Post by account_disabled on Mar 4, 2024 2:12:01 GMT -5
Market Trends Sources of data on market trends When you start doing market trend analysis, it can be difficult to know where to start looking for trends. Major market trends often begin with subtle changes that can be difficult to spot. It can be useful to know where to direct your gaze to start paying attention. To understand where to look, consider these four categories: Technological trends. Demographic trends. Communication trends. Economic trends. It is important to remember that market trends are multidimensional and often have far-reaching impacts across multiple industries. So, even if you work in a low-tech industry or have simple communication processes with your customers, it doesn't mean that technology or communications industry trends won't impact your business. Technological Trends New technologies, or developments of old ones, are a major source of changes in market trends.
Adoption of technology can change cost drivers and bring innovations Venezuela Phone Number that reduce expenses. The invention of the internal combustion engine, for example, completely reshaped the future of the automotive industry, leaving electric vehicles behind for a century. Technology can also impact how consumers connect with your business. Just think of the changes in the e-commerce industry during the COVID pandemic. Demographic Trends Looking at the demographic breakdown of the population in general, and your customer base in particular, is crucial. For example, Millennials are the most diverse generational cohort ever seen, which means that companies are dealing with a very ethnically and racially diverse subset of consumers. Overall, you'll need to adapt your products and marketing strategies to meet the needs of your audience, so it's crucial to keep an eye on demographic trends.
Communication Trends From communication channels (think of social media in the late 2000s) to different messaging (think of P&G's positioning for #likeagirl that we talked about earlier), brands that fail to recognize changes in communication with their consumers risk to give way to more "informed" competitors who manage to connect with their audience at the right time, in the right place and with the right message. Economic Trends Often an integral part of a launch strategy, economic factors (as well as political, social and technological ones) are always an important market characteristic to consider when trying to uncover trends. The global pandemic has shown us that while online shopping is on the rise, online consumer spending is still lower than forecasts made before the pandemic due to low consumer confidence.
Adoption of technology can change cost drivers and bring innovations Venezuela Phone Number that reduce expenses. The invention of the internal combustion engine, for example, completely reshaped the future of the automotive industry, leaving electric vehicles behind for a century. Technology can also impact how consumers connect with your business. Just think of the changes in the e-commerce industry during the COVID pandemic. Demographic Trends Looking at the demographic breakdown of the population in general, and your customer base in particular, is crucial. For example, Millennials are the most diverse generational cohort ever seen, which means that companies are dealing with a very ethnically and racially diverse subset of consumers. Overall, you'll need to adapt your products and marketing strategies to meet the needs of your audience, so it's crucial to keep an eye on demographic trends.
Communication Trends From communication channels (think of social media in the late 2000s) to different messaging (think of P&G's positioning for #likeagirl that we talked about earlier), brands that fail to recognize changes in communication with their consumers risk to give way to more "informed" competitors who manage to connect with their audience at the right time, in the right place and with the right message. Economic Trends Often an integral part of a launch strategy, economic factors (as well as political, social and technological ones) are always an important market characteristic to consider when trying to uncover trends. The global pandemic has shown us that while online shopping is on the rise, online consumer spending is still lower than forecasts made before the pandemic due to low consumer confidence.