Market Trends: How To Analyse What Is Happening In Your Industry
In some ways, business is a bit like fashion. In other words, trends come and go.
Of course, some industries are a little more susceptible to trends than others. Some might rely on specialist chartered accountants to help them identify things internally, while others might have to look at a wider picture.
Today’s post is now going to look at some of the key areas you should be analysing if you are keen on finding out just which direction your industry is heading towards.
Keep On Top Of Industry News
Sometimes, it can make for mundane reading. However, we really can’t highlight the importance of staying on top of industry news in your bid to stay on-trend.
It could be argued that this has become easier than it once was. A couple of decades ago and you may have had to order specific industry publications to your door each month – before then setting aside time to read them! Now, through social media and blogs, this can be done on your own terms. It just gives you a basic idea of what is happening, what might be on the horizon and ultimately, what your business needs to look out for.
You Need Your Own Pots Of Data
If you haven’t heard the news, we’re in an era of big data. Ultimately, you need to be collecting as much data about your company as you possibly can. On this note, there are of course legal issues, and following recent policies you have to be careful about the means in which you collect such information.
Nevertheless, basic data regarding your customer orders should give you an indication of the direction your industry is heading. If the product mix is changing, it will be obvious for you to see. Now is the point you really dive into this data and find out if the market as a whole is changing, or if it might something internal which is influencing this change in product mix.
Listen Intently To Your Customers
On the subject of diving into customer data, something even better you can do is speak to your customers directly. Sometimes, they might reach you first – and this can be a gold mine of information. You soon find out exactly what it is they are looking for, and if any of their requirements have changed over the years. Combining this with your data system really can set you on your way to finding what customers in your industry are now looking for.
Keep A Close Eye On Competitors
In and amongst covering all of the above, something else you should be keeping a close eye on are your competitors.
Of course, you can’t control everything in this regard, and some of the data might be a little clouded. However, if it is clear that a lot of your competitors are focussing their attention on a particular area, it’s a very good sign that the market as a whole is heading towards this trend.