While there is not much you can do about demographic trends or changes in customer tastes, you can ensure a timely reaction to such forces. This is the main advantage of market trend analysis for your business.
Business case studies are filled with stories of companies that either succeeded or failed to embrace emerging market trends, from energy producers that recognised the need to go green to the music industry that was late to understand the profound impact of digitalisation :
Case 1: Mattel's Barbie lost its market-leading position in a single year. It was overtaken by a newcomer, Bratz, because it failed to understand the demographic and generational shifts in consumer preferences. Young girls in the 2000s didn't want anything to do with a princess doll, but rather edgy characters that reflected other definitions of "being a girl."
Case 2: P&G is a leading brand that has a great business savvy – the jordan mobile database brand always manages to stay ahead of competitors and employ powerful emotional triggers evoking customer response and thus driving sales. Its recent Always #LikeAGirl campaign changed the brand’s positioning and differentiated it from its key competitors by sending messages of female empowerment to connect with the new, more socially conscious consumer.
By proactively embracing market trends, you can bring products to market that meet changing customer demands and avoid being affected by disruptive changes.
From market opportunities to risk mitigation and driving innovation, spotting and acting on emerging market trends is essential if you want to build a sustainable business.
Even if you can't associate your company with the likes of P&G or Apple, you can use market trend analysis to.
How can you strengthen your business with trend analysis?
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