What would you do if you knew the next big seller and got to the market before your competition, instantly placing you as the authority and “go to” resource for said item?
This isn’t an idea of speculation but something tangible that can be discovered through online tools, gut reaction, and keeping your finger on the pulse of industry trends. Interested? Here’s how …
- Google Trends & Insights. Take the guess work out of your predictions by using Google Trends and Insights which displays and aggregates data related to search terms over the last few years. These trend tools even give you the ability to drill down the specifics of each item by country, related terms, and patterns; usage of this will show whether your potential for marketing in an industry is on the up (or down).
- Product & Technology News Websites. Cut to the chase and go directly to the source by monitoring product and tech news websites. With this method, you’re paying close attention to new and existing players in the market which includes their plans for product releases. Generally speaking, you can measure the potential success of these companies based on the community buzz and whether you feel a gut reaction on whether their products have the ability to penetrate the market.
- A Keen Eye on the Young‘uns. Get out of the house and do a bit of people watching. Pay close attention to what the younger generations use and what they’re talking about; this demographic group has a lot of money to burn and is the prime prize of marketers. Knowing what products they’re using and buzzing about will give you a great clue into what to sell in the future since early adoption generally comes from these younger individuals and eventually moves into the older generations.
- Set the Direction. Have you considered breaking from the pack and shaking the foundation of the industry? Sure you have! Dump a considerable amount of your revenue into research and development to begin working on the next big thing. Use your existing market research (detailed above and through your business data mining) to find what people want to buy that no one else offers; then, position yourself as the market leader and market the hell out of the product!
- Play both Sides. Pick up the phone and get in touch with your competition to see if there is any industry change. You don’t even need to identify yourself as a competitor – you could pose as a customer. You could use social engineering skills to pull out information about what concerns your competitors have and get an idea of where they will be moving in the future.
Keeping up with trends will not only reveal future opportunities but whether existing ones are falling out of favor; these two elements will ensure you keep your earnings strong and business steadily rocking well into the future.
How to you keep track of trends?