One way to stay in the online business scene is being able to project future consumer needs and general trends.
By anticipating what probable trends in the market will be, you can give ample time for planning and implementing your business response and fulfill the need resulting from it. In a sense, you act like a filler for the gap to be created by an upcoming need. And before the void is created, you already have something to cover it with. To start, know that the most effective way for you to predict future trends is to analyze consumer behavior. How? Read the methods below.
What will they need? You’ll know what consumers will need by studying one crucial aspect of product – consumer relationship: feedback. What do customers say about your product or service? Are they saying the same thing on your competitor’s offerings? You might find diverse answers to this question so what you can do are to classify the feedback you have received. Based on your classification, find out if the common sentiment of your customers refer to the need to change a specific feature or to change a product altogether, if you need to improve a specific aspect of your service, or if you need to offer more freebies or promotions.
Where will they get it? Currently, are consumers flocking somewhere? Why? You can answer this question by finding out what makes a competitor’s product or service tick. You can do so by either using the product or availing of the service or relying on consumer reports. With your analysis, you will come up with the ways to make a product better by creating your own. You will need money but that’s what your sales are for.
How soon do they need it? Is the society currently under pressure about being able to do something that technology has not yet provided? As an online entrepreneur in the Philippines, what trend is currently being patronized in other countries? Do you have what it takes to create a similar product or to add a similar feature on the current products you offer? The sooner you will be able to address consumer needs, the more customers you will win over.
Where is the trend observed? Consumers can flock to social media channels, make noise in public forums, or publish blog posts. What are they talking about and where are they expressing it? This means that you should be keen enough to spot any perceived “discontentment” from consumers. That Like or Share function in Facebook can actually turn into a successful business venture in a few months. Because you saw it, you can take the lead.
How are your competitors? If your business is under a common niche, then competition is tough for you. Know well enough about your competitors to see how they are responding to the trends you have observed (or if they have observed the same thing at all). Thinking like your competitors will help you visualize the next steps you need to take to lead.