Identifying and acting on trends is important in every business. It helps to identify new opportunities and provide insight into a more effective marketing strategy. Trends provide you with the opportunity to steal a lead over your competitors, especially if you learn to quickly identify the early signs of a new trend.One of the biggest trends in the past few years, which many companies capitalised upon, was social networking. Now social networking is one of the biggest things on the Internet. Video sharing sites like YouTube and social community sites like Facebook, and MySpace have become the most viewed and used sites. Due to their popularity, they can also be a good starting point to help identify trends. Remember to keep an eye on your competitors. Ensure you find out what they are doing, what offers they are currently running, and whether they have any new product launches.
Furthermore look at the communities where they are most active. Being first to a new trend is an advantage but, failing that, coming in late allows you the opportunity to better your competitor's efforts. Look for areas where you believe you can improve it. Finding out where your competitors are advertising or networking will lead you to the sites or opportunities that present relevant information. The more sources of potential trends you can find, the more accurate your data. You should be an active and eager member of the communities within your industry so use this information in tandem with the information you manage to dig up.
Identifying new opportunities can be a difficult task (and long), but by getting involved in markets and networking in relevant circles you will begin to identify the most relevant topics for your niche. This can help to increase market share and strengthen your brand by being the first to provide a new and wanted product or service. But remember as I mentioned before, if you do find yourself behind your competitors, you then have the chance to improve on their efforts.
