What do you understand by Trend Spotting? What are the ways by which entrepreneurs can spot trends?
Answers
Trend spotting refers to identification of new trends which helps an entrepreneur to understand the market and produce goods or provide services in sync with the market trends. (i)Read trends: (a)Entrepreneurs regularly read the leading publications and websites affecting their business.
Answer:
Trend spotting refers to identification of new trends which helps an entrepreneur to understand the market and produce goods or provide services in sync with the market trends. (i)Read trends: (a)Entrepreneurs regularly read the leading publications and websites affecting their business. (b)Publications include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers. (c)They scan information from a wide variety of sources – from international news on down to niche bloggers focused on specific aspects of their industry. Obviously, there’s a tsunami of information available. They use tech-tools like RSS feeds, e-mail, newsletters or websites and forums to keep on top out of all and get the information they want. They understand quickly which sources are valuable and which should be avoided. (ii) Talk trends: (a)Talking to people is an equally important trend-spotting tactic. They get involved in specific industry’s trade association and attending events both online and offline. (b)From social networking tools like social network websites and forums. (c)They even start or join groups on the networks and see what people are buzzing about the latest trends. To customers regarding what customers thinking, buying, doing, etc. What customers are saying about the business, but what they’re saying about the competitor’s business. (iii)Watch trends: (а)Watching and observing the customers in the market place. (b)If the customers are teenagers, in the local mall. (c)If they are business class people, it might be restaurant or office park restaurant center. (d)The entrepreneur spends some time simply watching and observing what people are eating, doing, wearing, using. (iv)Think trends: (а)As an entrepreneur begins gathering all these information regularly, they will start to develop a “trend-spotter mind.” (b)They collect from what they read, heard and observed, and they start to making connections and observations that will lead to business-boosting insights.