Emerging trends are topics that are, over a period of time, growing in interest and use. By monitoring and analyzing these trends, businesses are better able to achieve their goals. They are also better able to outperform their competitors. Below is information about how brands identify emerging trends, the tools businesses can use to better understand them, and how they help businesses gain a unique advantage over their competitors. There is also information on the trend analytics solutions and services offered by the consumer and market intelligence platform NetBase Quid.
How Do Brands Identify Emerging Trends?
There are many ways brands can identify trends within their industry. They can take advantage of industry research reports or industry-related publications. They can hire consultants and advisors who will inform them of new trends. They can ask their customers questions, using surveys or feedback forms, about their future needs or the activities in which they seek to engage. They can follow on-trend blogs or social media pages. And they can utilize data analytics platforms and software.
What Tools Can Businesses Use to Better Understand Emerging Trends?
There are many tools businesses can use to better understand trends. They can use a tool like Google Trends, which provides information concerning the popularity of terms used in Google Search, helping businesses gauge local, national, and global interest in topics related to their industries. They can also use consumer trend platforms; these platforms provide statistical data pertaining to consumer needs, behavior, and expectations. Additionally, they can use online data analytics systems; these systems generate detailed information about the latest trends within various industry sectors.
How Do Emerging Trends Help Businesses Achieve a Unique Advantage Over Their Competitors?
By monitoring trends, businesses can achieve a unique advantage over their competitors. They can do this because these trends help them improve their forecasting abilities, giving them the opportunity to make better legal, financial, promotional, and content-related decisions than their competitors. These trends also help them launch products and services that are more intriguing and innovative than their competitors’. Additionally, these trends shed light on the areas in which they need to improve so that they can attract more customers and secure a greater portion of sales than their competitors. By tracking trends, businesses increase their chances of becoming leaders in specific realms, such as product design or customer service. It is worth mentioning that trends not only notify businesses of what they should do more of, but they also notify them of what they should do less of so that they do not lose or repel customers.
NetBase Quid is a consumer and market intelligence platform that businesses can use to monitor and analyze trends. The platform offers trends analytics solutions and services, allowing businesses to identify and examine macro and micro-trends, use social sentiment to foresee trends, and analyze what their competitors are doing to gain a better understanding of market trends. Click here for more information about NetBase Quid’s trend analytics solutions and services.