A trend is a general direction something is changing, developing, or veering toward. It could be a fashion, a fad, or even a societal movement.
Some trends are short-lived – around for a while and then gone in a flash, like flare jeans or bucket hats, or they may be slowly gaining momentum over time, such as with a new fitness regime or skincare product. Others are long-lasting – like the popularity of a particular music genre or the longevity of certain hairstyles.
The idea behind a trend is to identify what has the potential to continue and develop over an extended period of time. This can help your business stay ahead of competitors, enabling you to develop products and marketing messages that are likely to gain traction. It can also help you to spot new opportunities where your competitors are missing the mark.
Identifying trends doesn’t happen overnight, and the best way to do it is by setting up a consistent research tracker. Monthly, quarterly, twice-yearly, or annual tracking surveys will give you enough data points to start identifying patterns in the results. This can be done manually or with a tool such as Klue or Crayon. Aside from quantitative data points, qualitative data sources can also be useful to gauge sentiment and understanding of a given trend. These can include customer interviews, social media listening tools, or non-quantitative data such as facial expressions and tone of voice to get a sense for the emotions surrounding a specific topic.
Once you have identified a trend, you can apply a variety of statistical methods to quantify it and make predictions about the future. You might use a moving average, regression analysis, or any other time series method to analyse your data. Depending on the type of data you are analysing, you might be able to predict whether it will move up or down, or even if it is cyclical.
Trend analysis can be used in many ways, from determining consumer needs and behaviors to strategizing product development. It can even help determine the best timing for a launch. For example, if you know that the market is about to take a turn downwards, you might choose to delay large capital expenditure projects and focus on cash flow and efficiencies instead.
When you know what your customers need, they are more likely to engage with and interact with your brand. This engagement can lead to a higher brand perception and ultimately increased sales. A good way to measure this is through a trend analysis, which will provide you with valuable insights that you can use to improve your business strategy.
