The Role of Trends in Shaping Markets
There’s never been a more exciting time to be in the business of trendwatching. An overflow of insights, spottings, reports, and live feeds streaming through the global arena, all provide access to a variety of potent strategies. There is more to trendspotting than simply following what’s trending on Twitter or getting shared on Facebook; mixed elements that touch on the technological realm, as well as cultural movements, form a gravitational pull that can draw in a massive, international audience.
As human beings, consumers don’t change that much over time. They like being comfortable and content. Their deep needs and desires mostly remain the same, but can always be catered to in new ways, especially with the technological capabilities of today. Anything from changes in societal norms and values, to a breakthrough in tech, to a rise in prosperity can cause a shift in trends.
The most successful innovations often satisfy existing, dormant needs in new, attractive, and intuitive ways. Apple has done this fantastically well with their release of the iPod back in 2001, which satisfied the need for fast, mobile, and convenient access to music.
This innovation spawned tons of copycat MP3 players, which in turn paved the way for the digital music market, which has become the focus of today’s music industry. Apple once again repeated the act when they released the iPhone, and people recognized the need for an Internet-capable mobile phone with camera capabilities.
Today, smartphones populate the multi million dollar mobile phone market, and the apps they run have become a vast market of their own. Both of these Apple products addressed the needs of consumers in simple and functional ways, which explains their vast success. They are two striking examples of how purveying to emerging consumer needs can radically influence the market, and even transform it altogether.
Essential Advice on Trendwatching
Tracking consumer trends is one of the ways you can gather inspiration and help invent new profitable goods, services, and experiences for, and with, your customers. The creativity that drives some trends makes them worthy of widespread exposure, and your business could be the vessel that a trend takes to spread high and wide. There are, however, a few pitfalls of which to be weary.
First, be wary of information overload. The Internet is a powerful trendspotting tool, but you need to sift through its massive collection of information if you are going to find a few gold nuggets.
Second, pay attention to whom the trend resonates with. One critical mistake that trendspotters and brands repeat over and over is to assume that a given consumer trend will resonate with all consumers. In reality, not all trends have universal appeal, and not everyone will welcome a given trend with open arms.
Third, be aware that every trend has a corresponding “anti-trend.” Spotting these is another type of trendspotting altogether. Just be aware that anything new and little-known will always have some amount of negativity associated with it. As a trend gains traction in the marketplace, this negativity diminishes, but so does the trend’s potential for innovation.
Fourth, don’t assume that you can spot a trend by deducing it from the fashion world. The fashion world is incredibly diverse and exciting, and can pioneer entire business models; but ultimately, it is only one part of the world of consumer trends. It does not define consumer trends, and criticism within the fashion world itself is often disconnected from the mainstream’s own preferences.
