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by marco rabadan
1

endure relevant fundamental overlap pops similarities redundant squeeze prosper up

Five ways to spot an important business trend

It can be tempting to jump on the bandwagon when you identify a new opportunity but how can you separate the winners from the losers ? Here are some pointers !

The story of Juicero ? a prized and praised U . S . startup that shut down in September 2017 after consumers and investors lost confidence in their $700 product ? should be a lesson to all . The product ? a fruit and vegetable juice extractor ? was advertised as a powerful machine which could special bags of fruit and vegetables into fresh juice . Unfortunately for the company , videos started to appear online which showed that almost a full glass of juice could be squeezed from the bags by hand , making the $700 machine . Perhaps then , not an important trend to follow !

But it might have been , mightn't it ? After all , health and fitness products are very popular at this time . If you had been employed at a company in this field , there might have been a lot of people suggesting that you invest in a high - end juice extractor . So how do you decide which fashionable product line will and which will be squeezed out of the market ? Here are five ways to spot a business trend that will .

? Does it meet a basic need ? Remember Maslow's hierarchy of needs ? The theory that the key elements of life can be divided into five parts in a triangle shape . The largest element ? at the base of the triangle ? covers basic needs , things like food , shelter , and rest . Trends that will last meet those human needs or do it in a way that is better than that which exists at present .

? Is it to the lives of your consumers ? Our priorities are changing all the time , what is now a basic need , like a smartphone , was unheard of 20 years ago . Spotting that change in lifestyle can be a key to assessing the value of a new trend . However , if your core business is manufacturing garden tools , then the market for smartphones has no with yours and therefore , it isn't relevant for your business .

? Does it fit your brand identity ? There are new trends and new variations on old product lines appearing all the time . Think about the car industry where new models appear on a regular basis . Over the years , there has been a gentle revolution in style driven by the desire for greater economy and safety . However , if you are the maker of specialist sports cars , would you really want to focus on fuel economy ? Choosing the right trend to follow has to be balanced with keeping your brand identity .

? Does it keep appearing across different fields ? When a trend in different industries or activities , it suggests that it can be adapted to different contexts , which suggests widespread usefulness and therefore , a lasting power . It also suggests it may spread to an area that is connected to your business . A recent example might be LED lighting which is becoming the industry standard in many areas .

? What are your competitors doing ? Taking a look at what your competitors are working on can help to give you an idea about what trends will last . Looking carefully at three or four direct competitors and making note of any in their patterns can help you decide what might be relevant for your company too .

So , work through the advice above and you might avoid the next Juicero , but spot the next iPhone ! Remember all that glitters is not gold !

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