Conducting Consumers Research: Understanding Business Trends:
The ability to detect trends can tell you what consumers want now, but the ability to predict where those trends are going will help you predict what they’ll be looking for tomorrow. This can really give a business an advantage, particularly when it comes to launching new products or offering new services.
What is a Trend?
More than just a group of popular items that everyone is buying, a trend is actually an expression of what matters to consumers at the moment. It’s a sign of what they’re excited about. Unlike fads, which come out of nowhere, trends evolve and morph with rhyme and reason. Once noticeable trend was the spread of all-over print shirts. If you’re unfamiliar with what an all-over print is, think of an Affliction style t-shirt with print all over, front, back, etc. These shirts are still very popular, and were indeed trend setting, but is the trend on the way out? A trend can give you many ideas of what products might be popular in certain groups. For example, the trend towards all over prints inspired many new shirt companies to launch and create “outrageous,” and expensive designs. Some companies remain, while others went bankrupt.
Trend Analysis
Trend analysis means looking at the buying habits of a definable group of customers that you can get coming back time and again. When you’re paying attention to the products your target market is looking for, you can get a feel for where the trends are headed, so you’re not sourcing products in a vacuum. Though it may initially take you more time to study market trends, it will save you time in the long run. You won’t be stuck trying to figure out why you can’t move products, and you won’t waste money just guessing at what you think will sell.
How to spot trends?
Spotting trends is a learned ability. You don’t need to be a trendy person, but it does require discipline, so make it a habit to research trends daily. There are many ways to keep updated with the latest martial arts trends:
• Most major search engines offer keyword tracking tools that show you how many people are searching for a given item. Wordtracker, a paid keyword research tool, is one of the most popular keyword tracking tools in the market.
• Martial arts magazines and martial arts forums are great sources for gathering information.
• Trade shows, associations, and publications can provide you with current trending information, as well as a preview of new products, not yet on the market.
When conducting consumer research, look for indicators of growth and decline in trends. You want to get in on the upswing of a trend — not when it’s on its way out. Document everything so that you have it all in front of you and don’t forget anything important when you sit down to analyze the results of your research.
The key is to be consistent and do continual research. Every successful martial arts business owner is going to continually be reinventing their product line on an ongoing basis. Don’t become complacent. Make sure you look out for what your consumers want. One great way is to understand the trends around you.
Tags:Business Trend Analysis, consumers research
No comments :
Post a Comment