5 Simple & Cost-Effective Ways To Spot Trends Early

business trends

Most successful businesses were launched by entrepreneurs who were able to quickly spot a trend before anybody else. They successfully worked on their insights to come up with a new offering that was miles ahead of anybody in the industry. Some examples include Uber and Airbnb. These businesses set a new benchmark that saw the launch of many copycats.
So, what sets apart the entrepreneurs mentioned above? The answer is simple – they are always on the lookout for business trends that can provide an edge over competitors. They then use this edge to build a business that is credible and long-lasting.
Here are some tips to spot a trend that can boost your business while taking it to dizzying heights:

1. Keep a track on influencers
Social media provides a wonderful opportunity to follow influencers and absorb their way of thinking. They can provide useful insights on likely developments in your industry, helping you to identify the latest trends in quick time.

2. Read a lot of industry reports
Refer the latest reports from reputed publishers to understand the direction in which your industry is heading. These reports have a wealth of information that can help your business grow in an unprecedented manner. Use the insights as powerful tools to drive your business forward.

3. Use analytical tools to discover new trends
There are numerous analytical tools available to perform homework on your behalf. These tools will help you discover trends that are searched by consumers online. Google Trends, for example, provides a niche overview of the latest trends. Google Keyword Planner, on the other hand, allows you to identify popular keywords used by the online audience.

4. Use surveys to understand emerging customer needs
Is there something your customers feel is lacking in the services offered by various companies in your industry? Introduce a survey that can capture their thoughts. The captured information will serve as useful insights into likely changes that can be introduced in your product or services. Or you could launch a new product that focuses solely on filling customer gaps.

5. Keep a watch on competitors
Observe key competitors to understand any likely changes in marketing positioning. There is a possibility that they identified a trend and are working towards an opportunity. Don’t hesitate to jump in the fray and grab the same opportunity if you feel it is genuine and deserves your attention.

At Promo Direct, we have access to useful business data that can help you make informed decisions regarding business development. Get in touch and we will help you make use of the right trends. You could also browse through our collection of more than 7000 promotional products to pick the best giveaway for your brand.

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Gary Taylr
Gary Taylr is a marketing consultant at Promo Direct. He works with the creative team to drive web- based marketing campaigns. He shares his marketing insights at blog.promodirect.com and is a regular participant in forums and discussions related to business and marketing. You can follow Gary on Google+ and Twitter.