Looking for business growth strategies?
Well one way to develop the best ones is to identify key market trends.
As they can show you opportunities to grow your business.
Market trends are any significant changes to your market.
If you identify the market trends early enough then it is easier to plan for changes.
So you can grow your business successfully.
Knowing what market trends affect your market also allows you to take advantage of positive changes.
And guard against negative ones.
The key with working with trend data is to know which ones are important and to keep and eye on them.
That way there are no surprises and saves you from reacting when it is too late.
It also helps you keep ahead of your competitors, which is important when you are developing your business growth strategies.
Examples of Market Trends:
- Changing customer needs, such as increasing or decreasing product or service usage
- Changing demographics, such as the trend for children to stay at home longer
- Pricing, such as a market trend to discounting
- Technology, such as the increasing use of online purchasing
- Economy, such as interest rate changes
- Global factors, which are changes in the world economy
- Social factors which are changes in social behaviour such as online networking
- Communication/Media such as the increased use of social media by certain customers
- Cyclical such as housing demands will affect the construction market
- Identify the most important trends you think are most important to your market. Some are interesting but unlikely to impact your market.
- Look at what is happening overseas. Some changes in trends may be a year ahead in another country but could be significant in time to your local market.
- Think about your business partners’ or suppliers market as they may indirectly or directly be affecting your market
- Keep it simple. Don’t over analyse as you are likely to have an instinct about the important market trends
Market trends impact your market, your business and customers so tracking them helps you grow your business profitably.
Looking for help with marketing strategies to get business growth? To find out more simply Click Here