A trend is a general direction into which something is changing, developing or veering. The word can also refer to a fashion or craze, such as fidget spinners, and the verb to trend means to become popular, or to be noticed by many people. The concept of trends is important for business owners and marketing professionals to understand because they can affect products, services and campaigns.
Trends can be caused by many things, including social movements, major events or a sudden increase in demand. Some trends are slow to build momentum, while others have a quick start-up but quickly burn out. The ability to identify and predict trends can help companies make better business decisions.
It is also important to differentiate between a true trend and a fad. A true trend will have a strong lasting impact and will generally be of greater value to consumers than a fad. For example, the modern use of social media is a genuine trend as it has demonstrated staying power and meets a fundamental need in our society for connectivity. On the other hand, a fad is more short-lived and has more of a surface appeal, such as bellbottoms or pet rocks.
A popular way to track and analyse trends is to use social media analytics software. For example, Twitter offers a daily list of trending topics that are based on the keywords or hashtags being searched for and shared across the site. This information can be a powerful tool for marketers and business owners to gauge consumer perceptions and responses to their products or services.
Businesses may monitor and measure their own internal trends as well, based on various operational and financial concerns. These can include monthly sales or profit margins. The ability to spot these trends early can have a significant impact on how a business operates, and whether or not it can thrive under changing market conditions.
The most powerful ways to spot new trends are often found in innovation. New brands, products and business models are emerging all the time, but the most successful ones tend to be those that find a unique way of serving age-old basic needs such as convenience, value, security and status. This is why it is so important for marketers and business owners to stay up to date with the latest trends in order to anticipate consumer demand.
