A trend is a general direction something seems to be developing, changing, or veering toward. It could be a fad, fashion, or simply what the public is interested in at any given moment. It can be difficult to spot trends before they take off, but businesses that know how do have a big leg up on the competition.
To spot a true trend, you must understand what distinguishes it from a fad. While a fad is often temporary, a trend has the potential to endure and even grow. The ALS ice bucket challenge is one example of a trend that lasted longer than the novelty itself. The trick is to identify which fads are worth jumping on and which ones you should avoid.
A trained trend forecaster can help you discern the difference. These experts analyze data and research, and they have a knack for spotting societal changes that could impact your business. They can also help you create a strategy for responding to those changes.
Trend analysis is often used by traders to determine the direction of a market or asset’s price. They look for trendlines and price action that reflect a market’s overall progress, such as higher swing highs and lower swing lows for an uptrend or lower swing lows and lower swing highs for a downtrend. Trends can also be found in other types of data, such as monthly economic indicators that rise or fall month-to-month.
Ultimately, knowing how to identify a trend is important for all business owners and managers. It helps them to stay ahead of the competition and make informed decisions that will help their business grow. If you don’t keep up with the latest trends, you risk losing business to your competitors. Conversely, if you jump on the wrong bandwagon and follow a fad that goes nowhere, your business will quickly find itself outdated and irrelevant.
Trends can be hard to spot, especially when they start off small and don’t have a clear beginning or end. Whether you’re a designer or a marketer, you can use a tool like Heuritech to identify trends that are growing and see how they have changed over time. This information can give you valuable insight into how a product or service will perform in the future.
The process begins by using machine learning to scan billions of web pages and various media channels for topics that are gaining popularity. Then, the tool measures each topic’s Google Search volume to confirm that it’s steadily increasing in interest. Finally, a human analyst reviews each trend to ensure it’s business relevant before adding it to the database. This process allows Heuritech to compile a list of 13,000 vetted trends, available for free right now. You can sort these trends by category (fashion, fitness, ecommerce, pets, and more) or by country to get a broader picture of global consumer demand. These trends can then be used to predict the future success of your business.