc. New trends develop another way to meet these needs.
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How can Analyzing Market Trends Enhance your Business?
Therefore, By constantly recognizing and adopting market trends, you can bring to market products that meet the changing demands of customers and avoid becoming engulfed in potentially catastrophic changes.
And also, Identifying and acting on emerging market trends is essential to building a sustainable business, from market opportunities to risk mitigation to innovation drivers.
While you may not indeed be able to associate your business with companies like P&G or Apple, you can use market trend analysis to:
1. Enriching activity expectations
2. Be a market leader
3. Generate business ideas
4. Identify potential threats to the business
5. Find areas to improve your business
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Where is Data on Market Trends Collected?
Companies can access market trends in three broad categories:
- For starters, they should focus on major or more significant trends that develop over a long period and affect most industries. They are often the result of substantial societal and global economic changes.
- The second primary source of market trends is historical data by industry. From natural growth to the first signs of decline, companies need to monitor their industry’s direction.
- The third component is determining market trends in developing consumer needs and behaviour.
- We will discuss these three groups in more detail, but before expanding on them, we must mention that this list of sources does not provide the comprehensive list needed to analyze market trends.
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Therefore, Some people try to identify trends by looking at averages. Given the understanding that market psychology drives the markets, we can accept that psychology develops and finalizes the trends we are seeing today.
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