What's the difference between a fad and a trend?
- Fads are short-lived; perhaps a season at most
- Remember: Fads fade
- Trends can potentially influence the market over the long-term. Ask yourself, "Will I still want/use/need/love this in a year or more?"
- Is there multi-year data showing market impact? It's a trend.
Business today requires an understanding of the current and emerging needs & preferences of the consumers within one's market. It requires that one excel in identifying trends relevant to the market.
Follow the steps below to better identify market trends:
- Do an internet search: "Top trends in X 2019"
- Track industry influencers & publications
- Regularly soak up industry reports like a sponge
- Make use of Google Trends & Google Keywork Planner
- Talk and listen to your prospects and clients
- Observe your competitors
Let's put it into practice: Open an .XLSX (or equivalent) and document the following:
- Google: "top travel trends 2019". Write the top five trends you find.
- Google: "top travel influencers 2019". Note the top five.
- Google: "top travel trends publications 2019". Now be alert to WHO is publishing. Write the top five.
- Examine your list and consider your blog, product, or service. Open Google Trends and play with various words and phrases. You can compare up to 4 at once.
Here is a search I did for a young professional who wondered whether she should call herself an Operations Expert or an Operations Consultant (among others).
Look at the screenshot below. Which title is going to get the most attention from prospects?
The following screenshot illustrates a search I did to determine how to name my new Facebook Group.
So after your preliminary research is complete...
Are there trends you can adopt immediately?
Are there trends you can blog or post about immediately?
Is there an adaptation to a current product you offer that you can make to better fit a trend?
Can you ask your prospects and customers their experience of the trend?
Of the influencers & publications you found, which might you want to affilate or partner with?
Of course, this is all PRELIMINARY. You will need to dig into the sources you’ve found, and have multiple Customer Discovery conversations, on a regular basis in order to familiarise yourself enough with the market to properly identify trends. This will at least get you started on the right track.