How To Start & Grow Your Business

Become a Trend Spotter by Studying Your Market

From the Editor's Desk
Feb 27th, 2015
  • Estimated reading time: 1 min read
  • Hummy's
    Highlights

    1Spotting trends is a skill that can be built. 2Become absorbed by your audience's interests. 3The best entrepreneurs spot the trends before everyone.
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Market Research

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For a startup, getting there first is everything. In order to bring your idea to the marketplace before others recognize the need for it, you must develop the ability to anticipate trends.

In her article on Entrepreneur.com, author Beth Kuhel makes a case for trend spotting as a skill worth honing:

The benefit of spotting trends for entrepreneurs is rather obvious; If you can predict what’s of interest to people, you can tailor your product or service to appeal to your audience and build a following.

Develop curiosity.
Kuhel says that the best trend spotters are always on the lookout for patterns of consumer behavior and are deeply interested in the core reasons for buyers’ decisions.

How to become a trend spotter:

1. Study the trends in your industry diligently.

2. Monitor what your target market says on social media about your competitors.

3. Discover what your prospective customers like to do for fun.

The only way to anticipate the wants, needs and concerns of your target market is to become absorbed in their world. Kuhel suggests following the news and entertainment that your audience follows.

4. Learn about the sometimes irrational ways people make decisions.

Kuhel references the book, “Start with Why: How Great Leaders Inspire Action” by Simon Sinek. Sinek demonstrates in the book that “people are drawn more to ideas, philosophies, causes and a purpose than to a mere product,” she says.

5. Integrate all the information from your research to make intelligent predictions.

Kuhel concludes by saying that “The best trend spotters often become well-known entrepreneurs. If you become adept at this you could create products that improve lives and change the world.”

To read the original article in its entirety, please visit Entrepreneur.com.

About the Author

From the Editor's Desk

This article was written by a bizHUMM Staff Writer. We aim to provide practical tips that help solve your burning small business questions. If you have any suggestions or ideas for articles, please email them to: editor@bizhumm.com