IntelligenceMarket IntelligenceMarket Trends & Developments

Market Trends & Developments

Analyzing market trends and developments can help businesses identify key customer needs, as well as highlight opportunities in a market. Therefore it is a crucial component of market intelligence.

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Market Trends & Developments

Understanding what market trends are

Market trends refer to the direction to which a market and the behaviour of its customers moves over a certain period. It’s generally seen that market trends are influenced by economic indicators or market conditions. Other external events, such as the current environmental challenges which drive the trend towards sustainability can also influence market trends. Following the trending movements is essential to discover valuable insights about challenges and opportunities and guide strategic decision making.

Studying the past, present & future with market trends

Now that you have an idea of what market trends are, let’s walk through steps to take to research and analyze them:

Collect: Gather a combination of qualitative and quantitative data so you can view the holistic picture. From industry reports and news articles to social media, you need to collect data from multiple sources to know what’s trending.
Identify: Next, you need to study the data you collected, to make best sense of it. So, you should start looking for patterns like sales data, consumer behavior and market activity.
Study: Once you’ve identified patterns, it’s time to analyze the data. For this, you can use statistical analysis or data visualization tools and begin arriving at conclusions.
Predict: It's important to note that gauging market trends isn’t just for the present. It’s for the future too. Therefore, you need to use data to predict market trends and future projections to make informed business decisions and make necessary adjustments to close growth gaps.
Monitor: Tracking trends needs to be an ongoing process. To simplify it, you can use tools to monitor the market regularly and be in the know of latest industry developments and potential opportunities.

Planning for the bigger picture? Here are ways to monitor market trends

As you plan to move closer to your long-term goals, you must intently monitor market trends. Here are some ways to go about it.

Set up alerts
Use specialized tools and sources so that you’re timely notified of any new developments in your industry and among your competitors.
Attend industry events
There’s no better way to know your competition or understand what’s trending than networking in person. So, attend industry events, trade shows and conferences to know what’s going on.
Join industry associations
It is a good idea to join relevant associations and trade groups in your industry. This can provide you access to credible reports, data and market insights by insiders.
Follow industry experts
Follow industry experts and influencers on social media, blogs, and other channels to get their insights and opinions on the latest trends and developments.
Analyze sales data
Analyze your own sales data and compare it to industry benchmarks and trends to identify areas where you may be falling behind or where there may be opportunities for growth.

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