If you are a digital entrepreneur, you need to be on the lookout for news related to your niche. In this way, it is possible to get ahead of the competition and gain more and more customers. But, after all, how to identify market trends?
There are some steps that need to be taken in your daily life so that you can keep up with market changes. To help you in this task, we have separated in this text the main ways to identify these trends. Therefore, read on and check it out!
What are market trends?
Market trends indicate future consumption behaviour, which, in turn, is long-lasting and consistent. In other words, it has great potential to become a reality. In contrast, a fad is something unpredictable that comes at the same speed as it disappears. Therefore, it is essential that you know how to differentiate trends from passing fads.
But why is it essential to follow market trends? Imagine that you intend to launch an infoproduct and there is a new trend in your niche. If you don’t take advantage of this new concept in building your digital product, you may lose customers to the competition that was tuned in to the news.
How to spot market trends in 7 steps?
Now we are going to present the main steps to let you know how to identify market trends. Read on and follow along!
1. Track influencers in your niche
It is essential that you identify and track the influencers that move your niche market. To do this, constantly check social networks, podcasts, blogs, and other contact channels for these people to identify possible market trends.
Remember that influencers release new things and they can become trends overnight. Therefore, it is essential that you are tuned in to the posts they publish on a daily basis.
2. Conduct customer surveys
Did you know that customers can be trending indicators? That’s right! Their feedback gathered through qualitative and quantitative surveys helps to identify their expectations for your infoproducts.
That’s because when customers are dissatisfied with some functionality or feature of the digital product, you can make the necessary adjustments so that your next release has greater acceptance in the market.
3. Apply market research
It is also possible to identify trends through market research. This tool helps to collect data related to niche, competitors and customers. They can be applied by you or by a specialized company.
This makes it easier to understand market movements and possible trends to come. In other words, you can identify the opportunities that can be taken advantage of. From this information, more efficient strategies can be created.
4. Track competitors
Another important step in identifying market trends is to check what competitors are doing. For this, you can follow the social networks, blogs, and websites, among other means of communication used by them.
Therefore, it is possible to verify which are the strategies used, as well as what the evaluation that customers make of them is. These collected data can help to better understand the market and its nuances.
5. Observe consumption patterns
It is important to observe consumption patterns to avoid falling into the temptation to use fads as a reference for creating new digital products. In addition, you need to create mechanisms to be able to differentiate what is a fad and what is a market trend. That way you don’t waste time with fads.
6. Use trending sites
There are websites that specialize in tracking, studying and providing data on market trends. This way, you can use this information when creating strategies for building or redesigning an infoproduct.
In this case, don’t just be restricted to Brazilian sites. Remember that trends are released first in Europe or the United States. Therefore, do research on European and American websites as well.
7. Use tools to identify trends
On the market, we have many free and paid tools available for you to identify trends. Among them, we can mention the main Google tools, such as Google Analytics, Google Alerts and Google Trends.
Through them, you can check which are the most searched keywords or subjects on the Internet, that is, they indicate what the interest of people is at that moment. It is also possible to use CRM (Customer Relationship Management) to identify the consumption pattern of your current customers.