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To be left behind means you were not observant of the changes in your industry. There are giant corporations who failed to smell the coffee, and they are no more. To fail to evolve along with the trends in your industry is like you calling for the death of your business. Most often, these changes creep on you suddenly. The truth is that the change was not sudden, it was gradual, only that you failed to recognize the signs. However, there are some businesses – small and big – who felt they had crossed their T’s and dotted their I’s yet, they couldn’t fathom how they were lost in the trends and changes in the industry. In this article, I highlighted six scientifically proven ways to identify and evolve with the industry.
Read Industry Reports And Research On TrendBusinesses thrive on information. Little wonder, big businesses invest so much in the latest research to stay ahead of their competitors and become pacesetters. The best way not to be caught unawares by trends in your industry is to invest in research and reports done within and outside your niche. As a business expert, I will always recommend that you spend quality time on newsletters from business management firms like McKinsey & Company, Bain & Company, Deloitte, KPMG and Boston Consulting Group. There are several others out there. Make efforts to search for them on the internet. However, the most important is the one done within your geographical location.
Spy On The Big PlayersIn the business world, everybody learns from everybody. Don’t be an island of yourself in the business world. That is the greatest risk you can ever take. Ignoring your competitors’ strengths is total business folly. To stay ahead, always ask yourself what the big players are up to? Get to know their latest press, product and article release. Follow their social media handles. Study how they communicate with their audience, learn, amplify and replicate it in your business. Sign up for their newsletters; follow their sites on a daily basis to read their blogs, in order to know what is new in your industry.
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Build A Smart Team Around Yourself Have the smartest people in the world, in your room; this is how to stay ahead in your industry. Smart people are always aware of what is new, because they are lovers of knowledge. It pays to have the smartest people on your team. Big players invest in getting the best in their company. The implication of having the best in your company is that they will make your burden lighter as you rub minds together.
Use Software Tools To Identify New TrendsThere are so many tools and analytical systems available, which you can use to identify where the trends are headed. Software tools should be used in consideration of industry type, your audience type, goals and objectives, and even company size. Invest in analytical tools like Google AdWords, Moz and Google Trends to pinpoint exact keywords and queries, with which you can analyze the big picture and spot what is trending in your industry. There is trend spotting software you can invest in. They include Trend Rader, TrendMiner, Trend Hunter, and so on.
Listen To Your CustomersCustomers are always right. This is especially true, because you are in the industry for them, to give them what they want. Whether it is complaints, commendations, suggestions or comparisons, these feedbacks are spots where you can easily identify trends. There were times when customers wished they could simply do banking transactions from the convenience of their homes. Complaints such as these revolutionized the banking industry. The same goes for e-commerce. Especially in this digital age, knowing what your customers are saying is very key.
Adapt, Adapt, AdaptIt is not the strongest or smartest species that survive, but those that have the ability to adapt. Adaptation is a call to embrace change. How do you adapt? Understand the change, build a survival mechanism around it and embrace it as the new normal. Adapting companies are now called agile companies. In this age of new normal – post-pandemic – so much has changed, but your ability to respond quickly to market changes, customer and clients demands will make you evolve quickly with the trends. Featured Image Source: Olatorera Consultancy Limited
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